Off-Lease Aircraft Sample Clauses

Off-Lease Aircraft. No such Additionally Financed Aircraft to be acquired will be Off-Lease, unless immediately after giving effect to such acquisition, not more than 10% (measured by Adjusted Borrowing Value) of all Aircraft in the Borrower’s Portfolio are Off-Lease.
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Off-Lease Aircraft. 20.20.1 An Aircraft shall be deemed to be “off-lease” once the leasing of the Aircraft under the relevant Portfolio Lease has been terminated and the Obligor has control of the Aircraft (“Off-Lease”). If an Aircraft is Off-lease, then the Borrower shall (at its own expense) procure that: (a) the relevant Aircraft is insured in accordance with the Standard and consistent with the requirements of paragraph 2.17 of Schedule 13 (Core Lease Provisions), provided that if the relevant Aircraft is grounded at an airport satisfactory to the Agent and the Borrower (or any other Obligor) has placed the Aircraft into a storage programme in a manner satisfactory to the Agent, then the Obligors will only be required to obtain ground risks insurance cover in respect of the Aircraft on terms and conditions satisfactory to the Agent; (b) the relevant Aircraft is at all times stored, maintained, registered and operated in accordance with the Standard, having regard to normal aviation storage, maintenance, operation, registration and security requirements for commercial passenger aircraft that are subject to cross border aircraft financing and which are not subject to a lease agreement, and are, where relevant, grounded; (c) the Servicer remarkets the Aircraft in accordance with the Standard and the Borrower will be liable for all costs related to such remarketing including, but not limited to, the remarketing expenses of the Servicer; and (d) the Agent is provided with such information as the Agent may reasonably request in connection with any repossession and/or remarketing of the Aircraft, and for so long as the Obligors continue to comply with all of their obligations under the Transaction Documents (including payment of any principal and interest expressed to be payable hereunder), then subject to sub-clause 20.20.2, no Event of Default and/or Acceleration Event will be deemed to occur solely as a result of such Aircraft being Off-Lease. 20.20.2 Notwithstanding the terms of sub-clause 20.20.1, if an Aircraft is Off-Lease for a continuous period exceeding twelve (12) months (the “Maximum Off-Lease Period”) unless otherwise agreed in writing by the Agent, the Borrower shall prepay the Loan in respect of such Aircraft in accordance with sub-clause 8.5.1(e).
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Off-Lease Aircraft. With respect to the Off-Lease Aircraft, after BUYER (i) observes the MPA runs and borescopes on the Engines and APU, (ii) reviews the associated Aircraft Documentation, and (iii) inspects such Off-Lease Aircraft, in each case for compliance with the relevant Delivery Conditions, provided that BUYER is satisfied with the same, BUYER shall give technical acceptance of the Off-Lease Aircraft in Goodyear, Arizona no later than March 15, 2010 by executing the Technical Acceptance Certificate and delivering an original thereof to SELLER. Such technical acceptance by BUYER shall exclude ferry flight discrepancies, all ferry flight log book entries and any loss, damage or destruction affecting the Off-Lease Aircraft prior to delivery (but after technical acceptance by BUYER). Upon such technical acceptance of the Off-Lease Aircraft, SELLER shall move the Off-Lease Aircraft (or cause the Off-Lease Aircraft to be moved) to the Delivery Location on or prior to the Sale Date where BUYER shall conduct its final inspection of such Off-Lease Aircraft, which shall be limited to a walk-around inspection and review of the logbook, and concluded by the Sale Date. With respect to any ferry flight discrepancies, ferry flight log book entries, and any loss or damage affecting the Off-Lease Aircraft prior to delivery but after technical acceptance by BUYER (such discrepancies being referred to as “Off-Lease Aircraft Post-Technical Acceptance Discrepancies”), SELLER shall have the option, in its sole discretion, to: (i) correct such Off-Lease Aircraft Post-Technical Acceptance Discrepancies and tender the remedied Aircraft to BUYER on the Sale Date or within ninety (90) days after the Sale Date for such Aircraft (in accordance with Article 3.3), in which case BUYER shall be obligated to purchase such Aircraft; or (ii) if the cost (in SELLER’s reasonable judgment) to SELLER to remedy such Off-Lease Aircraft Post-Technical Acceptance Discrepancies (when combined with the cost to SELLER to remedy any other non-conformity of the Aircraft with the Delivery Conditions discovered and corrected prior to the execution of the Technical Acceptance Certificate with respect to such Off-Lease Aircraft) shall exceed the amount set forth in item 9 of Exhibit J, terminate this Agreement with respect to the affected Aircraft by giving written notice to BUYER and refund the applicable portion of the Commitment Fee to BUYER in accordance with Article 15.1. Upon receipt of such termination notice, BU...
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Off-Lease Aircraft. No such Additionally Financed Aircraft will be Off-Lease unless, (x) the Aircraft Age of such Additionally Financed Aircraft is less than 1 month from the date of manufacture and (y) immediately after giving effect to such Additional Advance, the outstanding Advances allocable to Aircraft that are Off-Lease shall be not more than 7.5% of the outstanding Advances of all Aircraft in the Borrower’s Portfolio.
Sample 1
Off-Lease Aircraft. No such Additionally Funded Aircraft to be acquired will be Off-Lease; provided that, the Additionally Funded Aircraft may include Pop-Up Aircraft, so long as, immediately after giving effect to such Class A Advance or release and the consummation of the transactions contemplated in the making of such Additional Class A Advance, (i) at least ten other Funded Aircraft shall not be Pop-Up Aircraft, (ii) no more than two Funded Aircraft shall be Pop-Up Aircraft, and (iii) no more than three of the Funded Aircraft shall be Off-Lease.
Sample 1

