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Title: |
Sublease Agreement |
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Date: |
2005 |
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Size: |
Preview shows 12KB of 260KB total |
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Price: |
$95 |
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ID: |
#877454 |
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SUBLEASE AGREEMENT
(MSN 30808)
Dated as of
October 24, 2001
Between
GENERAL ELECTRIC CAPITAL CORPORATION,
Sublessor
and
POLAR AIR CARGO, INC.,
Sublessee
One Boeing 747-46NF Aircraft
Manufacturer's Serial Number 30808
--------------------------------------------------------------------------------
As set forth in Section 21 hereof, Sublessor has assigned or will assign to the
Owner Trustee (as defined herein) certain of its right, title and interest in
and to this Sublease. The Owner Trustee will further assign such right, title
and interest to the Indenture Trustee (as defined herein). To the extent, if
any, that this Sublease constitutes chattel paper (as such term is defined in
the Uniform Commercial Code as in effect in any applicable jurisdiction) no
security interest in this Sublease may be created through the transfer or
possession of any counterpart other than the original executed counterpart,
which shall be identified as the counterpart containing the receipt therefor
executed by the Indenture Trustee on the signature page thereof.
<PAGE>
Sublease Agreement
(MSN 30808)
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Section 1. Definitions ....................................................... 1
Section 2. Acceptance and Lease .............................................. 1
Section 3. Term and Rent ..................................................... 1
(a) Basic Term ................................................. 1
(b) Basic Rent ................................................. 1
(c) Adjustments to Basic Rent .................................. 1
(d) Supplemental Rent .......................................... 2
(e) Payments in General ........................................ 2
(f) Business Day Convention .................................... 2
(g) Verification ............................................... 3
(h) True Lease ................................................. 3
(i) Head Lease Transactions; Security for Obligations .......... 3
(j) General Tax Indemnity ...................................... 5
(k) General Indemnity .......................................... 17
Section 4. Disclaimer; Sublessor's and Sublessee's Representations,
Warranties and Agreements ......................................... 21
(a) Disclaimer ................................................. 21
(b) Sublessee's Representations and Warranties ................. 22
(c) Sublessor's Covenants ...................................... 23
(d) Manufacturers' Warranties .................................. 23
Section 5. Return of the Aircraft ............................................ 24
(a) Condition Upon Return ...................................... 24
(b) Storage and Related Matters ................................ 24
(c) Return of Other Engines .................................... 24
(d) Obligations Continue Until Return .......................... 24
Section 6. Liens ............................................................. 25
Section 7. Registration, Maintenance, Operation and Registration; Possession
and Sub-Subleases; Insignia ....................................... 26
(a) Registration, Maintenance, Operation and Registration ...... 26
</TABLE>
-i-
<PAGE>
Sublease Agreement
(MSN 30808)
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
Page
----
<S> <C>
(b) Possession and Sub-subleases ............................... 29
(c) Certain Limitations on Sub-subleasing or Other
Relinquishments of Possession .............................. 33
(d) Wet Leasing, ACMI Contracts or Similar Arrangements;
Mergers; Assignments ....................................... 33
(e) Subordination, Non-Disturbance and Attornment of a Sub-
sublessee .................................................. 34
(f) Insignia ................................................... 34
Section 8. Replacement and Pooling of Parts; Alterations, Modifications and
Additions ......................................................... 35
(a) Replacement of Parts ....................................... 35
(b) Pooling of Parts; Temporary Replacement Parts .............. 35
(c) Alterations, Modifications and Additions ................... 36
Section 9. Voluntary Termination ............................................. 37
(a) Termination Event .......................................... 37
(b) Optional Sale of the Aircraft; Sublessor Retention Option;
Revocation of Termination Notice ........................... 38
Section 10. Loss, Destruction, Requisition, etc. .............................. 41
(a) Sublease Event of Loss with Respect to the Aircraft ........ 41
(b) Sublease Event of Loss with Respect to an Engine ........... 44
(c) Application of Payments from Governmental Authorities
for Requisition of Title, etc. ............................. 45
(d) Requisition for Use of the Aircraft by the United
Government or the Government of Registry of the Aircraft ... 45
(e) Requisition for Use of an Engine by the United States
Government or the Government of Registry of the Aircraft ... 46
(f) Application of Payments During Existence of Sublease
Event of Default ........................................... 47
Section 11. Insurance ......................................................... 47
(a) Sublessee's Obligation to Insure ........................... 47
(b) Insurance for Own Account .................................. 47
</TABLE>
-ii-
<PAGE>
Sublease Agreement
(MSN 30808)
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
Page
----
<S> <C>
(c) Indemnification by Government in Lieu of Insurance ......... 47
(d) Application of Insurance Proceeds .......................... 48
Section 12. Inspection ........................................................ 48
Section 13. Assignment ........................................................ 49
Section 14. Sublease Events of Default ........................................ 51
Section 15. Remedies .......................................................... 53
Section 16. Sublessee's Cooperation Concerning Certain Matters ................ 56
(b) Aid in Lease or Sale ....................................... 57
Section 17. Notices ........................................................... 57
Section 18. Net Sublease; No Set-Off, Counterclaim, etc. ....................... 57
Section 19. Renewal Options; Purchase Options; Valuation ...................... 58
(a) Renewal Options; Renewal Term, Additional Renewal Term ..... 58
(b) Purchase Options ........................................... 59
(c) Valuation .................................................. 60
Section 20. Burdensome Purchase Option ........................................ 60
Section 21. Security for Sublessor's Obligation to Holders of Equipment
Notes ............................................................. 61
Section 22. Sublessor's Right to Perform for Sublessee ........................ 62
Section 23. Investment of Security Funds ...................................... 62
Section 24. Jurisdiction ...................................................... 62
Section 25. Miscellaneous ..................................................... 62
Section 26. Third Party Beneficiary ........................................... 63
Section 27. Lease for U.S. Federal Income Tax Law Purposes; Section 1110
of Bankruptcy Code; Head Lease Document Amendments; Transfers ..... 63
(a) Lease for Federal Income Tax Law Purposes .................. 63
(b) Section 1110 of Bankruptcy Code ............................ 63
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