Common use of Excess Use Clause in Contracts

Excess Use. Upon the return of the Aircraft to Lessor, Lessor and Lessee shall consult for the purpose of determining the Excess Use Amount (as defined below), if any, and any amount so agreed upon in writing between Lessor and Lessee shall be binding on both parties. The "Excess Use Amount" shall mean the amount, if any, by which (A) the Fair Market Sales Value of the Aircraft without such Excess Hours, exceeds (B) the Fair Market Sales Value of the Aircraft with such Excess Hours (and as to this subclause (B), without making the assumption in clause (iii)(C) of the definition of Fair Market Sales Value). If Lessor and Lessee fail to agree within ten (10) days after the return of the Aircraft to Lessor, then Lessor shall appoint a fully qualified and independent appraiser (reasonably acceptable to Lessee) to determine the Excess Use Amount. Lessee agrees to pay the costs and 39 <PAGE> expenses of any such determination and appraisal. The independent appraiser shall be required to complete such determination as promptly as practicable, but in any event, not later than forty (40) days after the date on which it is appointed. A final determination by the independent appraiser regarding the extent of the Excess Use Amount, if any, shall be binding on Lessor and Lessee. Lessee shall pay to Lessor within ten (10) days after the independent appraiser's determination an amount equal to the Excess Use Amount. (c)

Appears in 1 contract

Samples: www.sec.gov

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Excess Use. Upon the return of the Aircraft to the Lessor, Lessor and Lessee shall consult for the purpose of determining the Excess Use Amount (as defined below), if any, and any an amount so agreed upon in writing between Lessor and Lessee shall be binding on both parties. The "Excess Use Amount" shall mean the amount, if any, by which (Ai) the Fair Market Sales Value fair market sales value of the Aircraft (determined pursuant to Section 23 (c) without such Excess Hours, exceeds (Bii) the Fair Market Sales Value fair market sales value of the Aircraft (determined pursuant to Section 23 (c)) with such Excess Hours (and as to this subclause Section 8 (Bk) (ii), without making the assumption in clause Section 23 (iii)(Cc) of the definition of Fair Market Sales Value(iii). If Lessor and Lessee fail to agree within ten (10) days after the return of the Aircraft to Lessor, then Lessor shall appoint a fully qualified and an independent appraiser (reasonably acceptable to Lessee) to determine the Excess Use Amount. Lessee agrees to pay the costs and 39 <PAGE> expenses of any such determination and appraisal. The independent appraiser shall be required to complete such determination as promptly as practicablepractical, but in any event, not later than forty thirty (4030) days after the date on which it is appointed. , A final determination by the independent appraiser regarding the extent of the Excess Use Amount, if any, shall be binding on Lessor and Lessee. Lessee shall pay to Lessor within ten (10) days after the independent appraiser's of determination an amount equal to the Excess Use Amount. (c).

Appears in 1 contract

Samples: Aircraft Lease Agreement (Ahern Rentals Inc)

Excess Use. Upon the return of the Aircraft to Lessor, Lessor and Lessee shall consult for the purpose of determining the Excess Use Amount (as defined below), if any, and any amount so agreed upon in writing between Lessor and Lessee shall be binding on both parties. The "Excess Use Amount" shall mean the amount, if any, by which (A) the Fair Market Sales Value of the Aircraft without such Excess Hours, exceeds (B) the Fair Market Sales Value of the Aircraft with such Excess Hours (and as to this subclause (B), without making the assumption in clause (iii)(C) of the definition of Fair Market Sales Value). If Lessor and Lessee fail to agree within ten (10) days after the return of the Aircraft to Lessor, then Lessor shall appoint a fully qualified and independent appraiser (reasonably acceptable to Lessee) to determine the Excess Use Amount. Lessee agrees to pay the costs and 39 <PAGE> expenses of any such determination and appraisal. The independent appraiser shall be required to complete such determination as promptly as practicable, but in any event, not later than forty (40) days after the date on which it is appointed. A final determination by the independent appraiser regarding the extent of the Excess Use Amount, if any, shall be binding on Lessor and Lessee. Lessee shall pay to Lessor within ten (10) days after the independent appraiser's determination an amount equal to the Excess Use Amount. (c).

Appears in 1 contract

Samples: Lease (Pfsweb Inc)

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Excess Use. Upon the return of the Aircraft to the Lessor, Lessor and Lessee shall consult for the purpose of determining the Excess Use Amount (as defined below), if any, and any an amount so agreed upon in writing between Lessor and Lessee shall be binding on both parties. The "Excess Use Amount" shall mean the amount, if any, by which (Ai) the Fair Market Sales Value fair market sales value of the Aircraft (determined pursuant to Section 23 (c) without such Excess Hours, exceeds (Bii) the Fair Market Sales Value fair market sales value of the Aircraft (determined pursuant to Section 23 (c)) with such Excess Hours (and as to this subclause Section 8 (Bk) (ii), without making the assumption in clause Section 23 (iii)(Cc) of the definition of Fair Market Sales Value(iii). If Lessor and Lessee fail to agree within ten (10) days after the return of the Aircraft to Lessor, then Lessor shall appoint a fully qualified and an independent appraiser (reasonably acceptable to Lessee) to determine the Excess Use Amount. Lessee agrees to pay the costs and 39 <PAGE> expenses of any such determination and appraisal. The independent appraiser shall be required to complete such determination as promptly as practicablepractical, but in any event, not later than forty thirty (4030) days after the date on which it is appointed. A final determination by the independent appraiser regarding the extent of the Excess Use Amount, if any, shall be binding on Lessor and Lessee. Lessee shall pay to Lessor within ten (10) days after the independent appraiser's of determination an amount equal to the Excess Use Amount. (c).

Appears in 1 contract

Samples: Aircraft Lease Agreement (Ahern Rentals Inc)

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