(i) If Proprietor elects to promote the Plane, OWNER shall implement the proceeds of any this kind of sale towards payment of all amounts due or owing to Proprietor underneath this Lease at some time of any this kind of software, such as, without limitation: (A) the Party of Default Quantity (calculated as in Posting fourteen(a)(iii)); and (B) fascination from and including the payment day laid out in the applicable notice to the date of payment at the best applicable level authorized by regulation but not more than one and just one-50 % per cent (one-112%) each month or portion thereof. If The web proceeds from any this kind of sale are insufficient to deal with the payment of all this sort of amounts, LESSEE shall continue being liable to OWNER for the deficiency.

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d. Because the Dubai Courtroom Proceeding was commenced previous to this arbitration, The difficulty on the validity and enforceability of your arbitration clauses is thoroughly based on the Dubai Court docket instead of by this arbitral tribunal (Respond to two:three);

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c. The day of thirty Could 2013 in the Procedural Timetable for the supply with the buy was expressly stated for being "Tentative" only and was neither a fixed date, nor a day to which jurisdictional importance and consequence was attached;

"Eventually, there is absolutely no rationale to conclude that the judgement of an area courtroom, of one of several parties, need to always have preclusive results in either the arbitral proceedings or an annulment or recognition motion in other jurisdictions. Asdiscussed higher than, the higher perspective is usually that nationwide court docket judgements shouldn't be preclusive in Intercontinental arbitral proceedings- specially nationwide courts outdoors the arbitral seat.

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Both equally of such witnesses gave oral testimony at the deserves hearing which further clarified and supported the amounts claimed for every Lease It is acceptable to established People calculations out intimately as claimed, including the in-depth calculations as footnoted from the Memorial. With respect to Cessna Lease 560-5679, Cessna claims at paragraph fifty five of its Memorial as follows:

The outline by counsel for Respondents 1 and 3 of this type of law on the UAE in the Answer of Gulf Jet, paragraph three.4, is also inconsistent. When it can be asserted which the Lessee is "entitled to discontinue" a deal, In addition it stated that a Dubai court has the best to endorse this type of discontinuance, or not. The contract may possibly keep on being in place, and the load may very well be lowered. Nevertheless it is probably not lowered in any way. The failure of Gulf Jet and Al Meeza to even determine and verify any alleged casts substantial question on each its existence and its alleged application for the details of this circumstance. 134. Next, plus much more importantly, the guidelines with the Emirate of Dubai or maybe the United Arab Emirates only do not utilize to this dispute. The Leases are ruled by the legal guidelines on the Point out of Kansas in The usa of The usa. The arbitration, seated in Ny, is governed through the procedural legislation in the Condition of Big apple. No argument, let alone a persuasive argument supported with authority, was offered concerning how and why the legislation on the Dubai or maybe the United Arab Emirates ought to use to or govern the determination of the issue also to displace the application of the legislation with the Point out of Kansas as expressly agreed with the get-togethers. one hundred check here thirty five. 3rd, as submitted from the Claimant, the Leases as well as (Ensures expressly deliver that force majeure isn't any excuse for non-effectiveness. Paragraph 15 of each and every Lease provides partly as follows: "...Lessee acknowledges and agrees that its obligation to pay for any sums because of Proprietor hereunder shall not be discharged, diminished or or else influenced by any drive majeure, and shall not be deemed paid out Except and till these types of sums are literally and entirely acquired by OWNER in United States pounds in the United States." (emphasis added)