Grounding of Aircraft Sample Clauses

Grounding of Aircraft. If at any time any of the insurance required pursuant to this Lease will cease to be in full force and effect, LESSEE will forthwith ground the Aircraft and keep the Aircraft grounded until such time as such insurance is in full force and effect again.
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Grounding of Aircraft. 47 17.11 Failure to Insure.............................................47 17.12 Limit on Hull in favor of LESSEE..............................47 17.13
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Grounding of Aircraft. 22.1 Subject to the terms of the Third Restructuring Agreement, during either Lessee’s calendar year 2003 or calendar year 2004, after and upon delivery of thirty (30) days’ prior written notice to Lessor, Lessee may elect to ground the Aircraft as one (1) of eight (8) Grounded Aircraft referred to in the Third Restructuring Agreement during the months of September, October and November. During such period, Lessee will not be obligated for monthly rental payments on the Aircraft. Lessee shall be prohibited from using the grounded Aircraft in scheduled services, provided that in the event that another of Lessee’s aircraft is down for maintenance during the time the Aircraft is grounded, Lessee may, with the written consent of Lessor, which consent shall not be unreasonably withheld, utilize the grounded Aircraft in the place of the aircraft that is down for maintenance at a usage fee of $150.00 per flight hour. Lessee may substitute the Grounded Aircraft with another aircraft subject to providing at least a 30-day notice of such substitution. Lessee shall keep the Aircraft on its operating certificate and shall continue to insure the Aircraft during the period grounded. Additionally, during the period grounded, the engines related to the Aircraft will be maintained pursuant to the terms of the Standard Aero Agreement and Lessee shall perform the minimum maintenance program set forth in the Third Restructuring Agreement, at its own cost. IN WITNESS OF the mutual promises, covenants and agreements set forth above, the parties have caused their duly authorized officers to execute this Lease at Wichita, Kansas, on the date and year indicated below. RAYTHEON AIRCRAFT CREDIT CORPORATION By: Axxxxx Xxxxxxxx Axxxxx Xxxxxxxx, President Date of Execution: 8/8/03 “Lessor” GULFSTREAM INTERNATIONAL AIRLINES, INC. By: Dxxxx Xxxxxxx Dxxxx Xxxxxxx, President Date of Execution: 8/8/03 “Lessee” Exhibit A
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Grounding of Aircraft. If at any time any of the insurance required pursuant to this Agreement will cease to be in full force and effect, Mortgagor will forthwith ground the Aircraft and keep the Aircraft grounded until such time as such insurance is in full force and effect again. Nothing contained in this paragraph (i) shall be deemed to release Mortgagor from its obligation to maintain insurance as required herein.
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Grounding of Aircraft. (a) The Loan Documents shall be amended to provide that the Company shall have the right to ground no more than one (1) of the Financed Aircraft at any time, provided that the Airframe of such Financed Aircraft (with such engines as are then on the airframe) is grounded in an FAA-approved storage program that is acceptable to the Administrative Agent and the Requisite Lenders (the “Storage Program”), it being understood and agreed that the Company’s Storage Program in Roswell, New Mexico (as in effect on the date hereof) is acceptable to the Administrative Agent and the Requisite Lenders. In addition, the Company covenants to provide the work cards generated by the provider of the Storage Program to S-P on a monthly basis. Except to the extent compliance by the Company is required under the terms of the Storage Program, such amendment will waive the Company’s compliance with the maintenance provisions of the Loan Documents (solely with respect to such grounded Aircraft) and any Potential Event of Default or Event of Default that results solely due to the Company’s failure to so comply so long as the Airframe of such Financed Aircraft remains subject to the Storage Program at all times such Financed Aircraft is so grounded and the Company is in full compliance with the Storage Program. The foregoing waiver will not apply to any obligation of the Company pursuant to the Loan Documents to maintain records. If Engines are not the only engines installed on the Airframe at the time such Financed Aircraft is grounded, no later than sixty (60) days after receipt of a request in writing from the Administrative Agent or the Requisite Lenders, the Company shall cause Engines to be installed on the Airframe and such Engines to be subject to the Storage Program.
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Related to Grounding of Aircraft

  • Understanding of Covenants The Executive acknowledges that, in the course of his employment with the Company and/or its Affiliates and their predecessors, he has become familiar, or will become familiar, with the Company’s and its Affiliates’ and their predecessors’ trade secrets and with other confidential and proprietary information concerning the Company, its Affiliates and their respective predecessors and that his services have been and will be of special, unique and extraordinary value to the Company and its Affiliates. The Executive agrees that the foregoing covenants set forth in this Section 6 (together, the “Restrictive Covenants”) are reasonable and necessary to protect the Company’s and its Affiliates’ trade secrets and other confidential and proprietary information, good will, stable workforce, and customer relations. Without limiting the generality of the Executive’s agreement in the preceding paragraph, the Executive (i) represents that he is familiar with and has carefully considered the Restrictive Covenants, (ii) represents that he is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company and its Affiliates currently conducts business throughout the Restricted Area, and (v) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section 6 regardless of whether the Executive is then entitled to receive severance pay or benefits from the Company. The Executive understands that the Restrictive Covenants may limit his ability to earn a livelihood in a business similar to the business of the Company and any of its Affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. The Executive agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of the Executive.

