Common use of Transfer of Aircraft to Affiliate Clause in Contracts

Transfer of Aircraft to Affiliate. In the event the Client determines to transfer the Cov- ered Aircraft to an Affiliate during the term of this Agreement, the Client shall provide written notice to AEPC™ at least ten (10) days prior to the date of such transfer. Such notice shall include the name and address of the Affiliate, the intended use of the Air- craft, the State/Country and climate in which the Affiliate intends to operate the Air- craft, and any other information reasonably requested by AEPC™. If the Client is in full compliance with the terms and conditions of this Agreement at the time of the pro- posed assignment, then AEPC™, the Client, and the Affiliate shall take all necessary steps to arrange for the assignment and assumption of all rights and obligations of Client un- der this Agreement to such Affiliate. Notwithstanding the foregoing, in the event the Client assigns its rights and obligations under this Agreement to an Affiliate as provided in this subsection, and such Affiliate intends to utilize the Aircraft in a manner or in a geographical climate or region that warrants an adjustment to the Agreement Terms and/or Hourly Rates, AEPC™ shall have the right to make an appropriate adjustment to the Agreement Terms and/or Hourly Rates. The Account Balance under this Agreement after such assignment shall be the same as the amount of such Account Balance imme- diately prior to such assignment, calculated as described in Exhibit A.

Transfer of Aircraft to Affiliate. In the event the Client determines to transfer the Cov- ered Aircraft to an Affiliate during the term of this Agreement, the Client shall provide written notice to AEPC™ at least ten (10) days prior to the date of such transfer. Such notice shall include the name and address of the Affiliate, the intended use of the Air- craft, the State/Country and climate in which the Affiliate intends to operate the Air- craft, and any other information reasonably requested by AEPC™. If the Client is in full compliance with the terms and conditions of this Agreement at the time of the pro- posed assignment, then AEPC™, the Client, and the Affiliate shall take all necessary steps to arrange for the assignment and assumption of all rights and obligations of Client un- der this Agreement to such Affiliate. Notwithstanding the foregoing, in the event the Client assigns its rights and obligations under this Agreement to an Affiliate as provided in this subsection, and such Affiliate intends to utilize the Aircraft in a manner or in a geographical climate or region that warrants an adjustment to the Agreement Terms and/or Hourly Ratesrates, AEPC™ shall have the right to make an appropriate adjustment to the Agreement Terms and/or Hourly Rates. The Account Balance under this Agreement after such assignment shall be the same as the amount of such Account Balance imme- diately prior to such assignment, calculated as described in Exhibit A.rates.