Casualty Occurrences. Whenever any Unit shall suffer a Casualty Occurrence, the Borrower shall within 60 days after a Responsible Officer of the Borrower has actual knowledge of such occurrence give the Lender notice of such occurrence (such notice to include the amount, description, reporting marks and road numbers of all the Units of Equipment that have suffered a Casualty Occurrence) and of its election to perform one of the following options (it being agreed that if the Borrower shall not have given notice of such election within such 60 days after such actual knowledge of such occurrence, the Borrower shall be deemed to have elected to perform the option set forth in the following clause (1)) (1) on or before a Payment Date selected by the Borrower that is within 180 days (or, in the case of an event of the type described in clause (v) of the definition of Casualty Occurrence, within 60 days) after the occurrence of the Casualty Occurrence, the Borrower shall transfer to the Lender immediately available funds in an amount equal to the amount required to prepay that portion of the Notes that are to be prepaid on account of such Casualty Occurrence on such Payment Date pursuant to Section 4.8(a) hereof or (2) so long as no Event of Default shall have occurred and be continuing, as promptly as practicable, and in any event on or before the Business Day next preceding the 175th day next following the date of the Casualty Occurrence, the Borrower shall convey to the Trustee a replacement Unit of similar type and capable of performing comparable function as the replaced Unit (a “Replacement Unit”) with a current fair market value, utility, condition and remaining useful life at least equal to such replaced Unit, assuming such replaced Unit was in the condition and repair required by the terms hereof immediately prior to such Casualty Occurrence; provided that, if the Borrower shall not perform its obligation to effect such replacement under this clause (2) during the period of time provided herein, then the Borrower shall pay on a Payment Date selected by the Borrower that is within 180 days (or, in the case of an event of the type described in clause (v) of the definition of Casualty Occurrence, within 60 days) of the occurrence of a Casualty Occurrence to the Lender the amounts specified in clause (1) above. Prior to or at the time of any such conveyance and as a condition to such replacement, the Borrower will, at its own expense:
(i) duly execute a Loan Agreement Supplement ...
Casualty Occurrences. 17.1 In this Lease "Casualty Occurrence" shall mean any of the following events with respect to the Aircraft, the Airframe or an Engine:
Casualty Occurrences. 23 2.35 Inventory......................................................................................23 2.36
Casualty Occurrences. 67 18. Governing Law and Jurisdiction ................................... 70
Casualty Occurrences. Schedule 2.34 is a true and correct list of occurrences during the last five (5) years of damages to persons or property involving any defects or alleged defects in any of the Corporation's or any Subsidiary's products or their respective designs. All such occurrences are fully and adequately covered by paid-for insurance.
Casualty Occurrences. (a) Losses, if any, with respect to any Property under any property damage policies required to be carried under Section 2.8(c) shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (x) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Lessee, and (y) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all expenses thereof; subject to Section 5.4 hereof. At the request of the party entitled to adjust any such losses, and at the Construction Agent's sole cost and expense (subject to Section 5.4 hereof), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any Property during the Interim Lease Term for such Property.
(b) All proceeds of insurance maintained pursuant to Section 2.8(c) on account of any damage to or destruction of any Property or any part thereof shall be paid over to the Administrative Agent or as it may direct; provided that if no Lease Event of Default, Construction Agency Agreement Event of Default or Event of Loss shall have occurred and be continuing, such funds shall be held by the Administrative Agent in a segregated account and, so long as the Construction Agent is diligently repairing the damage to the applicable Property caused by the applicable Casualty, disbursed to the Construction Agent to effect the repair of the applicable Property.
Casualty Occurrences. 36 (a) Casualty Occurrence with Respect to the Airframe............. 36 (b) Casualty Occurrence with Respect to an Engine................ 36 (c) Application of Proceeds and Payments......................... 37 (d) Requisition for Use by Government with Respect to the Aircraft..................................................... 37 (e) Other Dispositions........................................... 38 (f) Application in Default....................................... 38 (g) ICAO Rules and Procedures.................................... 38 12. Insurance.......................................................... 38 (a) Public Liability and Property Damage Insurance............... 38 (b) Insurance Against Loss or Damage............................. 38 (c) Required Policy Designations and Provisions.................. 39 (d) Application of Insurance Proceeds for a Casualty Occurrence.. 40 (e) Application of Insurance Proceeds for Other than a Casualty Occurrence................................................... 41 (f) Application in Default....................................... 41 (g) Certificates of Insurance.................................... 41 13. Indemnification.................................................... 42 14. Liens.............................................................. 44
Casualty Occurrences. In the event of a Casualty Occurrence, the Lease Term and Lessee's liability hereunder for any further Fixed Rentals shall terminate, and Lessor shall be entitled to recover possession of the Aircraft. Lessee shall immediately report a Casualty Occurence to Lessor and, as required by law, to governmental agencies. Lessor and Lessee shall proceed diligently and cooperate fully with each other to secure a recovery for any Casualty Occurrence. All proceeds of insurance referred to in Section 9 below, and/or all proceeds of any compensation in connection with the condemnation, confiscation, seizure or requisition of the Aircraft, applicable to a Casualty Occurrence shall be paid to Lessor. As used herein, a "Casualty Occurrence" shall mean any of the following events with respect to the Aircraft: (i) loss of the Aircraft or the use thereof due to the destruction, damage beyond repair or rendition of the Aircraft permanently unfit for normal use for any reason whatsoever; (ii) any damage to the Aircraft (including, but not limited to, anything requiring the completion of an FAA Form 337 "Major Repair and Alteration Statement") which results in an insurance settlement with respect to the Aircraft on the basis of a total loss; (iii) the theft or disappearance of the Aircraft which shall have resulted in the loss of possession of the Aircraft by Lessee for a period of five (5) consecutive days or more; or (iv) the condemnation, confiscation or seizure of, or the requisition of title to or use or possession of, the Aircraft for a period of five (5) consecutive days or more. A Casualty Occurrence with respect to the Aircraft shall be deemed to have occurred if a Casualty Occurrence occurs with respect to the airframe of such Aircraft.
Casualty Occurrences. 15 3.35 Inventory........................................................................ 15 3.36 Material Misstatements or Omissions.............................................. 15
Casualty Occurrences. SCHEDULE 3.35 is a true and correct list of occurrences during the last five (5) years of damages to persons or property involving any defects or alleged defects in any of Sellers' products or their design. All such occurrences are fully and adequately covered by paid-for insurance.
