Common use of Termination for Delay Clause in Contracts

Termination for Delay. If (x) the Scheduled Delivery Date is scheduled or rescheduled by Seller to a date that will cause Delivery to be delayed after the Outside Delivery Date, or (y) Lessor notifies Lessee that Lessor has received written notice from Seller that a delay is anticipated by Seller that will cause Delivery to be delayed to a date after the Outside Delivery Date, then by written notice given within ten (10) Business Days after the first to occur of (i) Lessee’s receipt of such Lessor notice or (ii) the Outside Delivery Date, either party may by written notice to the other terminate this Lease and this Lease will terminate on the date of receipt of such notice by the non-notifying party. In the event of such termination, neither party will have any further liability to the other party except that Lessor will return to Lessee the Security Deposit in accordance with Section 4.5 and any prepaid Rent. If such termination notice is not given within such ten (10) day period, each of Lessee and Lessor shall have waived their right to terminate this Lease for delay under this Section 8.3 and, subject to Lessor’s agreement with Seller to a revised Scheduled Delivery Date (which shall be binding upon Lessee), this Lease shall remain in full force and effect, the Aircraft shall be delivered to Lessee in accordance with the terms of this Lease on the revised Scheduled Delivery Date.