ACCEPTANCE UNDER LEASE. Lessor hereby appoints Lessee as Lessor's agent for the sole purpose of accepting delivery of the Equipment from the Supplier. Upon delivery, Lessee shall inspect and, if conforming to the condition required by the applicable Supply Contract, accept the Equipment and execute and deliver to Lessor a Schedule describing such Equipment. The Schedule will evidence Lessee's unconditional and irrevocable acceptance under the Schedule of the Equipment described therein. However, if Lessee fails to accept delivery of any item of the Equipment, or accepts such Equipment but fails to satisfy any or all of the other conditions set forth in Section 5, Lessor shall have no obligation to purchase or lease such Equipment. In such event, Lessor's rights shall include, among other things, the right to demand that Lessee (a) fully assume all obligations as purchaser of the Equipment, with the effect of causing Lessor to be released from any liability relating thereto, (b) immediately remit to Lessor an amount sufficient to reimburse it for all advance payments, costs, taxes or other charges paid or incurred with respect to the Equipment (including any of such amounts paid by Lessor to Supplier under the Supply Contract or as a reimbursement to Lessee), together with interest at the Late Charge Rate accruing from the date or dates such amounts were paid by Lessor until indefeasibly repaid by Lessee in full, and (c) take all other actions necessary to accomplish such assumption.
ACCEPTANCE UNDER LEASE. Lessor shall lease to Lessee, and Lessee shall accept and lease from Lessor, the Aircraft on the terms and conditions set forth herein, such leasing to be evidenced by the execution and delivery of a Lease Acceptance Supplement.
ACCEPTANCE UNDER LEASE. Lessee covenants and agrees that, as of the Effective Date, Lessee shall be deemed to have accepted the Equipment even if Xxxxxx fails to execute and deliver a Schedule describing such Equipment. Each Schedule will evidence Xxxxxx’s unconditional and irrevocable acceptance under the Schedule of the Equipment described therein.
ACCEPTANCE UNDER LEASE. (a) Conditions Precedent
ACCEPTANCE UNDER LEASE. Lessee covenants and agrees that Lessee is already in possession of the Equipment and that Lessee’s possession of the Equipment shall be deemed acceptance of the Equipment, even if Lessee fails to execute and deliver a Schedule describing such Equipment. Each Schedule will evidence Lessee's unconditional and irrevocable acceptance under the Schedule of the Equipment described therein.
ACCEPTANCE UNDER LEASE. 2-1 (a) Conditions Precedent......................................2-1 (b) Time of Delivery..........................................2-3 (c) Place of Delivery.........................................2-3 (d) Test Flight; Customer Walk-Around.........................2-3 (e) Change Orders.............................................2-3 (f) Development Changes.......................................2-4 (g) Use of Aircraft by Manufacturer...........................2-4 (h) Lessor Aircraft Modifications.............................2-4 ARTICLE 3.
ACCEPTANCE UNDER LEASE. Upon delivery, Xxxxxx shall inspect and, if conforming to the condition required by the applicable Supply Contract, accept the Equipment and execute and deliver to Lessor a Schedule describing such Equipment. The Schedule will evidence Xxxxxx's unconditional and irrevocable acceptance under the Schedule of the Equipment described therein. However, if Xxxxxx fails to accept delivery of any item of the Equipment or accepts such Equipment but fails to satisfy any or all of the other conditions set forth in Section 5, Lessor shall have no obligation to lease such Equipment. In such event, Lessor's rights shall include, among other things, the right to demand that Lessee (a) fully assume all obligations as purchaser of the Equipment, with the effect of causing Lessor to be released from any liability relating thereto, (b) immediately remit to Lessor an amount sufficient to reimburse it for all advance payments, costs, taxes or other charges paid or incurred with respect to the Equipment (including any of such amounts paid by Lessor to any Supplier under the Supply Contract or as a reimbursement to Xxxxxx), together with interest at the Late Charge Rate accruing from the date or dates such amounts were paid by Lessor until indefeasibly repaid by Xxxxxx in full, and (c) take all other actions necessary to accomplish such assumption.
ACCEPTANCE UNDER LEASE. ..................................................................2-1
ACCEPTANCE UNDER LEASE. Lessor hereby appoints Lessee as Lessor’s agent for the sole purpose of accepting delivery of the Equipment from the Supplier. Upon delivery, Lessee shall inspect and, if conforming to the condition required by the applicable Supply Contract, accept the Equipment and execute and deliver to Lessor an Acceptance Certificate describing such Equipment. The Acceptance Certificate will evidence Lessee’s unconditional and irrevocable acceptance under the Schedule of the Equipment described therein. However, if Lessee fails to accept delivery of any item of the Equipment, or accepts such Equipment but fails to satisfy any or all of the other conditions set forth in Section 5, Lessor shall have no obligation to purchase or lease such Equipment. In such event, Lessor’s rights shall include, among other things, the right to demand that Lessee (a) fully assume all obligations as purchaser of the Equipment, with the effect of causing Lessor to be released from any liability relating thereto,
ACCEPTANCE UNDER LEASE. The Lessor hereby agrees (subject to satisfaction of the conditions set forth in Sections 2 and 5 of the Participation Agreement) to accept delivery of, and simultaneously to lease to the Lessee hereunder, and the Lessee hereby agrees to lease from the Lessor hereunder, each of the Aircraft. By execution and delivery of a Lease Supplement in respect of an Aircraft, the Lessee confirms to the Lessor that such Aircraft has been duly marked in accordance with the terms of Section 7(d) hereof and that the Lessee has accepted such Aircraft on its own behalf for all purposes hereof and on behalf of the Lessor for all purposes of the Operative Agreements. From and after the Delivery Date and throughout the Term until an Aircraft is redelivered to Lessor in accordance herewith, Lessee shall bear all risk of loss, damage, theft or destruction of, or any other Event of Loss with respect to, such Aircraft or to such Airframe, any Engine or any Part.
