Loan Unit definition

Loan Unit means one £0.00001 unit in relation to a Loan.

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; “Repair” means any Unserviceable Off Unit that requires repair, overhaul, inspection, modification and/ or testing arranged by AJW and “Repaired” shall be understood accordingly; “Sale” means the Outright Sale of a Part by AJW to the Customer and “Sold” shall be understood accordingly; “Serviceable” means a part that meets aviation authority specified standards for airworthiness, including in relation to its storage, and has no known defects, which would render it unfit for service; “Units” means, together, Exchange Units and Off Units; “Unserviceable” means not Serviceable.

Loan Unit means the part of the aircraft which is supplied by DAI to the Customer on Loan; “Off Unit” means a part removed from an aircraft in need of repair and/or overhaul which has been or is to be replaced by the Exchange Unit; “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 deemed BER or sold to DAI as an Outright Sale; “Outright Sale” means the outright sale of an Exchange Unit or Loan Unit by DAI 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 DAI’s standard format, submitted by the Customer to DAI; “Parts” means any aircraft component parts specified in an Order; “Repair” means any repair, overhaul, inspection, modification and/ or testing arranged by DAI on behalf of the Customer and “Repaired” shall be understood accordingly; “Sale” means the outright sale of a Part by DAI to the Customer and “Sold” shall be understood accordingly; “Serviceable” means a part that meets all OEM and aviation authority specified standards for airworthiness, including in relation to its storage, and has no known defects, which would render it unfit for service; “Units” means, together, Exchange Units and Off Units; “Unserviceable” means not Serviceable.

Examples of Loan Unit in a sentence

• AJW reserves the right to charge any additional workshop cost of Repair including, but not limited to, parts, material and labour with a handling fee of 10% of the Repair cost to the Customer in addition to the quoted Loan Fee which shall be chargeable until the Loan Unit is received at AJW’s facility Repaired.

• AJW reserves the right to charge the Loan Fee even if the Loan Unit is returned unused.

• If, in order to satisfy the Customer’s Exchange Order or Loan Order, AJW has been required to order the Exchange Unit or Loan Unit from a third party supplier, and the Customer wishes to cancel the Exchange Order or Loan Order prior to dispatch of the Exchange Unit or Loan Unit, the Customer shall notify AJW in writing.

• The Customer agrees not to sell or pledge the Loan Unit, or to allow the Loan Unit to be the subject of any lien or encumbrance.

• AJW reserves the right to require the Customer to pay to AJW a deposit before the Exchange or Loan Unit is shipped to the Customer to cover the non-return of the Off Unit and its Repair, such deposit to be specified in the applicable Exchange or Loan Order.

• AJW reserves the right to recharge the Customer for restocking fees incurred in obtaining the Exchange Unit or Loan Unit from a third party supplier.

• In the event that an Off Unit is BER, title shall transfer in accordance with Clause 3.9; any Loan Unit shall remain at all times with AJW, free from all liens and encumbrances other than any security interest created by or through AJW and the Customer shall have no right, title or interest in or to the Loan Unit except as authorised and permitted by these Standard Terms.

More Definitions of Loan Unit

Loan Unit has the meaning set forth in Section 2(a).

Loan Unit has the meaning ascribed to it in section "2.5" hereinbelow;

Loan Unit means a product that is either new or refurbished that is owned by the Company and is loaned to the Customer for a specified period of time.

Loan Unit means a LHT Unit specified in the Purchase Order which is to be loaned by LHT to Customer during the Loan Period.

Loan Unit means a HPA Unit specified in the Purchase Order which is to be loaned by HPA to Customer during the Loan Period. “LRU Unit” Line Replacable Units are characterized as repairable and reusable aircraft material with aviation administration certification. “Purchase Order” means an order for Loan, Exchange or Sale of HPA Units submitted by Customer to HPA and accepted by HPA. “Sale” Permanent transfer of HPA Unit to Customer with transfer of title to Customer. “Time Controlled Component” is a component for which an aircraft or component maintenance program, or other approved sources require periodically the removal for restoration, the replacement or the quantitative inspection of component’s performance.