Common use of Tax Loss Clause in Contracts

Tax Loss. Owner Participant and Lessor shall have received, at Lessee's and the Owner Participant's joint and equal expense, a tax opinion of tax counsel selected by the Owner Participant, to the effect that the Event of Loss or the replacement of the Airframe or Aircraft in connection therewith will not cause any adverse tax consequences to Lessor or Owner Participant or its Affiliates (or, in lieu thereof, Lessee shall have agreed to indemnify for such tax risk), or if Owner Participant and Lessee shall have agreed upon the amount, if any, payable and upon the manner of payment thereof with respect to such replacement by Lessee pursuant to the Tax Indemnity Agreement or Section 7(b) of the Participation Agreement, then any such amount shall be paid.

Tax Loss. Owner Participant and Lessor shall have received, at Lessee's and the Owner Participant's joint and equal expense, a tax opinion of tax counsel selected by the Owner ParticipantLessee, to the effect that the Event of Loss or the replacement Replacement of the Airframe or Aircraft in connection therewith will not cause any adverse tax consequences to Lessor or Owner Participant or its Affiliates (or, in lieu thereof, Lessee shall have agreed to indemnify for such tax risk), or if Owner Participant and Lessee shall have agreed upon the amount, if any, payable and upon the manner of payment thereof with respect to such replacement by Lessee pursuant to the Tax Indemnity Agreement or Section 7(b) of the Participation Agreement, then any such amount shall be paid.