CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME Sample Clauses

CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Within two (2) days after a Casualty Occurrence during the Term with respect to the Airframe and any Engine then installed thereon, Lessee shall give Lessor and Lessor's Aircraft Manager written notice of such occurrence. On or before the date which is ninety (90) days after the date of the Casualty Occurrence, but in no event later than two (2) Business Days after receipt of insurance proceeds in respect of such Casualty Occurrence, Lessee shall pay to Lessor in immediately available funds the sum of (i) the Casualty Value of the Aircraft plus (ii) the amount of Rent (other than Maintenance Reserve Payments), if any, accrued up to the date of payment of such Casualty Value (on the basis of actual days elapsed and a 360-day year) for each day during the period commencing with, and including, the last preceding Rent Payment Date and extending to, but excluding, the date of payment of such Casualty Value. Upon such payment (A) the obligation of Lessee to make further payments of Rent (other than Supplemental Rent) hereunder shall terminate, (B) this Lease shall terminate with respect to the Aircraft and (C) Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest, if any, in and to the Airframe and Engines (if any) suffering the Casualty Occurrence, as well as all of Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of the Casualty Occurrence; provided, however, that there shall be excluded from such assignment any and all claims against any Persons which arose prior to the date of such assignment, including without limitation any and all claims against any Persons who may have been responsible, in whole or in part, for the events giving rise to such Casualty Occurrence, but such exclusion shall be limited to the portion of such claims which exceeds the amounts paid to Lessor in respect of such Casualty Occurrence by Lessee or the insurers under any policy of insurance maintained by Lessee pursuant to Section 12 hereof.
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CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Immediately after a Casualty Occurrence with respect to the Airframe, Lessee shall give Lessor written notice of such occurrence. On or before ninety (90) days after the date of the Casualty Occurrence, or upon receipt of insurance proceeds in an amount equal to the Casualty Value, whichever is sooner, Lessee shall pay to Lessor in immediately available funds the Casualty Value. Upon such payment, and the payment of all other amounts then due and payable under this Lease: (i) the obligation of Lessee to make further payments of Basic Rent hereunder shall terminate, (ii) this Lease shall terminate with respect to the Aircraft, and (iii) Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest, in and to the Airframe and Engines (if any) suffering the Casualty Occurrence, free and clear of Lessor's Liens, as well as all of Lessor's right, title and interest in and to any Engine constituting part of the Aircraft but not installed thereon at the time of the Casualty Occurrence. No Casualty Occurrence shall result in any abatement of Rent until receipt by Lessor of the Casualty Value.
Sample 1
CASUALTY OCCURRENCE WITH RESPECT TO THE AIRFRAME. Within fifteen (15) days after a Casualty Occurrence with respect to the Airframe and any Engine then installed thereon, Lessee shall give Lessor written notice of such occurrence. Within sixty (60) days of such occurrence, Lessee shall give Lessor written notice of Lessee's election to make payment in respect of the Casualty Occurrence, as provided in Section 1l(b), or to replace the Airframe and any such Engines as provided in Section 1l(c). Any failure by Lessee to give notice of its election shall be deemed an election of the option set forth in Section 1l(b). In addition, if an Event of Default or Special Default has occurred and is continuing, Lessee shall be required to make payment in respect of such Casualty Occurrence pursuant to Section 1l(b).
Sample 1

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