Common use of Loss or Destruction Clause in Contracts

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("Event of Loss"). Lessee shall promptly, but in any event within ten (10) days of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("a) Event of Loss")Loss with Respect to the Aircraft. Upon the occurrence of any Event of Loss with respect to the Aircraft, Lessee shall promptly, but in notify Lessor of any event such Event of Loss within ten five (105) days of the date thereof. On the next Basic Rent Date following the date of such notice (or, if such Event of Loss occurs after the Last Basic Rent Date, within thirty (30) days after such notice), Lessee shall pay to Lessor any Rent then due, plus the Casualty Value of the Aircraft determined as of the Basic Rent Date immediately following the date of such Event of Loss, give written notification to Lessor of said loss and together with interest at the facts pertaining thereto. In addition, within ten Late Payment Rate for the period (10if any) days of from the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor Basic Rent Date following the Termination Value of the Item and shall notify Lessor in writing date of such electionnotice through the date of payment. Should Lessee elect to replace Upon making such Item, any replacement Item shall be free payment and clear of all liens, encumbrances Rent due and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipmentowing, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on Basic Rent for the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect Aircraft subsequent to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental Supplemental Rent as well as any other amounts due under this Lease, if any, for all other Items of Equipment the Aircraft shall remain unchanged. After Except in the case of loss, permanent disappearance, destruction or Return to Manufacturer, Lessor shall be entitled to recover possession of the Aircraft, unless possession thereof is required to be delivered to a third party insurance carrier in order to settle an insurance claim. Lessor shall be entitled to any salvage value in excess of the Casualty Value paid to Lessor. Lessor shall be under no duty to Lessee to pursue any claim against any Person in connection with an Event of Loss, but Lessee may at its own cost and expense and with Lessor's prior written consent pursue the same on behalf of Lessor in such manner as may be acceptable to Lessor. Following the payment of the Casualty Value of the Aircraft in accordance with the provisions of this subsection, Lessee, if possible, shall, as agent for Lessor, dispose of the Aircraft as soon as it is able to do so for the best price obtainable. Any such Termination Valuedisposition shall be on an AS-IS, WHERE-IS BASIS WITHOUT ANY REPRESENTATION BY, OR RECOURSE OR WARRANTY TO, LESSOR, of any kind whatsoever. Lessee may, after paying Lessor the amounts specified in this subsection, retain all amounts of such price up to the Casualty Value of the Aircraft actually paid by Lessee, together with Lessee's reasonable costs and expenses of disposition attributable thereto and any excess shall be paid over to, and retained by, Lessor. In the event of a Return to Manufacturer, Lessor will transfer agrees that Lessee shall receive and retain all amounts payable to LesseeLessor by the Manufacturer up to the amount, without recourse or warrantyif any, all of Lessor's rightthe Casualty Value actually paid by Lessee hereunder, title and interest in and to such Item of Equipment suffering the Event of Loss.but any

Loss or Destruction. (a) If any of the Cars shall be completely destroyed, or if the physical condition of any Car shall become such that the Car cannot be operated in railroad service, as determined by Sublessor or Master Lessor, rental will cease as to such Car as of the date on which such event occurred. As directed by Master Lessor, Sublessor may cancel this Sublease as to such Car as of the date on which such event occurred, or may substitute another Car reasonably acceptable to Sublessee within a reasonable period of time. Sublessee shall notify Sublessor of the occurrence of any such event within three business days after learning of such event. In the event any Item of Equipment such substitution, the substituted Car shall be lostheld pursuant to all the terms and conditions of this Sublease. Sublessee agrees that if a Car is lost or destroyed or is in such physical condition that it cannot be operated in railroad service by reason of misuse or negligence of Sublessee or its consignee, stolenagent or sublessee or while on a railroad that does not subscribe to the Interchange Rules or while on any private siding or track or any private or industrial railroad, destroyedSublessee will pay Sublessor, damaged beyond repair in cash, the depreciated value of such Car as determined by Rule #107 of the Interchange Rules within 15 days following a request by Sublessor for such payment. Any amount payable by Sublessee to Sublessor pursuant to this Section 12 shall be reduced by any amounts received by Sublessor from any third party responsible for such loss, destruction