Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:- (a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition); (b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 10 contracts
Sources: Aircraft Lease Agreement (Air South Airlines Inc), Aircraft Lease Agreement (Air South Airlines Inc), Aircraft Lease Agreement (Air South Airlines Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-
(a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 5 contracts
Sources: Aircraft Lease Agreement (Frontier Airlines Inc /Co/), Aircraft Lease Agreement (Frontier Airlines Inc /Co/), Aircraft Lease Agreement (Frontier Airlines Inc /Co/)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement the Lease will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire compensation paid by the requisitioning authority in respect of such authority's use of the Aircraft, such Engine or such Part during the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreementthe Lease. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement the Lease in respect of any such change, but so thatbut, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this the Lease and/or under any Other Agreement.
Appears in 3 contracts
Sources: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent The Rent, Maintenance Reserves and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so So long as no Default has occurred and is continuingcontinu- ing, Lessee will be entitled to any hire or other compensation paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 3 contracts
Sources: Aircraft Lease Agreement (Vanguard Airlines Inc \De\), Aircraft Lease Agreement (Vanguard Airlines Inc \De\), Aircraft Lease Agreement (Vanguard Airlines Inc \De\)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which that does not constitute an Event of Loss:-a Total Loss:
(a) the Basic Rent, Additional Rent and other charges Supplemental Rent payable under this Agreement will not be suspended or abated either in whole or in part, and the Lessee will not be released from any of its other obligations under the this Agreement (other than operational obligations with which the Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default has occurred and is continuing, the Lessee will be entitled to any hire paid compensation payable by the requisitioning authority in respect of the Term. The Lessee will, as soon as practicable after the end of any such requisitionrequisition (with the Term being extended if and to the extent that the period of requisition continues beyond the Scheduled Expiry Date), cause the Aircraft to be put into the condition required by this Agreement. The Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and the Lessor will apply such compensation in reimbursing the Lessee for the cost of complying with its obligations under this Agreement in respect of any such change; provided, but so that, if any Default has occurred and is continuing, the Lessor may apply the compensation or hire in or towards settlement of any amounts owing by the Lessee under this Agreement. All such sums shall be held by Mortgagee.
Appears in 3 contracts
Sources: Lease Agreement (Vanguard Airlines Inc \De\), Lease Agreement (Vanguard Airlines Inc \De\), Lease Agreement (Vanguard Airlines Inc \De\)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement the Lease will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Payment Default or Event of Default has occurred and is continuing, Lessee will be entitled to any hire compensation paid by the requisitioning authority in respect of such authority's use of the Aircraft, such Engine or such Part during the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreementthe Lease. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement the Lease in respect of any such change, but so thatbut, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this the Lease and/or under any Other Agreement.
Appears in 2 contracts
Sources: Aircraft Lease (Kitty Hawk Inc), Aircraft Lease (Kitty Hawk Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which that does not constitute an Event of Loss:-a Total Loss:
(a) the Basic Rent and other charges Supplemental Rent payable under this Agreement will not be suspended or abated either in whole or in part, and the Lessee will not be released from any of its other obligations under the this Agreement (other than operational obligations with which the Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default has occurred and is continuing, the Lessee will be entitled to any hire paid compensation payable by the requisitioning authority in respect of the Term. The Lessee will, as soon as practicable after the end of any such requisitionrequisition (with the Term being extended if and to the extent that the period of requisition continues beyond the scheduled Expiry Date), cause the Aircraft to be put into the condition required by this Agreement. The Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and the Lessor will apply such compensation in reimbursing the Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is continuing, the Lessor may apply the compensation or hire in or towards settlement of any amounts owing by the Lessee under this Agreement. All such sums shall be held by the Lender.
Appears in 2 contracts
Sources: Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the this Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default or Event of Default has occurred and is continuing, Lessee will be entitled to any hire or other compensation paid by the requisitioning authority in respect of during the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change; provided, but so thathowever, if any Default or Event of Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this AgreementAgreement or the other Transaction Documents and any excess thereof shall be applied as described above.
Appears in 1 contract
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which that does not constitute an Event of Loss:-a Total Loss:
(a) a. the Basic Rent and other charges Supplemental Rent payable under this Agreement will not be suspended or abated either in whole or in part, and the Lessee will not be released from any of its other obligations under the this Agreement (other than operational obligations with which the Lessee is unable to comply solely by virtue of the requisition);; and
(b) b. so long as no Event of Default has occurred and is continuing, the Lessee will be entitled to any hire paid compensation payable by the requisitioning authority in respect of the Term. The Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. The Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and the Lessor will apply such compensation in reimbursing the Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Event of Default has occurred and is continuing, the Lessor may apply the compensation or hire in or towards settlement of any amounts owing by the Lessee under this Agreement. All such sums shall be held by the Lessor.
