Common use of Damages and Remedies Clause in Contracts

Damages and Remedies. (a) If the sale of the Aircraft does not occur before the Final Delivery Date as a result of (i) the failure of Seller to cause each of the conditions set forth in Section 3.1 to be satisfied or to perform any of its other obligations under the Sale Documents, and/or (ii) the failure of Lessee to cause each of the conditions set forth in Sections 3.1 and 3.2 of the Lease to be satisfied, then Buyer may by notice to Seller terminate its obligations to purchase the Aircraft from Seller. Buyer shall be entitled to exercise any and all rights and remedies, available by law, for Seller’s failure to perform its obligations under the Sale Documents. (b) If the sale of the Aircraft does not occur before the Final Delivery Date as a result of the failure of Buyer to cause each of the conditions set forth in Section 3.2 to be satisfied or to perform any of its other obligations under the Sale Documents, then Seller may by notice to Buyer terminate its obligation to sell the Aircraft to Buyer. Seller shall be entitled to exercise any and all rights and remedies, available by law or in equity, for Buyer’s failure to perform its obligations under the Sale Documents.