Common use of Application of Insurance Clause in Contracts

Application of Insurance. Proceeds As between Lessor and Lessee, and except to the extent otherwise required pursuant to the provisions of the airline finance/lease contract Endorsements AVN 67C and AVN 67C (Hull War) or any successor endorsements, if applicable: (a) All insurance payments, up to the Agreed Value, received as the result of a Total Loss occurring during the Term shall be paid to Owner (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing Party). (b) Any payment(s) of insurance proceeds in respect of any damage or loss to the Aircraft, any Engine or any Part occurring during the Term not constituting a Total Loss in an aggregate amount greater than the Damage Notification Threshold shall be paid to Owner (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing Party) and applied in payment (or to reimburse Lessee) for repairs or replacement property upon Lessor being reasonably satisfied that the repairs or replacement have been or are being effected in accordance with this Agreement. Any payment of insurance proceeds in amounts less than the Damage Notification Threshold may be paid by the insurer directly to Xxxxxx. Any balance remaining (after application of proceeds in respect of repairs or replacement) shall be paid to or may be retained by Xxxxxx. (c) All insurance proceeds in respect of third party liability shall be paid to the relevant third party. (d) Notwithstanding the provisions of Sections 9.7(a) and (b), if at the time of the payment of any insurance proceeds as described by Sections 9.7(a) and (b) a Default has occurred and is continuing, all such proceeds shall be paid to or retained by Owner (unless or until Lessor notifies Xxxxxx that said payments should be made to a Financing Party) to be applied toward payment of any amounts that may be or become payable by Lessee in such order as Owner and Lessor see fit. In the event that Lessee remedies any such Default to the reasonable satisfaction of Lessor, then Lessor shall procure that all such insurance proceeds then held by Owner, Lessor or any Financing Party, as the case may be, in excess of the amounts (if any) applied by Owner, Lessor or any Financing Party, as the case may be, in accordance with this Section 9.7(d) shall be paid promptly to Lessee.

Application of Insurance. Proceeds As between Lessor and Lessee, and except to the extent otherwise required pursuant to the provisions of the airline finance/lease contract Endorsements AVN 67C and AVN 67C (Hull War) or any successor endorsements, if applicable: (a) All insurance payments, up to the Agreed Value, or indemnity payments received as the result of the occurrence of an Event of Loss with respect to the Airframe or an Engine will be applied as follows: (i) if such payments are received with respect to the Airframe, the Engines or engines installed thereon, such payments shall be applied in the following order of priority: (A) to Lessor in the amount required to be paid by Lessee pursuant to SECTION 8(A), which amount shall be applied in reduction of Lessee's obligation to pay such amount if not already paid by Lessee or, to the extent such amount has been paid by Lessee to Lessor, to Lessee to reimburse Lessee for its payment thereof and (B) to Lessee the balance, if any, of such payment; and (ii) if such payments are received with respect to an Engine, such payments shall be held by the insurer until (A) replacement of the Engine by Lessee by a Total Loss occurring during the Term Replacement Engine at which time said payments shall be paid to Owner Lessee; (unless or until B) if Lessor notifies Lessee that shall have elected to provide a Replacement Engine as provided in SECTION 8(B) said payments should be made to a specified Financing Party). (b) Any payment(s) of insurance proceeds in respect of any damage or loss to the Aircraft, any Engine or any Part occurring during the Term not constituting a Total Loss in an aggregate amount greater than the Damage Notification Threshold shall be paid to Owner (unless Lessor to be applied in reduction of Lessee's obligation to pay the Engine Loss Value, if not already paid by Lessee, or until Lessor notifies if already paid by Lessee, shall be paid to Lessee that said payments should be made to a specified Financing Party) and applied to reimburse Lessee for its payment of such Engine Loss Value; and (C) the balance of such payment, if any, to Lessee. The insurance payments with respect to any property damage loss not constituting any Event of Loss with respect to the Airframe or an Engine will be paid to Lessor and applied by Lessor in payment (or to reimburse Lessee) for repairs to or replacement of property upon in accordance with the terms of SECTION 6(C) against evidence