Return Conditions. Upon receipt by Lessor of US$ [ ] in cleared funds, on an after-tax basis, (the “Buyout Amount”) on or before the Return, the Lease shall be amended as follows: 2.2.1 Section 12.8(d)(ii) shall be deleted in its entirely and replaced as follows: “with respect to Time Controlled Parts, have not accumulated more time since new (and time since Overhaul if such replaced Part has previously been overhauled) more than one hundred and ten per cent (110%) of the time since new (or time since Overhaul as the case may be) of that of the replaced Part, except for the Time Controlled Parts listed in Exhibit A of the Third Aircraft Lease Amendment Agreement, including other Time Controlled Parts which are replaced after the date of the Third Aircraft Lease Amendment Agreement, due to subsequent, (i)AMM requirements, (ii) MPD requirements, or (iii) to support AOG operations as demonstrated by Lessee.” 2.2.2 Section 1.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Exterior washing and interior cleaning of the Aircraft shall not be required.” 2.2.3 The following wording shall be added at the end of Section 1.5 of Appendix 2E (Return Conditions): “In the event that the Scheduled Termination Date is not extended to March 2020, the Lessee shall not be required to make the modification to the Controller-Pilot Data Link Communications and ADS B-Out which becomes effective so as to comply with the relevant EASA requirements in force at the relevant time.” 2.2.4 Section 2 (Paint) of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “The Aircraft fuselage, engine cowls and outboard main wheel covers shall be accepted by Lessor in an “as-is” condition. All required placards and markings shall be in the English language and shall be replaced if not in English, or if deteriorated from the condition at Delivery.” 2.2.5 Section 3 (Airframe) of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Immediately prior to Return, the Aircraft shall have completed an A-Check in accordance with the Airframe Manufacturer’s MPD, without any deferred items. The A-Check shall be performed by an Approved Maintenance Organization approved by Lessor. Lessee shall give Lessor not less than ten (10) Business Days’ prior written notice of the commencement date of such A-Check.” 2.2.6 Section 4.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return with visible crazing and delaminations on the cockpit windows. The cockpit windows shall not have any other defects that exceed allowable limits set forth in the Manufacturer’s Repair Manual.” 2.2.7 Section 4.3 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return with visible crazing and delaminations on the passenger compartment windows.” 2.2.8 Section 4.4 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “All equipment and furnishings in the interior of the Aircraft that are defective, damaged, or excessively worn shall be repaired in accordance with the Manufacturer's recommended repair procedures, or replaced by Lessee, with the exception of the (i) cabin passenger seats, (ii) cushions, (iii) carpets and (iv) curtains, only which shall be returned in “as is” condition.” 2.2.9 Section 5.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: (a) In respect of the Engine with Engine Serial Number 890420, each Engine Life Limited Part shall have a minimum of twenty (20) Cycles remaining to the Engine Manufacturer’s then- published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust). (b) In respect of the Engine with Engine Serial Number 890421, each Engine Life Limited Part shall have a minimum of four hundred (400) Cycles remaining to the Engine Manufacturer’s then-published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust).” 2.2.10 The following wording shall be added at the end of the Section 6.1 of Appendix 2E (Return Conditions): “Such redelivery flight check can be performed as part of the Lessee’s ferry flight to the Redelivery Location (the Redelivery Location being Marana, Arizona, unless otherwise notified to the Lessee, in the sole discretion of the Lessor). In such case, all discrepancies found during such redelivery check flight which exceed or are outside the Manufacturer’s Repair Manual allowable limits shall be corrected by Lessee at Lessee’s expense, or, Lessor and Lessee may elect at Redelivery that Lessee pay financial compensation (in an amount to be reasonably agreed between Lessor and Lessee) to Lessor in lieu of resolving such discrepancies.” For avoidance of doubt, if the Buyout Amount is not timely received by Lessor, the amendment referred to in this Section 2 shall be of no force or effect.
