Total Loss Before Delivery Sample Clauses
Total Loss Before Delivery. If a Total Loss occurs before Delivery, this Agreement will immediately terminate and neither party will have any further obligation or liability under this Agreement except as expressly stated herein.
Total Loss Before Delivery. 5.2.1 If before Delivery the Aircraft suffers a Total Loss, then either Party may by notice to the other terminate this Agreement, whereupon this Agreement shall terminate and 10 shall apply.
5.2.2 If before Delivery an event occurs which with the passage of time and/or a relevant determination would constitute a Total Loss of the Aircraft, then either Party may by notice to the other terminate this Agreement, whereupon this Agreement shall terminate and 10 shall apply.
Total Loss Before Delivery. If a Total Loss of the Aircraft occurs before Delivery, this Agreement shall immediately terminate and neither party shall have any further obligation or liability under this Agreement except as expressly stated herein.
Total Loss Before Delivery. (a) If a Total Loss of the Airframe occurs prior to Delivery, the Lessor shall notify the Lessee promptly in writing (a Pre-Delivery Total Loss Notice).
(b) Upon receipt by the Lessee of a Pre-Delivery Total Loss Notice:
(i) the obligations of the Lessor to lease the Aircraft to the Lessee and of the Lessee to take the Aircraft on lease from the Lessor shall terminate; and
(ii) the Lessor and the Lessee shall have no further obligations to each other under this Agreement other than as expressly set out in this Agreement.
Total Loss Before Delivery. Should the Aircraft suffer a Total Loss prior to the Delivery, this Agreement shall be terminated at which point neither Party will thereafter have any further liability to the other except that Lessor shall pay to Lessee promptly an amount equal to the amount of the Security Deposit, which Lessor has received from Lessee.
Total Loss Before Delivery. (a) If before Delivery the Aircraft suffers a Total Loss, Seller shall notify Buyer in writing thereof as soon as practicable (but in no event later than [***]) after becoming aware of such event and, with effect from the date of such Total Loss, unless Manufacturer is able to deliver a replacement aircraft pursuant to the Airbus Purchase Agreement and prior to the Final Delivery Date for such Aircraft, the Seller’s obligation to sell and Buyer’s obligation to purchase the Aircraft shall terminate. Notwithstanding any such termination, Seller and Buyer within [***] after such notification to Buyer of the Total Loss shall jointly and timely issue Disbursement Instructions to the Escrow Agent to pay to Buyer the Security Deposit together with any interest accrued thereon in the manner prescribed by the Escrow Agreement, [***].
(b) If before Delivery an event occurs which, with the passage of time and/or the satisfaction of any other condition, would constitute a Total Loss, unless Manufacturer is able to deliver a replacement aircraft pursuant to the Airbus Purchase Agreement and prior to the Final Delivery Date for such Aircraft, Seller shall notify Buyer in writing thereof as soon as practicable (but in no event later than [***]) after becoming aware of such event and, for so long as such event continues, Buyer shall be under no obligation to buy, and Seller shall be under no obligation to sell, the Aircraft.
(c) If before Delivery a Total Loss occurs with respect to one or more Engines but not the Airframe, Seller shall promptly notify Buyer in writing of such Total Loss and, unless Seller and Buyer agree to the replacement of the destroyed Engine by Seller with an engine in the same or a better condition, maintenance status, utility and economic value to that which the destroyed Engine had immediately prior to such Total Loss and which is in all respects reasonably satisfactory to Buyer, Buyer shall be entitled to terminate its obligation to purchase the Aircraft by notice in writing to Seller and the obligations of each party to respectively buy and sell the Aircraft pursuant to this Agreement will end from the date of that notice, but without prejudice to any other liabilities each party may have to the other as expressly stated in this Agreement. Notwithstanding any such termination, Seller and Buyer within [***] after such notification to Buyer of the Total Loss shall jointly and timely issue Disbursement Instructions to the Escrow Agent to pay to Bu...
Total Loss Before Delivery. If any Aircraft suffers a Total Loss prior to Delivery, Seller shall, as soon as reasonably practicable after it has become aware of such Total Loss, notify Buyer in writing thereof and, with effect from the date of such Total Loss, the Seller’s obligations to sell and the Buyer’s obligation to purchase the Aircraft shall terminate.