Common use of Correction of Discrepancies Clause in Contracts

Correction of Discrepancies. The obligation of Lessee to lease the Leased Property from Lessor is subject to Lessor delivering the Leased Property to Lessee in compliance with the conditions set forth on Schedule 3. If Lessor corrects all material discrepancies from the conditions set forth on Schedule 3 before delivery, or if Lessor and Lessee agree that Lessor will correct or pay for their correction as set forth on Annex 2 to the Certificate of Delivery Condition, then Lessee shall accept the Leased Property. If, on the Scheduled Delivery Date, the Aircraft is not, in all material respects, in the condition set forth in Schedule 3 and Lessor and Lessee do not agree upon the correction of or payment for such material discrepancies within 60 days after the Scheduled Delivery Date, then Lessee may by notice to Lessor given not later than 75 days after the Scheduled Delivery Date terminate this Agreement. If Lessee fails to give any such termination notice within 75 days after the Scheduled Delivery Date, Lessee shall be deemed to have accepted the Leased Property for all purposes of this Agreement.