Event of Loss; Optional Redemption. Except as otherwise provided in Sections 3.03 and 3.04 and subject to the following provisos, any payments received by Loan Trustee (i) with respect to the Airframe or the Airframe and one or more Engines as the result of an Event of Loss pursuant to Section 2.10 or (ii) pursuant to an optional redemption of the Equipment Notes pursuant to Section 2.11 shall be applied to the redemption of the Equipment Notes and to all other Secured Obligations and Related Secured Obligations then due by applying such payments in the following order of priority: first, so much of such payment as is required (i) to reimburse Loan Trustee and Noteholders for any reasonable costs or expenses actually incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Company, under the Operative Documents and then (ii) to pay any other Secured Obligations then due to Loan Trustee, Noteholders and other Indenture Indemnitees under this Indenture, the Participation Agreement or the Equipment Notes (other than amounts specified in clauses “second” and “third” below); second, after giving effect to clause “first” above:
Event of Loss; Optional Redemption. Except as otherwise provided in Section 3.03, any payments received by the Indenture Trustee (i) with respect to the Aircraft as the result of an Event of Loss or (ii) in connection with any optional redemption of the Equipment Notes effected in accordance with the Operative Documents, shall be applied to redemption of the Equipment Notes, to payment of the Secured Obligations or to the Indenture Trustee or any Note Holder under the Participation Agreement by applying such funds in the following order of priority: First, (i) to reimburse the Indenture Trustee and the Note Holders for any reasonable costs or expenses incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Owner, under the Operative Documents and then (ii) to pay any other amounts then due to the Indenture Trustee and the Note Holders under this Indenture, the Participation Agreement or the Equipment Notes (other than the amounts specified in clause Second below);
Event of Loss; Optional Redemption. Except as otherwise provided in Sections 3.03 and 3.04 and subject to the following proviso, any payments received by the Loan Trustee with respect to the Aircraft as the result of (a) an Event of Loss (including amounts paid by the Company pursuant to Section 2.10) or (b) an optional redemption of the Equipment Notes pursuant to Section 2.11 shall be applied to redemption of the Equipment Notes pursuant to Section 2.10 or Section 2.11, as applicable, and to payment of all other Secured Obligations by applying such funds in the following order of priority:
Event of Loss; Optional Redemption. Except as otherwise provided in Sections 3.03 and 3.04 and subject to the following proviso, any payments received by Loan Trustee with respect to the Aircraft as the result of (a) an Event of Loss (including amounts paid by Company pursuant to Section 2.10) or (b) an optional redemption of the Equipment Notes pursuant to Section 2.11 shall be applied to redemption of the Equipment Notes pursuant to Section 2.10 or Section 2.11, as applicable, and to payment of all other Secured Obligations by applying such funds in the following order of priority: first, (i) to reimburse Loan Trustee and Noteholders for any reasonable costs or expenses actually incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Company, under the Operative Documents; and then (ii) to pay any other amounts then due (except as provided in clause "second" below) to Loan Trustee, Noteholders and Indenture Indemnitees under this Indenture, the Participation Agreement or the Equipment Notes;
Event of Loss; Optional Redemption. (a) Except as ---------------------------------- otherwise provided in Section 3.03 hereof, any payments received by the Indenture Trustee pursuant to Section 6.01(a) following an Event of Loss with respect to the Aircraft shall be applied to the Secured Obligations by applying such funds in the following order of priority: First, (i) to reimburse the Indenture Trustee and the Noteholders for any ----- reasonable costs or expenses incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Owner, under the Operative Documents and then (ii) to pay any other amounts then due (except as provided in clause "Second" below) to the Indenture Trustee, the Noteholders and the other Indenture Indemnitees under this Indenture, the Participation Agreement, the Equipment Notes or any other Fundamental Document;
Event of Loss; Optional Redemption. (a) Except as ---------------------------------- otherwise provided in Section 3.03 hereof, any payments received by the Indenture Trustee pursuant to Section 6.01(a) following an Event of Loss with respect to the Aircraft shall be applied to the Secured Obligations by applying such funds in the following order of priority: First, (i) to reimburse the Indenture Trustee, the Swap Counterparty and ----- the Noteholders for any reasonable costs or expenses incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Owner, under the Confirmation or the Operative Documents and then (ii) to pay any other amounts then due (except as provided in clauses "Second" through "Seventh" below) to the Indenture Trustee, the Swap Counterparty, the Noteholders and the other Indenture Indemnitees under this Indenture, the Participation Agreement, the Confirmation, the Equipment Notes or any other Fundamental Documents; Second, to pay to the Swap Counterparty the lesser of the Senior ------ Qualified Substitute Purchase Amount and the Senior Swap Termination Amount; Third, to pay amounts specified in clause "First" of Section 3.01 ----- hereof;
Event of Loss; Optional Redemption. . . . 22 SECTION 3.03.