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Return Conditions. Upon receipt by Lessor In addition to any other requirements of US$ [ ] this Lease, upon return of the Engine to Lessor, Lessee will ensure that:
a. the Engine is free and clear of all Liens (except Permitted Liens) and shall have installed thereon the Parts installed at Delivery or replacements thereof installed in cleared fundsaccordance with the provisions of this Lease, provided that the title thereto is vested in Lessor;
b. the Engine is either (i) serviceable or (ii) unserviceable based on an after-tax basis(x) being fully time expired or (y) borescope findings beyond maintenance manual limits due to normal wear and tear, * * it is specifically recorded that any reduced inspection interval * per CFM or maintenance manual shall not be considered a cause to deem the Engine to be unserviceable;
c. in the event the Engine cannot sustain * pounds of thrust without exceeding the limits in the normal operating conditions (the “Buyout Amount”) on not related to FOD, misuse or before the Returnabuse or Lessee induced or other Operator Exceedance damage), the Lease Lessor shall accept the Engine and repair or dispose of it as Lessor deems fit (in this case the Engine shall be amended deemed unserviceable and all clauses relating to a serviceable engine shall not apply, however, Lessee shall comply with the MPA (only if it is safe to do so) and EOL inspections referred to in Section 18.2) if not otherwise agreed;
d. the Engine shall have installed thereon all Parts installed thereon on the Delivery Date or permitted replacements thereof in accordance with the Lease and the Engine is in the same configuration and in an as follows:good condition as at Delivery, normal wear and tear and normal rate of performance deterioration excepted;
2.2.1 Section 12.8(d)(ii) shall be deleted in its entirely and replaced as follows: “with respect to Time Controlled Parts, have not accumulated more time since new (and time since Overhaul if such replaced Part has previously been overhauled) more than one hundred and ten per cent (110%) of e. the time since new (or time since Overhaul as the case may be) of that of the replaced PartEngine, except for the Time Controlled Parts parts/components listed in Exhibit A ATA chapter 71 or 72, is free of all deferred or carry-over maintenance items, including pilot log book reports and defects requiring repetitive inspections and will not be “on watch” or have any reduced interval inspections;
f. the Engine has affixed a current, valid and effective EASA Form 1 with full return-to-service statement, if serviceable, at * pounds of thrust;
g. with reference to the MPA and EOL inspection referred to in Section 18.2 and together with the Engine’s historical and technical data and condition trend monitoring data for the Engine, Lessor is satisfied:
i. with the Engine’s status and that there is no indication of an adverse deterioration in the performance of the Third Aircraft Lease Amendment Agreement, including other Time Controlled Parts Engine which are replaced after the date is higher than normal based upon Lessee’s maintenance experience in operating engines of the Third Aircraft Lease Amendment Agreementsame type and; * The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, due Inc. with the Securities Exchange Commission and filed separately with the Commission.
h. prior to subsequentreturning the Engine to Lessor, (i)AMM requirements, (ii) MPD requirements, or (iii) to support AOG operations as demonstrated by Lessee.”Lessee will prepare the Engine for shipment by:
2.2.2 Section 1.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely i. capping and replaced as follows: “Exterior washing and interior cleaning plugging all openings of the Aircraft shall not be required.”Engine;
2.2.3 The following wording shall be added at ii. preserving the end of Section 1.5 of Appendix 2E Engine for three hundred sixty-five (Return Conditions): “In the event that the Scheduled Termination Date is not extended to March 2020365) days storage, the Lessee shall not be required to make the modification according to the Controller-Pilot Data Link Communications and ADS B-Out which becomes effective so as to comply with engine preservation procedure of the AMM or the relevant EASA requirements in force at EMM;
iii. completely covering the relevant time.”
2.2.4 Section 2 Engine with heat shrink wrap and the tarpaulin cover or bag (Paintif provided) of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “The Aircraft fuselage, engine cowls and outboard main wheel covers shall be accepted by Lessor in an “as-is” condition. All required placards and markings shall be in the English language and shall be replaced if not in English, or if deteriorated from the condition at Delivery.”; and
2.2.5 Section 3 (Airframe) of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Immediately prior to Return, iv. otherwise preparing the Aircraft shall have completed an A-Check Engine for shipment in accordance with the Airframe Manufacturermanufacturer’s MPD, without any deferred itemsspecifications/recommendations. The A-Check shall Any trucks used for shipment of the Engine will be performed by an Approved Maintenance Organization approved by Lessorequipped with air ride or air cushion suspension system. Lessee shall give provide Lessor not less than ten (10) Business Days’ prior written notice with photos of the commencement date of such A-Check.”
2.2.6 Section 4.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return Engine that show that it is loaded on a truck with visible crazing and delaminations on the cockpit windows. The cockpit windows shall not have any air ride or air cushion suspension or other defects that exceed allowable limits set forth in the Manufacturer’s Repair Manual.”
2.2.7 Section 4.3 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return with visible crazing and delaminations on the passenger compartment windows.”
2.2.8 Section 4.4 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “All appropriate equipment and furnishings in provide evidence that the interior of Engine is properly loaded and secured thereon. On any given shipment, such truck will be dedicated to the Aircraft Engine belonging solely to Lessor; except that are defectiveadditional items may be transported on such truck, damaged, or excessively worn shall be repaired in accordance with the Manufacturer's recommended repair procedures, or replaced by Lessee, with the exception of the (i) cabin passenger seats, (ii) cushions, (iii) carpets and (iv) curtains, only which shall be returned in “as is” condition.”
