Event of Loss with Respect to the Aircraft. (a) Upon the occurrence of an Event of Loss with respect to the Airframe or the Airframe, any Engines and/or engines then installed thereon, the Borrower shall forthwith but in any event within 15 days of such occurrence give each Holder and the Indenture Trustee written notice of such Event of Loss, and within sixty (60) days after such occurrence, give the Indenture Trustee written notice of its election to perform one of the following options (it being understood that the failure to give such notice shall be deemed to be an election of the option set forth in paragraph (1) below.
1. On or before the Business Day next following the earlier of (x) the 90th day following the occurrence of such Event of Loss or (y) the third Business Day following the receipt of the insurance proceeds in respect of such Event of Loss (but in any event not earlier than the date of Borrower’s election to make payment under this paragraph (1)), the Borrower shall pay or cause to be paid to the Indenture Trustee an amount equal to the aggregate amount of outstanding principal, (but without Make-Whole Amount, if any), interest and other amounts then due on or in respect of the Loan Certificates, or
2. provided no Special Default or Event of Default shall have occurred and be continuing, not later than the 90th day following the occurrence of such Event of Loss (or the next succeeding Business day if the 90th day is not a Business Day) the Borrower shall cause to be subject to the Lien of the Trust Indenture pursuant to Section 5.01(c) an airframe and an engine for each Engine suffering such Event of Loss if any (of the same manufacturer of an equivalent or improved model as the Engine and suitable for installation and use on the Airframe and compatible with the other Engine mortgaged hereunder), in each case owned by the Borrower free and clear of all Liens (other than Permitted Liens) and having at least the value, utility and remaining useful life and being in as good an operating condition as the Airframe and corresponding Engine, if any, subject to such Event of Loss (in each case without taking into account hours, cycles and maintenance schedule) assuming that such Aircraft had been maintained in accordance with the terms of this Trust Indenture; provided that any aircraft or airframe so substituted hereunder shall be of the same or improved make and model as initially mortgaged hereunder and shall be in a passenger configuration (or will be brought into such configuration ...
Event of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to the Airframe or the Airframe and the Engines and/or engines then installed thereon, the Borrower shall forthwith give the Administrative Agent and the Lenders written notice of such Event of Loss but in any event within five days of such occurrence. On the earlier of (x) the 90th day following the occurrence of such Event of Loss or (y) the fifth Business Day following the receipt of the insurance proceeds in respect of such Event of Loss, the Borrower shall pay or cause to be paid to the Administrative Agent an amount equal to the aggregate amount of the payment or payments of principal, Break Amount (if any), Additional Costs, interest and other amounts then due on or in respect of the Notes and all other amounts due under the Operative Documents.
Event of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to the Aircraft, Mortgagor shall give Collateral Agent prompt written notice thereof, stating the circumstances of such Event of Loss. No later than one hundred twenty (120) days after the date of such Event of Loss (or ten (10) days after receipt of insurance proceeds, whichever is sooner), Mortgagor shall repay the outstanding principal balance under the Loan Agreement and the Note and all other Secured Obligations in full with no Prepayment Premium. In the event that the insurance proceeds have not been received within one hundred twenty (120) days, the time allowable for payment to the Collateral Agent will extended for up to ninety (90) additional days if and such Event of Loss is a covered event under the applicable insurance and Mortgagor is diligently pursuing coverage.
Event of Loss with Respect to the Aircraft. Upon the occurrence of any Event of Loss (as defined in Schedule A herein) with respect to the Aircraft, Sublessee shall notify Sublessor within five (5) days of the date thereof. Upon making the notice required hereby, Sublessee is obligated to pay all Hourly Rents then accrued but unpaid.
Event of Loss with Respect to the Aircraft the Airframe or any Engine shall mean any of the following events with respect to such property: (i) loss of such property or the use thereof due to theft, disappearance, destruction, damage beyond repair or rendition of such property permanently unfit for normal use for any reason whatsoever; (ii) any damage to such property which results in an insurance settlement with respect to such property on the basis of a total loss; (iii) requisition of title by any government or governmental agency or requisition of use ("REQUISITION FOR USE") by any government or governmental agency (other than the United States of America or any agency or subdivision thereof) for more than 90 days; (iv) as a result of any rule, regulation, order or other action by the FAA or other governmental body (including, without limitation, any foreign governmental body) having jurisdiction, the use of such property in the normal course of business of air transportation shall have been prohibited, or such property shall have been declared unfit for use, for a period of six consecutive months, unless the Borrower, prior to the expiration of such six-month period, shall have undertaken and, in the opinion of Bank, shall be diligently carrying forward all steps which are necessary or desirable to permit the normal use of such property by the Borrower or, in any event, if use shall have been prohibited, or such property shall have been declared unfit for use, for a period of eighteen consecutive months; and (v) with respect to the Aircraft, the operation or location of the Aircraft while under Requisition of Use by the United States government, or any state or local authority within the United States or any instrumentality or agency of the foregoing, in any area excluded from coverage by any insurance policy in effect with respect to the Aircraft required by the terms of Section 7.1 hereof, if the Borrower is unable to obtain indemnity in lieu thereof from such government, authority, instrumentality or agency or if the Borrower is unable to effect such special insurance coverage as the Bank may reasonably require. The date of occurrence of such Event of Loss shall be the date of such theft, disappearance, destruction, damage, Requisition of Use or prohibition of, or unfitness for use, for the stated period. An Event of Loss with respect to the Aircraft shall be deemed to have occurred if an Event of Loss occurs with respect to the Airframe. An Event of Loss with respect to any Engine shall no...