or permanently rendered unfit for use for damage. Sublessee shall be subrogated to the rights of Sublessor against any reason whatsoever ("Event person to the extent that the actions or omissions of Loss")such person caused Sublessee to incur liability under this Section 12, and Sublessor shall cooperate fully with Sublessee in its pursuit of these subrogation rights. Lessee Sublessor and Sublessee shall promptlycooperate with and assist each other in any reasonable manner requested, but in without affecting their respective obligations under this Section 12 or Section 22, to establish proper claims against parties responsible for the loss, destruction of or damage to, the Cars. With respect to any event within ten (10) days Car for which Sublessor has received payment from Sublessee of the Event depreciated value, Sublessor shall, at Sublessee's request, use commercially reasonable efforts to cause Master Lessor to execute and deliver to Sublessee a bill of Losssale transferring to Sublessee, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all securxxx interests and other liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Master Lessor's right, title and interest in and to such Item Car, as well as all claims and rights Master Lessor may have against any manufacturer, supplier, vendor, repairer, Carrier or dealer of Equipment suffering such Car, and any part thereof. (b) Sublessee shall obtain commercial general liability insurance against claims for bodily injury, death or third party property damage, designating Sublessor and Master Lessor as additional insureds with respect to Sublessee's operation and use of the Event Cars under this Sublease. The insurance policy should be valid for the term of Lossthis Sublease as defined in Section 6. Sublessee shall be solely responsible for any and all payments under the insurance policy. If Sublessee does not comply with its obligations under this Section 12(b), Sublessor may obtain insurance for the Cars itself, at the sole expense and responsibility of Sublessee. Any payment received by Sublessor from the insurance company shall be credited to the amount that Sublessee is obligated to pay under Section 12(a), unless such insurance policy has been obtained by Sublessor or Sublessor has paid any premium under such insurance policy. In these last events, the amounts received by Sublessor shall be first applied to reimburse Sublessor for any and all payments and costs paid by Sublessor related to such insurance policy plus a reasonable amount of interest. The remaining amount, if any, shall be applied to Sublessee's obligation of payment in accordance with Section 12(a).

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("Event of Loss"). Lessee shall promptly, but in any event within ten (10) days of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. FIRST SECURITY BANK OF NEVADA MASTER EQUIPMENT LEASE AGREEMENT All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.

Loss or Destruction. In 7.1 Replace the event any Item of Equipment shall current 7.1 with the following: “If before Delivery Time the Aircraft to be lostmanufactured, stolen, sold and delivered hereunder is lost or destroyed, damaged beyond repair, suffers material damage, the repair of which requires issuance of an FAA Form 337 or permanently rendered unfit for use for any reason whatsoever ("Event of Loss"). Lessee would result in operational limitations or changes to the inspection or maintenance program, Buyer’s sole right and remedy at its own discretion shall promptly, but in any event within ten (10be to either a) days accept delivery of the Event next available aircraft meeting the requirements of Lossthis Agreement (“Replacement Aircraft”) under the same terms and conditions specified in this Agreement, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value terminate this Agreement. Buyer shall notify Seller of its decision within 10 days after receipt by Buyer of written notice from Seller of the Item loss or destruction of or material damage to such Aircraft and shall notify Lessor in writing of such electionall relevant information concerning the Replacement Aircraft and its sale to Buyer reasonably required by Buyer to make its decision. Should Lessee Buyer elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to terminate this Agreement, Seller’s sole obligation and liability shall be deemed part to return to Buyer all payments made in accordance with [**] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission. this Agreement with Interest on all such payments from the dates of each such payments to the date on which Seller returns such payments with such Interest. If Buyer shall not elect to terminate this Agreement, the price of the Equipment for all purposes hereofreplacement aircraft shall be (i) the Purchase Price, to the extent there are available aircraft of the same extent configuration and specification as the property originally comprising Aircraft or (ii) the EquipmentPurchase Price plus the cost of any material enhancements or modifications incorporated in the replacement aircraft that were not incorporated (or required by this Agreement