Common use of Casualty Occurrences Clause in Contracts

Casualty Occurrences. Whenever any Unit shall suffer a Casualty Occurrence, the Borrower shall within 60 days after a responsible officer of the Borrower shall have actual knowledge of such occurrence give the Lender notice of such occurrence (such notice to include the amount, description, reporting marks and road numbers of all the Units of Equipment that have suffered a Casualty Occurrence) and of its election to perform one of the following options (it being agreed that if the Borrower shall not have given notice of such election within such 60 days after such actual knowledge of such occurrence, the Borrower shall be deemed to have elected to perform the option set forth in the following clause (1)) (1) on or before a Payment Date selected by the Borrower that is within 90 days after a responsible officer of the Borrower shall have actual knowledge of the Casualty Occurrence, the Borrower shall transfer to the Lender immediately available funds in an amount equal to the amount required to prepay that portion of the Notes that are to be prepaid on account of such Casualty Occurrence on such Payment Date pursuant to Section 4.8(a) hereof or (2) so long as no Event of Default shall have occurred and be continuing, as promptly as practicable, and in any event on or before the Business Day next preceding the 175th day next following the date on which a responsible officer of the Borrower shall have actual knowledge of the Casualty Occurrence, the Borrower shall grant to the Lender a Lien on a replacement Unit of similar type and capable of performing comparable function as the replaced Unit (a “Replacement Unit”) with a current fair market value, utility and remaining useful life at least equal to such replaced Unit, assuming such replaced Unit was in the condition and repair required by the terms hereof immediately prior to such Casualty Occurrence; provided that, if the Borrower shall not perform its obligation to effect such replacement under this clause (2) during the period of time provided herein, then the Borrower shall pay on a Payment Date selected by the Borrower that is within 180 days after a responsible officer of the Borrower shall have actual knowledge of the occurrence of a Casualty Occurrence to the Lender the amounts specified in clause (1) above. Prior to or at the time of any such conveyance and as a condition to such replacement, the Borrower will, at its own expense:

Casualty Occurrences. Whenever any Unit Item of Equipment shall suffer a Casualty Occurrencebe lost, stolen, destroyed, irreparably damaged, or otherwise rendered permanently unfit for use by the Borrower shall within 60 days after Company from any cause whatsoever in the good faith opinion of a responsible officer of the Borrower Company (such occurrences being herein called “Casualty Occurrences”), the Company shall have actual knowledge promptly, upon being advised of such occurrence give the Lender notice of such occurrence (such notice to include the amount, description, reporting marks and road numbers of all the Units of Equipment that have suffered a Casualty Occurrence) and of its election to perform one of the following options (it being agreed that if the Borrower shall not have given notice of such election within such 60 days after such actual knowledge of such occurrence, the Borrower shall be deemed to have elected to perform the option set forth in the following clause (1)) (1) on or before a Payment Date selected by the Borrower that is within 90 days after a responsible officer of the Borrower shall have actual knowledge of the Casualty Occurrence, the Borrower shall transfer deliver to the Lender immediately available funds in Trustee an Officers’ Certificate describing such Equipment and, shall on or prior to the Interest Payment Date next succeeding the delivery of such Officers’ Certificate (or, if the next Interest Payment Date shall be less than 60 days from such delivery, on the second succeeding Interest Payment Date) either (i) deposit with the Trustee an amount in cash equal to the amount required to prepay redeem that portion of the Equipment Notes that are to be prepaid redeemed on account of such Casualty Occurrence on such Interest Payment Date pursuant to Section 4.8(a4.1(a) hereof hereof, but only after such amount theretofore undeposited shall exceed $1,000,000 in the aggregate (until which time the Company shall not be obligated to redeem the Equipment Notes pursuant to this Section 4.1(b)) or in such event, (2ii) so long as no Event subject to the Lien of Default shall have occurred and be continuingthe Indenture, as promptly as practicablereplacement for such unit, and in any event on or before the Business Day next preceding the 175th day next following the date on which a responsible officer of the Borrower shall have actual knowledge of the Casualty Occurrence, the Borrower shall grant title to the Lender a Lien on a replacement Unit unit of similar type and capable of performing comparable function as the replaced Unit unit (a “Replacement Unit”) with free and clear of all Liens other than permitted Liens under the Indenture and having a current fair market value, utility and remaining useful life at least equal to to, and being in as good operating condition as, such replaced Unitunit, assuming such replaced Unit unit was in the condition and repair required by the terms hereof immediately prior to such Casualty Occurrence; provided that, if the Borrower shall not perform its obligation to effect such replacement under this clause (2) during the period of time provided herein, then the Borrower shall pay on a Payment Date selected by the Borrower that is within 180 days after a responsible officer of the Borrower shall have actual knowledge of the occurrence of a Casualty Occurrence to the Lender the amounts specified in clause (1) above. Prior to or at the time of any such conveyance and as a condition to such replacement, the Borrower Company will, at its own expense:,

