Release of Maintenance Reserves. 35 7.3 Lessor Obligations Following Expiry Date.........................36 8. Lessee's Covenants.........................................................36 8.1 Duration.........................................................36 8.2 Information......................................................36 8.3 Lawful and Safe Operation........................................37 8.4
Release of Maintenance Reserves. 30 9.5 Costs in Excess of Maintenance Reserves...............................31 9.6 Reimbursement after Expiry Date.......................................31 10. PAYMENTS.................................................................32 10.1 Account for Lessee Payments..........................................32 10.2
Release of Maintenance Reserves. Lessee will provide Lessor with:
Release of Maintenance Reserves. 2.1 Lessee will provide Lessor with:
(a) an invoice for each LLP which is replaced and for the cost of any second Engine Performance Restoration;
(b) an invoice signed by Lessee in an amount equal to the relevant Maintenance Reserves to be refunded to Lessee; and
(c) written confirmation from the relevant maintenance contractor that the relevant Eligible Maintenance Event has been completed and paid for in full, within sixty (60) days after the completion of such Eligible Maintenance Event and such other supporting documentation evidencing the performance of the relevant work as Lessor may reasonably request in writing within fifteen (15) Business Days of receiving an invoice at (b) above (a “Confirmation”).
2.2 Provided that no Default has occurred and is continuing, Lessor shall promptly (and in any event within fifteen (15) Business Days) following the receipt of a Confirmation make payment (such payment date, the “Reserve Payment Date”) in accordance with paragraph 2.3 below to Lessee, or upon receipt of written instructions from Lessee, to Lessee’s maintenance provider accomplishing the Eligible Maintenance Event.
2.3 If during the Term:
(a) the Airframe undergoes a 6 Year Check, Lessor will on the relevant Reserve Payment Date pay the full amount, if any, of the Airframe 6 Year Maintenance Reserves held by Lessor as at the time of the completion of the 6 Year Check;
(b) an Engine undergoes its first Engine Performance Restoration, Lessor will on the relevant Reserve Payment Date pay the full amount of the First Engine Maintenance Reserves for that Engine held by Lessor at the time of completion of its first Engine Performance Restoration;
(c) the Landing Gear undergoes a Landing Gear Overhaul, Lessor will on the relevant Reserve Payment Date pay the full amount of the Landing Gear Maintenance Reserves held by Lessor at the time of completion of the Landing Gear Overhaul;
(d) an Engine undergoes its second or higher Engine Performance Restoration, Lessor will on the relevant Reserve Payment Date pay the lesser of the amount of the Second Engine Maintenance Reserves for that Engine held by Lessor at completion of its second or higher Engine Performance Restoration and the invoiced amount relating to such second or higher Engine Performance Restoration and should there be a shortfall between the amount of the Second Engine Maintenance Reserves held by Lessor for that Engine and the invoiced amount, such shortfall will be for the Lessee’s account;
(e) an...
Release of Maintenance Reserves. If Sublessee submits to Sublessor, within six months after the commencement of such maintenance work and before the thirtieth (30th) day following the Expiration Date, an invoice and supporting documentation evidencing performance of the following work (including work performed to satisfy return conditions in accordance with Section 5(a)) by or on behalf of Sublessee, Sublessor shall, provided that (x) no reimbursement shall be made in respect of replacement, repair or overhaul caused by foreign object damage, operational or other mishandling, faulty maintenance or any accidental cause or in respect of any cost which is reimbursable by insurance, and (y) no Default or Event of Default has occurred and is continuing, release to Sublessee the following amounts from the respective Maintenance Reserves:
Release of Maintenance Reserves. Provided no Default has occurred and is continuing Lessor will release funds to Lessee from the Maintenance Reserves respecting maintenance work performed upon submission by Lessee to Lessor within 6 months of the commencement of that maintenance and before the Expiry Date of an invoice and supporting documentation reasonably satisfactory to Lessor evidencing:-
(a) with respect to the Airframe, the completion, in accordance with this Agreement, of those items of maintenance (excluding any repairs arising as the result of operational or maintenance mishandling) characterized by the Manufacturer's maintenance planning document and best industry practice as "D" Check and/or individual structural inspections having an interval of not less than 20,000 Flight Hours or 6 years for the Aircraft or any lesser interval for an equivalent major structural inspection if required by the Manufacturer's maintenance planning document subject to retroactive and prospective adjustment of the Reserve Rates as deemed appropriate by Lessor, the lesser of (i) the amount of that invoice and (ii) the amount equal to the aggregate amount of Airframe Maintenance Reserves paid under this Agreement at the time of commencement of that maintenance less the aggregate amount previously released by Lessor under this sub-clause;
(b) with respect to any Engine, the performance, in accordance with this Agreement, of all shop visits requiring engine disassembly (other than (i) repairs arising as a result of foreign object damage or operational or maintenance mishandling and/or (ii) removal, installation, maintenance and repair of Quick Engine Change ("QEC") kits), the lesser of (i) the amount of that invoice and (ii) the amount equal to the aggregate amount of Engine Refurbishment Reserves paid in respect of that Engine under this Agreement at the time of commencement of that maintenance less the aggregate amount previously paid in respect of that Engine by Lessor under this sub-clause;
(c) with respect to life limited parts within any Engine, the performance, in accordance with this Agreement, of any such parts replacement (other than (i) replacement arising as a result of accidents or incidents (whether or not eligible for recovery under Lessee's insurance), foreign object damage or operational or maintenance mishandling and/or (ii) removal, installation, maintenance and repair of QEC kits) and/or (iii) any elective parts replacement), the lesser of (i) the amount of that invoice and (ii) th...
Release of Maintenance Reserves. Provided no Default has occurred and is continuing, Lessor will release funds to Lessee from the Maintenance Reserves on the terms and subject to the conditions specified in Clauses 1.2 and 1.3 of Schedule 6.]1
Release of Maintenance Reserves. 35 7.3 Lessor Obligations Following Expiry Date...................... 36
Release of Maintenance Reserves. If Lessee submits to Owner Participant, within six months after the commencement of such maintenance work and before the Expiry Date, an invoice and supporting documentation evidencing performance (in reasonable detail) of the following work by or on behalf of Lessee, Owner Participant shall, provided that (i) no reimbursement shall be made in respect of replacement, repair or overhaul caused by foreign object damage, operational or other mishandling, faulty maintenance or any accidental cause or in respect of any cost which is reimbursable by insurance, and (ii) no Default or Event of Default is continuing, release to Lessee the following amounts from the respective Maintenance Reserves:
(i) Airframe Checks: with respect to a scheduled 2C, 4C, 6C or 7C Check of the Airframe, the lesser of (i) the amount of such invoice and (ii) the balance of Airframe Maintenance Reserves held by Owner Participant at the time of payment.
Release of Maintenance Reserves
