Application of Payments from Governmental Authorities Clause Samples

Application of Payments from Governmental Authorities. Payments received by Lessor, Owner or Lessee from any Governmental Authority or entity with respect to an Event of Loss resulting from the condemnation, confiscation or seizure of, or requisition of title to or use of the Aircraft or the Airframe, shall be retained by Lessor or Owner, if received by Lessor or Owner, or promptly paid over to Lessor, if received by Lessee, up to the Agreed Value (plus any amounts of unpaid Rent and any other amounts due to Lessor or Owner hereunder or under any other Operative Documents or any Related Lease). At such time as Lessor or Owner has received such amounts in full, Lessor shall promptly remit (or cause Owner to promptly remit) the excess, if any, of such payments to Lessee. Payments received by Lessor, Owner or Lessee from any Governmental Authority or entity with respect to an Event of Loss resulting solely from the condemnation, confiscation or seizure of, or requisition of title to or use of any Engine shall be paid over to, or retained by, Lessee, provided that Lessee shall have fully performed its obligations under this Article 20 with respect to such Engine. Payments received by Lessor, Owner or Lessee from any Governmental Authority with respect to a requisition of use during the Lease Term of the Aircraft, the Airframe or any of the Engines, which requisition does not constitute an Event of Loss, shall, so long as no Default or Event of Default has occurred and is continuing, be paid to, or retained by, Lessee, and any remainder shall be returned to Lessee following the complete cure of any such Event of Default.
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Application of Payments from Governmental Authorities. Any payments (other than insurance proceeds the application of which is provided for in SECTION 9) received at any time by Lessor or by Lessee from any Government Entity or other Person with respect to an Event of Loss resulting from the condemnation, confiscation, theft or seizure of, or requisition of title to or use of, the Aircraft or any Engine, other than a requisition for use by a Government Entity of the United States not constituting an Event of Loss, will be applied as follows: (i) if such payments are received with respect to the Airframe or the Airframe and one or more Engines or engines installed on the Airframe, such payments shall be paid to or retained by Lessor and applied in reduction of Lessee's obligation to pay the Stipulated Loss Value, if not already paid by Lessee, or, if already paid by Lessee, shall be paid to or retained by Lessee and applied to reimburse Lessee for its payment of such Stipulated Loss Value, and the balance, if any, of such payment remaining thereafter shall be distributed to Lessee; and (ii) if such payments are received with respect to an Engine, such payments shall be held by the Lessor until (A) replacement of the Engine by Lessee by a Replacement Engine at which time said payments shall be paid to Lessee; (B) if Lessor shall have elected to provide a Replacement Engine as provided in SECTION 8(B) said payments shall be applied in reduction of Lessee's obligation to pay the Engine Loss Value, if not already paid by Lessee; or if already paid by Lessee, shall be paid to Lessee and applied to reimburse Lessee for its payment of such Engine Loss Value; and, (C) the balance, if any, of such payment remaining thereafter to Lessee.
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Application of Payments from Governmental Authorities for Requisition of Title, Etc. 27
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Application of Payments from Governmental Authorities. Any payments (other than insurance proceeds the application of which is provided for in Section 9) received at any time by Lessor or Lessee from any Government Entity or other Person with respect to an Event of Loss resulting from the condemnation, confiscation, theft or seizure of, or requisition of title to or use of, the Engine, other than a requisition for use by a Government Entity of the United States not constituting an Event of Loss, will be applied as follows: such payments shall be held by the Lessor until (A) replacement of the Engine by Lessee by a Replacement Engine at which time said payments shall be paid to Lessee; (B) if Lessee shall have elected not to provide a Replacement Engine as provided in Section 8(a) said payments shall be applied in reduction of Lessee's obligation to pay the Engine Loss Value, if not already paid by Lessee; or if already paid by Lessee, shall be paid to Lessee and applied to reimburse Lessee for its payment of such Engine Loss Value; and, (C) the balance, if any, of such payment remaining thereafter to Lessee.
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Application of Payments from Governmental Authorities. Payments received by Lessor or Lessee from any Governmental Authority or entity with respect to an Event of Loss resulting from the condemnation, confiscation or seizure of, or requisition of title to the Aircraft, the Airframe or an Engine, shall be retained by Lessor, if received by Lessor, or promptly paid over to Lessor, if received by Lessee, up to the Insured Value (plus any amounts of Rent and Maintenance Reserves then due and owing). At such time as Lessor has received such amounts in full, Lessor shall promptly remit the excess, if any, of such payments to Lessee. Payments received by Lessor or Lessee from any Governmental Authority or entity with respect to a requisition of use during the Term of the Aircraft, the Airframe or an Engine shall be allocated promptly between Lessor and Lessee such that Lessor shall enjoy such portion thereof as relates to periods other than the Term and Lessee shall (provided no Default or Event of Default has occurred and is continuing hereunder) promptly enjoy such portion thereof as relates to the Term or any portion of the Term, provided Lessee continues to pay Rent to Lessor as required by the terms hereof.
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Application of Payments from Governmental Authorities. Payments received by Lessor or Lessee from any governmental authority or entity with respect to an Event of Loss resulting from the condemnation, confiscation or seizure of, or requisition of title to an Aircraft, an Airframe or any of the Engines, shall be retained by Lessor, if received by Lessor, or promptly paid over to Lessor, if received by Lessee, up to the Insured Value (plus any amounts of Rent then due and owing). At such time as Lessor has received such amounts in full, Lessor shall promptly remit the excess, if any, of such payments to the Lessee. Payments received by Lessor or Lessee from any governmental authority or entity with respect to a requisition of use during the Term of an Aircraft, an Airframe or any of the Engines shall be paid to or retained by Lessee, and Lessee's obligation to make all payments of Rent shall continue undiminished. Payments received by Lessor or Lessee with respect to periods after the end of the Term shall be paid to (or retained by) Lessor.
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Related to Application of Payments from Governmental Authorities

