Common use of EVENT OF LOSS REGARDING THE AIRCRAFT Clause in Contracts

EVENT OF LOSS REGARDING THE AIRCRAFT. In the event that an Event of Loss occurs with respect to the Aircraft (other than a requisition of use by the U.S. Government while the United States pays to LESSOR or LESSEE compensation for such requisition in an amount equal to or in excess of the Rent payable with respect to such Aircraft), LESSEE shall forthwith (and, in any event, not later than five (5) days after the occurrence of the Event of Loss) give LESSOR written notice of such Event of Loss and, not later than the earlier of: (a) the ninetieth (90th) day following the occurrence of such Event of Loss; or (b) the day of receipt of insurance proceeds in respect of such Event of Loss; pay to LESSOR or its assignees, in funds of the type specified in Subsection 5(B) hereof, the sum of all unpaid Rent and all other amounts due hereunder with respect to such Aircraft and which have accrued through and including the date of payment of the Agreed Value, plus an amount equal to the Agreed Value. In the event of payment in full of such Agreed Value, together with all such amounts due or accrued hereunder on or prior to the date of such payment, the obligation of LESSEE to pay Rent with respect to the Aircraft as to which such payments have been made shall terminate. LESSEE agrees that it shall promptly file all necessary claim forms or other documents required by any insurer in connection with any claim arising from an Event of Loss and shall diligently pursue such claim. Upon payment of all Rent due and the Agreed Value, LESSOR shall transfer to LESSEE (subject to the rights of the Insurers) all of LESSOR's right, title, and interest in and to: (i) the Aircraft which sustained such Event of Loss, as well as all of LESSOR's right, title, and interest in and to any Engines constituting part of such Aircraft; and (ii) all claims for damages to such Aircraft and/or Engines, if any, against third Persons arising from such Event of Loss (unless any insurance carrier requires that such claims be assigned to it), without any representation, warranty, or recourse of any kind whatsoever, express or implied, except a warranty that such Aircraft is free and clear of any LESSOR Liens. In the event of an Event of Loss involving the Aircraft wherein one or more of the Engines are not attached to the Airframe, the Aircraft, for purposes of this Section 12(A), shall be deemed to include all Engines on lease hereunder and LESSOR shall cooperate in transferring title to such non-attached Engines, free and clear of all LESSOR Liens, to the owner of the engine attached to the Airframe at the time of the Event of Loss.

EVENT OF LOSS REGARDING THE AIRCRAFT. In the event that an Event of Loss occurs with respect to the Aircraft (other than a requisition of use by the U.S. Government while the United States pays to LESSOR or LESSEE compensation for such requisition in an amount equal to or in excess of the Rent payable with respect to such Aircraft), LESSEE shall forthwith (and, in any event, not later than five three (53) days after the occurrence of the Event of Loss) give LESSOR written notice of such Event of Loss and, not later than the earlier of: (a) the ninetieth (90th) sixtieth day following the occurrence of such Event of Loss; or (b) the day of receipt of insurance proceeds in respect of such Event of Loss; pay to LESSOR or its assignees, in funds of the type specified in Subsection 5(B) hereof, the sum of all unpaid Rent and all other amounts due hereunder with respect to such Aircraft and which have accrued through and including the date of payment of the Agreed Value, plus an amount equal to the Agreed Value. In the event of payment in full of such Agreed Value, together with all such amounts due or accrued hereunder on or prior to the date of such payment, the obligation of LESSEE to pay Rent with respect to the Aircraft as to which such payments have been made hereunder shall terminate. On the date of payment of the Agreed Value, LESSOR shall credit or refund to LESSEE agrees that it shall promptly file all necessary claim forms or other documents required by any insurer in connection with any claim arising from an Event of Loss pre-paid Basic Rent, if any, the Security Deposit and shall diligently pursue such claimall accrued Reserves. Upon payment of all Rent due and the Agreed Value, LESSOR shall transfer to LESSEE (subject to the rights of the Insurersinsurers) all of LESSOR's right, title, and interest in and to: (i) the Aircraft which sustained such Event of Loss, as well as all of LESSOR's right, title, and interest in and to any Engines constituting part of such Aircraft; and (ii) all claims for damages to such Aircraft and/or Engines, if any, against third Persons arising from such Event of Loss (unless any insurance carrier requires that such claims be assigned to it), without any representation, warranty, or recourse of any kind whatsoever, express or implied, except a warranty that such Aircraft is free and clear of any LESSOR Liens, mortgages and encumbrances, other than Liens which LESSEE is required to discharge hereunder or defects in title resulting from acts by or claims against LESSEE. In the event of an Event of Loss involving the Aircraft wherein one or more of the Engines are not attached to the Airframe, the Aircraft, for purposes of this Section 12(A), shall be deemed to include all Engines on lease hereunder and LESSOR shall cooperate in transferring title to such non-attached Engines, free and clear of all LESSOR Liens, to the owner of the engine attached to the Airframe at the time of the Event of Loss. In the event of an Event of Loss to an airframe involving an Engine attached to an airframe owned by LESSEE or another party, such airframe shall be deemed to include the Engine attached thereto and LESSEE shall promptly transfer title to, or cause the party on whose airframe the Engine was attached to promptly transfer title to, a Replacement Engine (as defined below) in accordance with the terms and conditions set forth in Section 12(B).