to be incorporated) in the Aircraft. Such replaced Item of Equipment shall no longer be deemed part of Notwithstanding the Equipment leased hereunderforegoing, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In in the event Lessee elects that before Delivery Time the Aircraft suffers material damage, the repair of which requires issuance of an FAA Form 337 or would result in material operational limitations or material changes to replace such Item the inspection or maintenance program and the Aircraft is not otherwise lost, destroyed or damaged beyond repair, then, in lieu of Equipment, Lessee's obligation Buyer’s option to pay Rental terminate this Agreement or purchase another aircraft as set forth in the paragraph immediate above, Buyer may in its sole discretion elect to accept delivery of the Aircraft in which case Buyer’s sole right and remedy shall be that the Purchase Price shall be reduced by the amount of the reduction in the value of the Aircraft on account of such damage. For this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Losspurpose, the Termination Value reduction in the value of the Aircraft shall be the average of the reduction in the values of the Aircraft as reflected in an appraisal obtained by each of Buyer and Seller from independent appraisers, unless the lower of such lost or destroyed Item. The obligation values is less than 95% of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment higher of such Termination Value. After values, in which case, the payment two appraisers shall jointly appoint a third appraiser and the average of such Termination Value, Lessee's obligation to pay Rental for such Item the two closest appraisals shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Lossbe used.

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("Event of Loss"). , Lessee shall promptly, but in any event within ten (10) days of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. First Security Leasing Company of Nevada MASTER EQUIPMENT LEASE AGREEMENT Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased lease hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.

Loss or Destruction. 7.1 In the event event, for any Item of Equipment shall be reason, including an Excusable Delay, the Aircraft is lost, stolen, destroyed, destroyed or damaged beyond economic repair or permanently rendered unfit for use for any reason whatsoever before the transfer of title to Buyer, Seller shall as soon as reasonably practicable thereafter notify Buyer in writing of such occurrence ("Event “Seller’s Loss Notice”), which written notice shall further inform Buyer as to the delivery schedule, specifications, and purchase price of Loss"a Substitute Aircraft (as defined below), if any. Lessee Upon receipt of Seller’s Loss Notice, Buyer shall promptlyhave the right, but in any event within ten (10) days of the Event of Lossas its sole right and remedy, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: either (a) accept delivery of the next available Global Express XRS aircraft (a “Substitute Aircraft”) at a delivery period to replace such Item of Equipment be determined by Seller, acting reasonably, and at Lessee's own cost and expense ofa purchase price determined as provided hereinafter; or (b) terminate this Agreement as provided hereinafter by written notice to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest thereinSeller. In the event Lessee Buyer elects to replace terminate this Agreement, Seller shall, subject to Article 12.3, within five (5) business days after Seller receives Buyer’s notice of termination, return to Buyer all amounts previously paid to Seller under this Agreement plus interest accrued from the date of receipt by Seller of each payment up to and including the date of refund to Buyer (together with interest) at the rate equal to the one-year LIBOR rate in effect on the date each payment was received by Seller, as published in the “Money Rates” section of The Wall Street Journal. Interest payments shall be calculated on a daily basis based on a 360-day year from the date each payment was received by Seller up to and including the date Seller returns Buyer’s payments plus interest (the “Interest Rate Calculation”). For avoidance of doubt, assuming one-year LIBOR equals three percent (3%) and the delay is ten (10) days, the interest rate shall be calculated as follows: 3% multiplied by 10/360. In the event Buyer elects to accept delivery of the next available Substitute Aircraft, the purchase price for the Substitute Aircraft shall be the same as the Purchase Price for the Aircraft; provided, that, Seller may, acting in good faith, adjust the Purchase Price (either through an increase or a decrease) as reasonably necessary to reflect (i) a credit to Buyer based on the cost of equipment or features that were to be included on the Aircraft but will not be included on the Substitute Aircraft; and (ii) the cost to Buyer of equipment or features to be included on the Substitute Aircraft that were not to be included on the Aircraft; and provided further, that all such Item costs shall be determined (i) by the price listed in Seller’s then current Published Options Catalogue, to the extent such equipment or features are contained therein; or (ii) on Seller’s quotation to be provided to Buyer as part of Equipmentthe Seller’s Loss Notice, Lessee's obligation to pay Rental as the extent that such equipment or features are not contained in Seller’s then current Published Options Catalogue. Buyer shall notify Seller of its election between (a) or (b) above within fifteen (15) days after Buyer receives Sellers’ Loss Notice. In the event Buyer does not provide such notification within such fifteen-day period, then Buyer shall be deemed to have elected the remedy set forth in (b) above. 