Common use of Aircraft Spares Insurance Clause in Contracts

Aircraft Spares Insurance. Insurance for the engines and the parts while not installed on the airframe for their replacement cost or an agreed value basis. Proceeds of insurance paid to the Collateral Agent shall be disbursed to the Borrower unless an Enforcement Event has occurred and is continuing, in which case such proceeds will be held in the Collateral Account until applied as provided in the Credit Agreement or herein; provided, however, that if, pursuant to a Lease, such insurance proceeds are payable to a Lessee, such insurance proceeds shall in all circumstances be paid to such Lessee in accordance with such Lease.

Aircraft Spares Insurance. Insurance for the engines and the parts while not installed on the airframe for their replacement cost or an agreed value basis. Proceeds of insurance paid to the Collateral Agent shall be disbursed to the Borrower unless an Enforcement Event of Default has occurred and is continuing, in which case such proceeds will be held in the Collateral Account until applied as provided in the Credit Agreement or herein; provided, however, that if, pursuant to a Lease, such insurance proceeds are payable to a Lessee, such insurance proceeds shall in all circumstances be paid to such Lessee in accordance with such Lease.