(i) If Operator elects to offer the Plane, Proprietor shall utilize the proceeds of any these sale towards payment of all quantities due or owing to OWNER less than this Lease at the time of any these kinds of application, including, devoid of limitation: (A) the Party of Default Amount of money (calculated as in Write-up fourteen(a)(iii)); and (B) curiosity from and such as the payment day specified in the relevant recognize to the date of payment at the very best relevant rate permitted by legislation although not multiple and a single-fifty percent % (1-112%) monthly or fraction thereof. If the net proceeds from any these kinds of sale are inadequate to include the payment of all these amounts, LESSEE shall continue on for being liable to Proprietor to the deficiency.

four. The Claimant acknowledged and retained the subject aircraft in entire satisfaction on the Leases and the fiscal obligations claimed to become thanks and owing;

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g. In November 2010, Respondent one and 3 commenced the proceedings in the Civil Courtroom of Dubai to recover extreme Lease rental payments improperly charged by Cessna and paid by Gulf Jet, in addition to to ascertain a reasonable reduction or elimination with the liability under the Leases in accordance With all the legal guidelines with the Emirate of Dubai as a result of impression of financial crisis which must be mirrored in a proper accounting. It absolutely was asserted that Cessna had declined to seem in All those proceedings (Reply one.14).

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Meanwhile, FDI inflows to Bahrain grew 138 per cent more than the 1st three quarters on the yr, the swiftest level of all GCC nations. In May perhaps, the place declared it more info would lengthen the expression of residence visas for competent buyers and professionals from two years to 10 to further more attract international desire.

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Nonetheless, through Mr. Matar, they did show up at procedural convention calls and get involved in the arbitration, like their jurisdiction movement as pointed out over in advance of refusing to take part further In this particular arbitration.

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