satisfactory to Lessor being reasonably satisfied that the such repairs and replacement have been made, or, if such repairs or replacement have already been or are being effected in accordance with this Agreement. Any payment of insurance proceeds in amounts less than the Damage Notification Threshold may be paid for by the insurer directly Lessee, to Xxxxxx. Any reimburse Lessee therefor, and any balance remaining (after application of proceeds in compliance with such Section with respect of repairs or replacement) to such loss shall be paid to Lessee. Any amount referred to in the preceding sentence or may be retained by Xxxxxx. in paragraph (ci) All insurance proceeds in respect or (ii) of third party liability this SECTION 9(D) that is payable to Lessee shall not be paid to the relevant third party. (d) Notwithstanding the provisions of Sections 9.7(a) and (b), Lessee if at the time of the such payment an Event of any insurance proceeds as described by Sections 9.7(a) and (b) a Default has or Default shall have occurred and is be continuing, all but shall be held by Lessor as security for and may be applied to the obligations of Lessee under this Lease and, at such proceeds time as there shall not be continuing any such Default or Event of Default, such amount not previously so applied shall be paid to or retained by Owner Lessee. Notwithstanding the provisions of this paragraph, payments in respect of partial losses of less than [ ]* Dollars (unless or until Lessor notifies Xxxxxx that said payments should be made to a Financing Party) to be applied toward payment of any amounts that may be or become payable by Lessee in such order as Owner and Lessor see fit. In the event that Lessee remedies any such Default to the reasonable satisfaction of Lessor, then Lessor shall procure that all such insurance proceeds then held by Owner, Lessor or any Financing Party, as the case may be, in excess of the amounts (if any) applied by Owner, Lessor or any Financing Party, as the case may be, in accordance with this Section 9.7(dUS$[ ]*) shall be paid promptly directly to LesseeLessee to be applied by Lessee toward the cost of repair or replacement of such property in conformity herewith.

Application of Insurance. Proceeds --------------------------------- As between Lessor and Lessee, and except to the extent otherwise required pursuant to the provisions of the airline finance/lease contract Endorsements AVN 67C and AVN 67C (Hull War) or any successor endorsements, if applicable: (a) All insurance payments, up to the Agreed Value, received as the result of a Total Loss occurring during the Term shall will be paid solely to Owner Lessor (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing PartyMortgagee). (b) Any payment(s) of All insurance proceeds in respect of any damage or loss to the Aircraft, any Engine or any Part occurring during the Term not constituting a Total Loss and involving insurance proceeds in an aggregate amount greater than excess of the Damage Notification Threshold shall will be paid solely to Owner Lessor (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing PartyMortgagee) and applied in payment (or to reimburse Lessee) for repairs or replacement property upon Lessor and any Mortgagee being reasonably satisfied that the repairs or replacement have been or are being effected in accordance with this Agreement. Any payment of insurance Insurance proceeds in amounts less than the Damage Notification Threshold may be paid by the insurer directly to XxxxxxLessee. Any balance remaining (after application of proceeds in respect of payment for the repairs or replacement) replacement of the damage shall be paid to or may be retained by XxxxxxLessee. (c) All insurance proceeds in respect of third party liability shall will be paid to the relevant third party. (d) Notwithstanding the provisions of Sections 9.7(a) and (b), if at the time of the payment of any such insurance proceeds as described by Sections 9.7(a) and (b) a Default has occurred and is continuing, all such proceeds shall will be paid to or retained by Owner Lessor (unless or until Lessor notifies Xxxxxx Lessee that said payments should be made to a Financing PartyMortgagee) to be applied toward payment of any amounts that may be or become payable by Lessee in such order and at any time as Owner and Lessor see fitsees fit or as Lessor may elect. In the event that Lessee remedies any such Default to the reasonable satisfaction of Lessor, then Lessor shall procure that all such insurance proceeds then held by Owner, Lessor or any Financing PartyMortgagee, as the case may be, in excess of the amounts (if any) applied by Owner, Lessor or any Financing PartyMortgagee, as the case may be, in accordance with this Section 9.7(d) shall be paid promptly to Lessee.

