Common use of Event of Loss with Respect to the Aircraft Clause in Contracts

Event of Loss with Respect to the Aircraft. (a) Upon the occurrence of an Event of Loss with respect to the Airframe or the Airframe and the Engines and/or engines then installed thereon, Lessee shall promptly, and in any event, within 15 Business Days after such occurrence, give Lessor written notice of such Event of Loss. After an Event of Loss and until receipt by Lessor of the Stipulated Loss Value and all other amounts due under the Lease, Lessee shall continue to pay Basic Rent and the parties shall perform all of their other obligations under the Lease that remain possible of performance taking into consideration the Event of Loss. Lessee shall, within 45 days after such occurrence, give Lessor written notice of its election to perform one of the following options (it being agreed that if Lessee has not have given Lessor notice of such election, Lessee shall be deemed to have elected the option described in clause (ii) below:

Event of Loss with Respect to the Aircraft. (a) Upon the occurrence of an Event of Loss with respect to the Airframe or the Airframe and the Engines and/or engines then installed thereon, Lessee shall promptly, and in any event, within 15 Business Days three (3) days after such occurrence, give Lessor written notice of such Event of Loss. After an Event of Loss and until receipt by Lessor of the Stipulated Loss Value and all other amounts due under the Lease, Lessee shall continue to pay Basic Rent and the parties shall perform all of their other obligations under the Lease that remain possible of performance taking into consideration the Event of Loss. Lessee shall, within 45 days after such occurrence, give Lessor written notice of its election to perform one of the following options (it being agreed that if Lessee has not have given Lessor notice of such election, Lessee shall be deemed to have elected the option described in clause (ii) below:):