Common use of Termination as to Engines Clause in Contracts

Termination as to Engines. So long as no Event of Default shall have occurred and be continuing, Lessee shall have the right at its option at any time during the Term, on at least thirty (30) days' prior written notice, to terminate this Lease with respect to any Engine. In such event, and prior to the date of such termination, Lessee shall replace such Engine hereunder by complying with the terms of Section 10(b) to the same extent as if an Event of Loss had occurred with respect to such Engine, and Lessor shall transfer such right, title and interest as it may have to the replaced Engine as provided in Section 5(b). No termination of this Lease with respect to any Engine as contemplated by this Section 9(d) shall result in any reduction of Basic Rent.

Appears in 13 contracts

Samples: Lease Agreement (Northwest Airlines Corp), Lease Agreement (Northwest Airlines Holdings Corp/Pred), Lease Agreement (Northwest Airlines Corp)

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Termination as to Engines. So At any time during the Term, so long as no Event of Default shall have has occurred and be is continuing, Lessee shall have the right at its option at any time during the Term, on at least thirty (30) days' prior written notice, to Lessee may terminate this Lease with respect to any Engine. In such event, and prior Prior to the date of such termination, Lessee shall replace such Engine hereunder by complying with the terms of Section 10(b) to the same extent as if an Event of Loss had occurred with respect to such Engine, and Lessor shall transfer such right, title and interest as it may have to the replaced Engine as provided in Section 5(b). No termination of this Lease with respect to any Engine as contemplated by this Section 9(d9(c) shall result in any reduction of Basic Rent.

Appears in 1 contract

Samples: Indenture and Security Agreement (Delta Air Lines Inc /De/)

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