Material Covenants. Lessee (i) fails to return the Aircraft to Lessor in accordance with Section 12 and Schedule 3, (ii) fails to maintain in full force and effect any insurance required to be maintained under Section 9, (iii) transfers possession of the Airframe or any Engine or Aircraft Documents to another Person other than as permitted by this Agreement or (iv) operates the Aircraft to, from, over or in any Excluded Geographic Area (unless such operation to, from, over or in an Excluded Geographic Area is an emergency landing due to mechanical issues or an in-flight emergency) or any Prohibited Country in violation of Sanctions or in a manner that would cause Lessor, Owner, Servicer or Financing Parties (provided the identity of such has been notified to Lessee) to breach Sanctions; (
Appears in 2 contracts
Sources: Aircraft Lease Agreement (Air T Inc), Aircraft Lease Agreement (Air T Inc)