Common use of Condition Upon Return Clause in Contracts

Condition Upon Return. Unless the Aircraft has been sold pursuant to Section 21, if at any time the Lessee shall return the Aircraft to the Lessor hereunder, the Lessee, at its own expense, will return the Aircraft to the Lessor at a location specified by the Lessor to the Lessee in writing. At the time of such return, (i) the Lessee will cause the Aircraft to be in compliance with the maintenance covenants contained in this Lease and (ii) the Airframe will be fully equipped with the Engines installed thereon. At the time of such return, such Airframe and Engines (A) shall have an airworthiness certificate from the Federal Aviation Administration and shall be in full compliance with the provisions of Federal Aviation Regulations, Part 121 (or successor regulation), and shall be in material compliance with all applicable FAA noise, corrosion, environmental and aging aircraft requirements, (B) shall be free and clear of all Liens and (C) in the case of the Aircraft, shall be in a full freighter configuration and in as good condition as when originally delivered to the Lessee, ordinary wear and tear excepted, and otherwise in the condition required to be maintained under the Lessee's FAA-approved maintenance plan; and in all such cases the Aircraft shall not have been discriminated against as compared to other aircraft owned or leased by the Lessee whether by reason of its leased status or otherwise in maintenance, use, operation or in any other manner whatsoever.

Appears in 2 contracts

Sources: Lease Agreement (Atlas Air Inc), Lease Agreement (Atlas Air Worldwide Holdings Inc)

Condition Upon Return. Unless the Aircraft any Engine has been sold pursuant to Section 21, if at any time the Lessee shall return the Aircraft any Engine to the Lessor hereunder, the Lessee, at its own expense, will return the Aircraft such Engine to the Lessor at a location specified by the Lessor to the Lessee in writing. At the time of such return, (i) the Lessee will cause the Aircraft such Engine to be in compliance with the maintenance covenants contained in this Lease and (ii) the Airframe will be fully equipped with the Engines installed thereonLease. At the time of such return, such Airframe and Engines Engine (A) shall have an airworthiness certificate from the Federal Aviation Administration and shall be in full compliance with the provisions of Federal Aviation Regulations, Part 121 (or successor regulation), and shall be in material compliance with all applicable FAA noise, corrosion, environmental and aging aircraft requirements, (B) shall be free and clear of all Liens and (C) in the case of the Aircraft, shall be in a full freighter configuration and in as good condition as when originally delivered to the Lessee, ordinary wear and tear excepted, and otherwise in the condition required to be maintained under the Lessee's FAA-approved maintenance plan; and in all such cases the Aircraft Engines shall not have been discriminated against as compared to other aircraft engines owned or leased by the Lessee whether by reason of its leased status or otherwise in maintenance, use, operation or in any other manner whatsoever.

Appears in 1 contract

Sources: Lease Agreement (Atlas Air Inc)