Common use of Option to Assume Equipment Notes Clause in Contracts

Option to Assume Equipment Notes. In the event the Lessee elects to purchase the Aircraft pursuant to clause (A) of Section 13(b)(i), the Lessee may, at its election, assume the payment obligations of the Lessor with respect to such Equipment Notes as contemplated by Section 5.10 of the Participation Agreement, in which case the purchase price to be paid by the Lessee shall be reduced by an amount equal to the principal of the Equipment Notes so assumed by the Lessee.

Option to Assume Equipment Notes. In the event the Lessee elects to purchase the Aircraft pursuant to clause (A) of Section 13(b)(i), the Lessee may, at its election, assume the payment obligations of the Lessor with respect to such Equipment Notes as contemplated by Section 5.10 of the Participation Agreement, in which case the purchase price to be paid by the Lessee shall be reduced by an amount equal to the principal of and accrued interest on the Equipment Notes so assumed by the Lessee.