Common use of Application of Hull Insurance Proceeds Clause in Contracts

Application of Hull Insurance Proceeds. Subject to Section 8(g), as between the Lessor and the Lessee, any payments received under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 or less shall be paid over to or retained by the Lessee and, subject to Section 9(c), any payments which in the aggregate are greater than $2,000,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i), so much of such payments as shall not exceed the Termination Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii) shall be applied in reduction of the Lessee's obligation to pay such amounts if not already paid by the Lessee, and to reimburse the Lessee if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee pursuant to Section 8(a)(i), such payments shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d), such payments shall be paid over to, or retained by, the Lessor as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the Lessee.

Application of Hull Insurance Proceeds. Subject to Section 8(g), as between the Lessor and the Lessee, any payments received under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 1,250,000 or less shall be paid over to or retained by the Lessee and, subject to Section 9(c), any payments which in the aggregate are greater than $2,000,000 1,250,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i), so much of such payments as shall not exceed the Termination Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii) shall be applied in reduction of the Lessee's obligation to pay such amounts if not already paid by the Lessee, and to reimburse the Lessee if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee pursuant to Section 8(a)(i), such payments shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d), such payments shall be paid over to, or retained by, the Lessor as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the Lessee.

Application of Hull Insurance Proceeds. Subject to Section 8(g), as As between the Lessor and the Lessee, any payments received under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(b)11.02 or 11.04, shall be applied as follows: (ia) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 750,000 or less shall be paid over to or retained by the Lessee and, subject to Section 9(c)11.03, any payments which in the aggregate are greater than $2,000,000 750,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon performance of its repair or replacement obligationobligation as set forth in Section 12.02; (iib) if such payments are received with respect to an Event of Loss with respect to the Airframe, or the Airframe and Engines or engines installed thereon, and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i)12.01(a)(ii) or has not been replaced by Lessee pursuant to Section 12(a)(ii) within one hundred twenty (120) days after the Event of Loss, so much of such payments as shall not exceed the Termination Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii12.01(a)(i) shall be applied in reduction of the Lessee's obligation to pay such amounts if not already paid by the Lessee, Lessee and to reimburse the Lessee if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and; (iiic) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon as a result of an Event of Loss with respect thereto and the Airframe is being replaced by the Lessee pursuant to Section 8(a)(i12.01(a)(ii), such payments shall be paid over to, or retained by the Lessee, provided PROVIDED that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d12.01(c), such payments shall be paid over to, or retained by, the Lessor as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the LesseeLessee or, if such completion of a replacement has not occurred within the applicable time period, applied as provided in Section 11.05(b).

Application of Hull Insurance Proceeds. Subject to Section 8(g), as between the Lessor and the Lessee, any payments received under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 or less shall be paid over to or retained by the Lessee and, subject to Section 9(c), any payments which in the aggregate are greater than $2,000,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i), so much of such payments as shall not exceed the Termination Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii) shall be applied in reduction of the Lessee's obligation to pay such amounts if not already paid by the Lessee, and to reimburse the Lessee if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee pursuant to Section 8(a)(i), such payments shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d)replacement, such payments shall be paid over to, or retained by, the Lessor as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the Lessee.

Application of Hull Insurance Proceeds. Subject to Section 8(g), as As between the Lessor and the Lessee, any payments received by Lessor under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(bSections 11.1(a) or (b), shall be applied as follows:follows provided no Event of Default has occurred and is continuing (for so long as an Event of Default has occurred and is continuing, all payments shall be held by Lessor as security for Lessee's obligations under this Lease and if Lessor has exercised its remedies pursuant to Section 15 hereof, applied against Lessee's obligations hereunder): (ia) if If such payments are received by Lessor with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the an Airframe, so much of such payments in the aggregate remaining after reimbursement of $2,000,000 or less Lessor for reasonable out-of-pocket costs and expenses shall be paid over to or retained by the Lessee and, subject to Section 9(c), any payments which in the aggregate are greater than $2,000,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon Lessee's performance of its repair or replacement obligation;obligations under this Lease pursuant to Section 10.7 hereof. (iib) if If such payments are received by Lessor with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i)an Airframe, so much of such payments remaining after reimbursement of Lessor for reasonable out-of-pocket costs and expenses as shall not exceed the Termination Value and other amounts amount required to be paid by the Lessee pursuant to Section 8(a)(ii) 10.1 shall be applied in reduction of the Lessee's obligation to pay such amounts amount if not already paid by the Lessee, and to reimburse the Lessee if such amounts it shall have been paidpaid all or part of such amount, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and. (iiic) if If such payments are received with respect to the an Airframe or the an Airframe and Engines or engines installed thereon on such Airframe and the Airframe has been or is being replaced by the Lessee pursuant to Section 8(a)(i), so much of such payments remaining after reimbursement of Lessor for reasonable out-of-pocket costs and expenses shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d), such payments shall be paid over to, or retained by, the Lessor as securityLessor, and upon completion ofof (or, or in connection with a closing forif requested by Lessee, simultaneously with) such replacement, replacement be paid over to or retained by the Lessee.