Application of Insurance. Proceeds As between Lessor and Lessee, and except to the extent otherwise required pursuant to the provisions of the airline finance/lease contract Endorsements AVN 67C and AVN 67C (Hull War) or any successor endorsements, if applicable: (a) All insurance payments, up to the Agreed Value, or indemnity payments received as the result of a Total the occurrence of an Event of Loss occurring during with respect to the Term Airframe or an Engine will be applied as follows: (i) if such payments are received with respect to the Airframe, the Engines or engines installed thereon, such payments shall be paid to Owner (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing Party). (b) Any payment(s) of insurance proceeds in respect of any damage or loss to the Aircraft, any Engine or any Part occurring during the Term not constituting a Total Loss in an aggregate amount greater than the Damage Notification Threshold shall be paid to Owner (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing Party) and applied in payment the following order of priority: (or A) to reimburse Lessee) for repairs or replacement property upon Agent, of if the Mortgage has been discharged, to Lessor being reasonably satisfied that in the repairs or replacement have been or are being effected in accordance with this Agreement. Any payment of insurance proceeds in amounts less than the Damage Notification Threshold may amount required to be paid by the insurer directly Sublessee pursuant to Xxxxxx. Any balance remaining (after application of proceeds in respect of repairs or replacement) Section 8(a), which amount shall be applied in reduction of Sublessee's obligation to pay such amount if not already paid to or may be retained by Xxxxxx. (c) All insurance proceeds in respect of third party liability shall be paid Sublessee or, to the relevant third party. (d) Notwithstanding the provisions of Sections 9.7(a) and (b), if at the time of the payment of any insurance proceeds as described extent such amount has been paid by Sections 9.7(a) and (b) a Default has occurred and is continuing, all such proceeds shall be paid Sublessee to Agent or retained by Owner (unless or until Lessor notifies Xxxxxx that said payments should be made to a Financing Party) to be applied toward payment of any amounts that may be or become payable by Lessee in such order as Owner and Lessor see fit. In the event that Lessee remedies any such Default to the reasonable satisfaction of Lessor, then Lessor shall procure that all such insurance proceeds then held by Owner, Lessor or any Financing Party, as the case may be, in excess to Sublessee to reimburse Sublessee for its payment thereof and (B) to Sublessee the balance, if any, of such payment; and (ii) if such payments are received with respect to an Engine, such payments shall be held by the insurer until (A) replacement of the amounts Engine by Sublessee by a Replacement Engine at which time said payments shall be paid to Sublessee; (B) if Sublessor shall have elected to provide a Replacement Engine as provided in Section 9(b) said payments shall be paid to Sublessor to be applied in reduction of Sublessee's obligation to pay the Engine Loss Value, if not already paid by Sublessee, or if already paid by Sublessee, shall be paid to Sublessee and applied to reimburse Sublessee for its payment of such Engine Loss Value; and (C) the balance of such payment, if any) , to Sublessee. The insurance payments with respect to any property damage loss not constituting any Event of Loss with respect to the Airframe or an Engine will be paid to Sublessor and applied by Owner, Lessor Sublessor in payment (or any Financing Party, as the case may be, to reimburse Sublessee) for repairs to or replacement of property in accordance with the terms of Section 8 against evidence satisfactory to Sublessor that such repairs and replacement have been made, or, if such repairs or replacement have already been paid for by Sublessee,to reimburse Sublessee therefor, and any balance remaining after compliance with such Section with respect to such loss shall be paid to Sublessee. Any amount referred to in the preceding sentence or in paragraph (i) or (ii) of this Section 9.7(d9(d) that is payable to Sublessee shall not be paid to Sublessee if at the time of such payment an Event of Default or Default shall have occurred and be continuing, but shall be held by Sublessor as security for and may be applied to the obligations of Sublessee under this Sublease and, at such time as there shall not be continuing any such Default or Event of Default, such amount not previously so applied shall be paid to Sublessee. Notwithstanding the provisions of this paragraph, payments in respect of partial losses of less than Seven Hundred Fifty Thousand Dollars (US$750,000) shall be paid promptly directly to LesseeSublessee toward the cost of repair or replacement of such property in conformity herewith.

Application of Insurance. Proceeds --------------------------------- As between the Lessor and the Lessee, and except to the extent otherwise required pursuant to the provisions of the airline finance/lease contract Endorsements AVN 67C and AVN 67C (Hull War) or any successor endorsements, if applicable: (a) a. All insurance payments, up to the Agreed Value, payments received as the result of a Total Loss or an Engine Loss occurring during the Term shall will be paid to Owner the Lessor (unless or until any mortgagee designated by Lessor), and the Lessor notifies shall promptly pay the balance of those amounts to the Lessee that said payments should be made after deduction of all amounts then due and payable by the Lessee to a specified Financing Partythe Lessor under this Agreement, including under Clause 11.1(b) and Clause 11.1(c). (b) Any payment(s) of b. All insurance proceeds in respect of any damage or loss to the Aircraft, any Engine or any Part occurring during the