Related to Off-Lease Aircraft

  • Lease of Aircraft Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR Section 91.501(b)(6) and Section 91.501(c)(1) and this Agreement, and to provide a fully-qualified and credentialed flight crew for all flights to be conducted hereunder during the Term (as defined in Section 13) hereof. The parties acknowledge and agree that this Agreement did not result in any way from any direct or indirect advertising, holding out or soliciting on the part of Lessor or any person purportedly acting on behalf of Lessor. Lessor and Lessee intend that the lease of the Aircraft effected by this Agreement shall be treated as a “wet lease” pursuant to which Lessor provides transportation services to Lessee in accordance with FAR Section 91.501(b)(6) and Section 91.501(c)(1).

  • Aircraft This peril includes self-propelled missiles and spacecraft.

  • Lease of Equipment Lessor leases to Lessee, and Lessee leases from Lessor, all the property described in the Lease Schedules which are signed from time to time by Lessor and Lessee.

  • New Lease In the event that this Lease is rejected in any bankruptcy, insolvency or dissolution proceeding or is terminated by Landlord following a Tenant Event of Default other than due to a default that is subject to cure by a Permitted Leasehold Mortgagee under Section 17.1(d) and Section 17.1(e) above, Landlord shall provide each Permitted Leasehold Mortgagee with written notice that this Lease has been rejected or terminated (“Notice of Termination”), and, for the avoidance of doubt, upon delivery of such Notice of Termination, no Permitted Leasehold Mortgagee shall have the rights as described in Section 17.1(d) and Section 17.1(e) above, but rather such Permitted Leasehold Mortgagee instead shall have the rights described in this Section 17.1(f)). Following any such rejection or termination, Landlord agrees to enter into a new lease (“New Lease”) of the Leased Property with such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee for the remainder of the term of this Lease, effective as of the date of termination, at the rent and additional rent, and upon the terms, covenants and conditions (including all then-remaining options to renew but excluding requirements which have already been fulfilled) of this Lease, provided: (i) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall comply with the applicable terms of Section 22.2; (ii) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall make a binding, written, irrevocable commitment to Landlord for such New Lease within thirty (30) days after the date such Permitted Leasehold Mortgagee receives Landlord’s Notice of Termination of this Lease given pursuant to this Section 17.1(f); (iii) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall pay or cause to be paid to Landlord at the time of the execution and delivery of such New Lease, any and all sums which would at the time of execution and delivery thereof be due pursuant to this Lease but for such rejection or termination (including, for avoidance of doubt, any amounts that become due prior to and remained unpaid as of the date of the Notice of Termination) and, in addition thereto, all reasonable expenses, including reasonable documented attorney’s fees, which Landlord shall have incurred by reason of such rejection or such termination and the execution and delivery of the New Lease and which have not otherwise been received by Landlord from Tenant or other party in interest under Tenant; and (iv) such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall agree to remedy any of Tenant’s defaults of which said Permitted Leasehold Mortgagee was notified by Landlord’s Notice of Termination (or in any other written notice of Landlord) and which can be cured through the payment of money or, if such defaults cannot be cured through the payment of money, are reasonably susceptible of being cured by Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee.

  • Lease Supplement The Lease Supplement No. 1 (Federal Express Corporation Trust No. N676FE) to be dated the Delivery Date, substantially in the form of Exhibit A to the Lease. Lease Term. The period commencing on the Delivery Date and ending at the end of the Basic Term. Lessee. Federal Express Corporation, a Delaware corporation.

