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Title: |
Lease Agreement |
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Date: |
2005 |
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Size: |
Preview shows 7KB of 257KB total |
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Price: |
$84 |
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ID: |
#877440 |
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LEASE AGREEMENT
Dated as of July 29, 1998
Between
FIRST SECURITY BANK, NATIONAL ASSOCIATION
Not in its Individual Capacity,
except as expressly provided herein,
but solely as Owner Trustee,
Lessor
and
ATLAS AIR, INC.,
Lessee
--------------------------------------------------------------------------------
One Boeing Model 747-47UF Aircraft Bearing
United States Registration No. N491MC
and Bearing Manufacturer's Serial No. 29252
with four GE Model CF6-80C2B1F Engines
Bearing Engine Manufacturer's Serial
Nos. 704-692, 704-693, 704-694 and 704-695
================================================================================
The right, title and interest of Lessor in and to, among other things,
this Lease Agreement has been assigned to and is subject to a security interest
in favor of Wilmington Trust Company, a Delaware banking corporation, as
Mortgagee, under the Trust Indenture and Mortgage, dated as of July 29, 1998,
for the benefit of the holders of the Equipment Notes referred to in such Trust
Indenture, all to the extent provided in such Trust Indenture. This Lease
Agreement has been executed in multiple counterparts; to the extent, if any,
that this Lease Agreement constitutes chattel paper (as defined in the Uniform
Commercial Code as in effect in any applicable jurisdiction), no security
interest in Lessor's right, title and interest in and to this Lease Agreement
may be perfected through the delivery or possession of any counterpart of this
Lease Agreement other than the counterpart of this Lease Agreement that contains
the original receipt executed by Wilmington Trust Company, as Mortgagee.
<PAGE>
TABLE OF CONTENTS
SECTION 1. DEFINITIONS AND CONSTRUCTION ............................... 1
SECTION 2. DELIVERY AND ACCEPTANCE .................................... 1
2.1 Delivery and Lease of Aircraft ................................ 1
2.2 Acceptance by Lessee .......................................... 2
SECTION 3. TERM AND RENT .............................................. 2
3.1 Term .......................................................... 2
3.2 Rent .......................................................... 2
3.3 Payments ...................................................... 6
SECTION 4. DISCLAIMER; CERTAIN AGREEMENTS OF
LESSOR; SECTION 1110 MATTERS ............................ 7
4.1 Disclaimer .................................................... 7
4.2 Certain Agreements of Lessor .................................. 8
4.3 Quiet Enjoyment ............................................... 8
4.4 Investment of Funds Held as Security .......................... 9
4.5 Title Transfers by Lessor ..................................... 10
4.6 Lessor's Interest in Certain Engines .......................... 10
4.7 Lease for U.S. Federal Income Tax Law
Purposes; Section 1110 of Bankruptcy Code .................. 11
SECTION 5. RETURN OF AIRCRAFT ......................................... 11
5.1 Compliance with Annex B ....................................... 11
5.2 Storage and Related Matters ................................... 11
5.3 Return of Other Engines ....................................... 12
5.4 Fuel .......................................................... 12
SECTION 6. LIENS ...................................................... 12
SECTION 7. REGISTRATION, OPERATION, POSSESSION,
SUBLEASING AND RECORDS .................................. 13
7.1 Registration and Operation .................................... 13
7.2 Possession .................................................... 15
7.3 Certain Limitations on Subleasing or
Other Relinquishment of Possession ......................... 20
SECTION 8. MAINTENANCE; REPLACEMENT AND POOLING
OF PARTS; ALTERATIONS, MODIFICATIONS
AND ADDITIONS; OTHER LESSEE COVENANTS ................... 21
8.1 Maintenance; Replacement and Pooling of
Parts; Alterations, Modifications and Additions ............ 21
-i-
<PAGE>
15.1 Remedies ...................................................... 44
15.2 Limitations Under CRAF ........................................ 48
15.3 Right to Perform for Lessee ................................... 48
15.4 Determination of Fair Market Rental Value
and Fair Market Sales Value ................................ 48
15.5 Remedies Cumulative ........................................... 49
SECTION 16. LESSEE'S OBLIGATIONS; NO SETOFF,
COUNTERCLAIM, ETC. ...................................... 49
SECTION 17. RENEWAL AND PURCHASE OPTIONS ............................... 50
17.1 Preliminary Notices ........................................... 50
17.2 Renewal Options ............................................... 51
17.3 Purchase Option ............................................... 53
17.4 Appraisals .................................................... 54
SECTION 18. MISCELLANEOUS .............................................. 55
18.1 Amendments .................................................... 55
18.2 Severability .................................................. 56
18.3 Third-Party Beneficiary ....................................... 56
18.4 Reproduction of Documents ..................................... 56
18.5 Counterparts .................................................. 57
18.6 Notices ....................................................... 57
18.7 Governing Law; Submission To
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