7.2 In the event the Aircraft suffers damage during the manufacturing process, such damage shall be rectified to not less than “AS NEW STANDARD.” For the purposes of this Lease Agreement Agreement, the term “AS NEW STANDARD” shall remain unchangedmean that any damaged part, component or structure shall be repaired, reworked or replaced only with “new” serialized parts, components or structures, as such term is defined in Article 1. Lessee further agrees Seller shall not deviate from the “AS NEW STANDARD” without the consent of Buyer, which consent may be withheld for any reason. 7.3 In the event Seller is required to execute such documents prepare a FAA Form 337 (or its Canadian equivalent) in connection with such replacement as deemed any work necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not correct damages to replace such Item of Equipmentthe Aircraft (a “Material Damage”), Lessee Seller shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.give Buyer written

Loss or Destruction. 7.1 In the event event, for any Item of Equipment shall be reason, including an Excusable Delay, the Aircraft is lost, stolen, destroyed, destroyed or damaged beyond economic repair or permanently rendered unfit for use for any reason whatsoever before the transfer of title to Buyer, Seller shall as soon as reasonably practicable thereafter notify Buyer in writing of such occurrence ("Event “Seller’s Loss Notice”), which written notice shall further inform Buyer as to the delivery schedule, specifications, and purchase price of Loss"a Substitute Aircraft (as defined below), if any. Lessee Upon receipt of Seller’s Loss Notice, Buyer shall promptlyhave the right, but in any event within ten (10) days of the Event of Lossas its sole right and remedy, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: either (a) accept delivery of the next available Global Express XRS aircraft (a “Substitute Aircraft”) at a delivery period to replace such Item of Equipment be determined by Seller, acting reasonably, and at Lessee's own cost and expense ofa purchase price determined as provided hereinafter; or (b) terminate this Agreement as provided hereinafter by written notice to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest thereinSeller. In the event Lessee Buyer elects to replace terminate this Agreement, Seller shall, subject to Article 12.3, within five (5) business days after Seller receives Buyer’s notice of termination, return to Buyer all amounts previously paid to Seller under this Agreement plus interest accrued from the date of receipt by Seller of each payment up to and including the date of refund to Buyer (together with interest) at the rate equal to the one-year LIBOR rate in effect on the date each payment was received by Seller, as published in the “Money Rates” section of The Wall Street Journal. Interest payments shall be calculated on a daily basis based on a 360-day year from the date each payment was received by Seller up to and including the date Seller returns Buyer’s payments plus interest (the “Interest Rate Calculation”). For avoidance of doubt, assuming one-year LIBOR equals three percent (3%) and the delay is ten (10) days, the interest rate shall be calculated as follows: 3% multiplied by 10/360. In the event Buyer elects to accept delivery of the next available Substitute Aircraft, the purchase price for the Substitute Aircraft shall be the same as the Purchase Price for the Aircraft; provided, that, Seller may, acting in good faith, adjust the Purchase Price (either through an increase or a decrease) as reasonably necessary to reflect (i) a credit to Buyer based on the cost of equipment or features that were to be included on the Aircraft but will not be included on the Substitute Aircraft; and (ii) the cost to Buyer of equipment or features to be included on the Substitute Aircraft that were not to be included on the Aircraft; and provided further, that all such Item costs shall be determined (i) by the price listed in Seller’s then current Published Options Catalogue, to the extent such equipment or features are contained therein; or (ii) on Seller’s quotation to be provided to Buyer as part of Equipmentthe Seller’s Loss Notice, Lessee's obligation to pay Rental as the extent that such equipment or features are not contained in Seller’s then current Published Options Catalogue. Buyer shall notify Seller of its election between (a) or (b) above within fifteen (15) days after Buyer receives Sellers’ Loss Notice. In the event Buyer does not provide such notification within such fifteen-day period, then Buyer shall be deemed to have elected the remedy set forth in (b) above. 