Common use of Repairable Damage Clause in Contracts

Repairable Damage. (a) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, subject to no Event of Default having occurred and continuing, all insurance proceeds which may be paid or payable by the insurers of the Aircraft shall, subject to (A) a repair estimate acceptable to Lessor, (B) evidence of completion of such repair by an Approved Maintenance Organisation, provided such evidence and the Approved Maintenance Organisation are acceptable to Lessor and (C) receipt (x) by Lessor of a true and correct copy of the adjuster’s claim report, and (y) by Lessee and the insurers of Lessor’s prior written approval for the release of such proceeds, be paid to: (i) Lessee in respect of all loss or damage Lessee has made good (or caused to be made good), or (ii) the repairer for the cost of the completed repair works, or (iii) to the vendor of any new or replacement Item of Equipment for the cost of such new or replacement Item of Equipment;

Repairable Damage. (a) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, subject to no Event of Default having occurred and continuing, all insurance proceeds which may be paid or payable by the insurers of the Aircraft shall, subject to (x) receipt by Lessor of (A) a repair estimate acceptable to Lessor, (B) evidence of completion of such repair by an Approved Maintenance Organisation, provided such evidence and the Approved Maintenance Organisation are acceptable to Lessor and (C) receipt (x) by Lessor of a true and correct copy of the adjuster’s claim report, and (y) receipt by Lessee and the insurers of Lessor’s prior written approval for the release of such proceedsproceeds (such approval not to be unreasonably withheld), be paid to: (i) Lessee in respect of all loss or damage Lessee has made good (or caused to be made good), or (ii) the repairer for the cost of the completed repair works, or (iii) to the vendor of any new or replacement Item of Equipment for the cost of such new or replacement Item of Equipment;