Common use of LIQUIDATED DAMAGES UPON SALE Clause in Contracts

LIQUIDATED DAMAGES UPON SALE. If Lessor, pursuant to Section 15.1.2 or applicable law, shall have sold the Aircraft, Lessor, in lieu of exercising its rights under Section 15.1.3 with respect to the Aircraft, may, if Lessor shall so elect, upon giving written notice to Lessee, cause Lessee to pay Lessor, and Lessee shall pay to Lessor, on the date of such sale, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Basic Rent or Renewal Rent, as the case may be, due after the date of such sale), any unpaid Basic Rent or Renewal Rent, as the case may be, due on or prior to the SLV Determination Date (it being understood and agreed that Lessee shall not be required to pay the portion, if any, of such Basic Rent designated in Exhibit C hereto as payable in advance on such SLV Determination Date) on or immediately preceding such date of sale plus the amount of any deficiency between the net proceeds of such sale or (if such sale is a private sale and is made to Lessor, Indenture Trustee, a Participant or any Affiliate thereof) between the fair market sales value of the Aircraft, determined as of the date of such sale as hereinafter SALE AND LEASE AGREEMENT [N621SW] -52- 59 provided in this Section 15, and the Stipulated Loss Value of the Aircraft, computed as of the date of such sale, together with interest, if any, on such amount and such unpaid Basic Rent or Renewal Rent at the Overdue Rate from the date of such sale, to the date of payment in full; or

LIQUIDATED DAMAGES UPON SALE. If Lessor, pursuant to Section 15.1.2 or applicable law, shall have sold the Aircraft, Lessor, in lieu of exercising its rights under Section 15.1.3 with respect to the Aircraft, may, if Lessor shall so elect, upon giving written notice to Lessee, cause Lessee to pay Lessor, and Lessee shall pay to Lessor, on the date of such sale, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, due after the date of such sale), any unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due on or prior to the SLV Determination Date (it being understood and agreed that Lessee shall not be required to pay the portion, if any, of such Interim Rent or Basic Rent designated in Exhibit C hereto as payable in advance on such SLV Determination Date) on or immediately preceding such date of sale plus the amount of any deficiency between the net SALE AND LEASE AGREEMENT [N605SW] -51- 58 proceeds of such sale or (if such sale is a private sale and is made to Lessor, Indenture Trustee, a Participant or any Affiliate thereof) between the fair market sales value of the Aircraft, determined as of the date of such sale as hereinafter SALE AND LEASE AGREEMENT [N621SW] -52- 59 provided in this Section 15, and the Stipulated Loss Value of the Aircraft, computed as of the date of such sale, together with interest, if any, on such amount and such unpaid Interim Rent, Basic Rent or Renewal Rent at the Overdue Rate from the date of such sale, to the date of payment in full; or

LIQUIDATED DAMAGES UPON SALE. If Lessor, pursuant to Section 15.1.2 or applicable law, shall have sold the Aircraft, Lessor, in lieu of exercising its rights under Section 15.1.3 with respect to the Aircraft, may, if Lessor shall so elect, upon giving written notice to Lessee, cause Lessee to pay Lessor, and Lessee shall pay to Lessor, on the date of such sale, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, due after the date of such sale), any unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due on or prior to the SLV Determination Date (it being understood and agreed that Lessee shall not be required to pay the portion, if any, of such Interim Rent or Basic Rent designated in Exhibit C hereto as payable in advance on such SLV Determination Date) on or immediately preceding such date of sale plus the amount of any deficiency between the net proceeds of such sale or (if such sale is a private sale and is made to Lessor, Indenture Trustee, a Participant or any Affiliate thereof) between the fair market sales value of the Aircraft, determined as of the date of such sale as hereinafter SALE AND LEASE AGREEMENT [N621SW] -52- 59 provided in this Section 15, and the Stipulated Loss Value of the Aircraft, computed as of the date of such sale, together with interest, if any, on such amount and such unpaid Interim Rent, Basic Rent or Renewal Rent at the Overdue Rate from the date of such sale, to the date of payment in full; or"

LIQUIDATED DAMAGES UPON SALE. If Lessor, pursuant to Section 15.1.2 or applicable law, shall have sold the Aircraft, Lessor, in lieu of exercising its rights under Section 15.1.3 with respect to the Aircraft, may, if Lessor shall so elect, upon giving written notice to Lessee, cause Lessee to pay Lessor, and Lessee shall pay to Lessor, on the date of such sale, as liquidated damages for loss of a bargain and not as a penalty (in lieu of the Interim Rent, Basic Rent or Renewal Rent, as the case may be, due after the date of such sale), any unpaid Interim Rent, Basic Rent or Renewal Rent, as the case may be, due on or prior to the SLV Determination Date (it being understood and agreed that Lessee shall not be required to pay the portion, if any, of such Interim Rent or Basic Rent designated in Exhibit C hereto as payable in advance on such SLV Determination Date) on or immediately preceding such date of sale plus the amount of any deficiency between the net proceeds of such sale or (if such sale is a private sale and is made to Lessor, Indenture Trustee, a Participant or any Affiliate thereof) between the fair market sales value of the Aircraft, determined as of the date of such sale as hereinafter SALE AND LEASE AGREEMENT [N621SW] -52- 59 provided in this Section 15, and the Stipulated Loss Value of the Aircraft, computed as of the date of such sale, together with interest, if any, on such amount and such unpaid Interim Rent, Basic Rent or Renewal Rent at the Overdue Rate from the date of such sale, to the date of payment in full; or