7.2 In the event the Aircraft suffers damage during the manufacturing process, such damage shall be rectified to not less than “AS NEW STANDARD.” For the purposes of this Lease Agreement Agreement, the term “AS NEW STANDARD” shall remain unchangedmean that any damaged part, component or structure shall be repaired, reworked or replaced only with “new” serialized parts, components or structures, as such term is defined in Article 1. Lessee further agrees Seller shall not deviate from the “AS NEW STANDARD” without the consent of Buyer, which consent may be withheld for any reason. 7.3 In the event Seller is required to execute such documents prepare a FAA Form 337 (or its Canadian equivalent) in connection with such replacement as deemed any work necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not correct damages to replace such Item of Equipmentthe Aircraft (a “Material Damage”), Lessee Seller shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.give Buyer written AIRCRAFT PURCHASE AGREEMENT

Loss or Destruction. In Requisition of Use --------------------------------------- (a) Event of Loss with Respect to the event Aircraft. Upon the occurrence ----- -- ---- ---- ------- -- --- -------- of an Event or Loss with respect to the Airframe, or any Item Engine (whether or not then installed on such Airframe), Lessee shall notify Lessor thereof within fifteen (15) days of Equipment the date thereof. On the Basic Rent Date next following the date of an Event of Loss with respect to the Airframe or the Airframe and any Engines (or, if such Event of Loss occurs less than thirty (30) days prior to the next Basic Rent Date within thirty (30) days after such Event of Loss), Lessee shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever pay to Lessor an amount ("Event of LossLoss Payment"). Lessee shall promptly) equal to the Casualty Value of the Aircraft determined as of the date set forth in the Casualty Value schedule which is the date, but in any event within ten (10) days or which immediately precedes the date, as the case may be, of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In additiontogether with any Rent then due, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, prorated to the same extent date of payment, plus interest, if any, on such sum as provided in Section 3(c)(iii) from the property originally comprising date due to the Equipmentdate of payment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, Upon making such Casualty Value payment in respect thereto and Lessor will transfer to Lessee, without recourse or warranty paying all of Lessor's right, title Rent due and interest therein. In the event Lessee elects to replace such Item of Equipmentowing with respect thereto, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees Basic Rent for the Aircraft for the period commencing subsequent to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item Loss shall cease, but Lessee's obligation to pay Rental Supplemental Rent, if any, for all other Items of Equipment the Aircraft shall remain unchanged. After Following Payment of the Event of Loss payment in accordance with the provisions of such Termination Valuethis Section 13(a), Lessor will shall transfer title to Lessee, without recourse the Airframe and the Engines (whether or warranty, all not then installed on the Airframe) to Lessee unless title thereto is required to be conveyed to an insurance carrier in order to settle an insurance claim relating to the Event of Lessor's right, title and interest in and Loss giving rise to such Item payment. Such transfer shall furthermore be made in accordance with the provisions of Equipment suffering Section 22(h). Following such transfer, Lessee shall have the right to receive any and all amounts payable by all Persons in respect of the Aircraft and the Engines and shall be entitled to recover possession of the Aircraft unless possession thereof is required to be delivered to an insurance carrier in order to settle an insurance claim relating to the Event of Loss. Lessor shall also return to Lessee unearned Basic Rent (that portion of Basic Rent paid by Lessee for the period following the date the Casualty Value is received by Lessor to the next Basic Rent Date, if any). With respect to a Requisition of Use of the Airframe or the Airframe and the Engines then installed thereon, Lessor agrees that after Lessor has received the Event of Loss Payment, Lessee shall receive and retain all amounts paid by any governmental authority up to the Event of Loss Payment paid by Lessee to Lessor hereunder, and any excess shall be paid over and retained by Lessor; and Lessor shall transfer title to any Engine not installed on the Airframe to Lessee immediately upon receipt of the Event of Loss Payment. Such transfer shall furthermore be made in accordance with the provisions of Section 22(h). Lessor shall be under no duty to Lessee to pursue any claim against any governmental authority, but Lessee may at is own cost and expense pursue the same.

