Overhaul-Airframe Clause Samples

Overhaul-Airframe. In the event that Lessee does not meet the conditions in clause (i) and/or the final sentence of Section 8(b) hereof with respect to the Airframe, Lessee shall pay Lessor a dollar amount computed by multiplying (i) Lessor's then current cost for such major overhaul or major block maintenance as the case may be (such cost being the then current rates charged by an airframe overhaul facility approved by the Manufacturer of the Airframe and acceptable to Lessor, together with all costs associated with such overhaul), by (ii) a fraction of which (x) the numerator shall be the excess of the number of hours since the last such major overhaul or major block maintenance, as the case may be, over fifty percent (50%) of the number of hours of allowable time between major overhauls or major block maintenance and (y) the denominator shall be the total number of hours of such allowable time. In the event the life limited parts or components requirement contained in clauses (i) or (ii) and/or the final sentence of Section 8(b) hereof are not met, Lessee shall pay to Lessor with respect to each part or component for which said requirement is not met the dollar amount obtained by multiplying (i) the ratio that the life expended in excess of half-life bears to the total allowable life for such part or component by (ii) Lessor's cost of replacement of such part or component. Lessor's cost of replacement of a part or component shall include Lessor's then current cost of purchasing the part or component itself and all of Lessor's then current costs associated with the replacement.
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