2.2.9 Section 5.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows:
provided that (a) In respect the Engine can and will be off-loaded by Lessor at the Redelivery Location without disturbing any of the Engine with Engine Serial Number 890420, each Engine Life Limited Part shall have a minimum of twenty (20) Cycles remaining to the Engine Manufacturer’s then- published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust).
additional items and (b) In respect Lessee or its shipper will not handle or reposition any of the Engine with Engine Serial Number 890421, each Engine Life Limited Part shall have a minimum of four hundred (400) Cycles remaining to additional items on such truck either while the Engine Manufacturer’s then-published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust).”
2.2.10 The following wording shall be added is in transit or when it arrives at the end of the Section 6.1 of Appendix 2E (Return Conditions): “Such redelivery flight check can be performed as part of the Lessee’s ferry flight to the Redelivery Location (the Redelivery Location being Marana, Arizona, unless otherwise notified to the Lessee, in the sole discretion of the Lessor). In such case, all discrepancies found during such redelivery check flight which exceed or are outside the Manufacturer’s Repair Manual allowable limits shall be corrected by Lessee at Lessee’s expense, or, Lessor and Lessee may elect at Redelivery that Lessee pay financial compensation (in an amount to be reasonably agreed between Lessor and Lessee) to Lessor in lieu of resolving such discrepanciesLocation.” For avoidance of doubt, if the Buyout Amount is not timely received by Lessor, the amendment referred to in this Section 2 shall be of no force or effect.
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Samples: Engine Lease Agreement (Air T Inc)
Return Conditions. Upon receipt by Lessor At the time of US$ [ ] in cleared fundssuch return to the Obligee, on an after-tax basis, (each of the “Buyout Amount”) on or before the Return, the Lease following provisions shall be amended as followshave been satisfied:
2.2.1 Section 12.8(d)(ii(i) the Assets (and each part or component thereof) shall be deleted in its entirely good operating order, repair and replaced condition, ordinary wear and tear excepted, and not in need of any further repair or reconditioning to permit the Assets to be fully operational and fit for use as follows: “an Asset of the type specified in the Asset Use Supplement (the condition specified in this clause (i) being referred to herein as the "Redelivery Condition");
(ii) the Assets (and each part or component thereof) shall be in full compliance with Section 10(b), Section 10(d) and Section 11 without any Permitted Noncompliance thereunder;
(iii) the Assets (and each part or component thereof) shall conform to and comply with all Applicable Laws;
(iv) the Assets shall have attached or affixed thereto (x) all Required Alterations and (y) all Optional Alterations to the extent such Optional Alterations are subject to the terms of this Agreement as provided in Section 12;
(v) each Asset (and each part or component thereof) shall be free and clear of all Liens, other than Liens of the type described in clause (a) or (b) of the definition of Permitted Liens;
(vi) the Assets shall be free of all advertising, insignia and distinctive markings placed thereon by the Obligor or any sub-obligor except as expressly provided herein;
(vii) each Asset shall be free of sub-use agreements;
(viii) all (x) Required Alterations and (y) to the extent commenced prior to the Termination Date, Optional Alterations and other modifications, restorations and rebuilding with respect to Time Controlled Partsthe Assets, shall have not accumulated more time since new (been completed in a good and time since Overhaul if workmanlike manner and in compliance with all Applicable Laws and Insurance Requirements, and the Obligor shall have paid the cost of all such replaced Part has previously been overhauled) more than one hundred Required Alterations, Optional Alterations and ten per cent (110%) other modifications, restorations and rebuilding prior to the redelivery of the time since new (or time since Overhaul as the case may be) of that of the replaced Part, except for the Time Controlled Parts listed in Exhibit A of the Third Aircraft Lease Amendment Agreement, including other Time Controlled Parts which are replaced after the date of the Third Aircraft Lease Amendment Agreement, due to subsequent, (i)AMM requirements, (ii) MPD requirements, or (iii) to support AOG operations as demonstrated by Lessee.”
2.2.2 Section 1.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Exterior washing and interior cleaning of the Aircraft shall not be required.”
2.2.3 The following wording shall be added at the end of Section 1.5 of Appendix 2E (Return Conditions): “In the event that the Scheduled Termination Date is not extended to March 2020, the Lessee shall not be required to make the modification to the Controller-Pilot Data Link Communications and ADS B-Out which becomes effective so as to comply with the relevant EASA requirements in force at the relevant time.”
