Event of Loss to Aircraft Prior to Delivery. If an Event of Loss with respect to the Aircraft occurs prior to Delivery, Lessor will notify Lessee promptly following Lessor’s knowledge of the same, and this Lease shall automatically terminate whereupon neither party will have any further liability to the other except that Lessor will return to Lessee the Security Deposit in accordance with Section 4.5 and any prepaid Rent.
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Samples: Aircraft Lease Agreement (Controladora Vuela Compania De Aviacion, S.A.B. De C.V.), Aircraft Lease Agreement (Controladora Vuela Compania De Aviacion, S.A.B. De C.V.), Aircraft Lease Agreement (Controladora Vuela Compania De Aviacion, S.A.B. De C.V.)
Event of Loss to Aircraft Prior to Delivery. If an Event of Loss with respect to the Aircraft occurs prior to Delivery, Lessor will notify Lessee promptly following Lessor’s knowledge receipt of notice from the same, Seller and this Lease shall automatically terminate whereupon neither party will have any further liability to the other except that Lessor will return to Lessee the Security Deposit in accordance with Section 4.5 and any prepaid Rent.
Appears in 2 contracts
Samples: Aircraft Lease Agreement (Controladora Vuela Compania De Aviacion, S.A.B. De C.V.), Aircraft Lease Agreement (Controladora Vuela Compania De Aviacion, S.A.B. De C.V.)
Event of Loss to Aircraft Prior to Delivery. If an Event of Loss with respect to the Aircraft occurs prior to Delivery, Lessor will notify Lessee promptly following Lessor’s knowledge receipt of notice from the same, Seller and this Lease shall automatically terminate whereupon neither party will have any further liability to the other except that Lessor will return to Lessee the Security Deposit in accordance with Section 4.5 and (without deduction of any prepaid Rentcosts or expenses).
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