Common use of Preemptive Election by Lessor Clause in Contracts

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 days after receipt of the Lessee's notice of termination, notify the Lessee of its preemptive election to take possession of the Aircraft, which notice shall be accompanied by an irrevocable undertaking by the Lessor to pay to the Indenture Trustee the amount required to pay in full (after giving effect to any installment of Basic Rent due and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Whole Premium, if any (without releasing Lessee from its obligations under clause (C) of Section 14(b) in respect of the payment of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and payment of any Basic Rent due on such date, the Lessee shall have no obligation to pay Termination Value. On the Termination Date, if the Lessor shall have paid such amount to the Indenture Trustee, the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay all unpaid Basic Rent, if any, payable before the Termination Date, together with all accrued Basic Rent (on a per diem basis), if any, which would otherwise have been paid in arrears on the next following Basic Rent Payment Date, all unpaid Supplemental Rent due on or before or after the Termination Date, and the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b). If the Lessor, having given notice or a preemptive election, shall fail to perform any of its obligations pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination Date, the Lessor shall thereafter no longer be entitled to exercise its preemptive election to retain the Aircraft upon any subsequent termination pursuant to this Section 14 and the Lessee may at its option at any time thereafter submit a new termination notice.

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 not later than 90 days after receipt of prior to the Lessee's notice of terminationproposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft, which notice shall be accompanied by an irrevocable undertaking by the Lessor to pay to the Indenture Trustee the amount required to pay in full (after giving effect to any installment of Basic Rent due Aircraft and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Whole Premium, if any (without releasing Lessee from its obligations under clause (C) of Section 14(b) in respect of the payment following delivery of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and payment of any Basic Rent due on such datenotice, the Lessee shall have no obligation to pay Termination ValueValue or any amount with respect to Termination Value under this Section 14. On the Termination Date, if the Lessor shall have paid such amount exercised its preemptive election to retain the Indenture TrusteeAircraft in accordance with the terms of this Section 14(c), (1) the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay the Lessor or, in the case of Supplemental Rent, to the Persons entitled thereto, (A) all unpaid Basic Rent, if any, payable on or before the Termination Date, together with all accrued plus (B) an amount equal to the Basic Rent (on a per diem basis)Rent, if any, which would otherwise have been paid in arrears payable on the next following Termination Date, plus (C) the amount, if any, set forth opposite the Termination Date in Exhibit D in the column with the heading "Deferred Basic Rent Payment DateAmount", plus (D) all unpaid Supplemental Rent due on or before or after the Termination Date, and (2) the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b)) and pay to the Lessee the amount of prepaid Basic Rent, if any, as of such Termination Date as set forth in Exhibit D in the column with the heading "Prepaid Basic Rent Amount". If In the Lessor, having given notice or a preemptive election, shall fail event the Lessee delivers the Aircraft to perform any of its obligations the Lessor on the Termination Date pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination Date), the Lessor Lessee shall thereafter no longer be entitled to exercise its preemptive election to retain offset amounts payable by the Aircraft upon any subsequent termination pursuant to Lessee under clause (1) of this Section 14 and the Lessee may at its option at 14(c) against any time thereafter submit a new termination noticeamounts owed to it by Lessor under clause (2) of this Section 14(c).

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 not later than 90 days after receipt of prior to the Lessee's notice of terminationproposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft, which notice shall be accompanied by an irrevocable undertaking by the Lessor to pay to the Indenture Trustee the amount required to pay in full (after giving effect to any installment of Basic Rent due and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Whole Premium, if any (without releasing Lessee from its obligations under clause (C) of Section 14(b) in respect of the payment of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and payment of any Basic Rent due on such dateTermination Date, the Lessee shall have no obligation to pay Termination Value. On the Termination Date, if the Lessor shall have paid such amount exercised its preemptive election to retain the Indenture TrusteeAircraft in accordance with the terms of this Section 14(c), the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay all unpaid Basic Rent, if any, payable before the Termination Date, together with all accrued Basic Rent (if payable in arrears) due on a per diem basis), if any, which would otherwise have been paid in arrears on the next following Basic Rent Payment such Termination Date, all unpaid Supplemental Rent due on or before or after the Termination Date, and the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b). If the Lessor, having given notice or of a preemptive election, shall fail to perform any of its obligations pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination Date, the Lessor shall thereafter no longer be entitled to exercise its preemptive election to retain the Aircraft upon any subsequent termination pursuant to this Section 14 and the Lessee may at its option at any time thereafter submit a new termination noticenotice but the Lessor may only be entitled to exercise on one additional occasion its preemptive election to retain the Aircraft upon a subsequent termination pursuant to this Section 14.