  • Understanding of Risks Purchaser is fully aware of: (a) the highly speculative nature of the investment in the Shares; (b) the financial hazards involved; (c) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Purchaser may not be able to sell or dispose of the Shares or use them as collateral for loans); (d) the qualifications and backgrounds of the management of the Company; and (e) the tax consequences of investment in the Shares.

  • Recording of Agreement Producer hereby authorizes Midstream Co to record a memorandum of the Agreement in the real property records of the counties in which the Service Area is located. Midstream Co and Producer agree that until Midstream Co provides notice to the contrary, all payment terms and pricing information shall remain confidential and be redacted from any filings in the real property records.

  • Applicable Law; Forum; Venue and Jurisdiction; Waiver of Trial by Jury (a) This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.

  • Jurisdiction, Venue and Service of Process Any legal action or proceeding with respect to this Agreement will be brought in the courts of Massachusetts. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts.

  • Jurisdiction and Process; Waiver of Jury Trial (a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

  • Consent to Jurisdiction Service of Process Jury Trial (A) EXCLUSIVE JURISDICTION. EXCEPT AS PROVIDED IN SUBSECTION (B), EACH OF THE PARTIES HERETO AGREES THAT ALL DISPUTES BETWEEN THEM ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREE- MENT OR THE LOAN AGREEMENT, WHETHER ARISING IN CONTRACT, TORT, EQUITY, OR OTHERWISE, SHALL BE RESOLVED EXCLUSIVELY BY STATE OR FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK, BUT THE PARTIES HERETO ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK, NEW YORK. EACH OF THE PARTIES HERETO WAIVES IN ALL DISPUTES BROUGHT PURSUANT TO THIS SUBSECTION ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT CONSIDERING THE DISPUTE.

  • Recording of Lease Tenant shall not record this Lease. However, at the request of either party, Landlord and Tenant shall execute, acknowledge, deliver, exchange, and record at the requestor's expense a Notice of Lease or other short-form instrument permitted under applicable state law and prepared by Landlord.

  • Understanding of Agreement Executive represents and warrants that he has read and understood each and every provision of this Agreement, and Executive understands that he has the right to obtain advice from legal counsel of choice, if necessary and desired, in order to interpret any and all provisions of this Agreement, and that Executive has freely and voluntarily entered into this Agreement.

  • Jurisdiction; Service of Process ANY ACTION WITH RESPECT TO THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS ARISING HEREUNDER, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT OF THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS ARISING HEREUNDER BROUGHT BY THE OTHER PARTY OR PARTIES OR THEIR SUCCESSORS OR ASSIGNS, IN EACH CASE, SHALL BE BROUGHT AND DETERMINED EXCLUSIVELY IN THE DELAWARE COURT OF CHANCERY AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE STATE OF DELAWARE (OR, IF THE DELAWARE COURT OF CHANCERY DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, ANY STATE OR FEDERAL COURT WITHIN THE STATE OF DELAWARE). EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, COUNTERCLAIM OR OTHERWISE, IN ANY ACTION WITH RESPECT TO THIS AGREEMENT (I) ANY CLAIM THAT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF THE ABOVE NAMED COURTS FOR ANY REASON OTHER THAN THE FAILURE TO SERVE IN ACCORDANCE WITH THIS SECTION 20.8, (II) ANY CLAIM THAT IT OR ITS PROPERTY IS EXEMPT OR IMMUNE FROM JURISDICTION OF ANY SUCH COURT OR FROM ANY LEGAL PROCESS COMMENCED IN SUCH COURTS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF JUDGMENT, EXECUTION OF JUDGMENT OR OTHERWISE) AND (III) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM THAT (A) THE ACTION IN SUCH COURT IS BROUGHT IN AN INCONVENIENT FORUM, (B) THE VENUE OF SUCH ACTION IS IMPROPER OR (C) THIS AGREEMENT, OR THE SUBJECT MATTER HEREOF, MAY NOT BE ENFORCED IN OR BY SUCH COURTS. EACH OF THE PARTIES FURTHER AGREES THAT NO PARTY TO THIS AGREEMENT SHALL BE REQUIRED TO OBTAIN, FURNISH OR POST ANY BOND OR SIMILAR INSTRUMENT IN CONNECTION WITH OR AS A CONDITION TO OBTAINING ANY REMEDY REFERRED TO IN THIS SECTION 20.8 AND EACH PARTY WAIVES ANY OBJECTION TO THE IMPOSITION OF SUCH RELIEF OR ANY RIGHT IT MAY HAVE TO REQUIRE THE OBTAINING, FURNISHING OR POSTING OF ANY SUCH BOND OR SIMILAR INSTRUMENT. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 20.8, OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED.

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