EVENT OF LOSS REGARDING THE AIRCRAFT. In the event that an Event of Loss occurs with respect to the Aircraft (other than a requisition of use by the U.S. Government while the United States pays to LESSOR or LESSEE compensation for such requisition in an amount equal to or in excess of the Rent payable with respect to such Aircraft), LESSEE shall forthwith (and, in any event, not later than five three (53) days after the occurrence of the Event of Loss) give LESSOR written notice of such Event of Loss and, not later than the earlier of: (a) the ninetieth (90th) sixtieth day following the occurrence of such Event of Loss; or (b) the day of receipt of insurance proceeds in respect of such Event of Loss; pay to LESSOR or its assignees, in funds of the type specified in Subsection 5(B) hereof, the sum of all unpaid Rent and all other amounts due hereunder with respect to such Aircraft and which have accrued through and including the date of payment of the Agreed Value, plus an amount equal to the Agreed Value. In the event of payment in full of such Agreed Value, together with all such amounts due or accrued hereunder on or prior to the date of such payment, the obligation of LESSEE to pay Rent with respect to the Aircraft as to which such payments have been made hereunder shall terminate. on the date of payment of the Agreed Value, LESSOR shall credit or refund to LESSEE agrees that it shall promptly file all necessary claim forms or other documents required by any insurer in connection with any claim arising from an Event of Loss pre-paid Basic Rent, if any, and shall diligently pursue such claimall accrued Reserves. Upon payment of all Rent due and the Agreed Value, LESSOR shall transfer to LESSEE (subject to the rights of the Insurersinsurers) all of LESSOR's right, title, and interest in and to: (i) the Aircraft which sustained such Event of Loss, as well as all of LESSOR's right, title, and interest in and to any Engines constituting part of such Aircraft; and (ii) all claims for damages to such Aircraft and/or Engines, if any, against third Persons arising from such Event of Loss (unless any insurance carrier requires that such claims be assigned to it), without any representation, warranty, or recourse of any kind whatsoever, express or implied, except a warranty that such Aircraft is free and clear of any LESSOR Liens, mortgages and encumbrances, other than Liens which LESSEE is required to discharge hereunder or defects in title resulting from acts by or claims against LESSEE. In the event of an Event of Loss involving the Aircraft wherein one or more of the Engines are not attached to the Airframe, the Aircraft, for purposes of this Section 12(A), shall be deemed to include all Engines on lease hereunder and LESSOR shall cooperate in transferring title to such non-attached Engines, free and clear of all LESSOR Liens, to the owner of the engine attached to the Airframe at the time of the Event of Loss. In the event of an Event of Loss to an airframe involving an Engine attached to an airframe owned by LESSEE or another party, such airframe shall be deemed to include the Engine attached thereto and LESSEE shall promptly transfer title to, or cause the party on whose airframe the Engine was attached to promptly transfer title to, a Replacement Engine (as defined below) in accordance with the terms and conditions set forth in Section 12(B).

EVENT OF LOSS REGARDING THE AIRCRAFT. In the event that an Event of Loss occurs with respect to the Aircraft (other than a requisition of use by the U.S. Government while the United States pays to LESSOR or LESSEE compensation for such requisition in an amount equal to or in excess of the Rent payable with respect to such Aircraft), LESSEE shall forthwith (and, in any event, not later than five three (53) days after the occurrence of the Event of Loss) give LESSOR written notice of such Event of Loss and, not later than the earlier of: (a) the ninetieth (90th) sixtieth day following the occurrence of such Event of Loss; or (b) the day of receipt of insurance proceeds in respect of such Event of Loss; pay to LESSOR or its assignees, in funds of the type specified in Subsection 5(B) hereof, the sum of all unpaid Rent and all other amounts due hereunder with respect to such Aircraft and which have accrued through and including the date of payment of the Agreed Value, plus an amount equal to the Agreed Value. In the event of payment in full of such Agreed Value, together with all such amounts due or accrued hereunder on or prior to the date of such payment, the obligation of LESSEE to pay Rent with respect to the Aircraft as to which such payments have been made hereunder shall terminate. On the date of payment of the Agreed Value, LESSOR shall credit or refund to LESSEE agrees that it shall promptly file all necessary claim forms or other documents required by any insurer in connection with any claim arising from an Event of Loss pre-paid Basic Rent, if any, and shall diligently pursue such claimall accrued Reserves. Upon payment of all Rent due and the Agreed Value, LESSOR shall transfer to LESSEE (subject to the rights of the Insurersinsurers) all of LESSOR's right, title, and interest in and to: (i) the Aircraft which sustained such Event of Loss, as well as all of LESSOR's right, title, and interest in and to any Engines constituting part of such Aircraft; and (ii) all claims for damages to such Aircraft and/or Engines, if any, against third Persons arising from such Event of Loss (unless any insurance carrier requires that such claims be assigned to it), without any representation, warranty, or recourse of any kind whatsoever, express or implied, except a warranty that such Aircraft is free and clear of any LESSOR Liens, mortgages and encumbrances, other than Liens which LESSEE is required to discharge hereunder or defects in title resulting from acts by or claims against LESSEE. In the event of an Event of Loss involving the Aircraft wherein one or more of the Engines are not attached to the Airframe, the Aircraft, for purposes of this Section 12(A), shall be deemed to include all Engines on lease hereunder and LESSOR shall cooperate in transferring title to such non-attached Engines, free and clear of all LESSOR Liens, to the owner of the engine attached to the Airframe at the time of the Event of Loss. In the event of an Event of Loss to an airframe involving an Engine attached to an airframe owned by LESSEE or another party, such airframe shall be deemed to include the Engine attached thereto and LESSEE shall promptly transfer title to, or cause the party on whose airframe the Engine was attached to promptly transfer title to, a Replacement Engine (as defined below)in accordance with the terms and conditions set forth in Section 12(B).