Loss or Destruction. (a) If any of the Cars shall be completely destroyed, or if the physical condition of any Car shall become such that the Car cannot be operated in railroad service, as determined by Lessor, rental will cease as to such Car as of the date on which such event occurred. Lessor may cancel this Lease as to such Car as of the date on which such event occurred, or may substitute another Car reasonably acceptable to Lessee within a reasonable period of time. Lessee shall notify Lessor of the occurrence of any such event within three business days after learning of such event. In the event any Item of Equipment such substitution, the substituted Car shall be lostheld pursuant to all the terms and conditions of this Lease. Lessee agrees that if a Car is lost or destroyed or is in such physical condition that it cannot be operated in railroad service by reason of misuse or negligence of Lessee or its consignee, stolenagent or Lessee or while on a railroad that does not subscribe to the Interchange Rules or while on any private siding or track or any private or industrial railroad, destroyedLessee will pay Lessor, damaged beyond repair in cash, the depreciated value of such Car as determined by Rule #107 of the Interchange Rules within 15 days following a request by Lessor for such payment. Any amount payable by Lessee to Lessor pursuant to this Section 12 shall be reduced by any amounts received by Lessor from any third party responsible for such loss, destruction or permanently rendered unfit for use for any reason whatsoever ("Event of Loss")damage. Lessee shall promptlybe subrogated to the rights of Lessor against any person to the extent that the actions or omissions of such person caused Lessee to incur liability under this Section 12, and Lessor shall cooperate fully with Lessee in its pursuit of these subrogation rights. Lessor and Lessee shall cooperate with and assist each other in any reasonable manner requested, but in without affecting their respective obligations under this Section 12 or Section 22, to establish proper claims against parties responsible for the loss, destruction of or damage to, the Cars. With respect to any event within ten (10) days Car for which Lessor has received payment from Lessee of the Event of Lossdepreciated value, give written notification to Lessor of said loss and the facts pertaining thereto. In additionshall, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost request, use commercially reasonable efforts to cause Equipment Lessor to execute and expense of; or (b) deliver to pay Lessee a bxxx of sale transferring to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such ItemLessee, any replacement Item shall be free and clear of all security interests and other liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Equipment Lessor's ’s right, title and interest in and to such Item Car, as well as all claims and rights Equipment Lessor may have against any manufacturer, supplier, vendor, repairer, Carrier or dealer of such Car, and any part thereof. (b) Lessee shall obtain commercial general liability insurance against claims for bodily injury, death or third party property damage, designating Lessor and Equipment suffering Lessor as additional insureds with respect to Lessee's operation and use of the Event Cars under this Lease in an amount of Lossnot less than $10 million per occurrence. The insurance coverage shall: (i) be valid for the term of this Lease as defined in Section 6; (ii) be primary without any right of contribution from any other insurance that is carried by Lessee, any Insured Party (as defined below) or any other person; (iii) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured and shall waive any right of subrogation of the insurers (including any right of the insurers to set-off or counterclaim or any other deduction) against the Insured Parties; (iv) name the following parties under the Equipment Lease as additional insureds: Lessor, Equipment Lessor, Trust Company (in its individual capacity and as Owner Trustee), Owner Participant, the Loan Participants and the Indenture Trustee (the “Insured Parties”); (v) provide that the insurers agree that such coverage is extended to insure the Cars for liability purposes; and (vi) provide that the respective interests of the Insured Parties shall not be invalidated by any act of negligence of or breach of warranty or representation by Lessee, any other additional insured, or any other person having an interest in the Cars. (c) Lessee shall endeavor to provide 30-days advance written notice to Lessor of any policy cancellation, other than cancellation for failure to pay premiums (which shall require only 10 days advance notice), respecting the Cars or any Insured Party. Lessee shall deliver to Lessor, Indenture Trustee, the Loan Participants and Owner Participant on or before each Funding Date and not less often than annually thereafter, a certificate of insurance, substantially in the same form as delivered by Lessee to such parties on each Funding Date except for the changes in the report or the coverage consistent with the terms hereof. (d) Lessee shall be solely responsible for any and all payments under the insurance policy. If Lessee does not comply with its obligations under this Section 12(b), Lessor may obtain insurance for the Cars itself, at the sole expense and responsibility of Lessee. Any payment received by Lessor from the insurance company shall be credited to the amount that Lessee is obligated to pay under Section 12(a), unless such insurance policy has been obtained by Lessor or Lessor has paid any premium under such insurance policy.