Term not constituting a Total Loss and in an aggregate amount greater than excess of the Damage Notification Threshold shall will be paid to Owner the Lessor (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing Partyany mortgagee designated by Lessor) and applied in payment (or to reimburse the Lessee) for repairs or replacement property upon the Lessor being reasonably satisfied that the repairs or replacement have been or are being effected in accordance with this Agreement. Any payment of insurance Insurance proceeds in amounts less than below the Damage Notification Threshold may be paid by the insurer directly to Xxxxxxthe Lessee. Any balance remaining (after application of proceeds in respect of repairs or replacement) shall be paid to or may be retained by Xxxxxxthe Lessee. (c) c. All insurance proceeds in respect of third party liability shall be will, except to the extent paid by the insurers to the relevant third party, be paid to the Lessor to be paid directly in satisfaction of the relevant liability or promptly to the Lessee in reimbursement of any payment so made. d. Notwithstanding Clauses 9.6(a), (d) Notwithstanding the provisions of Sections 9.7(ab) and (bc), if at the time of the payment of any such insurance proceeds as described by Sections 9.7(a) and (b) a Default has occurred and is continuing, continuing all such proceeds shall will be paid to or retained by Owner the Lessor (unless or until Lessor notifies Xxxxxx that said payments should be made to a Financing Partyany mortgagee designated by Lessor) to be applied toward payment of any amounts that may be or become then due and payable by the Lessee in such order as Owner and the Lessor see fitsees fit or as the Lessor may elect. In the event that the Lessee remedies any such Default to the reasonable satisfaction of the Lessor, then the Lessor shall procure that all such insurance proceeds then held by Owner, the Lessor or any Financing Party, as the case may be, in excess of the amounts (if any) applied by Owner, the Lessor (or any Financing Party, as the case may be, mortgagee designated by Lessor) in accordance with this Section 9.7(dsub-clause (d) shall be paid promptly to the Lessee.

Application of Insurance. Proceeds As between Lessor and Lessee, and except to the extent otherwise required pursuant to the provisions of the airline finance/lease contract Endorsements AVN 67C and AVN 67C (Hull War) or any successor endorsements, if applicable: (a) All insurance payments, up to the Agreed Value, or indemnity payments received as the result of an Event of Loss with respect to the Engine will be applied as follows: such payments shall be held by the insurer until (A) replacement of the Engine by Lessee by a Total Loss occurring during the Term Replacement Engine at which time said payments shall be paid to Owner Lessee; (unless or until Lessor notifies B) if Lessee that shall have elected not to provide a Replacement Engine as provided in Section 8(a) said payments should be made to a specified Financing Party). (b) Any payment(s) of insurance proceeds in respect of any damage or loss to the Aircraft, any Engine or any Part occurring during the Term not constituting a Total Loss in an aggregate amount greater than the Damage Notification Threshold shall be paid to Owner (unless Lessor to be applied in reduction of Lessee's obligation to pay the Engine Loss Value, if not already paid by Lessee, or until Lessor notifies if already paid by Lessee, shall be paid to Lessee that said payments should be made to a specified Financing Party) and applied to reimburse Lessee for its payment of such Engine Loss Value; and (C) the balance of such payment, if any, to Lessee. The insurance payments with respect to any property damage or loss not constituting an Event of Loss with respect to the Engine will be paid to Lessor and applied by Lessor in payment (or to reimburse Lessee) for repairs to or replacement of property upon in accordance with the terms of Section 6(c) against evidence satisfactory to Lessor being reasonably satisfied that the such repairs and replacement have been made, or to Lessee if such repairs or replacement have already been or are being effected in accordance with this Agreement. Any payment of insurance proceeds in amounts less than the Damage Notification Threshold may be paid for by the insurer directly Lessee, to Xxxxxx. Any reimburse Lessee therefor, and any balance remaining (after application of proceeds in compliance with such Section with respect of repairs or replacement) to such loss shall be paid to or may be retained by Xxxxxx. (cLessee. Any amount referred to in this Section 9(d) All insurance proceeds in respect of third party liability that is payable to Lessee shall not be paid to the relevant third party. (d) Notwithstanding the provisions of Sections 9.7(a) and (b), Lessee if at the time of the such payment an Event of any insurance proceeds as described by Sections 9.7(a) and (b) a Default has or Default shall have occurred and is be continuing, all but shall be held by Lessor as security for and may be applied to the obligations of Lessee under this Lease and, at such proceeds time as there shall not be continuing any such Default or Event of Default, such amount not previously so applied shall be paid to or retained by Owner (unless or until Lessor notifies Xxxxxx that said payments should be made to a Financing Party) to be applied toward payment of any amounts that may be or become payable by Lessee in such order as Owner and Lessor see fit. In the event that Lessee remedies any such Default to the reasonable satisfaction of Lessor, then Lessor shall procure that all such insurance proceeds then held by Owner, Lessor or any Financing Party, as the case may be, in excess of the amounts (if any) applied by Owner, Lessor or any Financing Party, as the case may be, in accordance with this Section 9.7(d) shall be paid promptly to Lessee.