Common use of Delay or Failure in Delivery Clause in Contracts

Delay or Failure in Delivery. 6.2.1 Sublessee and Sublessor expressly acknowledge that Delivery of the Aircraft to Sublessee is subject to and conditioned upon completion of the Delivery Work. Sublessor will not be liable for any loss or expense, or any loss of profit, arising from any delay or failure in Delivery to Sublessee unless such delay or failure arises as a direct consequence of the gross negligence or willful default of Sublessor. 6.2.2 If a delay, not caused by Sublessor's or Sublessee's breach of this Agreement, causes Delivery to be delayed beyond seventy-five (75) days after the Scheduled Delivery Date either party will have the right to terminate this Agreement by giving the other party written notice within ten (10) Business Days after such date and this Agreement will terminate on the date of receipt of such notice. In the event of such termination, neither party will have any further obligation or liability to the other under this Agreement, except that Sublessor will repay to Sublessee under this Agreement any prepaid Rent, the amount of the Security Deposit, if paid, and will return the Letter of Credit. If either party does not give notice of termination within such ten (10) Business Days, both parties lose all rights to terminate under this Clause 6.2.2, unless otherwise agreed by the parties.

Delay or Failure in Delivery. 6.2.1 Sublessee and Sublessor expressly acknowledge that Delivery of the Aircraft to Sublessee is subject to and conditioned upon completion of the Delivery Work. Sublessor will not be liable for any loss or expense, or any loss of profit, arising from any delay or failure in Delivery to Sublessee unless such delay or failure arises as a direct consequence of the gross negligence or willful wilful default of Sublessor. 6.2.2 If a delay, not caused by Sublessor's or Sublessee's breach of this Agreement, causes Delivery to be delayed beyond seventy-five (75five(75) days after the Scheduled Delivery Date either party will have the right to terminate this Agreement by giving the other party written notice within ten (10) Business Days after such date and this Agreement will terminate on the date of receipt of such notice. In the event of such termination, neither party will have any further obligation or liability to the other under this Agreement, except that Sublessor will repay to Sublessee under this Agreement any prepaid Rent, the amount of the Security Deposit, if paid, and will return the Letter of Credit. If either party does not give notice of termination within such ten (10) Business Days, both parties lose all rights to terminate under this Clause 6.2.2, unless otherwise agreed by the parties.

Delay or Failure in Delivery. 6.2.1 Sublessee and Sublessor expressly acknowledge that Delivery of the Aircraft to Sublessee is subject to and conditioned upon completion of the Delivery Work. Sublessor will not be liable for any loss or expense, or any loss of profit, arising from any delay or failure in Delivery to Sublessee unless such delay or failure arises as a direct consequence of the gross negligence or willful wilful default of Sublessor. 6.2.2 If a delay, not caused by Sublessor's or Sublessee's breach of this Agreement, causes Delivery to be delayed beyond seventy-five (75) days 75)days after the Scheduled Delivery Date either party will have the right to terminate this Agreement by giving the other party written notice within ten (10) Business Days after such date and this Agreement will terminate on the date of receipt of such notice. In the event of such termination, neither party will have any further obligation or liability to the other under this Agreement, except that Sublessor will repay to Sublessee under this Agreement any prepaid Rent, the amount of the Security Deposit, if paid, and will return the Letter of Credit. If either party does not give notice of termination within such ten (10ten(10) Business Days, both parties lose all rights to terminate under this Clause 6.2.2, unless otherwise agreed by the parties.