Equivalency Charge. If the Lessee does not meet any of the remaining life conditions set forth in Section 1.1 and 1.2, unless otherwise specified therein, in place of correcting the specified hour, cycle or calendar life deficiency, Lessee may elect to pay to Lessor an Equivalency Charge (for deficient condition) calculated in accordance with the following formula (if the formula results in a positive amount): Where:
Appears in 2 contracts
Sources: Engine Lease Agreement (Pinnacle Airlines Corp), Airline Services Agreement (Mair Holdings Inc)