In the event of any loss covered by this binder, prompt notice thereof shall be given by the Insured to the Under Secretary of Commerce for Transportation, but failure to give such prompt notice because of wartime conditions or regulations shall not prejudice this insurance. The Insurer shall be subrogated to all rights which the Insured may have against any other person or entity in respect to any payment made under this binder to the extent of such payment, and the Insured shall, upon the request of the Insurer, execute all documents necessary to secure such rights to the Insurer.

Warranted that during the period of this binder and the term of any insurance attaching hereunder the aircraft is an American aircraft as defined in section 1301(a), Title XIII of the Federal Aviation Act of 1958, as amended, and if, at any time during the binder period or after insurance attaches hereunder the aircraft shall cease to be an American aircraft as so defined, or ceases to be under the agreement with the Department of State, this binder and insurance provided hereunder shall automatically terminate at the time of such change with respect to such aircraft, without return of binding fee unless The Under Secretary of Commerce for Transportation agrees otherwise.

From time to time the Director, Office of Emergency Transportation, Office of the Under Secretary of Commerce for Transportation issues planning orders allocating aircraft to the Department of Defense, identified by FAA registration number, for the Civil Reserve Air Fleet Program and/or as a reserve fleet for use in certain contingencies in the Civil Reserve Air Fleet Program of the Department of Defense. The current listing of aircraft allocations will appear in the. notice section of the FEDERAL REGISTER. § 1502.2 Reporting requirements.

In the event any aircraft identified in the allocations in effect:

(a) Is destroyed or suffers major damage, the owner and/or operator, shall give immediate notice thereof to the. Director, Office of Emergency Transportation, or

(b) Is sold, leased or otherwise transferred, the transferor and/or owner shall give immediate notice thereof to the Director, Office of Emergency Transportation together with full information concerning the identity of the transferee, the date and place of transfer, and the terms and conditions of the transfer.