Event of Loss

Event of Loss. Shall mean, with respect to the Aircraft, an Engine or any Part thereof, any damage requiring the completion of an FAA Form 337, Major Repair and Alteration Statement which results in the payment of an insurance settlement for the actual or constructive total loss of the Aircraft, Engine(s) or any such Part or the loss of use thereof due to the theft, destruction, damage beyond repair or rendition thereof permanently unfit for normal use for any reason whatsoever, or the condemnation or... grounding of all Learjet 60 series aircraft by any governmental authority for more than one year, or confiscation or seizure of, or requisition of title to or use of the Aircraft. View More