Common use of Right of Termination upon Obsolescence Clause in Contracts

Right of Termination upon Obsolescence. So long as no Lease Event of Default or Lease Default shall have occurred and be continuing, Lessee shall have the right at its option to terminate this Lease with respect to the Aircraft during the Base Lease Term on the first day of any month (a "Termination Date") occurring on or after the seventh anniversary of the Delivery Date on at least three months' prior written notice to Lessor, each Participant and Indenture Trustee specifying a proposed Termination Date; provided, that such notice shall also include copies of resolutions of Lessee's board of directors stating that such board of directors has determined, in good faith, that the Aircraft either has become economically obsolete or is surplus to Lessee's requirements. Lessee may revoke any notice of termination referred to in this Section 9.1 by notice to Lessor, each Participant and the Indenture Trustee not less than 30 days prior to the proposed Termination Date, if Lessor shall not have received a bid to purchase the Aircraft for at least the Termination Value thereof pursuant to Section 9.2 and if Lessor shall not have furnished to Lessee the notice referred to in Section 9.3, and upon doing so, shall reimburse Lessor and Owner Participant on an after-tax basis for all reasonable out-of-pocket expenses incurred by them in contemplation of such termination; provided, however, that Lessee may so revoke a notice of termination no more than three times during the Term.