Common use of Inability Or Refusal To Pay Clause in Contracts

Inability Or Refusal To Pay. If Customer is unable or refuses to make payment to Sikorsky in accordance with any of its obligations to Sikorsky, Sikorsky may, at its option, terminate this Agreement by giving to Customer written notice of its intention to terminate. Upon such termination, Sikorsky shall be relieved of any further obligations to Customer and Customer shall (i) reimburse Sikorsky for its termination costs and expenses and a reasonable allowance for profit and (ii) to the extent Customer holds title to the Helicopter for which Customer is unable or refuses to make payment to Sikorsky, immediately upon request of Sikorsky, and at Customer’s expense, execute such documents as are necessary to transfer title to such Helicopter to Sikorsky free and clear of any and all encumbrances. All sums paid to Sikorsky from whatever sources may be retained by Sikorsky and applied toward any amount owed to Sikorsky. In addition, Sikorsky shall have the right to reduce and set-off against any amounts payable by Sikorsky to Customer or against Customer’s property in Sikorsky’s possession any indebtedness or other claim which Sikorsky may have against Customer. The excess, if any, of such sums over the total termination amount shall be returned to the Customer by Sikorsky.

Inability Or Refusal To Pay. If Customer is unable or refuses to make payment to Sikorsky in accordance with any of its obligations to Sikorsky, Sikorsky may, at its option, terminate this Agreement by giving to Customer written notice of its intention to terminate. Upon such termination, Sikorsky shall be relieved of any further obligations to Customer and Customer shall (i) reimburse Sikorsky for its termination costs and expenses and a reasonable allowance for profit and (ii) to the extent Customer holds title to the Helicopter helicopter for which Customer is unable or refuses to make payment to Sikorsky, immediately upon request of Sikorsky, and at Customer’s expense, execute such documents as are necessary to transfer title to such Helicopter helicopter to Sikorsky free and clear of any and all encumbrances. All sums paid to Sikorsky from whatever sources may be retained by Sikorsky and applied toward any amount owed to Sikorsky. In addition, Sikorsky shall have the right to reduce and set-off against any amounts payable by Sikorsky to Customer or against Customer’s property in Sikorsky’s possession any indebtedness or other claim which Sikorsky may have against Customer. The excess, if any, of such sums over the total termination amount shall be returned to the Customer by Sikorsky.