Common use of Payment of Casualty Loss Value Upon an Event of Loss Clause in Contracts

Payment of Casualty Loss Value Upon an Event of Loss. If an Event of Loss occurs with respect to an Item of Equipment during the Term thereof, Lessee shall give Lessor prompt written notice thereof and shall pay to Lessor on the Casualty Loss Value Payment Date next following the date of such Event of Loss (or on the last day of the Term if there is no succeeding Casualty Loss Value Payment Date) the sum of (i) all unpaid Interim Rent and Basic Rent payable for such Item of Equipment for any Rental Period prior to the Rental Period in which the Event of Loss has occurred, plus (ii) (x) if Basic Rent for such Item of Equipment is payable in advance, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next preceding or coincident with the date of such Event of Loss, plus the Basic Rent payable for such Item for the Rental Period in which such Event of Loss has occurred if such Basic Rent was not paid on the Rent Payment Date therefor, or (y) if Basic Rent for such Item is payable in arrears, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next following the date of such Event of Loss, plus the Basic Rent payable for such Item of Equipment for the Rental Period in which such Event of Loss has occurred if such Casualty Loss Value Payment Date for such Item is a Rent Payment Date, plus (iii) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (i) and (ii). Any payments received at any time by Lessor or by Lessee from any insurer or other party (except Lessee) as a result of the occurrence of such Event of Loss will be applied in reduction of Lessee's obligation to pay the foregoing amounts, if not already paid by Lessee, or, if already paid by Lessee, will be applied promptly to reimburse Lessee for its payment of such amount, unless an Event of Default shall have occurred and be continuing. Upon payment in full of such Casualty Loss Value, Basic Rent, Interim Rent (if applicable) and Supplemental Payments, (A) the obligation of Lessee to pay Rent hereunder with respect to such Item of Equipment shall terminate and the Term of such Item shall terminate, and (B) Lessee shall, as agent for Lessor, as soon as practicable, dispose of such Item or Items of Equipment in a manner reasonably acceptable to Lessor.

Payment of Casualty Loss Value Upon an Event of Loss. If an ------------------------------------------------------ Event of Loss occurs with respect to an Item of Equipment during the Term thereofAircraft or any Airframe at any time after the date hereof and until the Aircraft shall have been returned to the Lessor in accordance with Section 4 hereof, Lessee shall promptly give Lessor prompt --------- written notice thereof and shall shall, not later than the earlier of the date (a) three (3) days following the date of receipt of proceeds of insurance with respect to such Event of Loss and (b) on such date designated by Lessee occurring on or before the date ninety (90) days after the date of such Event of Loss, either (x) substitute an airframe for such Airframe in accordance with the provisions of the succeeding paragraph of this Section 15(b)and substitute an ------------- engine for the Engine, if any, with respect to which such Event of Loss occurred on the date of substitution of said airframe pursuant to the terms of this Lease, provided, that, notwithstanding anything herein to the contrary, Lessee -------- ---- must either (A) substitute an airframe in accordance with this Section 15 for ---------- such Airframe on or prior to the last day of the calendar year on which such Event of Loss occurs or (B) agree to indemnify Lessor for all costs, losses and expenses (including but not limited to the loss of any tax benefits) incurred directly or indirectly by Lessor in connection with the substitution of such Airframe after the last day of the calendar year on which such Event of Loss occurs, or (y) pay to Lessor on the Casualty Loss Value Rent Payment Date next following the date of such Event of Loss (or on the last day of the Term if there is no succeeding Casualty Loss Value Payment Date) the sum of (i) all unpaid Interim Rent past-due Rent, and Basic Rent payable for such Item of Equipment for any Rental Period prior to the Rental Period in which the Event of Loss has occurred, plus (ii) (x) if Basic Rent for such Item of Equipment is payable in advance, the Casualty Loss Value of such Item of Equipment determined as the Aircraft. Upon payment in full of the Casualty amount specified in Section 15(b)(y) ---------------- above, plus all Supplemental Payments then due and payable by Lessee hereunder, (1) the obligation of Lessee to pay Basic Rent hereunder shall terminate, (2) the prevailing Lease Term shall end, and (3) Lessor will transfer to Lessee, without recourse, representation or warranty (except as set forth in Section 19 ---------- hereof with respect to title and Lessor Liens), all of Lessor's right, title and interest in and such Airframe