Application of Hull Insurance Proceeds. Subject to Section 8(g), as As between the Lessor and the Lessee, any payments received by Lessor under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(bSections 11.1(a) or (b), shall shall, except as provided in Section 11.2(i), be applied as follows:follows provided no Notified Default has occurred and is continuing (for so long as a Notified Default has occurred and is continuing, all payments shall be held by Lessor as security for Lessee's obligations under this Lease and if Lessor has exercised its remedies pursuant to Section 15 hereof, applied against Lessee's obligations hereunder): (ia) if If such payments are received by Lessor with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the an Airframe, so much of such payments in the aggregate remaining after reimbursement of $2,000,000 or less Lessor for reasonable costs and expenses shall be paid over to or retained by the Lessee and, subject to Section 9(c), any payments which in the aggregate are greater than $2,000,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon Lessee's performance of its repair or replacement obligation;obligations under this Lease pursuant to Section 10.7 hereof. (iib) if If such payments are received by Lessor with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i)Airframe, so much of such payments remaining after reimbursement of Lessor for reasonable costs and expenses as shall not exceed the Termination Stipulated Loss Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii) shall be applied in reduction of the Lessee's obligation to pay such amounts if amount to the extent not already paid by the Lessee, and to reimburse Lessee to the Lessee if such amounts extent it shall have been paidpaid all or part of such amount, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and. (iiic) Notwithstanding the foregoing, if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon on such Airframe and the Airframe has been or is being replaced by the Lessee pursuant to Section 8(a)(i)Lessee, so much of such payments remaining after reimbursement of Lessor for reasonable costs and expenses shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d), such payments shall be paid over to, or retained by, the Lessor as securityto Lessor, and upon completion ofof (or, or in connection with a closing forif requested by Lessee, simultaneously with) such replacement, replacement be paid over to or retained by the Lessee.

Application of Hull Insurance Proceeds. Subject to Section 8(g), as between the Lessor and the Lessee, any payments received under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 1,000,000 or less shall be paid over to or retained by the Lessee and, subject to Section 9(c), and any payments which in the aggregate are greater than $2,000,000 1,000,000 shall be paid over to or retained by the Lessor (or, for so long as the Indenture has not been discharged, the Indenture Trustee) for payment to the Lessee only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i), so much of such payments as shall not exceed the Termination Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii) shall be applied in reduction of the Lessee's obligation to pay such amounts if not already paid by the Lessee, and to reimburse the Lessee if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee pursuant to Section 8(a)(i), such payments shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d), such payments shall be paid over to, or retained by, the Lessor (or, for so long as the Indenture has not been discharged, the Indenture Trustee) as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the Lessee.

