Common use of TERMINATION UPON PAYMENT OF STIPULATED LOSS VALUE Clause in Contracts

TERMINATION UPON PAYMENT OF STIPULATED LOSS VALUE. Upon payment in full of the amounts required pursuant to Section 8(a)(1), (i) Lessee's obligation to pay Basic Rent hereunder with respect to the Aircraft for any period commencing after the Loss Payment Date shall terminate (but Lessee shall remain liable for all payments of Rent, including Basic Rent and Supplemental Rent, including, without limitation, the Supplemental Rent pursuant to Exhibit E hereto, for the Aircraft, due through and including the date of such payment), (ii) the Term for the Aircraft shall end, and (iii) Lessor shall (subject to the rights of any insurer) transfer to Lessee all of Lessor's right, title and interest in the Airframe and the Serviced Engines, if any, which were subject to the Event of Loss "as-is, where-as", free and clear of Lessor's Liens, but otherwise without recourse or warranty, express or implied.