Appears in 1 contract
Sources: Lease Agreement (Airfund International Limited Partnership)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire paid by the requisitioning authority in respect of the TermTerm or any part thereof. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so thatbut, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Sources: Servicing Agreement (Aerco LTD)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or any Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement the Lease will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire compensation paid by the requisitioning authority in respect of such authority’s use of the Engine or such Part during the Term, but, if any Significant Default or Event of Default has occurred and is continuing, Lessor may apply the compensation in or towards settlement of any amounts owing by Lessee under the Lease and/or under any Other Agreement. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft Engine to be put into the condition required by this Agreementthe Lease. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft Engine arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement the Lease in respect of any such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Sources: Engine Lease (Airtran Airways Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent The Rent, Maintenance Reserves and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so So long as no Default has occurred and is continuing, Lessee will be entitled to any hire or other compensation paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire rent paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will promptly apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which that does not constitute an Event of Loss:-a Total Loss:
(a) the Basic Rent and other charges Supplemental Rent payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the this Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire paid compensation payable by the requisitioning authority in respect of the Term. ;
(c) Lessee will, as soon as practicable after the end of any such requisitionrequisition (with the Term being extended if and to the extent that the period of requisition continues beyond the Scheduled Expiry Date), cause the Aircraft to be put into the condition required by this Agreement. ; and
(d) Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change; provided, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Sources: Lease Agreement (Global Crossing Airlines Group Inc.)
Requisition. (a) During any requisition for use or hire of the Aircraft, any Engine or any Part which does not constitute an Event of Loss:-a Total Loss:
(ai) the Rent and other charges amounts payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee ▇▇▇▇▇▇ will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee ▇▇▇▇▇▇ is unable to comply solely by virtue of the requisition);
(bii) so long as no Event of Default has occurred and is continuing, Lessee will shall be entitled to any hire rent or fees paid by the requisitioning authority in respect of the Term. ;
(iii) Lessee willshall, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. ; and
(iv) Lessor will shall be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will shall apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so provided that, if any Event of Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Sources: Aircraft Lease Agreement
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Sources: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Default has occurred and is its continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Sources: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement the Lease will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Event of Default or Special Default has occurred and is continuing, Lessee will be entitled to any hire compensation paid by the requisitioning authority in respect of such authority's use of the Engine during the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft Engine to be put into the condition required by this Agreementthe Lease. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft Engine arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement the Lease in respect of any such change, but so thatbut, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this the Lease and/or under any Other Agreement.
Appears in 1 contract
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which that does not constitute an Event of Loss:-a Total Loss:
(a) 11.2.1 the Basic Rent and other charges Supplemental Rent payable under this Agreement will not be suspended or abated either in whole or in part, and the Lessee will not be released from any of its other obligations under the this Agreement (other than operational obligations with which the Lessee is unable to comply solely by virtue of the requisition);; and
(b) 11.2.2 so long as no Event of Default has occurred and is continuingoccurred, the Lessee will be entitled to any hire paid compensation payable by the requisitioning authority in respect of the Term. The Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. The Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and the Lessor will apply such compensation in reimbursing the Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so that, if any Event of Default has occurred and is continuingoccurred, the Lessor may apply the compensation or hire in or towards settlement of any amounts owing by the Lessee under this Agreement. All such sums shall be held by the Lessor.
Appears in 1 contract
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss
(a) the Rent and other charges payable under this Agreement the Lease will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);; and
(b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire compensation paid by the requisitioning authority in respect of such authority's use of the Aircraft, such Engine or such Part during the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreementthe Lease. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement the Lease in respect of any such change, but so thatbut, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this the Lease and/or under any Other Agreement.
Appears in 1 contract
Sources: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Requisition. During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute an Event of Loss:-Loss:
(a) the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);
; and (b) so long as no Default has occurred and is continuing, Lessee will be entitled to any hire paid by the requisitioning authority in respect of the Term. Lessee will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, but so thatbut, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement.
Appears in 1 contract
Sources: Aircraft Lease Agreement (Vanguard Airlines Inc \De\)