  • Authorization of Governmental Authorities No action by (including any authorization, consent or approval), in respect of, or filing with, any governmental authority or regulatory body is required for, or in connection with, the valid and lawful authorization, execution, delivery and performance by it of this Agreement, subject to, in the case of the Debtors, the entry by the Bankruptcy Court of the Approval Order.

  • Application of Payments and Collections All items of payment received by Agent by 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. Amounts received by the Agent shall be for further credit to the accounts of Lenders pursuant to the settlement procedures contained in subsection 3.1.3 of this Agreement. Notwithstanding the foregoing, payments and collections shall not be applied to Obligations consisting of Derivative Obligations or Product Obligations at any time that any other Obligations are then due and payable. If as the result of collections of Accounts as authorized by subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be disbursed to Borrower or otherwise at Borrower's direction in the manner set forth in subsection 3.1.2, upon Borrower's request at any time, so long as no Default or Event of Default then exists. Agent may at its option, offset such credit balance against any of the Obligations upon and during the continuance of an Event of Default.

  • Notices from Governmental Authority promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Company or any Subsidiary from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; and

  • Compliance; Governmental Authorizations (i) Except as set forth on Schedule 2.1(l) of the Disclosure Schedule, the Company and the Subsidiary, to the Company's Knowledge, have complied and are in compliance with all Federal, state, local and foreign laws, ordinances, regulations, interpretations and orders (including those relating to disposal of materials, environmental protection and occupational safety and health) applicable to the Company or the Subsidiary or any of their respective businesses. There are no present or past conditions relating to the Company or the Subsidiary, or relating to any of the Company's or the Subsidiary's property or any appurtenances thereto or improvements thereon, that would reasonably be expected to lead to any material liability against, or have a Material Adverse Effect for violation of any health or safety laws. The Company has not received any written communication during the past five years from any governmental entity that alleges that the Company is not in compliance in any respect with any applicable Federal, state, local and foreign laws, ordinances, regulations, interpretations and orders. To the Company's Knowledge, the Company and the Subsidiary have all Federal, state, local and foreign governmental licenses and permits necessary to conduct their respective businesses as presently being conducted. Such licenses and permits are in full force and effect, no violations are or have been recorded in respect of any thereof, no proceeding is pending or, to the Company's Knowledge, threatened, to revoke or limit any thereof, and the Company does not know of any basis for any such proceeding and the consummation of the transactions contemplated in this Agreement will not result in the non-renewal, revocation or termination of any such license or permit. Except as set forth on Disclosure Schedule 2.1(l), the Company has filed, in a timely manner, all reports required by the rules and regulations of the Securities and Exchange Commission (the "SEC"). (ii) There are no conditions relating to the Company or the Subsidiary or relating to the Company's or the Subsidiary's ownership, use or maintenance of any real property previously owned or operated by the Company or any of its Affiliates, and the Company does not know or have reason to know of any such condition in respect of such real property not related to the ownership, use or maintenance, that could lead to any liability for violation of any Federal, state, county or local laws, regulations, orders or judgments relating to pollution or protection of the environment or any other applicable environmental, health or safety statutes, ordinances, orders, rules, regulations or requirements. The Company and the Subsidiary have received, handled, used, stored, treated, shipped and disposed of all hazardous or toxic materials, substances and wastes (whether or not on its properties or properties owned or operated by others) in compliance with all applicable environmental, health or safety statutes, ordinances, orders, rules, regulations or requirements.

  • Payments; Application of Payments (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) All payments with respect to the Obligations may be applied in such order and manner as Bank shall determine in its sole discretion. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement.