Ownership of Aircraft. 48 SECTION 13. Notices; Consent to Jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 SECTION 14. Change of Situs of Owner Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Ownership of Aircraft. On the Delivery Date, the Lessor shall have full legal title to the Aircraft, free and clear of all Liens except any Lien which Lessor caused to be placed on the Aircraft as permitted pursuant to Section 19 hereof.
Ownership of Aircraft. It is hereby agreed among Lessee, the Owner Participant and the Owner Trustee that for all purposes the Owner Trustee will be the owner of the Aircraft (except that the Owner Participant will be the owner for income tax purposes and except under the circumstances contemplated by the proviso to Section 18.2(d) of the Lease) and Lessee will be the lessee thereof, and each party hereto agrees to characterize the Lease as a lease for income tax purposes and all other relevant purposes (subject to the election referred to above).
Ownership of Aircraft. The Owners agree to jointly own and operate the Aircraft for the use of their respective businesses, subject to all the terms and conditions contained herein and all applicable FARs and laws.
Ownership of Aircraft. 14 4.3. Disclaimer and Acknowledgement of Disclaimer; Waiver of Consequential Damages ....................................... 14 4.4. Lessee's Miscellaneous Covenants .............................. 15 4.4.1. Maintenance of Corporate Status: No Merger or Consolidation. ......................................... 15 4.4.2. Notice of Default or Adverse Occurrence. ............... 15 4.4.3. Maintenance of Consents and Approvals. ................. 16
Ownership of Aircraft. 13 4.2.5 No Consents or Approvals ............................................... 13 4.2.6. Citizenship ............................................................ 13 4.2.7. Discharge of FSBU Liens ................................................ 13 4.2.8. Litigation ............................................................. 13 4.2.9. FSBU Litigation ........................................................ 13 4.3. Disclaimer and Acknowledgement of Disclaimer; Waiver of Consequential Damages .. 14
Ownership of Aircraft. It is hereby agreed among Lessee, the Owner Participant and the Owner Trustee that for all purposes the Owner Trustee will be the owner of the Aircraft (except that the Owner Participant will be the owner for income tax PARTICIPATION AGREEMENT [N396SW] -47- 53 purposes and except to the extent and under the circumstances contemplated by the proviso to Section 18.2(d) of the Lease) and Lessee will be the lessee thereof, and each party hereto agrees to characterize the Lease as a lease for income tax purposes and all other relevant purposes (subject to the election referred to above).
Ownership of Aircraft. The ownership, or exclusive lease, of the aircraft, must be vested in the name of the flying club (or owned ratably by all of its members).
Ownership of Aircraft. 14 4.2.5. CONFIDENTIALITY OF LESSEE INFORMATION ............................ 14 4.3. DISCLAIMER AND ACKNOWLEDGEMENT OF DISCLAIMER; WAIVER OF CONSEQUENTIAL DAMAGES ......................................... 14 4.4. LESSEE'S MISCELLANEOUS COVENANTS ........................................ 15 4.4.1. MAINTENANCE OF CORPORATE STATUS; NO MERGER OR CONSOLIDATION ...... 15 4.4.2. NOTICE OF DEFAULT OR ADVERSE OCCURRENCE .......................... 15 4.4.3. MAINTENANCE OF CONSENTS AND APPROVALS ............................ 15
Ownership of Aircraft. Each Financed Aircraft will at all times be owned by the Issuer or an Issuer Subsidiary organized in a state of the United States or in the District of Columbia.