Application of Hull Insurance Proceeds. Subject to Section 8(g4.04(g), as between the Lessor Indenture Trustee and the LesseeCompany, any payments received under policies of hull or other property insurance required to be maintained by the Lessee Company pursuant to Section 9(b4.05(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 or less shall be paid over to or retained by the Lessee Company and, subject to Section 9(c4.05(c), any payments which in the aggregate are greater than $2,000,000 shall be paid over to or retained by the Lessor Indenture Trustee for payment to the Lessee Company only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee Company pursuant to Section 8(a)(i4.04(a)(i), so much of such payments as shall not exceed the Termination Value Required Insurance Amount and other amounts required to be paid by the Lessee Company pursuant to Section 8(a)(ii4.04(a)(ii) shall be applied in reduction of the LesseeCompany's obligation to pay such amounts if not already paid by the LesseeCompany, and to reimburse the Lessee Company if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the LesseeCompany; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee Company pursuant to Section 8(a)(i4.04(a)(i), such payments shall be paid over to, or retained by the LesseeCompany, provided that if the Lessee Company has not completed such replacement and the performance of all other obligations under Section 8(d)replacement, such payments shall be paid over to, or retained by, the Lessor Indenture Trustee as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the LesseeCompany.

Application of Hull Insurance Proceeds. Subject to Section 8(g4.04(g), as between the Lessor Indenture Trustee and the LesseeCompany, any payments received under policies of hull or other property insurance required to be maintained by the Lessee Company pursuant to Section 9(b4.05(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 or less shall be paid over to or retained by the Lessee Company and, subject to Section 9(c4.05(c), any payments which in the aggregate are greater than $2,000,000 shall be paid over to or retained by the Lessor Indenture Trustee for payment to the Lessee Company only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee Company pursuant to Section 8(a)(i4.04(a)(i), so much of such payments as shall not exceed the Termination Value Required Insurance Amount and other amounts required to be paid by the Lessee Company pursuant to Section 8(a)(ii4.04(a)(ii) shall be applied in reduction of the LesseeCompany's obligation to pay such amounts if not already 27- paid by the LesseeCompany, and to reimburse the Lessee Company if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the LesseeCompany; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee Company pursuant to Section 8(a)(i4.04(a)(i), such payments shall be paid over to, or retained by the LesseeCompany, provided that if the Lessee Company has not completed such replacement and the performance of all other obligations under Section 8(d)replacement, such payments shall be paid over to, or retained by, the Lessor Indenture Trustee as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the LesseeCompany.

Application of Hull Insurance Proceeds. Subject to Section 8(g), as between the Lessor and the Lessee, any payments received under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 1,000,000 or less shall be paid over to or retained by the Lessee and, subject to Section 9(c), and any payments which in the aggregate are greater than $2,000,000 1,000,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i), so much of such payments as shall not exceed the Termination Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii) shall be applied in reduction of the Lessee's obligation to pay such amounts if not already paid by the Lessee, and to reimburse the Lessee if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee pursuant to Section 8(a)(i), such payments shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d), such payments shall be paid over to, or retained by, the Lessor as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the Lessee.

Application of Hull Insurance Proceeds. Subject to Section 8(g), as between the Lessor and the Lessee, any payments received under policies of hull or other property insurance required to be maintained by the Lessee pursuant to Section 9(b), shall be applied as follows: (i) if such payments are received with respect to loss or damage (including an Event of Loss with respect to an Engine) not constituting an Event of Loss with respect to the Airframe, payments in the aggregate of $2,000,000 1,000,000 or less shall be paid over to or retained by the Lessee and, subject to Section 9(c), and any payments which in the aggregate are greater than $2,000,000 1,000,000 shall be paid over to or retained by the Lessor for payment to the Lessee only upon performance of its repair or replacement obligation; (ii) if such payments are received with respect to an Event of Loss with respect to the Airframe and the Airframe is not being replaced by the Lessee pursuant to Section 8(a)(i), so much of such payments as shall not exceed the Termination Value and other amounts required to be paid by the Lessee pursuant to Section 8(a)(ii) shall be applied in reduction of the Lessee's obligation to pay such amounts if not already paid by the Lessee, and to reimburse the Lessee if such amounts shall have been paid, and the balance, if any, of such payments shall be promptly paid over to or retained by the Lessee; and (iii) if such payments are received with respect to the Airframe or the Airframe and Engines or engines installed thereon and the Airframe is being replaced by the Lessee pursuant to Section 8(a)(i), such payments shall be paid over to, or retained by the Lessee, provided that if the Lessee has not completed such replacement and the performance of all other obligations under Section 8(d), such payments shall be paid over to, or retained by, the Lessor as security, and upon completion of, or in connection with a closing for, such replacement, be paid over to or retained by the Lessee.