Common use of Event of Loss with Respect to the Airframe Clause in Contracts

Event of Loss with Respect to the Airframe. Upon the occurrence of an Event of Loss with respect to the Airframe, or the Airframe and the Engines or engines or Propellers or propellers then installed on the Airframe, Lessee shall forthwith (and, in any event, within three days after such occurrence) give Lessor written notice of such Event of Loss, and on or prior to the earlier of (i) the ninetieth (90th) day following the day of occurrence of such Event of Loss and (ii) the date of receipt of insurance payments in respect of such occurrence, Lessee shall pay: (1) to Lessor the sum of (A) the Stipulated Loss Value for the Aircraft as set forth in the Stipulated Loss Value Table computed using the Base Rent Payment Date immediately preceding the date on which such Event of Loss occurred (or, if such Event of Loss occurred on a Base Rent Payment Date, computed using such Base Rent Payment Date or, if such Event of Loss occurs before the First Base Rent Payment Date, computed using the Delivery Date), plus (B) interest on the amount determined pursuant to clause (A) at an effective rate per annum equal to the Base Rate computed for the actual number of days elapsed (on the basis of a 365-or 366-day year as the case may be) from the date of the Event of Loss to the date of payment of such Stipulated Loss Value, including the date of the Event of Loss but excluding the date of payment; and (2) to Lessor the sum of any Supplemental Rent otherwise due and payable on or before such payment date. If all such Stipulated Loss Values and all such other amounts, including, without limitation, any unpaid or accrued Rent, are paid in full, (x) the obligation of Lessee to pay all succeeding payments of Base Rent after the Event of Loss hereunder with respect to the Aircraft shall terminate on the Base Rent Payment Date immediately preceding the date of such Event of Loss or as of the Base Rent Payment Date if such Event of Loss occurs on the Base Rent Payment Date, and (y) provided that if (or when) no Default or Event of Default exists, Lessor will transfer or cause to be transferred to Lessee, Lessor's title to the Aircraft, including the Engines and Propellers or a number of engines and propellers equal to the number of engines and propellers (which are not Engines and Propellers) installed on the Aircraft at the time such Event of Loss occurred, free and clear of Lessor Liens, and Lessee shall be subrogated to all claims, if any, of Lessor against third parties for damage to or loss of the Aircraft subject to such Event of Loss (other than against insurers under insurance policies paid for by Lessor). Such transfer to Lessee shall not affect or limit in any way any obligations of Lessee hereunder unless specifically discharged by such payment of Stipulated Loss Value and Rent.