Brokered Repairs definition
Brokered Repairs means a transaction where the Customer requests a Repair of a Part which is not as a result of a Loan or Exchange transaction type; “Customer” means the purchaser of Parts or Repairs pursuant to a valid Order or the party submitting an Exchange Order or Loan Order to AJW from time to time; “Credit Agreement” means the agreement setting out the credit terms between AJW and the Customer for the Order(s); “Dual Use” means the aircraft part can be installed on civil aircraft and also used for military purposes, as defined from time to time by US regulatory authorities; “Exchange” means AJW provides the Customer with an Exchange Unit in exchange for an Off Unit from the Customer; “Exchange Fee” means the fee for the Exchange as specified in the Exchange Order from AJW to Customer; “Exchange Unit” means a Serviceable part that is supplied to the Customer by AJW in exchange for an Off Unit from the Customer; “Late Fees” means the fees payable in accordance with the provisions of Clause 3.7; “Loan” means the loan of a Part from AJW to the Customer on the terms specified in a Loan Order and these Standard Terms; “Loan Fee” means the fee for the Loan as specified in the Loan Order which is chargeable until the Loan Unit is Repaired and received at AJW’s Facility; “Loan Term” means the period for which the Customer has the Loan Unit in its possession until the Loan Unit is returned to AJW’s Facility (and includes any period where the Loan Unit is on Repair), and as otherwise described in the relevant Loan Order; “Loan Unit” means the part of the aircraft which is supplied by AJW to the Customer on Loan; “Off Unit” means a part removed from an aircraft in need of Repair and/or overhaul which either (i) has been or is to be replaced by the Exchange Unit, or (ii) has been sent directly to AJW for Repair management; “Off Unit Return Time” means the time to return the Off Unit as specified in the Exchange Order; “Outright Price” means the agreed price of an Exchange Unit or Loan Unit if the Off Unit is deemed BER or sold to Customer as an Outright Sale; “Outright Sale” means the outright sale of an Exchange Unit or Loan Unit by AJW to the Customer at the price specified in the corresponding quote, Exchange Agreement or Loan Agreement; “Order” means (i) any order submitted by the Customer for a Sale and/ or Repair or (ii) a loan or exchange order, in AJW’s standard format, submitted by the Customer to AJW; “Parts” means any aircraft component parts specified in an Order; “...