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

Event of Loss with Respect to the Airframe. Subject to the other provisions of this Section 11, upon an Event of Loss with respect to the Airframe or the Airframe and any Engines then installed thereon, Lessee shall forthwith (and, in any event, within five (5) Business Days after such occurrence) give Lessor written notice of such occurrence and within thirty (30) days after such occurrence give Lessor written notice of its election, subject to the terms hereof and of the Indenture, to perform one of the following two options (it being agreed that if Lessee shall not have given Lessor notice of such election within thirty (30) days after such occurrence, Lessee shall be deemed to have elected to perform the option set forth in the following clause (ii)), provided, that Lessee shall not have the right to select the option set forth in clause (i) if a Default or an Event of Default shall have occurred and be continuing at the time of such election or at the time of replacement or if the Foreign Lease Agreement does not permit such replacement or requires the payment of additional amounts thereunder (unless Lessee in its election pays such amount due as a result thereof under the Foreign Lease Agreement): (i) within one hundred twenty (120) days (the "Replacement Period") after the date of the Event of Loss (but in no event later than the last day of the Term) Lessee shall convey, or cause to be conveyed to Lessor as provided in Section 11(c) hereof, to be subjected to the Lien of the Indenture if it has not been discharged, and to be leased by Lessee hereunder in replacement of the Airframe and such (ii) On a Stipulated Loss Value Date on or before one hundred twenty (120) days after the date of the Event of Loss or, if earlier, with respect to insurance proceeds, on the date on which insurance proceeds with respect to the Event of Loss are received by the loss payee (but in no event later than the last day of the Term) Lessee

Event of Loss with Respect to the Airframe. Subject to the other provisions of this Section 11, upon an Event of Loss with respect to the Airframe or the Airframe and any Engines then installed thereon, Lessee shall forthwith (and, in any event, within five (5) Business Days after such occurrence) give Lessor written notice of such occurrence and within thirty (30) days after such occurrence give Lessor written notice of its election, subject to the terms hereof and of the Indenture, to perform one of the following two options (it being agreed that if Lessee shall not have given Lessor notice of such election within thirty (30) days after such occurrence, Lessee shall be deemed to have elected to perform the option set forth in the following clause (ii)), provided, that Lessee shall not have the right to select the option set forth in clause (i) if a Default or an Event of Default shall have occurred and be continuing at the time of such election or at the time of replacement or if the Foreign Lease Agreement does not permit such replacement or requires the payment of additional amounts thereunder (unless Lessee in its election pays such amount due as a result thereof under the Foreign Lease Agreement): (i) within one hundred twenty (120) days (the "Replacement Period") after the date of the Event of Loss (but in no event later than the last day of the Term) Lessee shall convey, or cause to be conveyed to Lessor as provided in Section 11(c) hereof, to be subjected to the Lien of the Indenture if it has not been discharged, and to be leased by Lessee hereunder in replacement of the Airframe and suchLoss (ii) On a Stipulated Loss Value Date on or before one hundred twenty (120) days after the date of the Event of Loss or, if earlier, with respect to insurance proceeds, on the date on which insurance proceeds with respect to the Event of Loss are received by the loss payee (but in no event later than the last day of the Term) Lesseeinsurance