Common use of Application of Insurance Proceeds for Other than Event of Loss Clause in Contracts

Application of Insurance Proceeds for Other than Event of Loss. The insurance proceeds of any damage to the Airframe or any Engine, or part thereof, not constituting an Event of Loss will be applied in payment (or to reimburse Lessee) for repairs or for replacement property in accordance with the terms of Articles 5 and 6 hereof, and any balance remaining after compliance with such Articles with respect to such loss shall be paid to, or retained by, Lessee.