PBH Agreement definition

PBH Agreement means a maintenance agreement which (i) provides shop repair/overhaul of Engines or Parts on a continuous basis at an agreed upon Flight Hour or cycle based rate, (ii) provides unrestricted assignment rights to Lessor and Lessor’s future operators of any Aircraft on which the Engine is installed, and (iii) has been approved in writing by Lessor (including but not limited to specific Lessor approval of the maintenance provider, rates, payment terms, scope, term, maintenance standard, assignment rights and financial adjustments that are made when an Engine or Part exits such program at termination or expiration of the PBH Agreement relative to such Engine or Part).

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PBH Agreement means a maintenance agreement which (i) provides shop repair/overhaul of Engines or Parts (including APU and Landing Gear) on a continuous basis at an agreed upon Flight Hour or cycle based rate, (ii) provides unrestricted assignment rights to Sublessor and Sublessor’s future operators of the Aircraft, and (iii) has been approved in writing by Sublessor (including but not limited to specific Sublessor approval of the maintenance provider, rates, payment terms, scope, term, maintenance standard, assignment rights and financial adjustments that are made when an Engine or Part exits such program at termination or expiration of the PBH Agreement relative to such Engine or Part).

PBH Agreement means, in the case of Rolls-Royce model AE 3007A/1 Eligible Engines, the AE 3007A/1 Series Engine Fleet Hour Agreement between Rolls-Royce Corporation and Chautauqua, dated October 8, 2012 (a redacted copy of which has been provided to the Administrative Agent by the Borrower) or, in the case of other Eligible Engines, any substantially similar agreement covering such Eligible Engines (or, if not such a substantially similar agreement, that is otherwise reasonably satisfactory to the Administrative Agent).

Examples of PBH Agreement in a sentence

For avoidance of doubt, this Section 6 shall be applicable whether or not the Engines, APU or any other hour or cycle controlled component is maintained under a PBH Agreement, as contemplated by Section 5.
If at return of the Aircraft, an Engine or Part (including Landing Gear and APU) is being maintained under a PBH Agreement, Sublessee shall not be required to satisfy minimum maintenance time remaining requirements specified in Exhibit D that are directly and fully covered by such PBH Agreement.
If at return of the Engine, the Engine or any Part is being maintained under a PBH Agreement, Lessee shall not be required to satisfy minimum maintenance time remaining requirements specified in Exhibit D that are directly and fully covered by such PBH Agreement.
SCHEDULE F POWER BY HOUR MAINTENANCE PROGRAM It is acknowledged that Lessee may wish (either at Delivery or subsequently) to enroll the Airframe, Engines, Landing Gear and/or APU into a "power-by-the-hour" maintenance agreement with a third party maintenance provider (the "PBH Agreement").
The Borrower agrees to use its best efforts to provide notice to the Administrative Agent of an event of default under and as defined in the PBH Agreement promptly after receiving Actual Knowledge thereof.
If no Qualifying PBH Agreement is entered into or if such Qualifying PBH Agreement does not cover the Airframe or the Engines or the Landing Gear or the APU, then Lessee will not be relieved of the obligation to make Supplemental Rent payments in respect of such item.
Purchaser and Seller agree that upon Delivery of the Aircraft, the PBH Agreement shall immediately terminate.
If such PBH Agreement is a Qualifying PBH Agreement (as defined below), so long as such Qualifying PBH Agreement is in force and effect, Lessee will be relieved of the obligation to make Supplemental Rent payments to Lessor in respect of the equipment subject to the PBH Agreement only, except in the case of Engine LLP Supplemental Rent, which will still be paid to Lessor under the Lease.
Failure by Lessee to adhere to the terms of the Qualifying PBH Agreement shall be an Event of Default under the Lease unless Lessee resumes paying Supplemental Rent under the Lease and pays Lessor the amount necessary to bring the level of each Supplemental Rent category to the level it would have been under the Lease from the last relevant qualifying event for each component of Supplemental Rent if the Qualifying PBH Agreement had never been entered into.
If such Qualifying PBH Agreement is terminated for any reason prior to the end of the Term, Lessee will again pay Supplemental Rent for the relevant items under the Lease and pay Lessor the amount necessary to bring the level of each Supplemental Rent category to the level it would have been under the Lease from the last relevant qualifying event for each component of Supplemental Rent if the Qualifying PBH Agreement had never been entered into.

More Definitions of PBH Agreement

PBH Agreement means that certain Maintenance Service Agreement by and between Purchaser and Seller, dated as of July 23, 2010.