and Engine (if any) with respect to which such Event of Loss Value Payment Date next occurred, as well as all Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon when such Event of Loss occurred. In the event of a substitution of an airframe pursuant to the preceding paragraph, Lessee shall purchase in the name of Lessor or coincident with cause to be conveyed to Lessor, as replacement for such Airframe, title to an identical type of airframe, free and clear of all Liens other than any Permitted Liens and having a value, utility and remaining useful life at least equal to, and being in as good operating condition as, such Airframe, assuming that such Airframe was of the date value, utility and remaining useful life and in the condition and state of repair required by the terms hereof immediately prior to the occurrence of such Event of Loss, plus the Basic Rent payable and if such Event of Loss also occurred with respect to any Engine, Lessee shall duly convey or cause to be conveyed to Lessor, in replacement for such Item for the Rental Period in Engine with respect to which such Event of Loss occurred, title to one engine with respect to which such Event of Loss has occurred if such Basic Rent was not paid of the same or an improved make, model and manufacturer suitable for installation and use on the Rent Payment Date thereforAirframe, or (y) if Basic Rent for such Item is payable free and clear of all Liens other than any Permitted Liens, having a value and utility at least equal to, and being in arrearsas good operating condition as, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next following the date of such Event of Loss, plus the Basic Rent payable for such Item of Equipment for the Rental Period in Engine with respect to which such Event of Loss has occurred if such Casualty Loss Value Payment Date for such Item is a Rent Payment Dateoccurred, plus (iii) all other Supplemental Payments due for such Item of Equipment as of assuming that the date of payment of the amounts specified Engine was in the foregoing clauses (i) condition and (ii). Any payments received at any time state of repair required by Lessor or by Lessee from any insurer or other party (except Lessee) as a result of the terms hereof immediately prior to the occurrence of such Event of Loss will be applied in reduction Loss. In either case, as applicable, prior to or at the time of Lessee's obligation to pay the foregoing amountsany such conveyance, if not already paid by Lessee, or, if already paid by Lesseeat its own expense, will be applied promptly (i) furnish Lessor with a bill of sale in form and suxxxxnce satisfactory to reimburse Lessee for its payment of such amountLessor, unless an Event of Default shall have occurred and be continuing. Upon payment in full of such Casualty Loss Value, Basic Rent, Interim Rent (if applicable) and Supplemental Payments, (A) the obligation of Lessee to pay Rent hereunder with respect to such Item replacement airframe or engine, as the case may be, (ii) cause supplements or amendments hereto, in form and substance satisfactory to Lessor, subjecting such replacement airframe or engine, as the case may be, to this Lease, to be duly executed by Lessee, (iii) furnish Lessor with such evidence of Equipment shall terminate and the Term condition of such Item shall terminatereplacement airframe or engine, as the case may be, and of compliance with the insurance provisions of Section 16 hereof with respect to the replacement ---------- airframe or engine as Lessor may reasonably request, (iv) deliver to Lessor a legal opinion in form and substance satisfactory to Lessor stating that the title and ownership to such replacement airframe or engine have been conveyed to Lessor under applicable Law and any security interest is protected under applicable Law, and (Bv) Lessee shalltake such other action as Lessor may reasonably request in order that such replacement airframe or engine, as agent the case may be, be duly and properly titled in Lessor and leased hereunder to the same extent as the Airframe or the Engine replaced hereby. Upon full compliance by Lessee with the terms of this paragraph, Lessor will transfer to Lessee without recourse, representation or warranty, express or implied, of any nature whatsoever (except as set forth in Section 19 hereof with respect to the title and Lessor Liens), ---------- and on an "as-is, where-is" basis, all of Lessor's right, title and interest in and to the Airframe, Engine with respect to which such Event of Loss occurred, and such Airframe or Engine shall thereafter no longer be an "Airframe" or an "Engine" (as the case may be) as defined herein. Thenceforth, for Lessorall purposes hereof, such replacement airframe or such replacement engine shall be deemed the "Airframe" or an "Engine" (as soon the case may be) as practicable, dispose defined herein and part of such Item the same Aircraft as was the Airframe or Items of Equipment in a manner reasonably acceptable to Lessorthe Engine.

