CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 or 15.1.2 with respect to the Airframe and/or any Engine, or any Part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value Date next occurring not less than 10 days after the date of such notice), may demand Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts: (a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to the Stipulated Loss Value Date specified in such notice; plus (b) whichever of the following amounts Lessor, in its sole discretion shall specify in such notice: (i) an amount equal to the excess, if any, of the present value, computed as of the Stipulated Loss Value Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate, compounded semiannually, of all unpaid Interim Rent and Basic Rent during the then remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate, compounded semiannually) as of the Stipulated Loss Value Date specified in such notice, or (ii) an amount equal to the excess, if any, of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value Date specified in such notice; plus (c) interest on the amounts specified in the foregoing clause (a) at the Payment Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus (d) interest on the amount specified in the foregoing clause (b)(i) or (b)(ii), according to Lessor's election, at the Payment Due Rate from and including the Stipulated Loss Value Date specified in such notice to the date of payment of such amount.
Appears in 10 contracts
Samples: Lease Agreement (Continental Airlines Inc /De/), Lease Agreement (Continental Airlines Inc /De/), Lease Agreement (Continental Airlines Inc /De/)
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 § 14.1.1 or 15.1.2 § 14.1.2 with respect to the Airframe and/or Aircraft, the Airframe, any Engine, Engine or any Part thereofof the Returnable Records, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value first SLV Date next occurring not less than 10 days after the date of such notice), may demand that Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section § 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, (as the case may be, applicable) for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to before the Stipulated Loss Value SLV Date specified in such notice; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify specifies in such notice:
(i1) an amount equal to the excess, excess (if any, ) of the present value, computed as of the Stipulated Loss Value SLV Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate180-day LIBOR, compounded semiannually, of all unpaid Interim Rent and Basic Rent payable during the then then-remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate180-day LIBOR, compounded semiannually) as of the Stipulated Loss Value SLV Date specified in such notice, or
(ii2) an amount equal to the excess, excess (if any, ) of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value SLV Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value SLV Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Past-Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(ib)(1) or (b)(iib)(2), according to Lessor's ’s election, at the Payment Past-Due Rate from and including the Stipulated Loss Value SLV Date specified in such notice to the date of payment of such amount; plus
(e) any Make-Whole Amount; plus
(f) all other amounts due pursuant to § 14.1.6.
Appears in 1 contract
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section (S) 15.1.1 or (S) 15.1.2 with respect to the Airframe and/or or any Engine, or any Part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value first SLV Date next occurring not less than 10 days after the date of such notice), may demand that Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section (S) 3.3, as liquidated damages damageS for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, (as the case may be, applicable) for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to before the Stipulated Loss Value SLV Date specified in such notice; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify specifies in such notice:
(i1) an amount equal to the excess, excess (if any, ) of the present value, computed as of the Stipulated Loss Value SLV Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate, compounded semiannually, of all unpaid Interim Rent and Basic Rent during the then then-remaining portion of the Base Lease Term (or, if a Renewal Lease Term has commenced, of all unpaid Renewal Basic Rent during the remaining portion of such Renewal Lease Term, ) over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate, compounded semiannually) as of the Stipulated Loss Value SLV Date specified in such notice, or
(ii2) an amount equal to the excess, excess (if any, ) of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value SLV Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value SLV Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Past-Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(ib)(1) or (b)(iib)(2), according to Lessor's election, at the Payment Past-Due Rate from and including the Stipulated Loss Value SLV Date specified in such notice to the date of payment of such amount; plus
(e) all other amounts due pursuant to (S) 15.1.7.
Appears in 1 contract
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 14.1 or 15.1.2 14.2 with respect to the Airframe and/or any Engine, or any Part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value Date next occurring not less than 10 ten days after the date of such notice), ) may demand Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section 3.33.5, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), ) the following amounts:
(a) all accrued and unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at and Supplemental Rent payable hereunder in respect of any time period prior to the Stipulated Loss Value Date specified in such notice; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify in such notice:
: (i) an amount equal to the excess, if any, of the present value, computed as of the Stipulated Loss Value Date specified in such notice, discounted to such date at a rate per annum equal to the Debt SLV Rate, compounded semiannuallymonthly on a bond basis, of all unpaid Interim Rent and Basic Rent during the then remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt SLV Rate, compounded semiannuallymonthly on a bond basis) as of the Stipulated Loss Value Date specified in such notice, or
or (ii) an amount equal to the excess, if any, of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value Date specified in such noticenotice minus any Basic Rent due on or after such Stipulated Loss Value Date and paid to Lessor; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Past Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(i) or (b)(ii), according to Lessor's election, at the Payment Due Rate from and including the Stipulated Loss Value Date specified in such notice to the date of payment of such amount.
Appears in 1 contract
Samples: Global Aircraft Transaction Agreement (Republic Airways Holdings Inc)
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 or 15.1.2 with respect to the Airframe and/or any Engine, or any Part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value Date next occurring not less than 10 days after the date of such notice), may demand Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to the Stipulated Loss Value Date specified in such notice; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify in such notice:
(i) an amount equal to the excess, if any, of the present value, computed as of the Stipulated Loss Value Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate, compounded semiannually, of all unpaid Interim Rent and Basic Rent during the then remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate, compounded semiannually) as of the Stipulated Loss Value Date specified in such notice, or
(ii) an amount equal to the excess, if any, of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(i) or (b)(ii), according to Lessor's election, at the Payment Due Rate from and including the Stipulated Loss Value Date specified in such notice to the date of payment of such amount.
