Common use of NOTICE AND ELECTION Clause in Contracts

NOTICE AND ELECTION. (a) If an Event of Loss to the Airframe (and any Engine(s) installed thereon) occurs, Lessee shall promptly (and in any event within 15 days after such occurrence) notify Lessor and Owner Participant of such Event of Loss. Within 60 days after such occurrence, Lessee shall give to Lessor (with a copy to Owner Participant) written notice of Lessee's election to make payment in respect of such Event of Loss, as provided in ss. 10.1.2, or to replace the Airframe and any such Engine(s) as provided in ss. 10.1.3.

NOTICE AND ELECTION. (a) If an Event of Loss to the Airframe (and any Engine(s) installed thereon) occurs, Lessee shall promptly (and in any event within 15 days after such occurrence) notify Lessor and Lessor, Owner Participant and Mortgagee of such Event of Loss. Within 60 days after such occurrence, Lessee shall give to Lessor (with a copy to Owner Participant) and Mortgagee written notice of Lessee's election to make payment in respect of such Event of Loss, as provided in ss. 10.1.2, or to replace the Airframe and any such Engine(s) as provided in ss. 10.1.3.