Common use of CASUALTY TO AIRCRAFT PRECEDING DELIVERY Clause in Contracts

CASUALTY TO AIRCRAFT PRECEDING DELIVERY. In the event that an Event of Loss occurs with respect to the Aircraft prior to the Effective Date hereof, this Lease shall thereupon terminate and neither LESSOR nor LESSEE shall have any further obligation to the other hereunder except that LESSOR shall, as promptly as is reasonably practicable, return so much of the Security Deposit that has been paid to it to LESSEE.

CASUALTY TO AIRCRAFT PRECEDING DELIVERY. In the event that an Event of Loss occurs with respect to the Aircraft prior to the Effective Date hereof, this Lease shall thereupon terminate and neither LESSOR nor LESSEE shall have any further obligation to the other hereunder except that LESSOR shall, as promptly as is reasonably practicable, return so much of the Security Deposit that has been paid to it to LESSEEhereunder.