Common use of Payments Received on Account of an Event of Loss Clause in Contracts

Payments Received on Account of an Event of Loss. Any amounts up to the Agreed Value, other than insurance proceeds in respect of damage or loss not constituting an Event of Loss (the application of which is provided for in Annex B), received at any time by Mortgagee or Owner from any Government Entity or any other Person in respect of any Event of Loss will be applied as follows: (i) If such amounts are received with respect to the Airframe, and any Engine installed thereon at the time of such Event of Loss, upon compliance by Owner with the applicable terms of Section 4.05(c) with respect to the Event of Loss for which such amounts are received, such amounts shall be paid over to, or retained by, Owner; (ii) If such amounts are received with respect to an Engine (other than an Engine installed on the Airframe at the time such Airframe suffers an Event of Loss), upon compliance by Owner with the applicable terms of Section 4.04(e) with respect to the Event of Loss for which such amounts are received, such amounts shall be paid over to, or retained by, Owner; (iii) If such amounts are received, in whole or in part, with respect to the Airframe, and Owner makes, has made or is deemed to have made the election set forth in Section 4.05(a)(ii), such amounts shall be applied as follows: first, if the sum described in Section 4.05(a)(ii) has not then been paid in full by Owner, such amounts shall be paid to Mortgagee to the extent necessary to pay in full such sum; and second, the remainder, if any, shall be paid to Owner. Any amounts in excess of the Agreed Value received in connection with an Event of Loss shall be paid to the Owner. Any insurance, condemnation or other proceeds which result from an Event of Loss that are paid to the Mortgagee and have not been applied pursuant to this Section 4.05(d) shall be held by the Mortgagee as permitted by Section 7.04 hereof (provided that such moneys shall be invested as provided in Section 6.06 hereof) as additional security for the obligations of Owner under the Operative Agreements and such proceeds (and such investment earnings) shall be applied in accordance with this Section 4.05(d).

Payments Received on Account of an Event of Loss. Any amounts up to the Agreed Value, other than insurance proceeds in respect of damage or loss not constituting an Event of Loss (the application of which is provided for in Annex B), received at any time by Mortgagee Collateral Agent or Owner the Company from any Government Entity or any other Person in respect of any Event of Loss will be applied as follows: (i) If if such amounts are received with respect to the any Airframe, and any Engine installed thereon at the time of such Event of Loss, upon compliance by Owner the Company with the applicable terms of Section 4.05(c3.05(c) with respect to the Event of Loss for which such amounts are received, such amounts shall be paid over to, or retained by, Ownerthe Company; (ii) If if such amounts are received with respect to an Engine (other than an Engine installed on the an Airframe at the time such Airframe suffers an Event of Loss), upon compliance by Owner the Company with the applicable terms of Section 4.04(e3.04(e) with respect to the Event of Loss for which such amounts are received, such amounts shall be paid over to, or retained by, Ownerthe Company; (iii) If if such amounts are received, in whole or in part, with respect to the an Airframe, and Owner the Company makes, has made or is deemed to have made the election set forth in Section 4.05(a)(ii3.05(a)(ii), such amounts shall be applied as follows: first, if the sum described in Section 4.05(a)(ii3.05(a)(ii) has not then been paid in full by Ownerthe Company, such amounts shall be paid to Mortgagee Collateral Agent to the extent necessary to pay in full such sum; and second, the remainder, if any, shall be paid to OwnerCompany. Any amounts in excess of the Agreed Value received in connection with an Event of Loss shall be paid to the OwnerCompany. Any insurance, condemnation or other proceeds which result from an Event of Loss that are paid to the Mortgagee Collateral Agent and have not been applied pursuant to this Section 4.05(d3.05(d) shall be held by the Mortgagee Collateral Agent as permitted by Section 7.04 hereof (provided that such moneys shall be invested as provided in Section 6.06 7.08 hereof) as additional security for the obligations of Owner the Company under the Operative Agreements Transaction Documents and such proceeds (and such investment earnings) shall be applied in accordance with this Section 4.05(d3.05(d).

Payments Received on Account of an Event of Loss. Any amounts up to If the Agreed ValueLien of the Senior Mortgage shall not have been discharged, other than insurance proceeds in respect any payments on account of damage or loss not constituting an Event of Loss (other than insurance proceeds or other payments the application of which is provided for in Annex B)Section 3.05 hereof, or elsewhere in this Mortgage, as the case may be, or payments in respect of damage to the business or property of the Company) with respect to an Engine shall be held and applied as provided in the Senior Mortgage and, after the Senior Mortgage shall have been discharged, as between the Security Trustee and the Company, any such payments (other than as aforesaid) received at any time by Mortgagee the Security Trustee or Owner by the Company from any Government Entity or any other Person in respect of any Event of Loss will be applied as follows: (i) If if such amounts payments are received with respect to an Event of Loss as to an Engine and such Engine is being replaced by the AirframeCompany pursuant to Section 3.04(a) hereof, such payments shall be paid over to, or retained by, the Security Trustee as security; and any Engine installed thereon at the time upon completion of such Event of Loss, replacement (or upon the closing therefor) and compliance by Owner with the applicable terms provisions of Section 4.05(c3.04(a) and (c) with respect to the Event of Loss for which such amounts payments are receivedmade, all such amounts payments, including all investment earnings thereon shall be promptly paid over to, or retained by, Owner;the Company; and (ii) If such amounts are received with respect to an Engine (other than an Engine installed on if the Airframe at the time such Airframe suffers an Event of Loss), upon compliance by Owner with the applicable terms of Section 4.04(e) with respect to the Event of Loss for which such amounts are received, such amounts shall be paid over to, or retained by, Owner; (iii) If such amounts are received, in whole or in part, with respect to the Airframe, and Owner makes, Company has made elected or is deemed to have made elected to make the election set forth payment referred to in clause (i) of the third sentence of Section 4.05(a)(ii3.04(a), such amounts payments shall be applied as follows: first, if the sum described in Section 4.05(a)(iisuch clause (i) has not then been paid in full by Ownerthe Company, such amounts payments shall be paid to Mortgagee deposited with the Security Trustee as cash collateral up to the extent necessary amount required to pay in full be paid under such sumclause (i); and second, the remainderbalance, if any, shall be paid to Owner. Any amounts in excess of to, or retained by, the Agreed Value received in connection with an Event of Loss shall be paid to the Owner. Any insurance, condemnation or other proceeds which result from an Event of Loss that are paid to the Mortgagee and have not been applied pursuant to this Section 4.05(d) shall be held by the Mortgagee as permitted by Section 7.04 hereof (provided that such moneys shall be invested as provided in Section 6.06 hereof) as additional security for the obligations of Owner under the Operative Agreements and such proceeds (and such investment earnings) shall be applied in accordance with this Section 4.05(d)Company.