Loss or Destruction. (a) If any of the Cars shall be completely destroyed, or if the physical condition of any Car shall become such that the Car cannot be operated in railroad service, as determined by Lessor, rental will cease as to such Car as of the date on which such event occurred. Lessor may cancel this Lease as to such Car as of the date on which such event occurred, or may substitute another Car reasonably acceptable to Lessee within a reasonable period of time. Lessee shall notify Lessor of the occurrence of any such event within three business days after learning of such event. In the event any Item of Equipment such substitution, the substituted Car shall be lostheld pursuant to all the terms and conditions of this Lease. Lessee agrees that if a Car is lost or destroyed or is in such physical condition that it cannot be operated in railroad service by reason of misuse or negligence of Lessee or its consignee, stolenagent or Lessee or while on a railroad that does not subscribe to the Interchange Rules or while on any private siding or track or any private or industrial railroad, destroyedLessee will pay Lessor, damaged beyond repair in cash, the depreciated value of such Car as determined by Rule #107 of the Interchange Rules within 15 days following a request by Lessor for such payment. Any amount payable by Lessee to Lessor pursuant to this Section 12 shall be reduced by any amounts received by Lessor from any third party responsible for such loss, destruction or permanently rendered unfit for use for any reason whatsoever ("Event of Loss")damage. Lessee shall promptlybe subrogated to the rights of Lessor against any person to the extent that the actions or omissions of such person caused Lessee to incur liability under this Section 12, and Lessor shall cooperate fully with Lessee in its pursuit of these subrogation rights. Lessor and Lessee shall cooperate with and assist each other in any reasonable manner requested, but in without affecting their respective obligations under this Section 12 or Section 22, to establish proper claims against parties responsible for the loss, destruction of or damage to, the Cars. With respect to any event within ten (10) days Car for which Lessor has received payment from Lessee of the Event of Lossdepreciated value, give written notification to Lessor of said loss and the facts pertaining thereto. In additionshall, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost request, use commercially reasonable efforts to cause Equipment Lessor to execute and expense of; or (b) deliver to pay Lessee a xxxx of sale transferring to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such ItemLessee, any replacement Item shall be free and clear of all security interests and other liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Equipment Lessor's ’s right, title and interest in and to such Item Car, as well as all claims and rights Equipment Lessor may have against any manufacturer, supplier, vendor, repairer, Carrier or dealer of such Car, and any part thereof. (b) Lessee shall obtain commercial general liability insurance against claims for bodily injury, death or third party property damage, designating Lessor and Equipment suffering Lessor as additional insureds with respect to Lessee's operation and use of the Event Cars under this Lease in an amount of Lossnot less than $10 million per occurrence. The insurance coverage shall: (i) be valid for the term of this Lease as defined in Section 6; (ii) be primary without any right of contribution from any other insurance that is carried by Lessee, any Insured Party (as defined below) or any other person; (iii) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured and shall waive any right of subrogation of the insurers (including any right of the insurers to set-off or counterclaim or any other deduction) against the Insured Parties; Error! Unknown document property name. 5 (iv) name the following parties under the Equipment Lease as additional insureds: Lessor, Equipment Lessor, Trust Company (in its individual capacity and as Owner Trustee), Owner Participant, the Loan Participants and the Indenture Trustee (the “Insured Parties”); (v) provide that the insurers agree that such coverage is extended to insure the Cars for liability purposes; and (vi) provide that the respective interests of the Insured Parties shall not be invalidated by any act of negligence of or breach of warranty or representation by Lessee, any other additional insured, or any other person having an interest in the Cars. (c) Lessee shall endeavor to provide 30-days advance written notice to Lessor of any policy cancellation, other than cancellation for failure to pay premiums (which shall require only 10 days advance notice), respecting the Cars or any Insured Party. Lessee shall deliver to Lessor, Indenture Trustee, the Loan Participants and Owner Participant on or before each Funding Date and not less often than annually thereafter, a certificate of insurance, substantially in the same form as delivered by Lessee to such parties on each Funding Date except for the changes in the report or the coverage consistent with the terms hereof. (d) Lessee shall be solely responsible for any and all payments under the insurance policy. If Lessee does not comply with its obligations under this Section 12(b), Lessor may obtain insurance for the Cars itself, at the sole expense and responsibility of Lessee. Any payment received by Lessor from the insurance company shall be credited to the amount that Lessee is obligated to pay under Section 12(a), unless such insurance policy has been obtained by Lessor or Lessor has paid any premium under such insurance policy.

