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

Event of Loss With Respect to Airframe. Upon the occurrence of an Event of Loss with respect to the Aircraft, Lessee shall give Lessor prompt written notice thereof and within five (5) Business Days following the date of the occurrence of such Event of Loss. On or before the Business Day next preceding the earlier of (i) the 61st day following the date of the occurrence of such Event of Loss, or (ii) five days following the receipt of insurance proceeds with respect to such occurrence, Lessee shall pay to Lessor (A) the Stipulated Loss Value for the Aircraft and (B) any other Rent which is due and payable through and including such date. In the event of payment in full of the Stipulated Loss Value for such Aircraft pursuant to this Section 10.1 and all other Rent and amounts then due and payable hereunder by Lessee, the obligation of Lessee to pay Basic Rent hereunder with respect to such Aircraft for any period commencing after the date of such payment of Stipulated Loss Value shall terminate (but Lessee shall remain liable for all payments of Rent, including Basic Rent for such Aircraft, due or accrued through and including the date of such payment of Stipulated Loss Value), the Term for such Aircraft shall end, and Lessor will transfer the Aircraft to Lessee on an "as-is, where-is" basis, free and clear of Lessor Liens, but otherwise without recourse, representation or warranty, express or implied.