Payment of Casualty Loss Value Upon an Event of Loss. If an Event ----------------------------------------------------- of Loss occurs with respect to an Item of Equipment during the Term thereof, Lessee Obligor shall give Lessor Obligee prompt written notice thereof and shall pay to Lessor Obligee on the Casualty Loss Value Payment Date next following the date of such Event of Loss (or on the last day of the Term if there is no succeeding Casualty Loss Value Payment Date) the sum of (i) all unpaid Interim Rent and Basic Rent Payments payable for such Item of Equipment for any Rental Payment Period prior to the Rental Payment Period in which the Event of Loss has occurred, plus (ii) (x) if Basic Rent Payments for such Item of Equipment is are payable in advance, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next preceding or coincident with the date of such Event of Loss, plus the Basic Rent Payments payable for such Item for the Rental Payment Period in which such Event of Loss has occurred if such Basic Rent Payment was not paid on the Rent Payment Date therefor, or (y) if Basic Rent Payments for such Item is are payable in arrears, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next following the date of such Event of Loss, plus the Basic Rent Payment payable for such Item of Equipment for the Rental Payment Period in which such Event of Loss has occurred if such Casualty Loss Value Payment Date for such Item is a Rent Payment Date, plus (iii) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (i) and (ii)) , for such Item determined as of the Casualty Loss Value Payment Date. Any payments received at any time by Lessor Obligee or by Lessee Obligor from any insurer or other party (except LesseeObligor) as a result of the occurrence of such Event of Loss will be applied in reduction of LesseeObligor's obligation to pay the foregoing amounts, if not already paid by LesseeObligor, or, if already paid by LesseeObligor, will be applied promptly to reimburse Lessee Obligor for its payment of such amount, unless an Event of Default shall have occurred and be continuing. Upon payment in full of such Casualty Loss Value, Basic Rent, Interim Rent (if applicable) Payments and Supplemental Payments, (A) the obligation of Lessee Obligor to pay Rent make Payments hereunder with respect to such Item of Equipment shall terminate and the Term of such Item shall terminate, and (B) Lessee Obligor shall, as agent for LessorObligee, as soon as practicable, dispose of such Item or Items of Equipment in a manner reasonably acceptable to LessorObligee.

Payment of Casualty Loss Value Upon an Event of Loss. If an Event of Loss occurs with with, respect to an Item of Equipment during the Term thereof, Lessee shall give Lessor prompt written notice thereof and shall pay to Lessor on the Casualty Loss Value Payment Date next following the date of such Event of Loss (or on the last day of the Term if there is no succeeding Casualty Loss Value Payment Date) the sum of (i) all unpaid Interim Rent and Basic Rent payable for such Item of Equipment for any Rental Period prior to the Rental Period in which the Event of Loss has occurred, plus (ii) (x) if Basic Rent for such Item of Equipment is payable in advance, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next preceding or coincident with the date of such Event of Loss, plus the Basic Rent payable for such Item for the Rental Period in which such Event of Loss has occurred if such Basic Rent was not paid on the Rent Payment Date therefor, or (y) if Basic Rent for such Item is payable in arrears, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next following the date of such Event of Loss, plus the Basic Rent payable for such Item of Equipment for the Rental Period in which such Event of Loss has occurred if such Casualty Loss Value Payment Date for such Item is a Rent Payment Date, plus (iii) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (i) and (ii). Any payments received at any time by Lessor or by Lessee from any insurer or other party (except Lessee) as a result of the occurrence of such Event of Loss will be applied in reduction of Lessee's obligation to pay the foregoing amounts, if not already paid by Lessee, or, if already paid by Lessee, will be applied promptly to reimburse Lessee for its payment of such amountamount with the balance remaining payable to the Lessee, unless an Event of Default shall have occurred and be continuingcontinuing in which case such balance shall be payable to Lessee only upon payment to Lessor of all amounts set forth in Section 23(c) hereof. Upon payment in full of such Casualty Loss Value, Basic Rent, Interim Rent (if applicable) and Supplemental Payments, (A) the obligation of Lessee to pay Rent hereunder with respect to such Item of Equipment shall terminate and the Term of such Item shall terminate, and (BE) Lessee shall, as agent for Lessor, as soon as practicable, dispose of such Item or Items of Equipment in a manner reasonably acceptable to Lessor.