Loss or Destruction. In Requisition of Use --------------------------------------- (a) Event of Loss with Respect to the event Aircraft. Upon the occurrence ------------------------------------------- of an Event or Loss with respect to the Airframe, or any Item Engine (whether or not then installed on such Airframe), Lessee shall notify Lessor thereof within fifteen (15) days of Equipment the date thereof. On the Basic Rent Date next following the date of an Event of Loss with respect to the Airframe or the Airframe and any Engines (or, if such Event of Loss occurs less than thirty (30) days prior to the next Basic Rent Date within thirty (30) days after such Event of Loss), Lessee shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever pay to Lessor an amount ("Event of LossLoss Payment"). Lessee shall promptly) equal to the Casualty Value of the Aircraft determined as of the date set forth in the Casualty Value schedule which is the date, but in any event within ten (10) days or which immediately precedes the date, as the case may be, of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In additiontogether with any Rent then due, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, prorated to the same extent date of payment, plus interest, if any, on such sum as provided in Section 3(c)(iii) from the property originally comprising date due to the Equipmentdate of payment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, Upon making such Casualty Value payment in respect thereto and Lessor will transfer to Lessee, without recourse or warranty paying all of Lessor's right, title Rent due and interest therein. In the event Lessee elects to replace such Item of Equipmentowing with respect thereto, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees Basic Rent for the Aircraft for the period commencing subsequent to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item Loss shall cease, but Lessee's obligation to pay Rental Supplemental Rent, if any, for all other Items of Equipment the Aircraft shall remain unchanged. After Following Payment of the Event of Loss payment in accordance with the provisions of such Termination Valuethis Section 13(a), Lessor will shall transfer title to Lessee, without recourse the Airframe and the Engines (whether or warranty, all not then installed on the Airframe) to Lessee unless title thereto is required to be conveyed to an insurance carrier in order to settle an insurance claim relating to the Event of Lessor's right, title and interest in and Loss giving rise to such Item payment. Such transfer shall furthermore be made in accordance with the provisions of Equipment suffering Section 22(h). Following such transfer, Lessee shall have the right to receive any and all amounts payable by all Persons in respect of the Aircraft and the Engines and shall be entitled to recover possession of the Aircraft unless possession thereof is required to be delivered to an insurance carrier in order to settle an insurance claim relating to the Event of Loss. Lessor shall also return to Lessee unearned Basic Rent (that portion of Basic Rent paid by Lessee for the period following the date the Casualty Value is received by Lessor to the next Basic Rent Date, if any). With respect to a Requisition of Use of the Airframe or the Airframe and the Engines then installed thereon, Lessor agrees that after Lessor has received the Event of Loss Payment, Lessee shall receive and retain all amounts paid by any governmental authority up to the Event of Loss Payment paid by Lessee to Lessor hereunder, and any excess shall be paid over and retained by Lessor; and Lessor shall transfer title to any Engine not installed on the Airframe to Lessee Immediately upon receipt of the Event of Loss Payment. Such transfer shall furthermore be made in accordance with the provisions of Section 22(h). Lessor shall be under no duty to Lessee to pursue any claim against any governmental authority, but Lessee may at is own cost and expense pursue the same.