2.2.4 Section 2 (Paint) of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “The Aircraft fuselage, engine cowls and outboard main wheel covers shall be accepted by Lessor in an “as-is” condition. All required placards and markings shall be in the English language and shall be replaced if not in English, or if deteriorated from the condition at Delivery.”
2.2.5 Section 3 (Airframe) of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Immediately prior to Return, the Aircraft shall have completed an A-Check in accordance with the Airframe Manufacturer’s MPD, without any deferred items. The A-Check shall be performed by an Approved Maintenance Organization approved by Lessor. Lessee shall give Lessor not less than ten (10) Business Days’ prior written notice of the commencement date of such A-Check.”
2.2.6 Section 4.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return with visible crazing and delaminations on the cockpit windows. The cockpit windows shall not have any other defects that exceed allowable limits set forth in the Manufacturer’s Repair Manual.”
2.2.7 Section 4.3 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return with visible crazing and delaminations on the passenger compartment windows.”
2.2.8 Section 4.4 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “All equipment and furnishings in the interior of the Aircraft that are defective, damaged, or excessively worn shall be repaired in accordance with the Manufacturer's recommended repair procedures, or replaced by Lessee, with the exception of the (i) cabin passenger seats, (ii) cushions, (iii) carpets and (iv) curtains, only which shall be returned in “as is” condition.”
2.2.9 Section 5.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows:
(a) In respect of the Engine with Engine Serial Number 890420, each Engine Life Limited Part shall have a minimum of twenty (20) Cycles remaining to the Engine Manufacturer’s then- published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust).
(b) In respect of the Engine with Engine Serial Number 890421, each Engine Life Limited Part shall have a minimum of four hundred (400) Cycles remaining to the Engine Manufacturer’s then-published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust).”
2.2.10 The following wording shall be added at the end of the Section 6.1 of Appendix 2E (Return Conditions): “Such redelivery flight check can be performed as part of the Lessee’s ferry flight to the Redelivery Location (the Redelivery Location being Marana, Arizona, unless otherwise notified to the Lessee, in the sole discretion of the Lessor). In such case, all discrepancies found during such redelivery check flight which exceed or are outside the Manufacturer’s Repair Manual allowable limits shall be corrected by Lessee at Lessee’s expense, or, Lessor and Lessee may elect at Redelivery that Lessee pay financial compensation (in an amount to be reasonably agreed between Lessor and Lessee) to Lessor in lieu of resolving such discrepancies.” For avoidance of doubt, if the Buyout Amount is not timely received by Lessor, the amendment referred to in Assets under this Section 2 shall be of no force or effect.6; and
Appears in 1 contract
Return Conditions. Upon receipt by Lessor In addition to any other requirements of US$ [ ] this Lease, upon return of the Engine to Lessor, Lessee will ensure that:
a. the Engine is free and clear of all Liens (except Permitted Liens) and shall have installed thereon the Parts installed at Delivery or replacements thereof installed in cleared fundsaccordance with the provisions of this Lease, provided that the title thereto is vested in Lessor;
b. the Engine is either (i) serviceable or (ii) unserviceable based on an after-tax basis(x) being fully time expired or (y) borescope findings beyond maintenance manual limits due to normal wear and tear, * ;* it is specifically recorded that any reduced inspection interval * * per CFM or maintenance manual shall not be considered a cause to deem the Engine to be unserviceable;
c. in the event the Engine cannot sustain * pounds of thrust without exceeding the limits in the normal operating conditions (the “Buyout Amount”) on not related to FOD, misuse or before the Returnabuse or Lessee induced or other Operator Exceedance damage), the Lease Lessor shall accept the Engine and repair or dispose of it as Lessor deems fit (in this case the Engine shall be amended deemed unserviceable and all clauses relating to a serviceable engine shall not apply, however, Lessee shall comply with the MPA (only if it is safe to do so) and EOL inspections referred to in Section 18.2) if not otherwise agreed;
d. the Engine shall have installed thereon all Parts installed thereon on the Delivery Date or permitted replacements thereof in accordance with the Lease and the Engine is in the same configuration and in an as follows:good condition as at Delivery, normal wear and tear and normal rate of performance deterioration excepted;
2.2.1 Section 12.8(d)(ii) shall be deleted in its entirely and replaced as follows: “with respect to Time Controlled Parts, have not accumulated more time since new (and time since Overhaul if such replaced Part has previously been overhauled) more than one hundred and ten per cent (110%) of e. the time since new (or time since Overhaul as the case may be) of that of the replaced PartEngine, except for the Time Controlled Parts parts/components listed in Exhibit A ATA chapter 71 or 72, is free of the Third Aircraft Lease Amendment Agreementall deferred or carry-over maintenance items, including other Time Controlled Parts which are replaced after the date of the Third Aircraft Lease Amendment Agreement, due to subsequent, (i)AMM requirements, (ii) MPD requirements, or (iii) to support AOG operations as demonstrated by Lessee.”
