Insurance Against Loss or Damage to the Aircraft and Engines. Subject to the rights of the Lessee under Section 9(d), the Lessee shall, without expense to the Lessor or the Owner Participant, maintain or cause to be maintained in effect at all times during the Term with insurers of nationally recognized responsibility (i) all risk, agreed value, ground and flight hull insurance covering the Aircraft for an amount at all times (even when the Aircraft is grounded or in storage) not less than the Termination Value from time to time; PROVIDED THAT, neither the Lessee nor any Permitted Sublessee shall be required to maintain all-risk flight aircraft hull insurance with respect to any period in which the Aircraft is grounded and properly stored or hangared. Such insurance shall not provide insurers with a right to replace the Airframe or any Engine with another airframe or Engine. Such hull insurance or other personal property insurance of the Lessee (or a Permitted Sublessee) shall cover Engines or engines and Parts while not installed on the Airframe. Such insurance shall be of the type usually carried by the Lessee with respect to similar aircraft and engines, and covering risks of the kind customarily insured against by the Lessee. An agreement by the Government for the benefit of the Additional Insureds to insure against or indemnify for substantially the same risks to at least the same amount will satisfy any of the requirements of this Section 9(b), PROVIDED that on or prior to the date of such agreement, the Lessee shall provide an Officer's Certificate of the Lessee certifying that any such insurance or indemnity provides protection no less favorable than insurance coverage that would comply with this Section 9(b). Lessee (or any Permitted Sublessee) shall in any event maintain at all times during the Term, with independent insurers of internationally recognized reputation and responsibility hull war risks and allied perils insurance in accordance with the London form LSW555B or its equivalent form reasonably acceptable to the Lessor (or an agreement of the Government to insure against or indemnify for substantially the same risks) from time to time covering the Aircraft in an amount not less than the Termination Value from time to time.
Insurance Against Loss or Damage to the Aircraft and Engines. Lessee shall, without expense to any Insured Party, maintain or cause to be maintained in effect, at all times during the Term, with insurers of recognized reputation and responsibility, all-risk, agreed value ground and flight hull insurance, excluding war risks and allied perils (but including extended coverage against the type of risks excluded by clauses (c), (e) and (g) of the War, Hijacking and Other Perils Exclusion Clause (AVN 48B)), covering the Aircraft for an amount in respect of such Aircraft not less than the Stipulated Loss Value from time to time. Such hull insurance shall cover Engines and Propellers or engines and propellers and Parts temporarily removed from the Airframe pending replacement by installation of the same or similar engines, propellers or Parts on such Airframe. Such insurance shall be of the type usually carried by corporations engaged in the same or a similar business, similarly situated with and owning and operating similar aircraft, engines and propellers and covering such other risks as are customarily insured against by such corporations. If and to the extent that Lessee maintains war risk and allied perils insurance (including governmental confiscation insurance) in effect with respect to other similar owned or Lease aircraft in its fleet, Lessee shall maintain such insurance in effect with respect to the Aircraft in an amount in respect of such Aircraft not less than the Stipulated Loss Value of such Aircraft from time to time.
Insurance Against Loss or Damage to the Aircraft and Engines. (I) Except as provided in clause (II) of this Section 2.07(b), the Borrower shall maintain or cause to be maintained in effect, at its or any Lessee’s expense, with insurers of recognized responsibility, (A) all-risk ground and flight aircraft hull insurance covering each Aircraft and Engine, (B) all-risk ground - coverage of the Engines while removed from each Aircraft and replaced by similar components and (C) all risk property damage insurance covering the Aircraft and Engines (including, without limitation, with respect to any Aircraft or Engine, war risk and governmental confiscation and expropriation (other than by the government of registry of such Aircraft) and hijacking insurance (with such limitations as are customary in the industry)(collectively, “Hull War Risk Insurance”), if and to the extent the same is maintained by the Borrower (or, if a Lease is then in effect, by Lessee) with respect to other aircraft or engines owned or operated by the Borrower (or such Lessee) on the same routes as such Aircraft or Engine is operated, except that the Borrower (or such Lessee) shall maintain Hull War Risk Insurance if such Aircraft is operated on routes where the custom is for major international air carriers flying comparable routes to carry such insurance) which is of the type as from time to time applicable to aircraft or engines owned or operated by the Borrower (or, if a Lease is then in effect, by Lessee) of the same type as such Aircraft or Engine; provided that such insurance shall at all times while any Aircraft, or any Engine is subject to this Security Agreement be for an amount (subject to self-insurance to the extent permitted by Section 2.07(d)) not less than 105% of the allocable contribution of such Aircraft and Engine to the Borrowing Base, subject to standard deductibles. Any policies carried in accordance with this paragraph (b) covering the Aircraft and Engines, and any policies taken out in substitution or replacement for any such policies (i) shall name the Collateral Agent (and, if any Lease shall be in effect, the Borrower in its capacity as lessor under the Lease) as an additional insured, as its interest may appear (but without imposing on such party liability to pay premiums with respect to such insurance), (ii) shall provide that all proceeds with respect to a Recovery Event shall be payable to the Collateral Agent for application pursuant to Section 2.11 of the Senior Credit Agreement, (iii) shall provide that if the insurer...
Insurance Against Loss or Damage to the Aircraft and Engines. Subject to the rights of the Lessee under Section 9(d), the Lessee shall, without expense to the Lessor, maintain or cause to be maintained in effect at all times during the Term with insurers of recognized responsibility all risk, agreed value, ground and flight hull insurance, which may exclude war risks and allied perils, covering the Aircraft for an amount not less than the Termination Value from time to time; provided that, neither the Lessee nor any -------- ---- Permitted Sublessee shall be required to maintain all-risk flight aircraft hull insurance with respect to any period in which the Aircraft is grounded for any reason and properly stored or hangared. Such hull insurance or other personal property insurance of the Lessee shall cover Engines or engines and Parts temporarily removed from the Airframe, pending replacement by installation of the same or similar Engines, engines or Parts on the Airframe. Such insurance shall be of the type usually carried by the Lessee with respect to similar aircraft and engines, and covering risks of the kind customarily insured against by the Lessee. If and to the extent that the Lessee or a sublessee operates the Aircraft (A) on routes where it maintains war risk insurance in effect with respect to other similar owned or leased aircraft in its fleet, or (B) on routes (other than routes within the United States, Canada, Mexico, Bermuda and islands other than Cuba in the Caribbean Basin) where the custom in the industry is to carry war risk insurance, the Lessee or such sublessee shall maintain or cause to be maintained such insurance in effect with respect to the Aircraft in the lesser of an amount at least equal to Termination Value or the amount of such insurance customarily carried by corporations engaged in the same or similar business similarly situated with the Lessee and owning or operating similar aircraft and engines on such routes or similar routes, provided that if the requirement to maintain war risk insurance arises under clause (A) of this sentence, such insurance shall be maintained in an amount not less than that maintained by the Lessee or such sublessee on similar aircraft in its fleet. An agreement by the United States Government to insure against or indemnify for substantially the same risks to at least the same amount will satisfy any of the requirements of this Section 9(b). During any period that the Aircraft is on the ground and not in operation, the Lessee may carry or cause to be carrie...
