Casualty to Aircraft Preceding Delivery. In the event that an Event of Loss occurs with respect to the Aircraft prior to the Effective Date hereof, this Lease shall thereupon terminate and neither LESSOR nor LESSEE shall have any further obligation to the other hereunder.
Appears in 2 contracts
Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Casualty to Aircraft Preceding Delivery. In the event that an Event of Loss occurs with respect to the Aircraft prior to the Effective Date hereof, this Lease shall thereupon terminate and neither LESSOR nor LESSEE shall have any further obligation to the other hereunderhereunder except that LESSOR shall, as promptly as is reasonably practicable, return so much of the Security Deposit that has been paid to it to LESSEE.
Appears in 2 contracts
Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Casualty to Aircraft Preceding Delivery. In the event that an any Event of Loss occurs with respect to the Aircraft prior to the Effective Date hereof, this Lease shall thereupon terminate and neither the LESSOR nor LESSEE shall have any further liability or obligation to the other hereunder.
Appears in 1 contract
Samples: Aircraft Lease Agreement (American Income Fund I-D)
