Common use of Partial Loss Clause in Contracts

Partial Loss. 7.2.1 In the event of Partial Loss to the Engine during the Term: (i) Lessee shall be responsible for the cost of prompt restoration of the Engine to its condition prior to the Partial Loss. (ii) Part I, point 17 of the Lease Agreement shall specify whether the Engine shall (a) continue to be leased under this Agreement, with all terms hereof remaining in force (save operational obligations with which Lessee is unable to comply by virtue of the damage or loss for so long as this is the case), or (b) in accordance with 12, be returned to Lessor, thereby ending the Term. (iii) Lessee shall deliver the Engine or the damaged Parts (in accordance with 11.5, as applicable) to an Agreed Maintenance Performer, if 7.2.1(ii)(a) applies, or Lessor, if 7.2.1(ii)(b) applies, in either case for repair and restoration. 7.2.2 Proceeds of Insurances paid in the event of a Partial Loss shall be applied with the following priority: (i) first, to amounts owing to the person repairing or replacing the damaged item; and (ii) second, to reimburse Lessee for any payments made under 7.2.1(i).

Partial Loss. 7.2.1 In the event of Partial Loss to the Engine during the Term: (i) Lessee shall be responsible for the cost of prompt restoration of the Engine to its condition prior to the Partial Loss. (ii) Part I, point 17 of the Lease Agreement shall specify whether the Engine shall (a) continue to be leased under this Agreement, with all terms hereof remaining in force (save operational obligations with which Lessee is unable to comply by virtue vi rtue of the damage or loss for so long as this is the case), or (b) in accordance with 12, be returned to Lessor, thereby ending the Term. (iii) Lessee shall deliver the Engine or the damaged Parts (in accordance with 11.5, as applicable) to an Agreed Maintenance Performer, if 7.2.1(ii)(a) applies, or Lessor, if 7.2.1(ii)(b) applies, in either case for repair and restoration. 7.2.2 Proceeds of Insurances paid in the event of a Partial Loss shall be applied with the following priority: (i) first, to amounts owing to the person repairing or replacing the damaged item; and (ii) second, to reimburse Lessee for any payments made under 7.2.1(i).