Common use of Event of Loss; Optional Redemption Clause in Contracts

Event of Loss; Optional Redemption. (a) Except as otherwise provided in Section 3.03 hereof, any payments received by the Indenture Trustee pursuant to Section 6.01(a) following an Event of Loss with respect to the Aircraft shall be applied to the Secured Obligations by applying such funds in the following order of priority: First, (i) to reimburse the Indenture Trustee and the Noteholders for any reasonable costs or expenses incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Owner, under the Operative Documents and then (ii) to pay any other amounts then due (except as provided in clauses "Second" and "Third" below) to the Indenture Trustee, the Noteholders and the other Indenture Indemnitees under this Indenture, the Participation Agreement, the Equipment Notes or any other Fundamental Document; (i) to pay the amounts specified in paragraph (i) of clause "First" of Section 3.01 hereof;

Event of Loss; Optional Redemption. (a) Except as otherwise provided in Section 3.03 hereof, any payments received by the Indenture Trustee in connection with a mandatory redemption of the Equipment Notes pursuant to Section 6.01(a) following an Event of Loss with respect to the Aircraft shall be applied to redemption of the Equipment Notes and to all other Secured Obligations by applying such funds in the following order of priority: First, (i) to reimburse the Indenture Trustee and the Noteholders for any reasonable costs or expenses incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Owner, under the Operative Documents and then (ii) to pay any other amounts then due (except as provided in clauses clause "Second" and "Third" below) to the Indenture Trustee, the Noteholders and the other Indenture Indemnitees under this Indenture, the Participation Agreement, the Equipment Notes or any other Fundamental DocumentDocuments; (i) to pay the amounts specified in paragraph (i) of clause "First" of Section 3.01 hereof;