Common use of Corrections and Subsequent Corrections Clause in Contracts

Corrections and Subsequent Corrections. In the event that the Aircraft or any Engine fails upon the Return Occasion to conform to the return condition requirements imposed by this Lease and particularly Section 16 or Exhibit E, Lessor may (i) continue the obligations of the Lessee under the Lease in effect in the manner provided for in Section 16(a) above until such condition or requirement is met or (ii) accept the return of the Aircraft and thereafter have any such nonconformance corrected or requirement met, at such time as Lessor may deem appropriate the actual and commercially reasonable and customary charges then charged by the Person selected by Lessor to perform such correction. Any direct expense incurred by Lessor for such correction shall become Supplemental Rent payable by Lessee within thirty (30) days following the submission of a written statement by Lessor to Lessee, identifying the items corrected and setting forth the expense of such correction. Lessee's obligations to pay such Supplemental Rent shall survive the passage of the Expiration Date or other termination of this Lease.

Appears in 2 contracts

Sources: Aircraft Lease Agreement (Frost Hanna Mergers Group Inc), Aircraft Lease Agreement (Frost Hanna Mergers Group Inc)