Common use of Right of Termination Upon Obsolescence or Surplus Clause in Contracts

Right of Termination Upon Obsolescence or Surplus. (a) Option to Terminate. So long as no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing, the Lessee shall have the right, at its option, on any Termination Date, on at least 180 days' prior written notice (which notice shall state the proposed Termination Date (the "Proposed Termination Date")) to the Lessor and the Owner Participant to terminate this Lease as of a Termination Date if the Aircraft shall have become obsolete or surplus to the operations of the Lessee; provided that the Lessee shall have furnished to the Lessor, the Indenture Trustee and the Owner Participant a certificate of the Lessee's President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Treasurer or Assistant Treasurer stating the determination of the Lessee that the Aircraft is obsolete or surplus to its needs. Unless the Lessor has elected to retain the Aircraft as herein provided, the Lessee shall on no more than two occasions have the right to revoke its notice of termination not less than ten (10) days prior to the Proposed Termination Date whereupon this Lease shall continue in full force and effect; provided that the Lessee may not revoke its notice if a cash bid which is for an amount greater than or equal to Termination Value has been submitted for the purchase of the Aircraft.

Right of Termination Upon Obsolescence or Surplus. (a) Option to Terminate. So long as no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing, the Lessee shall have the right, at its option, on any Termination Date, on at least 180 days' prior written notice (which notice shall state the proposed Termination Date (the "Proposed Termination Date")) to the Lessor and the Owner Participant Participants to terminate this Lease as of a Termination Date if the Aircraft shall have become obsolete or surplus to the operations of the Lessee; provided that the Lessee shall have furnished to the Lessor, the Indenture Trustee and the Owner Participant Participants a certificate of the Lessee's President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Treasurer or Assistant Treasurer stating the determination of the Lessee that the Aircraft is obsolete or surplus to its needs. Unless the Lessor has elected to retain the Aircraft as herein provided, the Lessee shall on no more than two occasions have the right to revoke its notice of termination not less than ten (10) days prior to the Proposed Termination Date whereupon this Lease shall continue in full force and effect; provided that the Lessee may not revoke its notice if a cash bid which is for an amount greater than or equal to Termination Value has been submitted for the purchase of the Aircraft.