Common use of Events of Loss Clause in Contracts

Events of Loss. 11.1 If an Event of Loss occurs after delivery of the Aircraft to Lessee, Lessee will pay the Agreed Value to Lessor on or prior to the earlier of (i) 5 Business Days after the Event of Loss and (ii) the date of receipt of insurance proceeds in respect of that Event of Loss. Subject to the rights of any insurers and reinsurers or other third party, upon irrevocable payment in full to Lessor of that amount and all other amounts which may be or become payable to Lessor under this Agreement, Lessor will without recourse or warranty (except as to Lessor's Liens) and without further act, be deemed to have transferred to Lessee all of Lessor's rights to any Engines and Parts not installed when the Event of Loss occurred, all on an as-is where-is basis, and will at Lessee's expense, execute and deliver such bills of sale and other documents and instruments as Lessee may reasonably request to evidence (on the public record or otherwise) the transfer and the vesting of Lessor's rights in such Engines and Parts in Lessee, free and clear of all rights of Lessor and Lessor Liens.

Events of Loss. 11.1 (a) If an Event of Loss occurs prior to delivery of the Aircraft to Lessee, this Agreement will immediately terminate and, except as expressly stated in this Agreement, neither party will have any further obligation or liability under this Agreement except that Lessor will refund to Lessee the amount of any Aircraft Deposit paid under this Agreement; and (b) If an Event of Loss occurs after delivery of the Aircraft to Lessee, Lessee will pay the Agreed Value to Lessor on or prior to the earlier later of (i) 5 five (5) Business Days after the Event of Loss and (ii) the date of receipt of insurance proceeds in respect of that Event of Loss. Subject to the rights of any insurers and reinsurers or other third party, upon irrevocable payment in full to Lessor of that amount and all other amounts which may be or become payable to Lessor under this Agreement, Lessor will without recourse or warranty (except as to Lessor's Liens) and without further act, be deemed to have transferred to Lessee all of Lessor's rights to any Engines and Parts not installed when the Event of Loss occurred, all on an as-is where-is basis, and will at Lessee's expense, execute and deliver such bills of sale and other documents and instruments as Lessee may reasonably request to evidence (on the public record or otherwise) the transfer and the vesting of Lessor's rights in such Engines and Parts in Lessee, free and clear of all rights of Lessor and Lessor Liens.

Events of Loss. 11.1 (a) If an Event of Loss occurs prior to Delivery, this Agreement will immediately terminate and except as expressly stated in this Agreement neither party will have any further obligations or liability under this Agreement other than pursuant to Clause 5.11. (b) If an Event of Loss occurs after delivery of the Aircraft to LesseeDelivery, Lessee will pay the Agreed Value to Lessor on or prior to the earlier of (i) 5 Business Days )__ days after the Event of Loss and (ii) the date of receipt of insurance proceeds in respect of that Event of Loss. . (c) Subject to the rights of any insurers and reinsurers or other third party, upon irrevocable payment in full to Lessor of that amount the Agreed Value and all other amounts which may be or become payable to Lessor under this Agreement, Lessor will without recourse or warranty (except as to the absence of Lessor's Liens) and without further act, be deemed to have transferred transfer to Lessee all of Lessor's rights to any Engines and Parts not installed when the Event of Loss occurredAircraft, all on an as-is where-is basis, and will at Lessee's expense, execute and deliver delivery such bills of sale and other documents and instruments as Lessee may reasonably request to evidence (on the public record or otherwise) the transfer and the vesting of Lessor's rights in such Engines and Parts in Lesseetransfer, free and clear of all rights of Lessor and Lessor Liens. Lessee shall indemnify Lessor for all fees, expenses and Taxes incurred by Lessor in connection with any such transfer.