Common use of Early Termination: Irreparable Damage or Theft of Aircraft Clause in Contracts

Early Termination: Irreparable Damage or Theft of Aircraft. In the event the Covered Aircraft is damaged beyond economical repair or is unrecoverable because of theft, or otherwise is a complete loss, the Client shall provide written notice to AEPC™ describing such damage, theft, or loss within five (5) business days following the occurrence and shall pay all amounts then due and owing under this Agreement and return all equip- ment on loan to the Client under this Agreement. The liability of the parties in further performance of this Agreement shall be terminated effective as of the date of such damage or theft.