Total Loss prior to Sale Sample Clauses

Total Loss prior to Sale. If an Aircraft suffers a Total Loss prior to the Sale of that Aircraft, relevant Seller shall as soon as reasonably practicable after having been notified by Lessee of the same notify Buyer in writing and this Agreement shall terminate in as far as it relates to that Aircraft and none of the parties will have any further obligation or liability to the others in respect of that Aircraft except in respect of any breach of its obligations under any Sale Document prior to such termination, any obligations expressed to survive such termination and the obligation of Seller to make any payment to the Buyer in accordance with Article 3.2 but this Agreement shall continue in full force and effect for the remaining Aircraft.
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Total Loss prior to Sale. If a Total Loss of an Aircraft (or any other event which with the lapse of time and/or the satisfaction of any other condition would give rise to such a Total Loss) occurs prior to the Sale of such Aircraft, SELLER shall notify BUYER in writing thereof as soon as practicable after becoming aware of such event and neither party will have any further liability to the other with respect to such Aircraft, and this Sale Agreement shall terminate with respect to such Aircraft, except that SELLER will either (a) if the Deposit has been provided in cash, return to BUYER the Allocated Deposit relating to such Aircraft in accordance with Article 4.2.3, or (b) if the Deposit has been provided as a letter of credit, permit the reduction in the face value of such letter of credit by an amount equal to the Allocated Deposit relating to such Aircraft. If before the Sale of an Aircraft a Total Loss (or any other event which with the lapse of time and/or the satisfaction of any other condition would give rise to such a Total Loss) occurs with respect to an Engine associated with such Aircraft but not the Airframe, SELLER shall notify BUYER in writing thereof as soon as practicable after becoming aware of such event and, unless SELLER and BUYER agree to the replacement of the destroyed Engine by SELLER with a replacement Engine of similar condition, maintenance status, utility and economic value to that of the destroyed Engine prior to such Total Loss (provided that BUYER’s consent to such replacement Engine shall not be unreasonably withheld or delayed if the Lessee is permitted to replace the Engine with such replacement Engine pursuant to the terms of the applicable Lease, and BUYER shall have no right to consent to any replacement Engine if the applicable Lessee is not required to obtain consent of the applicable SELLER Entity with respect to replacing an Engine pursuant to the applicable Lease), neither party will have any further liability to the other with respect to such Aircraft, and this Sale Agreement shall terminate with respect to such Aircraft, except that SELLER will either (a) if the Deposit has been provided in cash, return to BUYER the Allocated Deposit relating to such Aircraft in accordance with Article 4.2.3, or (b) if the Deposit has been provided as a letter of credit, permit the reduction in the face value of such letter of credit by an amount equal to the Allocated Deposit relating to such Aircraft.
Sample 1

Related to Total Loss prior to Sale

  • Limitations on Sale and Leaseback Transactions The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into any Sale and Leaseback Transaction; provided that the Issuer or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction if:

  • Sale and Leasebacks The Borrower will not enter into --------------------- any arrangement, directly or indirectly, with any Person whereby the Borrower shall sell or transfer any of its Property, whether now owned or hereafter acquired, and whereby the Borrower shall then or thereafter rent or lease such Property or any part thereof or other Property that the Borrower intends to use for substantially the same purpose or purposes as the Property sold or transferred.

  • Sale and Leaseback The Borrower will not, and will not permit any of its Subsidiaries to, enter into any arrangement, directly or indirectly, whereby the Borrower or any Subsidiary of the Borrower shall sell or transfer any property owned by it in order then or thereafter to lease such property or lease other property that the Borrower or any Subsidiary of the Borrower intends to use for substantially the same purpose as the property being sold or transferred.

  • CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL SECTION 5.1. Pledge of Additional Securities Collateral 17 SECTION 5.2. Voting Rights; Distributions; etc. 18 SECTION 5.3. Reserved 19

  • Limitation on Sale and Leaseback Transactions The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any sale and leaseback transaction; provided that the Company or any Restricted Subsidiary may enter into a sale and leaseback transaction if:

  • Sales and Leasebacks Enter into any arrangement with any Person providing for the leasing by any Group Member of real or personal property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of such Group Member.

  • Certain After-Acquired Collateral Borrowers shall promptly notify Agent in writing if, after the Closing Date, any Borrower obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights and, upon Agent’s request, shall promptly take such actions as Agent deems appropriate to effect Agent’s duly perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s request, Borrowers shall obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

  • Limitations on Sales and Leasebacks Enter into any arrangement with any Person providing for the leasing by the Borrower of real or personal property which has been or is to be sold or transferred by the Borrower to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of the Borrower ("Sale and Leaseback Transactions").

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