2.1 At its single cost, Borrower shall: (a) repair and continue maintaining the apparatus in good shape and working purchase and supply and install all replacement components or any other products payday loans in Rhode Island when needed to therefore keep the apparatus or whenever required by relevant legislation or legislation, which components or products shall immediately be area of the gear; (b) usage and operate the apparatus in a careful way when you look at the normal span of its company and just when it comes to purposes which is why it had been developed in conformity utilizing the manufacturers guarantee needs, and conform to all legal guidelines associated with the gear, and get all licenses or licenses required to install, utilize or run the apparatus; (c) make no alterations, improvements, subtractions, improvements or improvements into the gear with an expense more than $150,000.00 without loan providers prior written consent (which permission won’t be unreasonably withheld), but such alterations, improvements, improvements or improvements shall immediately be an element of the gear; (d) keep, examine, solution and repair, overhaul and test the apparatus relative to the FAA authorized upkeep system, manufacturers authorized upkeep system, FAA airworthiness directives, together with manufacturers alert bulletins and urgently suggested service bulletins and procedures, and perform all duties and tasks which will be asked to maintain the apparatus, like the machines, in complete conformity because of the manufacturers specification (i) in order to keep carefully the gear in nearly as good operating condition as whenever brought to the Borrower hereunder, ordinary use and tear excepted, and (ii) in order to keep consitently the gear such running condition as could be required to allow the airworthiness official certification of these gear to be maintained in good standing all the time beneath the Act (since defined in Section 19 hereof); and (age) keep all documents, logs and other materials required because of the FAA become maintained in respect for the gear. Lender gets the right upon reasonable notice to Borrower to examine the apparatus wherever situated. Notwithstanding any such thing towards the contrary included herein, Borrower may eliminate A motor through the Airframe and install a motor on another airframe leased or owned by Borrower so long as: (i) the motor will not be susceptible to any Lien (except that loan providers safety interest) or claim of ownership; and (ii) Borrower installs an alternative motor regarding the Airframe. Airframe means the airframe described on the Schedule A-1 attached hereto. Motor shall mean any one of several engines described from the Schedule A-1 connected hereto. Replacement Engine shall suggest an engine of the identical make and model (or a model that is improved) due to the fact motor.
2.2 The gear will never be operated, utilized or found outside the united states (United States Of America) by Borrower or just about any other celebration; supplied, that Borrower may temporarily utilize, run and locate the gear beyond your United States Of America
(any nation or jurisdiction apart from the united states hereinafter called A foreign Jurisdiction) provided that all the following conditions are happy: (a) the Geneva meeting regarding the Overseas Recognition of Rights in Aircraft with the necessary enacting regulations, regulations for such Geneva Convention (or some comparable treaty, legal guidelines) will be in place in every such international Jurisdiction; (b) any notices, statements, papers and instruments necessary or needed to be filed in virtually any such international Jurisdiction for the procedure, make use of or location of this gear therein shall have now been filed prior to relevant legislation and legislation and Borrower shall offer file stamped copies to Lender upon Lenders request every so often; (c) the apparatus shall remain insured relative to the regards to this Agreement all of the time and will probably be insured relative to the legal guidelines of each international Jurisdiction in or higher that the gear are going to be operated; (d) the apparatus won’t be registered beneath the rules of any international Jurisdiction and shall remain subscribed underneath the Act all the time; and ( ag ag e) the apparatus shall never be utilized, operated or based in any international Jurisdiction if during the time of such usage, procedure or location (i) the insurance coverage within the Equipment wouldn’t normally let the usage, procedure or located area of the gear in such international Jurisdiction or such use, procedure or location would otherwise void, bring about the termination of, restriction or reduce the protection given by the relevant insurance plan, or (ii) any legislation, legislation or presidential administrator order associated with United States Of America forbids the utilization, procedure or precise location of the gear in such international Jurisdiction, or (iii) there clearly was any product threat of war (declared or civil), of other hostilities or of confiscation, seizure or detention associated with the gear in such international Jurisdiction, or (iv) the united states won’t have diplomatic relations with such jurisdiction that is foreign. The gear will probably be hangered in the location specified on Schedule A-1.
3. INSURANCE. At its sole cost, Borrower all the time shall keep carefully the Equipment insured against all dangers of loss or harm out of each and every cause whatsoever (including, without limitation, standard war danger insurance plan) for a sum for around the more regarding the complete replacement value of the apparatus or 102percent associated with outstanding major stability of this Note. All insurers will probably be fairly satisfactory to Lender. Borrower shall deliver to Lender satisfactory proof of such protection. Profits of any insurance coverage addressing damage or loss in the apparatus will be payable to Lender as loss payee and will be used since set forth in Section 4 below. Then Borrower automatically appoints Lender as Borrowers attorney-in-fact with full power and authority in the place of Borrower and in the name of Borrower or Lender to make claim for, receive payment of, and sign and endorse all documents, checks or drafts for loss or damage under any such policy if an Event of Default occurs and is continuing. Each insurance plan will need that the insurer give Lender at least thirty days prior written notice of every termination of these policy and can require that Lenders passions remain insured irrespective of any work, mistake, omission, misrepresentation or neglect of Borrower. The insurance coverage maintained by Borrower will be main without having any right of share from insurance coverage that could be maintained by Lender.
Borrower bears the entire danger of loss, theft, harm or destruction of Equipment in whole or perhaps in component from any explanation whatsoever (Casualty Loss). No Casualty Loss to Equipment shall alleviate Borrower from the responsibility to cover the installments or from just about any responsibility under this contract. In case of Casualty Loss to virtually any product of gear, Borrower shall instantly alert Lender of the exact same and Borrower shall, in that case directed by Lender, instantly fix exactly the same. Then Borrower, at the option of Lender, shall: (1) immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a bill of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) on the installment payment due date which is at least 30 but no more than 60 days after the date of the Casualty Loss (Loss Payment Due Date), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement or the Note plus the remaining principal balance of the Note as of the Loss Payment Due Date as determined by Lenders records if Lender determines that the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss which substantially and permanently reduces the fair market value of the Equipment (Lost Equipment. Upon re re payment by Borrower of all of the amounts due beneath the above clause (2), the protection interest associated with Lender within the Lost Equipment will end.
5. FEES. Borrower will probably pay immediately whenever due all fees, assessments and government fees upon or against Borrower, the Collateral or perhaps the home or operations of Borrower, in each instance before exact exact same becomes delinquent and before charges accrue thereon, unless also to the extent that exact same are now being contested in good faith by appropriate procedures.
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