Appears in 1 contract
Samples: Lease Agreement (Atlas Air Inc)
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 or 15.1.2 with respect to the Airframe and/or any Engine, or any Part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value Date next occurring not less than 10 days after the date of such notice), may demand Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to the Stipulated Loss Value Date specified in such noticenotice and if such Stipulated Loss Value Date is a Payment Date on which Basic Rent is payable in arrears, the amount thereof payable in arrears; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify in such notice:
(i) an amount equal to the excess, if any, of the present value, computed as of the Stipulated Loss Value Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate, compounded semiannually, of all unpaid Interim Rent and Basic Rent during the then remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate, compounded semiannually) as of the Stipulated Loss Value Date specified in such notice, or
(ii) an amount equal to the excess, if any, of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(i) or (b)(ii), according to Lessor's election, at the Payment Due Rate from and including the Stipulated Loss Value Date specified in such notice to the date of payment of such amount.
Appears in 1 contract
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 or 15.1.2 with respect to the Airframe and/or any Engine, or any Part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value Date next occurring not less than 10 days after the date of such notice), may demand Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to the Stipulated Loss Value Date specified in such notice, but excluding Basic Rent or Renewal Rent due on such Stipulated Loss Value Date; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify in such notice:
(i) an amount equal to the excess, if any, of the present value, computed as of the Stipulated Loss Value Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate, compounded semiannually, of all unpaid Interim Rent and Basic Rent during the then remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate, compounded semiannually) as of the Stipulated Loss Value Date specified in such notice, or
(ii) an amount equal to the excess, if any, of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) an amount equal to the excess, if any, of (i) the amount, if any, set forth in Schedule 3 hereto in the column with the heading "Deferred Basic Rent" opposite the Stipulated Loss Value Date specified in such notice, over (ii) the amount, if any, set forth in Schedule 3 hereto in the column with the heading "Prepaid Basic Rent" opposite the Stipulated Loss Value Date specified in such notice;
(e) interest on the amount specified in the foregoing clause clauses (b)(ib) or and (b)(ii), according to Lessor's election, d) at the Payment Due Rate from and including the Stipulated Loss Value Date specified in such notice to the date of payment of such amount. If Lessor by written notice specifies a payment date under this Section 15.1.3 with respect to the Aircraft, then upon payment by Lessee on such payment date of all amounts described in this Section 15.1.3 and all other Supplemental Rent due and payable, if and to the extent the amount specified in the foregoing clause (d)(ii) of this Section 15.1.3 exceeds the aggregate amount specified in the foregoing clause (d)(i) of this Section 15.1.3, Lessor shall pay to Lessee an amount equal to such excess but only out of funds provided to it for such purpose by the Owner Participant or distributed to it by the Security Trustee.
Appears in 1 contract
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 § 14.1.1 or 15.1.2 § 14.1.2 with respect to the Airframe and/or Aircraft, the Airframe, any Engine, Engine or any Part thereofof the Returnable Records, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value first SLV Date next occurring not less than 10 days after the date of such notice), may demand that Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section § 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, (as the case may be, applicable) for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to before the Stipulated Loss Value SLV Date specified in such notice; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify specifies in such notice:
(i1) an amount equal to the excess, excess (if any, ) of the present value, computed as of the Stipulated Loss Value SLV Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate180-day LIBOR, compounded semiannually, of all unpaid Interim Rent and Basic Rent payable during the then then-remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate180-day LIBOR, compounded semiannually) as of the Stipulated Loss Value SLV Date specified in such notice, or
(ii2) an amount equal to the excess, excess (if any, ) of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value SLV Date specified in [**] — Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission. such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value SLV Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Past-Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(ib)(1) or (b)(iib)(2), according to Lessor's ’s election, at the Payment Past-Due Rate from and including the Stipulated Loss Value SLV Date specified in such notice to the date of payment of such amount; plus
(e) any Make-Whole Amount; plus
(f) all other amounts due pursuant to § 14.1.6.
Appears in 1 contract
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 or 15.1.2 with respect to the Airframe and/or any Engine, or any Part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value Date next occurring not less than 10 days after the date of such notice), may demand Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to the Stipulated Loss Value Date specified in such notice; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify in such notice:
(i) an amount equal to the excess, if any, of the present value, computed as of the Stipulated Loss Value Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate, compounded semiannuallysemi-annually, of all unpaid Interim Rent and Basic Rent during the then remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate, compounded semiannually) as of the Stipulated Loss Value Date specified in such notice, or
(ii) an amount equal to the excess, if any, of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(ib) (i) or (b)(iib) (ii), according to Lessor's election, at the Payment Due Rate from and including the Stipulated Loss Value Date specified in such notice to the date of payment of such amount.
