Wet Lease means any arrangement whereby Owner or a Permitted Lessee agrees to furnish the Aircraft, Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of Owner or a Permitted Lessee, provided that Owner’s obligations under the Trust Indenture shall continue in full force and effect notwithstanding any such arrangement.
Wet Lease means any arrangement whereby Lessee or a Permitted Sublessee agrees to furnish the Aircraft, Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of Lessee or a Permitted Sublessee, provided that Lessee's obligations under this Lease shall continue in full force and effect notwithstanding any such arrangement.
Wet Lease means any arrangement whereby the Lessee (or any Sublessee) agrees to furnish the Airframe and Engines or engines installed thereon to a third party pursuant to which such Airframe and Engines or engines (i) shall be operated solely by regular employees of Lessee (or any Sublessee) possessing all current certificates and licenses that would be required under the Federal Aviation Act or, if the Aircraft is not registered in the United States, all certificates and licenses required by the laws of the jurisdiction of registry, for the performance by such employees of similar functions within the United States of America or such other jurisdiction of registry (it is understood that cabin attendants need not be regular employees of Lessee (or any Sublessee)) and (ii) shall be maintained by Lessee (or any Sublessee) in accordance with its normal maintenance practices.
Examples of Wet Lease in a sentence
No pooling agreement, sublease or other relinquishment of possession of the Airframe or any Engine or Wet Lease shall in any way discharge or diminish any of Lessee's obligations to Lessor hereunder or constitute a waiver of Lessor's rights or remedies hereunder.
No pooling agreement, lease or other relinquishment of possession of the Airframe or any Engine or Wet Lease shall in any way discharge or diminish any of the Owner's obligations to the Indenture Trustee hereunder or constitute a waiver of the Indenture Trustee's rights or remedies hereunder.
Any Wet Lease or similar arrangement under which Lessee maintains operational control of the Aircraft shall not constitute a delivery, transfer or relinquishment of possession of the Aircraft for purposes of this section.
Any Wet Lease or similar arrangement under which the Owner maintains operational control of the Aircraft shall not constitute a deliver, transfer or relinquishment of possession of the Aircraft for purposes of this Section.
Volume 3, Chapter 13, Section 4, Wet Lease Agreements, provides direction and guidance for processing and authorizing wet lease arrangements.
More Definitions of Wet Lease
Wet Lease means any arrangement whereby the Lessee agrees to furnish the Airframe and associated Engines or engines installed thereon to a third party pursuant to which the Airframe and Engines or engines (i) are operated by pilots who are regular employees of the Lessee, and (ii) such property is maintained by the Lessee.
Wet Lease means a contractual arrangement where the leased aircraft is operated by flight crew members of the Lessor;
Wet Lease means any arrangement between two airlines for the provision of aircraft with crew for international air transportation.
Wet Lease means any arrangement whereby Lessee agrees to furnish the Aircraft or the Airframe and Engine or engines installed thereon at that time to a third party pursuant to which such Aircraft or the Airframe and Engine or engines (i) shall be operated solely by regular employees of Lessee possessing all current certificates and licenses required under the Federal Aviation Act (it is understood that cabin attendants need not be regular employees of Lessee) and Lessee otherwise maintains operational control and possession thereof, and (ii) shall be maintained by Lessee in accordance with its normal maintenance practices and this Lease, and otherwise the insurance required hereunder shall be maintained and the Aircraft shall be used and operated in accordance with this Lease.
Wet Lease means any arrangement whereby Lessee agrees to furnish the Airframe and Engines or engines installed thereon to a third party pursuant to which the Airframe and Engines or engines (i) shall be operated solely by regular employees of Lessee possessing all current certificates and licenses that would be required under the Act for the performance by such employees of similar functions within the United States of America (it being understood that cabin attendants need not be regular employees of Lessee), (ii) shall be maintained by Lessee in accordance with its Maintenance Program, and (iii) shall be and remain, in the hands of such third party, subject to all other terms and conditions of this Lease.
Wet Lease means any arrangement whereby the Owner (or any Lessee) agrees to furnish the Airframe and Engines or engines installed thereon to a third party pursuant to which such Airframe and Engines or engines (i) shall be operated solely by regular employees of the Owner (or any Lessee) possessing all current certificates and licenses that would be required under the Federal Aviation Act or, if the Aircraft is not registered in the United States, all certificates and licenses required by the laws of the jurisdiction of registry, for the performance by such employees of similar functions within the United States of America or such other jurisdiction of registry (it is understood that cabin attendants need not be regular employees of the Owner (or any Lessee)) and (ii) shall be maintained by the Owner (or any Lessee) in accordance with its normal maintenance practices. EXHIBIT A TO TRUST INDENTURE AND SECURITY AGREEMENT TRUST INDENTURE SUPPLEMENT [NW ____ _] This TRUST INDENTURE SUPPLEMENT [NW ____ _], dated [_____________] (herein called this "Trust Indenture Supplement") of NORTHWEST AIRLINES, INC. (the "Owner").