Common use of Put Price Clause in Contracts

Put Price. In the event Airco puts any Aircraft to Groundco pursuant to Subsection 12.4(a), and so long as any amounts remain outstanding under the First Promissory Note, the Put Price will be, at Groundco's option, either of the following: (i) the lower of the Book Value or Fair Market Value of the affected Aircraft, and the amounts owed by Airco under the First Promissory Note will be reduced by the excess (if any) of Book Value over Fair Market Value so long as the First Promissory Note is outstanding; or (ii) the higher of the Book Value or Fair Market Value of the affected Aircraft, and the First Promissory Note will remain outstanding. Notwithstanding the foregoing, if the First Promissory Note is no longer outstanding, the Put Price will be the higher of the Book Value or Fair Market Value of the affected Aircraft.

Put Price. In the event Airco puts any Aircraft to Groundco pursuant to Subsection 12.4(a), and so long as any amounts remain outstanding under the First Promissory Note, the Put Price will be, at Groundco's ’s option, either of the following: (i) the lower of the Book Value or Fair Market Value of the affected Aircraft, and the amounts owed by Airco under the First Promissory Note will be reduced by the excess (if any) of Book Value over Fair Market Value so long as the First Promissory Note is outstanding; or (ii) the higher of the Book Value or Fair Market Value of the affected Aircraft, and the First Promissory Note will remain outstanding. Notwithstanding the foregoing, if the First Promissory Note is no longer outstanding, the Put Price will be the higher of the Book Value or Fair Market Value of the affected Aircraft.