Casualty Occurrences. Whenever any Unit shall suffer a Casualty Occurrence, the Borrower shall within 60 days after a responsible officer Responsible Officer of the Borrower shall have has actual knowledge of such occurrence give the Lender notice of such occurrence (such notice to include the amount, description, reporting marks and road numbers of all the Units of Equipment that have suffered a Casualty Occurrence) and of its election to perform one of the following options (it being agreed that if the Borrower shall not have given notice of such election within such 60 days after such actual knowledge of such occurrence, the Borrower shall be deemed to have elected to perform the option set forth in the following clause (1)) (1) on or before a Payment Date selected by the Borrower that is within 90 180 days after a responsible officer (or, in the case of an event of the Borrower shall have actual knowledge type described in clause (v) of the definition of Casualty Occurrence, within 60 days) after the occurrence of the Casualty Occurrence, the Borrower shall transfer to the Lender immediately available funds in an amount equal to the amount required to prepay that portion of the Notes that are to be prepaid on account of such Casualty Occurrence on such Payment Date pursuant to Section 4.8(a) hereof or (2) so long as no Event of Default shall have occurred and be continuing, as promptly as practicable, and in any event on or before the Business Day next preceding the 175th day next following the date on which a responsible officer of the Borrower shall have actual knowledge of the Casualty Occurrence, the Borrower shall grant convey to the Lender a Lien on Trustee a replacement Unit of similar type and capable of performing comparable function as the replaced Unit (a “Replacement Unit”) with a current fair market value, utility utility, condition and remaining useful life at least equal to such replaced Unit, assuming such replaced Unit was in the condition and repair required by the terms hereof immediately prior to such Casualty Occurrence; provided that, if the Borrower shall not perform its obligation to effect such replacement under this clause (2) during the period of time provided herein, then the Borrower shall pay on a Payment Date selected by the Borrower that is within 180 days after a responsible officer (or, in the case of an event of the Borrower shall have actual knowledge type described in clause (v) of the definition of Casualty Occurrence, within 60 days) of the occurrence of a Casualty Occurrence to the Lender the amounts specified in clause (1) above. Prior to or at the time of any such conveyance and as a condition to such replacement, the Borrower will, at its own expense:

Casualty Occurrences. Whenever (a) CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Promptly (and in any Unit shall suffer event within seven (7) days) after a Casualty OccurrenceOccurrence with respect to the Airframe and any Engine then installed thereon, the Borrower Lessee shall within 60 days after a responsible officer of the Borrower shall have actual knowledge of such occurrence give the Lender Lessor and each Beneficiary written notice of such occurrence occurrence. On the thirtieth (such notice to include the amount, description, reporting marks and road numbers of all the Units of Equipment that have suffered a Casualty Occurrence30th) and of its election to perform one of the following options day (it being agreed that or earlier if the Borrower shall not insurance or other proceeds have given notice of such election within such 60 days been paid earlier) after such actual knowledge of such occurrence, the Borrower shall be deemed to have elected to perform the option set forth in the following clause (1)) (1) on or before a Payment Date selected by the Borrower that is within 90 days after a responsible officer of the Borrower shall have actual knowledge date of the Casualty Occurrence, the Borrower Lessee shall transfer pay to the Lender Lessor in immediately available funds in the sum of (A) the Casualty Value of the Aircraft less an amount equal to the amount required daily equivalent of Basic Rent (computed on the basis of a 365-day year) for each day during the period commencing the day after the payment of Casualty Value and extending to prepay that portion the day before the Basic Rent Payment Date immediately succeeding the date of the Notes that are to be prepaid on account payment of such Casualty Occurrence on such Payment Date Value and (B) all other Rent, other than amounts paid pursuant to Section 4.8(aclause (A), then due and payable. Upon such payment (i) hereof the obligation of Lessee to make further payments of Basic Rent hereunder shall terminate, (ii) the Term shall terminate with respect to the Aircraft and (iii) Lessor will transfer to Lessee or applicable insurer, free and clear of Lessor's Liens and all other Liens arising by or through Lessor, any Beneficiary or any Lender but otherwise without recourse or warranty, all of Lessor's right, title and interest, if any, in and to the Airframe and Engines (2if any) so long as no Event of Default shall have occurred and be continuingsuffering the Casualty Occurrence, as promptly well as practicableall of Lessor's right, title and interest in and to any event on or before the Business Day next preceding the 175th day next following the date on which a responsible officer Engine constituting part of the Borrower shall have actual knowledge Aircraft but not installed thereon at the time of the Casualty Occurrence; provided, the Borrower however, that there shall grant be excluded from such transfer any and all claims against any Persons which arose prior to the Lender a Lien on a replacement Unit date of similar type such transfer, including without limitation any and capable of performing comparable function as all claims against any Persons who may have been responsible, in whole or in part, for the replaced Unit (a “Replacement Unit”) with a current fair market value, utility and remaining useful life at least equal to such replaced Unit, assuming such replaced Unit was in the condition and repair required by the terms hereof immediately prior events giving rise to such Casualty Occurrence; provided that, if the Borrower shall not perform its obligation to effect such replacement under this clause (2) during the period of time provided herein, then the Borrower shall pay on a Payment Date selected by the Borrower that is within 180 days after a responsible officer of the Borrower shall have actual knowledge of the occurrence of a Casualty Occurrence to the Lender the amounts specified in clause (1) above. Prior to or at the time of any such conveyance and as a condition to such replacement, the Borrower will, at its own expense:.

