Common use of CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME Clause in Contracts

CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Within two (2) days after a Casualty Occurrence during the Term with respect to the Airframe and any Engine then installed thereon, Lessee shall give Lessor and Lessor's Aircraft Manager written notice of such occurrence. On or before the date which is ninety (90) days after the date of the Casualty Occurrence, but in no event later than two (2) Business Days after receipt of insurance proceeds in respect of such Casualty Occurrence, Lessee shall pay to Lessor in immediately available funds the sum of (i) the Casualty Value of the Aircraft plus (ii) the amount of Rent (other than Maintenance Reserve Payments), if any, accrued up to the date of payment of such Casualty Value (on the basis of actual days elapsed and a 360-day year) for each day during the period commencing with, and including, the last preceding Rent Payment Date and extending to, but excluding, the date of payment of such Casualty Value. Upon such payment (A) the obligation of Lessee to make further payments of Rent (other than Supplemental Rent) hereunder shall terminate, (B) this Lease shall terminate with respect to the Aircraft and (C) Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest, if any, in and to the Airframe and Engines (if any) suffering the Casualty Occurrence, as well as all of Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of the Casualty Occurrence; provided, however, that there shall be excluded from such assignment any and all claims against any Persons which arose prior to the date of such assignment, including without limitation any and all claims against any Persons who may have been responsible, in whole or in part, for the events giving rise to such Casualty Occurrence, but such exclusion shall be limited to the portion of such claims which exceeds the amounts paid to Lessor in respect of such Casualty Occurrence by Lessee or the insurers under any policy of insurance maintained by Lessee pursuant to Section 12 hereof.

CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Within two fifteen (215) days after a Casualty Occurrence during the Term with respect to the Airframe and any Engine then installed thereon, Lessee shall give Lessor and Lessor's Aircraft Manager written notice of such occurrence. On or before the date which is ninety one hundred twenty (90120) days after the date of the Casualty Occurrence, but in no event later than two (2) Business Days after the date of receipt of insurance proceeds in respect of such Casualty Occurrence, Lessee shall pay to Lessor in immediately available funds an amount equal to the sum of (i) the Casualty Value of the Aircraft plus (ii) the amount computed as of Rent (other than Maintenance Reserve Payments), if any, accrued up to the date of payment less an amount equal to the daily equivalent of such Casualty Value Basic Rent (computed on the basis of actual days elapsed and a 360-day year) for each day during the period commencing with, and including, with the last preceding Rent Payment Date day after payment of such Casualty Value and extending to, but excluding, the date of Basic Rent Payment Date immediately following payment of such Casualty Value, and (ii) all Supplemental Rent accrued or due and unpaid (other than Maintenance Payments which would have been payable by Lessee pursuant to Section 16(m) and amounts paid pursuant to clause (i) above), computed as of the date of payment less any Security Deposit then held by Lessor. Upon such payment (A) the obligation of Lessee to make further payments of Basic Rent (other than Supplemental Rent) hereunder shall terminate, (B) this Lease shall terminate with respect to the Aircraft and (C) Lessor will cause Owner to transfer to Lessee or its insurers (as directed by Lessee), without recourse or warranty, all of LessorOwner's right, title and interest, if any, in and to the Airframe and Engines (if any) suffering the Casualty Occurrence, as well as all of LessorOwner's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of the Casualty Occurrence; provided, however, that there shall be excluded from such assignment Occurrence in each case free of any and all claims against any Persons which arose prior to the date of such assignment, including without limitation any and all claims against any Persons who may have been responsible, in whole or in part, for the events giving rise to such Casualty Occurrence, but such exclusion shall be limited to the portion of such claims which exceeds the amounts paid to Lessor in respect of such Casualty Occurrence by Lessee or the insurers under any policy of insurance maintained by Lessee pursuant to Section 12 hereofLessor's Liens.

CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Within two five (25) days after a Casualty Occurrence during the Term with respect to the Airframe and any Engine then installed thereon, Lessee shall give Lessor and Lessor's Aircraft Manager written notice of such occurrence. On or before the date which is ninety thirty (9030) days after the date of the Casualty Occurrence, but in no event later than two (2) Business Days after receipt of insurance proceeds in Occurrence with respect of such Casualty Occurrenceto the Aircraft, Lessee shall pay to Lessor in immediately available funds the sum of (i) the Casualty Value of the Aircraft plus (ii) the amount computed as of Rent (other than Maintenance Reserve Payments), if any, accrued up to the date of payment less an amount equal to the daily equivalent of such Casualty Value Basic Rent (computed on the basis of actual days elapsed and a 360365-day year) for each day during the period commencing with, and including, with the last preceding Rent Payment Date day after payment of such Casualty Value and extending to, but excluding, the date of Basic Rent Payment Date immediately following payment of such Casualty Value, and (ii) all Supplemental Rent, other than amounts paid pursuant to Section (i), computed as of the date of payment. Upon such payment (A) the obligation of Lessee to make further payments of Basic Rent (other than Supplemental Rent) hereunder shall terminate, (B) this Lease shall terminate with respect to the Aircraft and (C) Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest, if any, in and to the Airframe and Engines (if any) suffering the Casualty Occurrence, as well as all of Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of the Casualty Occurrence; provided, however, that there shall be excluded from such assignment any and all claims against any Persons which arose prior to the date of such assignment, including without limitation any and all claims against any Persons who may have been responsible, in whole or in part, for the events giving rise to such Casualty Occurrence, but such exclusion shall be limited to the portion of such claims which exceeds the amounts paid to Lessor in respect of such Casualty Occurrence by Lessee or the insurers under any policy of insurance maintained by Lessee pursuant to Section 12 hereof.

CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Within two (2) fifteen days after a Casualty Occurrence during the Term with respect to the Airframe and any Engine then installed thereon, Lessee shall give Lessor and Lessor's Aircraft Manager written notice of such occurrence. On or before the date which is ninety (90) forty-five days after the date of the Casualty Occurrence, but in no event later than two (2) Business Days after receipt of insurance proceeds in respect of such Casualty Occurrence, Lessee shall pay to Lessor in immediately available funds the sum of (iA) the Casualty Value of the Aircraft plus (ii) the amount computed as of Rent (other than Maintenance Reserve Payments), if any, accrued up to the date of payment payment, plus an amount equal to the daily equivalent of such Casualty Value (on the basis of actual days elapsed Basic Rent and a 360-day year) Additional Rent for each day during the period commencing with, and including, with the last preceding Basic Rent Payment Date immediately preceding payment of such Casualty Value and extending to, but excluding, excluding the date of payment of such Casualty Value, and (B) all Supplemental Rent, other than amounts paid pursuant to clause (A), computed as of the date of payment. Upon such payment (Ai) the obligation of Lessee to make further payments of Basic Rent (other than Supplemental Rent) and Additional Rent hereunder shall terminate, (Bii) this Lease shall terminate with respect to the Aircraft Aircraft, and (Ciii) Lessor will transfer to Lessee, without recourse or warranty, Lessee all of Lessor's right, title and interest, if any, in and to the Airframe and Engines (if any) suffering the Casualty Occurrence, Occurrence as well as all of Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of the Casualty Occurrence; provided, however, that there . Such transfer shall be excluded from such assignment any and all claims against any Persons which arose prior without recourse or warranty, except that Lessor shall warrant it has good title to the date Airframe and Engines (if any), free and clear of such assignment, including without limitation any and all claims against any Persons who may have been responsible, in whole or in part, for the events giving rise to such Casualty Occurrence, but such exclusion shall be limited to the portion of such claims which exceeds the amounts paid to Lessor in respect of such Casualty Occurrence by Lessee or the insurers under any policy of insurance maintained by Lessee pursuant to Section 12 hereofLessor's Liens.

CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Within two fifteen (215) days after a Casualty Occurrence during the Term with respect to the Airframe and any Engine then installed thereon, Lessee shall give Lessor and Lessor's Aircraft Manager written notice of such occurrence. On or before the date which is ninety one hundred twenty (90120) days after the date of the Casualty Occurrence, but in no event later than two (2) Business Days after the date of receipt of insurance proceeds in respect of such Casualty Occurrence, Lessee shall pay to Lessor in immediately available funds an amount equal to the sum of (i) the Casualty Value of the Aircraft plus (ii) the amount computed as of Rent (other than Maintenance Reserve Payments), if any, accrued up to the date of payment less an amount equal to the daily equivalent of such Casualty Value Basic Rent (computed on the basis of actual days elapsed and a 360-day year) for each day during the period commencing with, and including, with the last preceding Rent Payment Date day after payment of such Casualty Value and extending to, but excluding, the date of Basic Rent Payment Date immediately following payment of such Casualty Value, and (ii) all Supplemental Rent accrued or due and unpaid (other than Maintenance Payments which would have been payable by Lessee pursuant to Section 16(m) and amounts paid pursuant to clause (i) above), computed as of the date of payment less any Security Deposit then held by Lessor. Upon such payment (A) the obligation of Lessee to make further payments of Basic Rent (other than Supplemental Rent) hereunder shall terminate, (B) this Lease shall terminate with respect to the Aircraft and (C) Lessor will cause Owner to transfer to Lessee or its insurers (as directed by Lessee), without recourse or warranty, all of LessorOwner's right, title and interest, if any, in and to the Airframe and Engines (if any) suffering the Casualty Occurrence, as well as all of LessorOwner's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of the Casualty Occurrence in each case free of any Lessor's Liens. (b) Casualty Occurrence with Respect to an Engine. Upon a Casualty Occurrence with respect to an Engine only, Lessee shall give Lessor prompt written notice thereof and shall, within ninety (90) days after such occurrence, convey to Owner, as replacement for the Engine suffering a Casualty Occurrence; provided, however, that there title to a Replacement Engine. Each Replacement Engine shall be excluded from such assignment any free of all Liens (except those Liens which are permitted by Section 14 hereof) and all claims against any Persons which arose shall be in as good an operating condition and shall have a value and utility at least equal to, and shall have a substantially equivalent number of cycles remaining on its life limited parts as the Engine being replaced, assuming the Engine being replaced was in the condition and repair required by the terms hereof immediately prior to the date Casualty Occurrence and shall be compatible with the remaining installed Engine. Upon full compliance by Lessee with the terms of this paragraph, Lessor will cause the Owner to transfer to Lessee all of Owner's right, title and interest in and to the Engine which suffered the Casualty Occurrence free of any Lessor's Liens. Prior to or at the time of any such conveyance, Lessee, at its own expense, will promptly (i) furnish Lessor with a full warranty xxxx of sale conveying title free and clear of all Liens except Lessor Liens, in form and substance reasonably satisfactory to Lessor, with respect to such Replacement Engine; (ii) cause a supplement hereto, in form and substance reasonably satisfactory to Lessor, subjecting such Replacement Engine to this Lease, to be duly executed by Lessee, and recorded pursuant to applicable Law; (iii) furnish Lessor with such evidence of title to such Replacement Engine and of compliance with the insurance provisions of Section 12 hereof with respect to such Replacement Engine as Lessor may reasonably request; (iv) furnish Lessor with an opinion of Lessee's counsel (which counsel shall be 36 <PAGE> reasonably acceptable to Lessor) to the effect that title to such Replacement Engine has been duly conveyed to Owner as provided in clause (i) above, and that such Replacement Engine is duly leased hereunder; (v) furnish a certificate signed by a duly authorized financial officer or executive of Lessee certifying that, upon consummation of such assignmentreplacement, including without limitation any and all claims against any Persons who no Default or Event of Default will exist hereunder; (vi) furnish Lessor with such documents as Lessor may have been responsiblereasonably request in connection with the consummation of the transactions contemplated by this Section 11(b), in whole each case in form and substance reasonably satisfactory to Lessor; and (vii) furnish such financing statement covering the Replacement Engine as may be reasonably requested by Lessor. Upon full compliance by Lessee with the terms of this Section 11(b), Lessor will cause Owner to transfer by xxxx of sale to Lessee "AS IS AND WHERE IS" and without recourse or warranty (except as to the absence of Lessor's Liens) all of the right, title and interest in partthe Engine which suffered the Casualty Occurrence and which was originally leased to Lessee. For all purposes hereof, for the events giving rise to each such Casualty Occurrence, but such exclusion Replacement Engine shall be limited to deemed part of the portion property leased hereunder, shall be deemed an "Engine" as defined herein and shall be deemed part of such claims which exceeds the amounts paid to Lessor in respect of such same Aircraft as was the Engine replaced thereof. No Casualty Occurrence covered by Lessee or the insurers under this Section 11(b) shall result in any policy of insurance maintained by Lessee pursuant to Section 12 hereof.reduction in Rent. (c)