Common use of Commitment Termination Clause in Contracts

Commitment Termination. Notwithstanding any provision in this Loan Agreement to the contrary, in the event the delivery of the Aircraft is postponed to a date that is three (3) months beyond the last day of the Scheduled Delivery Month but such date is prior to the Commitment Termination Date, Security Agent, acting at the written direction of all (and not less than all) of the Lenders committed to financing the acquisition of the Aircraft by Borrower, may terminate the Commitment under this Agreement upon written notice to Borrower within thirty (30) days of Security Agent’s receipt of written notice from Borrower informing Security Agent of such postponement. Notwithstanding any provision in this Agreement to the contrary, in the event the delivery of the Aircraft has been cancelled, Borrower may terminate the Commitment under this Loan Agreement, in whole, but not in part, upon written notice to Security Agent but Borrower may not otherwise reduce or terminate the Commitments under this Loan Agreement (except as provided in Section 2.6 hereof). If an Event of Default as defined in the form of Mortgage attached hereto as Exhibit A (determined without regard to Section 7.5 hereof) shall have occurred and be continuing, Security Agent (acting at the direction of the Majority in Interest of the Lenders) may, by written notice to the Borrower, cancel the Commitment(s), and upon such notice, such Commitment(s) shall be cancelled and of no further effect. If an Event of Default under Sections 5.1(e), (f) or (g) under the form of Mortgage, as aforesaid, shall have occurred and be continuing, the Commitment(s) shall automatically, without any action or notice, be cancelled and of no further effect. The day on which the Commitment(s) under this Agreement is terminated by Security Agent or Borrower pursuant to the foregoing shall for purposes of this Agreement be deemed a “Termination Date”.

Commitment Termination. Notwithstanding any provision in this Loan Agreement to the contrary, in the event the delivery of the an Aircraft is postponed to a date that is three (3) months beyond the last day of the Scheduled Delivery Month of such Aircraft but such date is prior to the Commitment Termination Date, Security Agent, acting at the written direction of all (and not less than all) of the Lenders committed to financing the acquisition of the such Aircraft by Borrower, may terminate the Commitment under this Agreement as and to the extent related to such Aircraft upon written notice to Borrower within thirty (30) days of Security Agent’s receipt of written notice from Borrower informing Security Agent of such postponement. Notwithstanding any provision in this Agreement to the contrary, in the event the delivery of the an Aircraft has been cancelled, Borrower may terminate the Commitment under this Loan Agreement, in whole, but not in part, as and to the extent related to such Aircraft upon written notice to Security Agent but Borrower may not otherwise reduce or terminate the Commitments under this Loan Agreement (except as provided in Section 2.6 hereof). If an Event of Default as defined in any Mortgage (or, prior to the date of execution and delivery of any Mortgage, the form of Mortgage attached hereto as Exhibit A (determined A)(determined without regard to Section 7.5 hereof) shall have occurred and be continuing, Security Agent (acting at the direction of the Majority in Interest of the LendersLenders with respect to the Aircraft subject thereto) may, by written notice to the Borrower, cancel the Commitment(s)) in respect of such Aircraft, and upon such notice, such Commitment(s) shall be cancelled and of no further effect. If an Event of Default under Sections 5.1(e), (f) or (g) under the any Mortgage (or form of Mortgage, as aforesaid, ) shall have occurred and be continuing, the Commitment(s) Commitments in respect of all of the Aircraft shall automatically, without any action or notice, be cancelled and of no further effect. The day on which the Commitment(s) Commitment under this Agreement as and to the extent related to one or more Aircraft is terminated by Security Agent or Borrower pursuant to the foregoing shall for purposes of this Agreement be deemed a “Termination Date”” with respect thereto.