Repairable Damage. Notwithstanding any contrary provision of this Agreement, if at any time prior to the Closing the Aircraft sustains damage of any nature, Seller shall immediately notify Buyer of the extent of such damage and the time required to repair such damage. Upon receipt of such notice, the parties shall consult with the Inspection Facility to determine whether the damage causes the Aircraft to deviate from the Required Condition or constitutes “major damage”. As used in this Section 5.4, the term “major damage” means any damage the repair of which would constitute a “major repair” as such term is defined in 14 C.F.R. Part 43, Appendix A, Paragraph (b). If the Inspection Facility determines that the damage to the Aircraft adversely affects the Required Condition or is “major damage” in accordance with the foregoing definition, then Buyer shall have the option to elect either to terminate this Agreement by written notice to Seller and Escrow Agent, or to purchase the Aircraft after it is repaired by Seller. Buyer shall notify Seller of Buyer’s election within five (5) Business Days of receipt of Seller’s notice. If Buyer does not provide such notice to Seller within such five (5) Business Days, Buyer shall be deemed to have elected to terminate this Agreement. If Buyer elects or is deemed to have elected to terminate this Agreement, the Deposit shall immediately be refunded to Buyer, and this Agreement shall be of no further force or effect. If Buyer elects to purchase the Aircraft after it is repaired, Seller shall at its own cost and expense cause such damage to be repaired by the Inspection Facility as soon as reasonably practicable, and the Closing shall be delayed until all such repairs are completed in accordance with the recommendations and determinations of the Inspection Facility.
Repairable Damage. (a) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, subject to no Event of Default having occurred and continuing, all insurance proceeds which may be paid or payable by the insurers of the Aircraft shall, subject to (A) a repair estimate acceptable to Lessor, (B) evidence of completion of such repair by an Approved Maintenance Organisation, provided such evidence and the Approved Maintenance Organisation are acceptable to Lessor and (C) receipt (x) by Lessor of a true and correct copy of the adjuster’s claim report, and (y) by Lessee and the insurers of Lessor’s prior written approval for the release of such proceeds, be paid to:
(i) Lessee in respect of all loss or damage Lessee has made good (or caused to be made good), or
(ii) the repairer for the cost of the completed repair works, or
(iii) to the vendor of any new or replacement Item of Equipment for the cost of such new or replacement Item of Equipment;
Repairable Damage. If repairable damage occurs to the Aircraft or any part thereof that does not constitute a Casualty Occurrence, Lessee's obligation to pay rent under this Lease shall continue. To the extent necessary and appropriate, Lessee shall apply the proceeds of any insurance referred to in Section 9 below paid with respect to such damage to the repair of the Aircraft.
Repairable Damage. If the Rented Space is damaged by any peril covered by the insurance to be provided by Landlord under subparagraph (a) above, but only to such extent that rebuilding or repairs can, in Landlord's estimation, be completed within one hundred fifty (150) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall not terminate, and Landlord shall, at its sole cost and expense, thereupon proceed with reasonable diligence to rebuild and repair the Rented Space to substantially the condition in which it existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Rented Space by Tenant. There shall be abatement of rent during any such period of rebuilding and repair, should Tenant be unable to occupy said space.
Repairable Damage. (a) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, subject to no Event of Default having occurred and continuing, all insurance proceeds which may be paid or payable by the insurers of the Aircraft shall, subject to (x) receipt by Lessor of (A) a repair estimate acceptable to Lessor, (B) evidence of completion of such repair by an Approved Maintenance Organisation, provided such evidence and the Approved Maintenance Organisation are acceptable to Lessor and (C) a true and correct copy of the adjuster’s claim report, and (y) receipt by Lessee and the insurers of Lessor’s prior written approval for the release of such proceeds (such approval not to be unreasonably withheld), be paid to:
(i) Lessee in respect of all loss or damage Lessee has made good (or caused to be made good), or
(ii) the repairer for the cost of the completed repair works, or
(iii) to the vendor of any new or replacement Item of Equipment for the cost of such new or replacement Item of Equipment; provided that Lessee shall have furnished to Lessor evidence satisfactory to Lessor, that the repairs have been fully completed and that all invoices in relation thereto have been paid and all such repairs have been performed in accordance with the terms of this Lease. Any such insurance proceeds payable following the occurrence and during the continuation of an Event of Default (or not otherwise applied in the manner described above) shall be applied in such manner as Lessor may direct, and any remainder shall be returned to Lessee following the complete cure of any such Event of Default.
(b) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, if such insurance proceeds paid in respect thereof are insufficient to pay the cost or estimated cost of making good or repairing such damage or the cost of purchasing a replacement engine, auxiliary power unit, landing gear or part if the same is beyond economic repair, Lessee will pay the deficiency.
Repairable Damage. In the event of repairable damage to the Aircraft or any of the Engines and subject to no Lease Default under Section 10.1(a) or Lease Event of Default having occurred and continuing, all insurance proceeds which may be payable by the insurers of the Aircraft shall be paid to (a) Lessee in respect of all loss or damage Lessee has made good (or caused to be made good), or (b) the repairer for the cost of the completed repair works, or (c) to the vendor of any new or replacement Engine or Part for the cost of such new or replacement Engine or Part provided that, in relation to (a) and (b) above, Lessee furnishes to Lessor confirmation reasonably satisfactory to Lessor that the repairs have been carried out in accordance with the terms of this Agreement. Any such insurance proceeds payable following the occurrence of a Lease Event of Default (or not otherwise applied in the manner described above) shall be applied in such manner as Lessor may direct. [**]—Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.
Repairable Damage. (a) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, subject to no Event of Default having occurred and continuing, all insurance proceeds which may be paid or payable by the insurers of the Aircraft shall, subject to (x) receipt by Lessor of (A) a repair estimate acceptable to Lessor, (B) evidence of completion of such repair by an Approved Maintenance Organisation, provided such evidence and the Approved Maintenance Organisation are acceptable to Lessor and (C) a true and correct copy of
Repairable Damage. If there is repairable damage to the Aircraft or any of the Engines, or loss or destruction of any Engine (when no Event of Loss has occurred to the Airframe), and if the insurance monies paid in respect thereof are insufficient to pay the cost or estimated cost of making good or repairing such damage or the cost of purchasing a replacement Engine, Lessee will promptly pay the deficiency. 5.10
Repairable Damage. The renter acknowledges that they are liable for any and all repairs required, outside of normal wear and tear, to make the games available to be rented for the next event. The condition of each Rental Game will be documented before and after the rental period to justify any repair costs that are charged to the renter. The security deposit will be used to pay for any required repairs, any remaining security deposit will be returned to the renter and additional costs exceeding the security deposit will be the responsibility of the renter. Damage Beyond Repair/Theft of Games Should a Rental Game be damaged beyond repair or stolen by the renter, they will be financially responsible for the replacement of the Rental Game. In addition to the replacement cost of the Rental Game, the renter will be liable for any financial loss sustained until the Rental Game is replaced. The financial loss will be calculated from scheduled rentals which require refunds and lost rental opportunities because the game is unavailable.
Repairable Damage. The renter acknowledges that they are liable for any and all repairs required, outside of normal wear and tear, to make the games available to be rented for the next event. The condition of each Rental Game will be documented before and after the rental period to justify any repair costs that are charged to the renter. The security deposit will be used to pay for any required repairs, any remaining security deposit will be returned to the renter and additional costs exceeding the security deposit will be the responsibility of the renter.
