Common use of Preemptive Election by Lessor Clause in Contracts

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 10, the Lessor may, not later than 90 days prior to the proposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft and following delivery of such notice, the Lessee shall have no obligation to pay Stipulated Loss Value or any amount with respect to Stipulated Loss Value under this Section 10. On the Termination Date, if the Lessor shall have exercised its preemptive election to retain the Aircraft in accordance with the terms of this Section 10(c), the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Article XVIII of the Lease and shall pay all unpaid Basic Rent, if any, payable before the Termination Date, together with all Basic Rent (if payable in arrears) due on 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 18.03.

Preemptive Election by Lessor. Notwithstanding the foregoing provisions of this Section 1014, the Lessor may, not later than 90 days prior to the proposed Termination Date, notify the Lessee of its preemptive election to take possession of the Aircraft and following delivery of such notice, the Lessee shall have no obligation to pay Stipulated Loss Termination Value or any amount with respect to Stipulated Loss Termination Value under this Section 1014. On the Termination Date, if the Lessor shall have exercised its preemptive election to retain the Aircraft in accordance with the terms of this Section 10(c14(c), the Lessee shall deliver the Airframe and Engines or engines installed thereon to the Lessor in accordance with Article XVIII of the Lease Section 12 and shall pay all unpaid Basic Rent, if any, payable before the Termination Date, together with all Basic Rent (if payable in arrears) due on 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 18.0312(b).