Obligations Continue Until Return. If Lessee shall fail to return the Aircraft at the time and in the condition specified herein, the Term of this Lease shall be deemed to have been automatically extended (unless Lessor has terminated this Lease pursuant to SECTION 15(e) hereof) and all obligations of Lessee under this Lease shall continue in effect with respect to the Aircraft until the Aircraft is so returned to Lessor and Lessee shall pay to Lessor an amount equal to the Per Diem Rent for each day after the end of the Term to, but excluding, the day of such return; PROVIDED, HOWEVER, that Lessee shall not be responsible for Lessor's failure to accept return of the Aircraft in accordance with this SECTION 5 in a timely manner or for any Rent with respect to periods after Lessee has tendered the Aircraft for return in accordance with this Lease. Any Rent owed to Lessor pursuant to this SECTION 5(d) shall be payable upon acceptance of the Aircraft by Lessor. The provisions of this SECTION 5(d) shall not limit any remedy the Lessor would otherwise have for breach of SECTION 5(a).
Appears in 2 contracts
Samples: Lease Agreement (Atlas Air Worldwide Holdings Inc), Lease Agreement (Atlas Air Worldwide Holdings Inc)
Obligations Continue Until Return. If Lessee Sublessee shall fail to return the Aircraft at the time and in the condition specified herein, the Term of this Lease Sublease shall be deemed to have been automatically extended (unless Lessor Sublessor has terminated this Lease Sublease pursuant to SECTION 15(e) hereof) and all obligations of Lessee Sublessee under this Lease Sublease shall continue in effect with respect to the Aircraft until the Aircraft is so returned to Lessor Sublessor and Lessee Sublessee shall pay to Lessor Sublessor an amount equal to the Per Diem higher of fair market rental value and 100% of the average daily Basic Rent payable by Sublessee during the Term for each day after the end of the Term to, but excluding, the day of such return; PROVIDED, HOWEVER, that Lessee Sublessee shall not be responsible for LessorSublessor's failure to accept return of the Aircraft in accordance with this SECTION 5 in a timely manner or for any Rent with respect to periods after Lessee Sublessee has tendered the Aircraft for return in accordance with this LeaseSublease. Any Rent owed to Lessor Sublessor pursuant to this SECTION 5(d) shall be payable upon acceptance of the Aircraft by LessorSublessor. The provisions of this SECTION 5(d) shall not limit any remedy the Lessor Sublessor would otherwise have for breach of SECTION 5(a).
Appears in 1 contract
Samples: Sublease Agreement (Atlas Air Worldwide Holdings Inc)
Obligations Continue Until Return. If Lessee shall fail to return the Aircraft at the time and in the condition specified herein, the Term of this Lease shall be deemed to have been automatically extended (unless Lessor has terminated this Lease pursuant to SECTION 15(eSection 18(f) hereof) and all obligations of Lessee under this Lease shall continue in effect with respect to the Aircraft until the Aircraft is so returned to Lessor and Lessee shall pay to Lessor an amount equal to the Per Diem higher of Fair Market Rental Value and 100% of the average daily Basic Rent payable by Lessee during the Term for each day after the end of the Term to, but excluding, the day of such return; PROVIDED, HOWEVERhowever, that Lessee shall not be responsible for Lessor's failure to accept return of the Aircraft in accordance with this SECTION 5 Section 16 in a timely manner or for any Rent with respect to periods after Lessee has tendered the Aircraft for return in accordance with this Lease. Any Rent owed to Lessor pursuant to this SECTION 5(dSection 16(d) shall be payable upon acceptance of the Aircraft by Lessor. The provisions of this SECTION 5(dSection 16(d) shall not limit any remedy the Lessor would otherwise have for breach of SECTION 5(aSection 16(a).
Appears in 1 contract
Samples: Aircraft Lease Agreement (Atlas Air Worldwide Holdings Inc)