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 not later than 90 days after receipt of prior to the Lessee's notice of terminationproposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft, which notice shall be accompanied by an irrevocable undertaking and on the Termination Date, concurrently with the payment by the Lessee of the amounts specified below in this Section 14(c), the Lessor to shall pay to the Indenture Trustee the amount required to pay in full (after giving effect to any installment of Basic Rent due and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Make-Whole Premium, if any (without releasing Lessee from its obligations under clause (CB) of Section 14(b) in respect of the payment of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and payment of any Basic Rent due on such date, the Lessee shall have no obligation to pay Termination Value. On the Termination Date, if concurrently with the payment by Lessor shall have paid of such amount to the Indenture Trustee, the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay (A) all unpaid Basic Rent, if any, payable before the Termination Date, together with all accrued Basic Rent (on a per diem basis)B) the portion, if any, which would otherwise have been paid of Basic Rent payable on such Termination Date that is specified in arrears column (3) of Exhibit C-1 as allocable to the Allocation Period ending on the next following Basic Rent Payment Termination Date, and (C) all unpaid Supplemental Rent due on or before or after the Termination DateDate (including Make-Whole Premium), and the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b). If the Lessor, having given notice or of a preemptive election, shall fail to perform any of its obligations pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination Date, the Lessor shall thereafter no longer be entitled to exercise its preemptive election to retain the Aircraft upon any subsequent termination pursuant to this Section 14 and the Lessee may at its option at any time thereafter submit a new termination noticenotice but the Lessor may only be entitled to exercise on one additional occasion its preemptive election to retain the Aircraft upon a subsequent termination pursuant to this Section 14.

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 not later than 90 days after receipt of prior to the Lessee's notice of terminationproposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft. In any such case, which notice shall be accompanied by an irrevocable undertaking by the Lessor to pay to the Indenture Trustee the amount required to pay in full (after giving effect to any installment of Basic Rent due and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Whole Premium, if any (without releasing Lessee from its obligations under clause (C) of Section 14(b) in respect of the payment of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and upon payment of any Basic Rent due on such dateTermination Date and any other amounts due under this Lease, the Lessee shall have no obligation to pay Termination Value. On the Termination Date, if the Lessor shall have paid such amount exercised its preemptive election to retain the Indenture TrusteeAircraft in accordance with the terms of this Section 14(c), the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay all unpaid Basic Rent, if any, payable before the Termination Date, together with all accrued Basic Rent (if payable in arrears) due on a per diem basis), if any, which would otherwise have been paid in arrears on the next following Basic Rent Payment such Termination Date, all unpaid Supplemental Rent due on or before or after the Termination Date, and the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b). If the Lessor, having given notice or of a preemptive election, shall fail to perform any of its obligations pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination DateDate and shall continue in full force and effect, the Lessor shall thereafter no longer be entitled to exercise its preemptive election to retain the Aircraft upon any subsequent termination pursuant to this Section 14 and the Lessee may at its option at any time thereafter submit a new termination notice (and in connection with any such notice, Lessor shall be entitled to exercise its preemptive election pursuant to this Section 14(c)).