Appears in 1 contract
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 14.1.1 or 15.1.2 14.1.2 with respect to the Airframe and/or Aircraft, Airframe, any Engine, Aircraft Documents, or any Part part thereof, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value a Payment Date next occurring not less than 10 days after the date of such notice), may demand Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the payment date so specified and in the manner and in funds of the type specified in Section 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, and Supplemental Rent due at any time prior to the Stipulated Loss Value Payment Date specified in such notice; plus
(b) whichever of the following amounts that Lessor, in its sole discretion discretion, shall specify in such notice:
(i) an amount equal to the excessamount, if any, by which the aggregate Rent for the remainder of the present value, computed as Term (determined without reference to any right of Lessor to terminate the leasing of the Stipulated Loss Value Date specified in Aircraft, whether or not such noticeright is exercised), discounted to such date at a rate per annum periodically (equal to installment frequency) to present worth at the Debt Discount Rate, compounded semiannually, of all unpaid Interim Rent and Basic Rent during the then remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over exceeds the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value periodically (at a rate per annum equal to the Debt Rate, compounded semiannuallyinstallment frequency) to present worth as of the Stipulated Loss Value Payment Date specified in such notice, notice at the Discount Rate; or
(ii) an amount equal to if Lessor shall have re-let the excessAircraft, the amount, if any, of by which the Stipulated Loss Value aggregate Rent for the Aircraft, computed as which would otherwise have become due over the remainder of the Stipulated Loss Value Date specified in such notice, over Term (determined without reference to any right of Lessor to terminate the Fair Market Sales Value leasing of the Aircraft, whether or not such right is exercised), discounted periodically (equal to installment frequency) to present worth as of the Stipulated Loss Value Date specified in date of re-letting at the Discount Rate, exceeds the aggregate basic rental payments to become due under the re-letting from the date of such noticere-letting to the date upon which the Term for the Aircraft would have expired but for Lessee's default, discounted periodically (equal to installment frequency) to present worth as of the date of the re-letting at the Discount Rate; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Due Rate from and including the date on which any such amount was due to the date of payment of such amountamount in full; plus
(d) interest on the amount specified in the foregoing clause (b)(i) or (b)(ii), according to Lessor's election, at the Payment Due Rate from and including the Stipulated Loss Value Payment Date specified in such notice to the date of payment of such amountamount in full.
Appears in 1 contract
Samples: Aircraft Lease Agreement (Vanguard Airlines Inc \De\)
CERTAIN LIQUIDATED DAMAGES. Whether or not Lessor shall have exercised, or shall thereafter at any time exercise, any of its rights under Section 15.1.1 § 14.1.1 or 15.1.2 § 14.1.2 with respect to the Airframe and/or Aircraft, the Airframe, any Engine, Engine or any Part thereofof the Returnable Records, Lessor, by written notice to Lessee specifying a payment date (which shall be the Stipulated Loss Value first SLV Date next occurring not less than 10 days after the date of such notice), may demand that Lessee to pay to Lessor, and Lessee shall pay to Lessor, on the *** Material has been omitted pursuant to a request for confidential treatment and filed separately with the SEC payment date so specified and in the manner and in funds of the type specified in Section § 3.3, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, (as the case may be, applicable) for the Aircraft in respect of all periods commencing on or after the date specified for payment in such notice), the following amounts:
(a) all unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due at any time prior to before the Stipulated Loss Value SLV Date specified in such notice; plus
(b) whichever of the following amounts Lessor, in its sole discretion shall specify specifies in such notice:
(i1) an amount equal to the excess, excess (if any, ) of the present value, computed as of the Stipulated Loss Value SLV Date specified in such notice, discounted to such date at a rate per annum equal to the Debt Rate180-day LIBOR, compounded semiannually, of all unpaid Interim Rent and Basic Rent payable during the then then-remaining portion of the Base Lease Term or, if a Renewal Lease Term has commenced, of all unpaid Renewal Rent during the remaining portion of such Renewal Lease Term, over the Fair Market Rental Value of the Aircraft for the remainder of the Term, after discounting such Fair Market Rental Value to its then present value (at a rate per annum equal to the Debt Rate180-day LIBOR, compounded semiannually) as of the Stipulated Loss Value SLV Date specified in such notice, or
(ii2) an amount equal to the excess, excess (if any, ) of the Stipulated Loss Value for the Aircraft, computed as of the Stipulated Loss Value SLV Date specified in such notice, over the Fair Market Sales Value of the Aircraft, as of the Stipulated Loss Value SLV Date specified in such notice; plus
(c) interest on the amounts specified in the foregoing clause (a) at the Payment Past-Due Rate from and including the date on which any such amount was due to the date of payment of such amount; plus
(d) interest on the amount specified in the foregoing clause (b)(ib)(1) or (b)(iib)(2), according to Lessor's ’s election, at the Payment Past-Due Rate from and including the Stipulated Loss Value SLV Date specified in such notice to the date of payment of such amount.; plus
(e) any Make-Whole Amount; plus
(f) all other amounts due pursuant to § 14.1.6. *** Material has been omitted pursuant to a request for confidential treatment and filed separately with the SEC
Appears in 1 contract