Casualty Occurrences. Whenever In the event that any Unit Item shall suffer become -------------------- lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any Item or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until such Item has been returned to Lessor pursuant to the provisions of this Lease or until such Item is purchased by Lessee pursuant to any purchase option provisions of this Lease, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in question. Lessee shall, within fifteen (15) days following the Casualty Occurrence, the Borrower shall within 60 days after a responsible officer of the Borrower shall have actual knowledge of such occurrence give the Lender notice of such occurrence (such notice to include the amount, description, reporting marks and road numbers of all the Units of Equipment that have suffered a Casualty Occurrence) and of its make an election to perform one of either pay Lessor in cash the following options (it being agreed that if the Borrower shall not have given notice of such election within such 60 days after such actual knowledge of such occurrence, the Borrower shall be deemed to have elected to perform the option "Stipulated Loss Value" as set forth in the following clause (1)) (1) on or before a Payment Date selected by Table of Stipulated Loss Values attached to the Borrower that Rental Schedule pursuant to which such Item is within 90 days after a responsible officer leased hereunder, calculated as of the Borrower shall have actual knowledge date of the Casualty Occurrence, or replace the Borrower same. If Lessee elects to make the payment of Stipulated Loss Value, this payment shall transfer be made within thirty (30) days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid with respect to the Lender immediately available funds in an amount equal to the amount required to prepay that portion such Item as of the Notes that are to be prepaid on account of such Casualty Occurrence on such Payment Date pursuant to Section 4.8(a) hereof or (2) so long as no Event of Default shall have occurred and be continuing, as promptly as practicable, and in any event on or before the Business Day next preceding the 175th day next following the date on which a responsible officer of the Borrower shall have actual knowledge of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Item on such date of payment. If Lessee elects to replace such Item, Lessee shall, within thirty (30) days following the Borrower shall grant Casualty Occurrence, replace the same (or cause it to the Lender a Lien on a replacement Unit of similar type and capable of performing comparable function as the replaced Unit (a “Replacement Unit”be replaced) with a current fair market value, utility "like property" having the same value and operating capabilities and remaining useful life at least equal to such the replaced Unit, assuming such replaced Unit was in the condition and repair required by the terms hereof immediately Item prior to the date of such Casualty Occurrence; provided that, if the Borrower which property shall not perform its obligation thereupon become subject to effect such replacement under this clause (2) during the period of time provided hereinLease with title thereto in Lessor[, then the Borrower shall pay on a Payment Date selected by the Borrower that is within 180 days after a responsible officer of the Borrower shall have actual knowledge of the occurrence of a Casualty Occurrence and subject to the Lender Facility Mortgagee Lien in accordance with the amounts specified in clause (1) above. Prior to or at the time of any such conveyance and as a condition to such replacement, the Borrower will, at its own expense:NS Multiparty Agreement].