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 not later than 90 days after receipt of prior to the Lessee's notice of terminationproposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft, which notice shall be accompanied by an irrevocable undertaking by the Lessor to pay to the Indenture Trustee Trustee, concurrently with the payment by the Lessee of the amounts specified in clauses (A), (B) and (C) of this Section 14(c), the amount required to pay in full (after giving effect to any installment of Basic Rent due and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Whole Premium, if any (without releasing Lessee from its obligations under clause (C) of Section 14(b) in respect of the payment of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and payment of any Basic Rent due on such datedate and all other amounts payable by the Lessee under this Section 14(c), the Lessee shall have no obligation to pay Termination Value. On the Termination Date, if concurrently with the payment by the Lessor shall have paid of such amount to the Indenture Trustee, the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay to the Lessor or, in the case of Supplemental Rent, to the Persons entitled thereto, (A) all unpaid Basic Rent, if any, payable on or before the Termination Date, together with all accrued (B) an amount equal to the excess of (1) the sum of (x) the Basic Rent (on a per diem basis)Rent, if any, which would otherwise have been paid in arrears payable on the next following Termination Date plus (y) the amount, if any, set forth opposite the Termination Date in Exhibit D in the column with the heading "Deferred Basic Rent Payment DateAmount", over (2) the amount, if any, set forth opposite the Termination Date in Exhibit D in the column with the heading "Prepaid Basic Rent Amount", and (C) all unpaid Supplemental Rent due on or before or after the Termination DateDate (including Breakage Cost), and the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b). If the Lessor, having given notice or of a preemptive election, shall fail to perform any of its obligations pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination Date, the Lessor shall thereafter no longer be entitled to exercise its preemptive election to retain the Aircraft upon any subsequent termination pursuant to this Section 14 and the Lessee may at its option at any time thereafter submit a new termination noticenotice but the Lessor may only be entitled to exercise on one additional occasion its preemptive election to retain the Aircraft upon a subsequent termination pursuant to this Section 14.

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 not later than 90 days after receipt of prior to the Lessee's notice of terminationproposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft, which notice shall be accompanied by an irrevocable undertaking by the Lessor to pay to the Indenture Trustee the amount required to pay in full (after giving effect to any installment of Basic Rent due and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Make-Whole PremiumAmount, if any (without releasing Lessee from its obligations under clause (CB) of Section 14(b) in respect of the payment of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and payment by the Lessee of any Basic Rent due all amounts specified in this Section 14(c) to be paid by the Lessee on such datethe Termination Date, the Lessee shall have no obligation to pay Termination Value. On the Termination Date, if the Lessor shall have paid such amount to the Indenture Trustee, the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay all unpaid Basic Rent, if any, payable before the Termination Date, together with all accrued Basic Rent (on a per diem basis)the arrears portion, if any, which would otherwise have been paid in arrears on the next following of Basic Rent Payment due on such Termination Date, all unpaid Supplemental Rent due on or before or after the Termination DateDate (including Make-Whole Amount), and the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b). If the Lessor, having given notice or of a preemptive election, shall fail to perform any of its obligations pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination Date, the Lessor shall thereafter no longer be entitled to exercise its preemptive election to retain the Aircraft upon any subsequent termination pursuant to this Section 14 and the Lessee may at its option at any time thereafter submit a new termination noticenotice but the Lessor may only be entitled to exercise on one additional occasion its preemptive election to retain the Aircraft upon a subsequent termination pursuant to this Section 14.

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 14, the Lessor may, within 15 not later than 90 days after receipt of prior to the Lessee's notice of terminationproposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft, which notice shall be accompanied by an irrevocable undertaking by the Lessor to pay to the Indenture Trustee the amount required to pay in full (after giving effect to any installment of Basic Rent due and payable on such date) the aggregate unpaid principal amount of the outstanding Equipment Notes, together with all accrued interest thereon and Make Whole Premium, if any (without releasing Lessee from its obligations under clause (CB) of Section 14(b) in respect of the payment of such amount). Upon payment by the Lessor of such amount to the Indenture Trustee, and payment of any Basic Rent due on such date, the Lessee shall have no obligation to pay Termination Value. On the Termination Date, if the Lessor shall have paid such amount to the Indenture Trustee, the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Section 12 and shall pay all unpaid Basic Rent, if any, payable before the Termination Date, together with all accrued Basic Rent (on a per diem basis), if any, which would otherwise have been paid in arrears on the next following Basic Rent Payment Date, all unpaid Supplemental Rent due on or before or after the Termination DateDate (including Make-Whole Premium), and the Lessor shall transfer to the Lessee title to any Engines constituting part of the Airframes but which were not then installed on the Aircraft as provided in Section 12(b). If the Lessor, having given notice or of a preemptive election, shall fail to perform any of its obligations pursuant to this Section 14(c) and as a result thereof this Lease shall not be terminated on a proposed Termination Date, the Lessor shall thereafter no longer be entitled to exercise its preemptive election to retain the Aircraft upon any subsequent termination pursuant to this Section 14 and the Lessee may at its option at any time thereafter submit a new termination noticenotice but the Lessor may only be entitled to exercise on one additional occasion its preemptive election to retain the Aircraft upon a subsequent termination pursuant to this Section 14.