Common use of Event of Loss With Respect to Aircraft Clause in Contracts

Event of Loss With Respect to Aircraft. Upon the occurrence of an Event of Loss with res pect to the Aircraft, Lessee shall forthwith (and, in any event, within two (2) Business Days after such occurrence) give Lessor written notice of such Event of Loss and shall pay to Lessor on the sixtieth (60th) day following the occurrence of such Event of Loss or, if the insurance or other proceeds have been paid for such Event of Loss before such 60th day, upon receipt of such proceeds, the Stipulated Loss Value and all other sums (if any) then due and payable hereunder by Lessee to Lessor; provided further that during the period from the occurrence of such an Event of Loss and ending on the date that Lessee complies with its obligations under this Clause 11.1 the Lease Term shall continue and, therefore, the Aircraft shall be deemed to be continued to be leased by Lessor to Lessee hereunder and Lessee shall continue to pay Rent in accordance with Clause 4. 1. Any such payment shall be limited to amounts actually contributed by Lessee and paid into such Maintenance Reserve Accounts and Lessor shall transfer to Lessee or to Lessee's designee, on an "as-is, where-is" basis but otherwise without recourse or warranty except that such title shall be free and clear of all Lessor Liens, all of such rights, title and interest as Lessor may have in and to the Aircraft, as well as all of Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of loss, free and clear of Lessor Liens, and Lessor shall, at Lessee's expense, execute and deliver such bills of sale and other docu ments and instruments as Lessee shall reasonably request to evidence (on the public record or otherwise) such transfer and the vesting of such right, title and interest in and to the Aircraft in Lessee. On compliance by Lessor of its obligations under this Clause 11.1 the Lease Term shall be deemed to terminate and Lessee shall thereupon no longer be obliged to pay Rent in respect of the Aircraft pursuant to Clause 4.

Event of Loss With Respect to Aircraft. Upon the occurrence of an Event of Loss with res pect respect to the Aircraft, Lessee shall forthwith (and, in any event, within two (2) Business Days after such occurrence) give Lessor written notice of such Event of Loss and shall pay to Lessor on the sixtieth (60th) day following the occurrence of such Event of Loss or, if the insurance or other proceeds have been paid for such Event of Loss before such 60th day, upon receipt of such proceeds, the Stipulated Loss Value and all other sums (if any) then due and payable hereunder by Lessee to Lessor; provided further that during the period from the occurrence of such an Event of Loss and ending on the date that Lessee complies with its obligations under this Clause 11.1 the Lease Term shall continue and, therefore, the Aircraft shall be deemed to be continued to be leased by Lessor to Lessee hereunder and Lessee shall continue to pay Rent in accordance with Clause 4. 1. Any At such payment time as Lessor shall be limited to amounts actually contributed by Lessee and paid into such Maintenance Reserve Accounts and have been fully compensated as required under this Clause 11.1, Lessor shall transfer to Lessee or to Lessee's designee, on an "as-is, where-is" basis but otherwise without recourse or warranty except that such title shall be free and clear of all Lessor Liens, all of such rights, title and interest as Lessor may have in and to the Aircraft, as well as all of Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of loss, free and clear of Lessor Liens, and Lessor shall, at Lessee's expense, execute and deliver such bills of sale and other docu ments documents and instruments as Lessee shall reasonably request to evidence (on the public record or otherwise) such transfer and the vesting of such right, title and interest in and to the Aircraft in Lessee. On compliance by Lessor of its obligations under this Clause 11.1 the Lease Term shall be deemed to terminate and Lessee shall thereupon no longer be obliged to pay Rent in respect of the Aircraft pursuant to Clause 4.