Common use of Failure to Make Payments or to Meet Obligations Clause in Contracts

Failure to Make Payments or to Meet Obligations. A non-defaulting Party shall have the right to declare an event of default and terminate this Agreement (i) if the other Party fails to pay any amount hereunder not reasonably subject to dispute when and as the same becomes due and payable and such default continues for a period of ***** or more; or (ii) if the other Party fails to perform any other material obligation under this Agreement and such default or failure shall not have been fully corrected within thirty (30) days after the non-defaulting Party gives notice thereof to the defaulting Party. If Vuela fails to make any payment to IAE as set forth in Clause 10 of this Agreement (including any late interest due thereon) not reasonably subject to dispute and such default continues for a period of *****, then, without prejudice to IAE’s other rights which IAE may have in contract or in law, IAE reserves the right not to induct, to suspend all work on, or not to release from the Maintenance Center(s) any Eligible Engine, Accessory, EBU Item or QEC Item until full payment is made by Vuela to IAE. The obligation of IAE to provide, or cause to be provided, the services set out in this Agreement shall be subject to the non-existence of a continuing event of default by Vuela, after the expiration of any applicable grace or cure period, in any payment or other obligation of Vuela under any other agreement in effect between the Parties (an “Event of Default”). Should any such Event of Default exist, IAE reserves the right not to induct, to stop all work on, or not to release from the Maintenance Center any Eligible Engine until such Event of Default is rectified by Vuela to IAE’s satisfaction. ***** ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission.

Failure to Make Payments or to Meet Obligations. A non-defaulting Party shall have the right to declare an event of default and terminate this Agreement (i) if any default shall occur in the other payment by the defaulting Party fails to pay of any material amount hereunder not reasonably subject to dispute when and as the same becomes due and payable and such default continues continues, after notice from the non-defaulting Party for a period of ***** calendar days or moremore and is not the subject of a good faith dispute between the Parties; or (ii) if for a failure by the other defaulting Party fails to perform meet any other material obligation under this Agreement Agreement, and such default or failure shall not have been fully corrected within thirty (30) ***** calendar days after the non-defaulting Party gives giving of notice thereof to the defaulting PartyParty and is not the subject of a good faith dispute between the Parties. If Vuela Spirit fails to make payment of any payment material amount due and owing to IAE as set forth in Clause 10 of this Agreement (including any late interest due thereon) not reasonably subject to dispute and such default continues for amount is not the subject of a period good faith dispute between the Parties, then after notice to Spirit and the expiration of a *****, then, * calendar days cure period and without prejudice to any of IAE’s other rights which IAE may have in contract or in law, IAE reserves the right not to induct, to suspend all work on, or not to release from the Maintenance Center(s) any Eligible Engine, Accessory, EBU Item or QEC Item Engine until full payment is made by Vuela Spirit to IAE. The obligation of IAE to provide, or cause to be provided, the services set out in this Agreement shall be subject to the non-existence of a continuing material event of default by Vuela, after the expiration Spirit of any applicable grace or cure period, in any payment or other obligation of Vuela Spirit under the Support Contract, this Agreement or any other agreement in effect between the Parties (an “Event of Default”). Should any such Event of Default exist, IAE reserves the right not to induct, to stop all work on, or not to release from the Maintenance Center any Eligible Engine until such Event of Default default is rectified by Vuela Spirit to IAE’s satisfaction. ***** ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission.

Failure to Make Payments or to Meet Obligations. A non-defaulting Party shall have the right to declare an event of default and terminate this Agreement (i) if the other Party fails to pay any amount hereunder not reasonably subject to dispute when and as the same becomes due and payable and such default continues for a period of ***** or more; or (ii) if the other Party fails to perform any other material obligation under this Agreement and such default or failure shall not have been fully corrected within thirty (30) days after the non-defaulting Party gives notice thereof to the defaulting Party. 20.2.1 If Vuela Spirit fails to make any payment of a material amount, due and owing to IAE as set forth in Clause Section 10 of this Agreement or any other agreement between the Parties (including any late interest due thereon) not reasonably subject to dispute and such default continues for amount is not the subject of a period good faith dispute or fails to meet any other material obligation under this Agreement or any other agreement between the Parties, then, after notice to Spirit and the expiration of a ****** cure period, then, and without prejudice to any of IAE’s other rights which IAE may have in contract contract, at law, or in lawequity, IAE reserves shall have the right to not to induct, to suspend all work on, or not to release from the Maintenance Center(s) any Eligible Engine, Accessory, EBU Item or QEC Item Engine until full payment is made by Vuela Spirit to IAE. The obligation IAE or such failure is corrected, as the case may be. 20.2.2 If Spirit fails to take delivery of IAE all of the Aircraft and Eligible Engines in accordance with the schedule set forth in Exhibit A to providethis Agreement, as amended, supplemented or otherwise modified from time to time, or cause fails to be providedoperate the Aircraft and Eligible Engines in regular commercial service as contemplated by Section 10.6 for the duration of the Period of Cover, the services set out in this Agreement addition to any other rights which IAE may have in contract, at law, or in equity, IAE shall be subject entitled to make reasonable adjustments to the FHA Rates as appropriate based on the method of calculation used to derive the FHA Rates. 20.2.3 A non-defaulting Party shall have the right to declare an event of default and terminate this Agreement: (i) if any default shall occur in the payment by the defaulting party of any material amount hereunder when and as the same becomes due and payable and such default continues, after notice from the non-existence defaulting Party for a period of a continuing event of default by Vuela, after the expiration of any applicable grace or cure period, in any payment or other obligation of Vuela under any other agreement in effect between the Parties (an “Event of Default”). Should any such Event of Default exist, IAE reserves the right not to induct, to stop all work on, or not to release from the Maintenance Center any Eligible Engine until such Event of Default is rectified by Vuela to IAE’s satisfaction. ***** or more and is not the subject of a good faith dispute between the Parties, or (ii) for a failure by the defaulting Party to meet any other material obligation under this Agreement, and such failure has not been fully corrected within ***** Confidential portions after the non-defaulting Party has given notice of such failure to the material have been omitted defaulting Party and filed separately with is not the Securities and Exchange Commissionsubject of a good faith dispute between the Parties.