Common use of NOTICE AND ELECTION Clause in Contracts

NOTICE AND ELECTION. (a) Upon the occurrence of an Event of Loss with respect to the Airframe, and any Engine or Engines installed thereon at the time of such Event of Loss, Lessee shall promptly (and in any event within 15 days after such occurrence) give Lessor and Mortgagee written notice of such Event of Loss. Within 60 days after such occurrence, Lessee shall give Lessor and Mortgagee written notice of Lessee's election to make payment in respect of such Event of Loss, as provided in Section 10.1.2, or to replace the Airframe, and any such Engines, as provided in Section 10.1.3. (b) Any failure by Lessee to give such notice of its election shall be deemed to be an election of the option set forth in Section 10.1.2. (c) For purposes of Section 10.1.2, an Event of Loss with respect to the Airframe shall be deemed to constitute an Event of Loss with respect to the Aircraft. For purposes of Section 10.1.3, any Engine not actually suffering an Event of Loss shall not be required to be replaced. (d) Notwithstanding the foregoing, if (i) an Event of Default has occurred and is continuing or (ii) if a Lease Event of Default under Section 14.5 has occurred and is continuing, Lessee shall be required to make payment in respect of such Event of Loss pursuant to Section 10.1.2.

NOTICE AND ELECTION. (a) Upon the occurrence of an Event of Loss with respect to the Airframe, and any Engine or Engines installed thereon at the time of such Event of Loss, Lessee shall promptly (and in any event within 15 days after such occurrence) give Lessor and Mortgagee written notice of such Event of Loss. Within 60 days after such occurrence, Lessee shall give Lessor and Mortgagee written notice of Lessee's election to make payment in respect of such Event of Loss, as provided in Section 10.1.2, or to replace the Airframe, and any such Engines, as provided in Section 10.1.3. (b) Any failure by Lessee to give such notice of its election shall be deemed to be an election of the option set forth in Section 10.1.2. (c) For purposes of Section 10.1.2, an Event of Loss with respect to the Airframe shall be deemed to constitute an Event of Loss with respect to the Aircraft. For purposes of Section 10.1.3, any Engine not actually suffering an Event of Loss shall not be required to be replaced. (d) Notwithstanding the foregoing, if (i) an Indenture Event of Default has occurred and is continuing or (ii) if a Lease Event of Default under Section 14.5 14.1.5 has occurred and is continuing, Lessee shall be required to make payment in respect of such Event of Loss pursuant to Section 10.1.2.

NOTICE AND ELECTION. (a) Upon the occurrence of an Event of Loss with respect to the Airframe, and any Engine or Engines installed thereon at the time of such Event of Loss, Lessee shall promptly (and in any event within 15 days 10 Business Days after such occurrence) give Lessor and Mortgagee written notice of such Event of Loss. Within 60 45 days after such occurrence, Lessee shall give Lessor and Mortgagee written notice of Lessee's ’s election to make payment in respect of such Event of Loss, as provided in Section 10.1.2, or to replace the Airframe, and any such Engines, as provided in Section 10.1.3. (b) Any failure by Lessee to give such notice of its election shall be deemed to be an election of the option set forth in Section 10.1.2. In addition, Lessee shall not be entitled to elect the option set forth in Section 10.1.3 if, at the time Lessor receives such notice from Lessee, there shall have occurred and be continuing a Payment Default, a Bankruptcy Default or a Lease Event of Default. (c) For purposes of Section 10.1.2, an Event of Loss with respect to the Airframe shall be deemed to constitute an Event of Loss with respect to the Aircraft. For purposes of Section 10.1.3, any Engine not actually suffering an Event of Loss shall not be required to be replaced. (d) Notwithstanding the foregoing, if (i) an Event of Default has occurred and is continuing or (ii) if a Lease Event of Default under Section 14.5 has occurred and is continuing, Lessee shall be required to make payment in respect of such Event of Loss pursuant to Section 10.1.2.

NOTICE AND ELECTION. (a) Upon the occurrence of an Event of Loss with respect to the Airframe, and any either Engine or Engines installed thereon at the time of such Event of Loss, Lessee shall promptly (and in any event within 15 days 10 Business Days after such occurrence) give Lessor and Mortgagee written notice of such Event of Loss. Within 60 days after such occurrence, Lessee shall give Lessor and Mortgagee written notice of Lessee's ’s election to make payment in respect of such Event of Loss, as provided in Section 10.1.29.1.2, or, after the Bar Period and provided no Payment Default, Bankruptcy Default or Event of Default has occurred and is continuing, to replace the Airframe, and any such Engines, as provided in Section 10.1.3. (b) 9.1.3. Any failure by Lessee to give such notice of its election shall be deemed to be an election of the option set forth in Section 10.1.2. (c) 9.1.2. For purposes of Section 10.1.29.1.2, an Event of Loss with respect to the Airframe shall be deemed to constitute an Event of Loss with respect to the Aircraft. For purposes of Section 10.1.39.1.3, any either Engine not actually suffering an Event of Loss shall not be required to be replaced. (d) Notwithstanding the foregoing, if (i) an Event of Default has occurred and is continuing or (ii) if a Lease Event of Default under Section 14.5 has occurred and is continuing, Lessee shall be required to make payment in respect of such Event of Loss pursuant to Section 10.1.2.