2.2.2 Section 1.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely pilot log book reports and replaced as follows: “Exterior washing defects requiring repetitive inspections and interior cleaning of the Aircraft shall will not be required.”“on watch” or have any reduced interval inspections;
2.2.3 The following wording shall be added f. the Engine has affixed a current, valid and effective EASA Form 1 with full return-to-service statement, if serviceable, at the end * pounds of Section 1.5 of Appendix 2E (Return Conditions): “In the event that the Scheduled Termination Date is not extended to March 2020, the Lessee shall not be required to make the modification thrust;
g. with reference to the Controller-Pilot Data Link Communications MPA and ADS B-Out which becomes effective so as EOL inspection referred to comply in Section 18.2 and together with the relevant EASA requirements in force at Engine’s historical and technical data and condition trend monitoring data for the relevant time.”Engine, Lessor is satisfied:
2.2.4 Section 2 (Paint) i. with the Engine’s status and that there is no indication of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “The Aircraft fuselage, engine cowls and outboard main wheel covers shall be accepted by Lessor in an “as-is” condition. All required placards and markings shall be adverse deterioration in the English language and shall be replaced if not in English, or if deteriorated from the condition at Delivery.”
2.2.5 Section 3 (Airframe) of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Immediately prior to Return, the Aircraft shall have completed an A-Check in accordance with the Airframe Manufacturer’s MPD, without any deferred items. The A-Check shall be performed by an Approved Maintenance Organization approved by Lessor. Lessee shall give Lessor not less than ten (10) Business Days’ prior written notice of the commencement date of such A-Check.”
2.2.6 Section 4.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return with visible crazing and delaminations on the cockpit windows. The cockpit windows shall not have any other defects that exceed allowable limits set forth in the Manufacturer’s Repair Manual.”
2.2.7 Section 4.3 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “Lessee may return the Aircraft to Lessor at Return with visible crazing and delaminations on the passenger compartment windows.”
2.2.8 Section 4.4 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows: “All equipment and furnishings in the interior of the Aircraft that are defective, damaged, or excessively worn shall be repaired in accordance with the Manufacturer's recommended repair procedures, or replaced by Lessee, with the exception of the (i) cabin passenger seats, (ii) cushions, (iii) carpets and (iv) curtains, only which shall be returned in “as is” condition.”
2.2.9 Section 5.2 of Appendix 2E (Return Conditions) shall be deleted in its entirely and replaced as follows:
(a) In respect performance of the Engine which is higher than normal based upon Lessee’s maintenance experience in operating engines of the same type and; * The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc. with the Securities Exchange Commission and filed separately with the Commission.
h. prior to returning the Engine Serial Number 890420to Lessor, each Lessee will prepare the Engine Life Limited Part shall have a minimum for shipment by:
i. capping and plugging all openings of twenty the Engine;
ii. preserving the Engine for three hundred sixty-five (20365) Cycles remaining days storage, according to the Engine Manufacturer’s then- published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust).
(b) In respect engine preservation procedure of the Engine with Engine Serial Number 890421, each Engine Life Limited Part shall have a minimum of four hundred (400) Cycles remaining to AMM or the Engine Manufacturer’s then-published life limit for each such Engine Life Limited Part (based on twenty four thousand pounds (24,000 lbs) of thrust).”
2.2.10 The following wording shall be added at the end of the Section 6.1 of Appendix 2E (Return Conditions): “Such redelivery flight check can be performed as part of the Lessee’s ferry flight to the Redelivery Location (the Redelivery Location being Marana, Arizona, unless otherwise notified to the Lessee, in the sole discretion of the Lessor). In such case, all discrepancies found during such redelivery check flight which exceed or are outside the Manufacturer’s Repair Manual allowable limits shall be corrected by Lessee at Lessee’s expense, or, Lessor and Lessee may elect at Redelivery that Lessee pay financial compensation (in an amount to be reasonably agreed between Lessor and Lessee) to Lessor in lieu of resolving such discrepancies.” For avoidance of doubt, if the Buyout Amount is not timely received by Lessor, the amendment referred to in this Section 2 shall be of no force or effect.relevant EMM;
Appears in 1 contract