  • Ground Lease (a) Ground Lessee and Borrower have executed this Instrument mortgaging their separate estates in the Property for the purpose of granting to the Lender such lien as would cause the fee simple title to the Property to be sold free and clear of the Ground Lease at foreclosure sale. Ground Lessee and Borrower hereby jointly and severally waive any right, arising at law or in equity, whether presently existing or subsequently accruing, whether to Ground Lessee, Borrower, or anyone holding or claiming under or through them, to have their separate estates sold separately upon foreclosure, whether under principles of marshalling or otherwise. (b) Except as specified in Section 11.02, in any action commenced to enforce the Obligations created or arising under this Instrument, any resulting judgment or decree shall be enforceable against Ground Lessee only to the extent of Ground Lessee’s interest in the Property or other property subject to any security interest securing the Note. Subject to Section 11.01, (i) any execution on such judgment or decree, with respect to the assets of Ground Lessee, shall be limited to the Property or other property subject to any security interest securing the Note, and (ii) Ground Lessee shall not be personally liable for the payment of the indebtedness or other Obligations secured by this Instrument, nor shall execution on any judgment or decree resulting from any action to enforce the Obligations be or be caused to be a lien on any other asset of Ground Lessee other than the Property or other property subject to any security interest securing the Note. (c) Ground Lessee and Borrower each agree that neither this Instrument nor any obligation of Ground Lessee and Borrower hereunder will be released, impaired or subordinated by any amendment to this Instrument or any other document or extension of time or waiver of right or remedy as to Ground Lessee, Borrower, or any other party, or any other act or thing which, but for this provision, would so release, impair, or subordinate. (d) Ground Lessee and Ground Lessee’s interest in the Ground Lease and the Property shall be subject to all of the provisions of Section 5.01. (e) Under no circumstances shall Lender or any of its successors or assigns have any obligation or liability of any kind or nature based upon or arising under the Ground Lease, regardless of whether such obligation or liability (i) is an obligation or liability of either ground lessee or ground lessor under the Ground Lease, or (ii) arises either before or after Lender acquired title to the Property. (f) Ground Lessee and Borrower each hereby acknowledge and agree that all of the Ground Lessee’s rights and remedies under the Ground Lease, including without limitation any rights of first refusal or any purchase rights, are subject to and subordinate to this Instrument.

  • Operating Lease (i) Each Borrower shall (a) promptly perform and observe all of the covenants required to be performed and observed by it under the Operating Leases and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (b) promptly notify Lender of any material default under any Operating Lease of which it is aware; (c) promptly deliver to Lender a copy of any notice of default or other material notice under any Operating Lease delivered to any Operating Lessee by Borrower; (d) promptly give notice to Lender of any notice or information that Borrower receives which indicates that an Operating Lessee is terminating its Operating Lease or that any Operating Lessee is otherwise discontinuing its operation of the applicable Individual Property; and (e) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by the Operating Lessee under the applicable Operating Lease. (ii) If at any time, (A) an Operating Lessee shall become insolvent or a debtor in a bankruptcy proceeding or (B) Lender or its designee has taken title to an Individual Property by foreclosure or deed in lieu of foreclosure, has become a mortgagee-in-possession, has appointed a receiver with respect to the applicable Individual Property or has otherwise taken title to such Individual Property, Lender shall have the absolute right to (and Borrower and Operating Lessee shall reasonably cooperate and not in any way hinder, delay or otherwise interfere with Lender’s right to), immediately terminate the applicable Operating Lease under and in accordance with the terms of the applicable Subordination, Attornment and Security Agreement. (iii) Borrower shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld: (a) surrender, terminate or cancel any Operating Lease or otherwise replace any Operating Lessee or enter into any other operating lease with respect to any Individual Property, provided, however, at the end of the term of each Operating Lease, the applicable Borrower may renew such Operating Lease or enter into a replacement Operating Lease with Operating Lessee on substantially the same terms as the expiring Operating Lease except that Lender shall have the right to approve any material change thereto; (b) reduce or consent to the reduction of the term of any Operating Lease; or (c) enter into, renew, amend, modify, waive any provisions of, reduce Rents under, or shorten the term of any Operating Lease.

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

  • Location of Real Property and Leased Premises (a) Schedule 3.20(a) lists completely and correctly as of the Closing Date all real property owned by the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries own in fee all the real property set forth on Schedule 3.20(a). (b) Schedule 3.20(b) lists completely and correctly as of the Closing Date all real property leased by the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries have valid leases in all the real property set forth on Schedule 3.20(b).

  • Fixed Lease If this is a fixed lease, provide the start and end date for the lease term. 9.