Event of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to the Aircraft, Mortgagor shall give Lender prompt written notice thereof, stating the circumstances of such Event of Loss. No later than thirty (30) days after the date of such Event of Loss, Mortgagor shall:
(i) repay the outstanding principal balance under the Note and all other Secured Obligations in full, or
(ii) enter into, at the expense of Mortgagor, an agreement in all respects satisfactory to Lender for repair of the Aircraft sufficient to return the Aircraft to the same or better condition as the Aircraft was in prior to the Event of Loss.
Event of Loss with Respect to the Aircraft. 10.2.1 Upon the occurrence of an Event of Loss with respect to the Airframe or the Airframe and Engines, Lessee shall forthwith (and, in any event, within three days after such occurrence) give Lessor and Security Agent written notice of such Event of Loss. By the earlier of (1) 60 days after the occurrence of such Event of Loss or (2) the date on which the applicable insurance or requisition proceeds are paid, Lessee shall pay or cause to be paid to Lessor in immediately available funds the Stipulated Loss Value (but only to the extent the full amount of the Stipulated Loss Value was not obtained and applied by Lessor pursuant to Section 11.2.1 or received by Lessor from the relevant Government Entity in connection with any requisition).
10.2.2 Lessor shall, upon the joint written request of Lessee and each insurer which contributed to the payment of the Stipulated Loss Value, transfer to the Person designated in such request title to the Aircraft (including the Engines and all Parts) without recourse or warranty (except as to absence of all rights of Lessor and all Lessor Liens) and subject to the disclaimer set forth in Section 5.1, (2) Lessor shall return to Lessee the Security Deposit or Letter of Credit, as applicable, and any insurance, requisition, condemnation or similar proceeds received after and related to such Event of Loss in excess of the Stipulated Loss Value and all Reserves previously paid by Lessee in respect of the Aircraft (in each case, to the extent not previously applied in accordance with the terms hereof) and (3) Lessee shall be relieved of its obligations under this Lease Agreement and the other Operative Documents except those that are expressly stated to survive termination hereof and thereof.
Event of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to the Airframe or the Airframe and the Engines and/or engines then installed thereon, Owner shall forthwith (and in any event, within fifteen (15) days after such occurrence) give the Indenture Trustee written notice of such Event of Loss, and, within sixty (60) days after such Event of Loss, Owner shall give the Indenture Trustee written notice of its election to perform one of the following options (it being agreed that if Owner shall not have given such notice of election within such period, Owner shall be deemed to have elected the option set forth in clause (i) below). Owner may elect either to:
(i) redeem the Equipment Notes in the manner set forth in Section 2.10(a) on the earlier of (x) the Business Day next succeeding the 120th day following the occurrence of such Event of Loss or (y) an earlier Business Day irrevocably specified fifteen (15) days in advance by notice from Owner to the Indenture Trustee; or
(ii) substitute an aircraft or an airframe or an airframe and one or more engines, as the case may be; provided that, if Owner does not perform its obligation to effect such substitution in accordance with this Section 5.06(a), during the period of time provided herein, then Owner shall redeem the Equipment Notes in the manner set forth in Section 2.10(a) on the Business Day next succeeding the 120th day following the occurrence of such Event of Loss.
Event of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to an Airframe or ------------------------------------------ an Airframe and the Engines and/or engines then installed thereon, the Borrower shall forthwith give the Administrative Agent, the Collateral Agent and the Lender written notice of such Event of Loss but in any event within five days of such occurrence. On the earlier of (x) the 90th day following the occurrence of such Event of Loss or (y) the fifth Business Day following the receipt of the insurance proceeds in respect of such Event of Loss, the Borrower shall pay or cause to be paid to the Administrative Agent an amount equal to the aggregate amount of the payment or payments of principal, Break Amount and Swap Breakage Amount (if any), Additional Costs, interest and other amounts then due on or in respect of the Notes of the Series issued with respect to such Airframe and all other amounts due under the Operative Documents.
Event of Loss with Respect to the Aircraft. (a) Upon the occurrence of an Event of Loss with respect to the Aircraft or the Airframe, the Borrower shall forthwith but in any event within fifteen (15) days of such occurrence give each Lender and the Security Agent written notice of such Event of Loss.
(b) In connection with an Event of Loss with respect to the Aircraft or the Airframe, on or before the Business Day next following the earlier of (x) the one hundred twentieth (120th) day following the occurrence of such Event of Loss or (y) the third (3rd) Business Day following the receipt of the insurance proceeds in respect of such Event of Loss, the Borrower shall pay or cause to be paid to the Security Agent an amount equal to the aggregate amount of outstanding principal, interest and other amounts then due on or in respect of the Notes and any other Transaction Document.
