Common use of Default Payments Clause in Contracts

Default Payments. If: (a) An Event of Default occurs; or (b) The Aircraft is not delivered on the proposed Delivery Date by reason of failure of Lessee to satisfy any conditions to that delivery and such failure is not the result of Lessor's breach hereunder; Lessee will indemnify Lessor on demand against any loss, damage, expense, cost or liability which Lessor may sustain or incur directly or indirectly as a result including but not limited to: (a) Any amount of principal, interest, fees or other sums whatsoever paid or payable on account of funds borrowed in order to carry any unpaid amount; (b) Any loss, premium, penalty or expense which may be incurred in repaying funds raised to finance the Aircraft or in unwinding any swap, forward interest rate agreement or other financial instrument relating in whole or in part to Lessor's financing of the Aircraft; and (c) Any loss, cost, expense or liability sustained or incurred by Lessor owing to Lessee's failure to redeliver the Aircraft on the date, at the place and in the condition required by this Agreement.

Default Payments. If: (a) An Event of Default occurs; or (b) The Aircraft is not delivered on the proposed Delivery Date by reason of failure of Lessee to satisfy any conditions to that delivery and such failure is not the result of Lessor's breach hereunder; Lessee will indemnify Lessor on demand against any loss, damage, expense, cost or liability which Lessor may sustain or incur directly or indirectly as a result including but not limited to: (ai) Any amount of principal, interest, fees or other sums whatsoever paid or payable on account of funds borrowed in order to carry any unpaid amount;amount provided that the element of Lessor's damages described in this clause (i) shall not exceed the aggregate amount of Rent remaining to be paid under this Agreement discounted at the Prime Rate to the date of Lessee's payment; or (b) Any loss, premium, penalty or expense which may be incurred in repaying funds raised to finance the Aircraft or in unwinding any swap, forward interest rate agreement or other financial instrument relating in whole or in part to Lessor's financing of the Aircraft; and (cii) Any loss, cost, expense or liability sustained or incurred by Lessor owing to Lessee's failure to redeliver the Aircraft on the date, at the place and in the condition required by this Agreement.