Common use of Wet Lease Clause in Contracts

Wet Lease. Without the prior consent of Lessor, Lessee may enter into one or more arrangements whereby Lessee agrees to furnish the Aircraft to a third party pursuant to which the Aircraft (1) shall at all times be in the sole possession and control of Lessee, and shall at all times maintain its registration in the State of Registration, (2) shall be operated in all respects solely by regular employees of Lessee, and (3) shall be maintained, insured and otherwise operated by Lessee in accordance with the requirements of this Lease Agreement and each other Operative Document, provided no such arrangement extends beyond 135 days (including extensions and renewals) or past the last day of the Lease Term. The rights of any Person who receives possession by reason of a transfer permitted by this Section 8 shall be effectively and expressly subject and subordinate to all the terms of this Lease Agreement and each other Operative Document, including the covenants contained in this Section 8 and Section 11 and the rights of Lessor to repossession pursuant to Section 13 and to avoid transfer upon such possession. No sublease or other relinquishment or transfer of possession of the Aircraft or Airframe, or any Engine or Part, shall in any way release, discharge or otherwise limit or diminish any of Lessee's obligations to Lessor or any Financing Party (it being agreed that notwithstanding any such sublease or other transfer or relinquishment of possession, Lessee shall continue to be primarily liable and responsible for performance of all of its obligations under this Lease Agreement and each other Operative Document), or constitute a waiver of Lessor's rights or remedies hereunder or affect the registration of the Aircraft with the Aviation Authority. Notwithstanding any other provision of this Lease Agreement or any other Operative Document, any sublease or other relinquishment or transfer of possession must not adversely affect applicable tax benefits available to Lessor.