Common use of Corrections and Subsequent Corrections Clause in Contracts

Corrections and Subsequent Corrections. To the extent that the Aircraft or any Engine fails upon a Return Occasion to conform to any requirement imposed by this Lease Lessor may, at its option, (i) continue the Lease in effect in the manner provided for in Section 16(f) above with regard to automatic extension until such time as such Aircraft is brought up to the condition required by this Section 16, including Exhibit E, or (ii) accept the return of such Aircraft and thereafter have any such nonconformance corrected, at such time as Lessor may deem appropriate but not to commence later than ninety (90) days following the return of such Aircraft, at commercial rates then charged by the Person selected by Lessor to perform such correction. Lessee's obligations to pay such Supplemental Rent shall survive the Expiration Date or other termination of this Lease. Nothing set forth in this paragraph shall constitute a limitation on Lessor's or Owner Participant's ability to recover from Lessee any damages, expenses or losses pursuant to Sections 13 or 18 hereof suffered as a result of Lessee's failure to effect the return of the Aircraft at the time, in the place and in the condition as specified in this Section 16 and Exhibit E hereto.

Appears in 6 contracts

Samples: Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc)

AutoNDA by SimpleDocs

Corrections and Subsequent Corrections. To the extent that the Aircraft or any Engine fails upon a Return Occasion to conform to any requirement imposed by this Lease Lessor may, at its option, (i) continue the Lease in effect in the manner provided for in Section 16(f) above with regard to automatic extension until such time as such Aircraft the Engine is brought up to the condition required by this Section 16, including Exhibit E, or (ii) accept the return of such Aircraft the Engine and thereafter have any such nonconformance corrected, at such time as Lessor may deem appropriate but not to commence later than ninety (90) days following the return of such Aircraftthe Engine, at commercial rates then charged by the Person selected by Lessor to perform such correction. Lessee's obligations to pay such Supplemental Rent shall survive the Expiration Date or other termination of this Lease. Nothing set forth in this paragraph shall constitute a limitation on Lessor's or Owner Participant's ability to recover from Lessee any damages, expenses or losses pursuant to Sections 13 or 18 hereof suffered as a result of Lessee's failure to effect the return of the Aircraft Engine at the time, in the place and in the condition as specified in this Section 16 and Exhibit E hereto.

Appears in 4 contracts

Samples: Engine Lease Agreement (America West Airlines Inc), Engine Lease Agreement (America West Airlines Inc), Engine Lease Agreement (America West Airlines Inc)

Corrections and Subsequent Corrections. To In the extent event that the Aircraft or any Engine fails upon a the Return Occasion to conform to any return condition requirement imposed by this Lease and particularly Section 16(f) and (Exhibit E), Lessor may, at its optionwithout prejudice to the right of Lessee to claim that the Aircraft did comply with such return condition requirement, (i) continue the Lease in effect in the manner provided for in Section 16(f16(g) above with regard to automatic extension until such time as such the Aircraft is brought up to the condition required by this Section 16, including Exhibit E, 16(f) above or (ii) accept the return of such the Aircraft and thereafter have any such nonconformance corrected, at such time as Lessor may deem appropriate but not to commence occur later than ninety (90) days following the return of such the Aircraft, at commercial rates then charged by the Person selected by Lessor to perform such correction. Any direct expense incurred by Lessor for such correction shall become Supplemental Rent payable by Lessee within thirty (30) days following the submission of a written statement by Lessor to Lessee, identifying the items corrected and setting forth the expense of such correction. Lessee's obligations to pay such Supplemental Rent shall survive the passage of the Expiration Date or other termination of this Lease. Nothing set forth in this paragraph shall constitute a limitation on Lessor's or Owner Participant's ability to recover from Lessee any damages, expenses or losses pursuant to Sections 13 or 18 hereof suffered as a result of Lessee's failure to effect the return of the Aircraft at the time, in the place and in the condition as specified in this Section 16 and Exhibit E hereto.

Appears in 2 contracts

Samples: Aircraft Lease Agreement (Copa Holdings, S.A.), Aircraft Lease Agreement (Copa Holdings, S.A.)

Corrections and Subsequent Corrections. To the extent that the Aircraft or any Engine fails upon a Return Occasion to conform to any requirement imposed by this Lease Lease, Lessor may, at its option, (i) continue the Lease in effect in the manner provided for in Section 16(f) above with regard to automatic extension until such time as such Aircraft is brought up to the condition required by this Section 16, including Exhibit E, or (ii) accept the return of such Aircraft and thereafter have any such nonconformance corrected, at such time as Lessor may deem appropriate but not to commence later than ninety (90) days following the return of such Aircraft, at commercial rates then charged by the Person selected by Lessor to perform such correction. Lessee's obligations to pay such Supplemental Rent shall survive the Expiration Date or other termination of this Lease. Nothing set forth in this paragraph shall constitute a limitation on Lessor's or Owner Participant's ability to recover from Lessee any damages, expenses or losses pursuant to Sections 13 or 18 hereof suffered as a result of Lessee's failure to effect the return of the Aircraft at the time, in the place and in the condition as specified in this Section 16 and Exhibit E hereto.

Appears in 1 contract

Samples: Aircraft Lease Agreement (America West Airlines Inc)

AutoNDA by SimpleDocs

Corrections and Subsequent Corrections. To the extent that the Aircraft or any Engine fails upon a Return Occasion to conform to any requirement imposed by this Lease Lease, Lessor may, at its option, (i) continue the Lease in effect in the manner provided for in Section 16(f) above with regard to automatic extension until such time as such Aircraft is brought up to the condition required by this Section 16, including Exhibit E, or (ii) accept the return of such Aircraft and thereafter have any such nonconformance corrected, at such time as Lessor may deem appropriate but not to commence later than ninety (90) days following the return of such Aircraft, at commercial rates then charged by the Person selected by Lessor to perform such correction. Lessee's obligations to pay such Supplemental Rent shall survive the Expiration Date or other termination of this Lease. Nothing set forth in this paragraph shall constitute a limitation on Lessor's or Owner Participant's ability to recover from Lessee any damages, expenses or losses pursuant to Sections 13 or 18 hereof suffered as a result of Lessee's failure to effect the return of the Aircraft at the time, in the place and in the condition as specified in this Section 16 and Exhibit E hereto.hereof

Appears in 1 contract

Samples: Aircraft Lease Agreement (America West Airlines Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.