Alterations, Modifications and Additions. Lessee, at its own expense, shall make such alterations and modifications and additions to the Aircraft as may be required from time to time to meet the applicable standards of the FAA or to comply with any law, rule, directive, bulletin, regulation or order of any Governmental Entity or of the manufacturer of the Aircraft, Engines or Parts. In addition, Lessee, at its own expense, may from time to time make alterations and modifications in and additions to the Aircraft, provided no such alteration, modification or addition diminishes ▇▇▇ ▇▇-▇▇▇ ▇▇▇ the remaining warranty, value or utility, or impairs the condition or airworthiness, of the Aircraft. Title to all Parts incorporated or installed in or attached or added to the Aircraft as the result of such alteration, modification or addition shall vest immediately in Lessor and become subject to this Lease, without the necessity for any further act of transfer, document or notice. Notwithstanding the foregoing sentence of this Section 9 (b), Lessor agrees that so long as no Event of Default shall have occurred and be continuing, Lessee may, at such time during the Term, remove any Part of the Aircraft without replacement, provided that (i) such Part is in addition to, and not in replacement or substitution for, any Part originally incorporated or installed in or attached to the Aircraft at the time of delivery thereof hereunder or any Part in replacement of, or substitution for, any such originally incorporated or installed or attached Part, (ii) such Part is not required to be incorporated or installed in or attached or added to the Aircraft pursuant to the terms of this Section 9 and (iii) such Part can be removed from the Aircraft without diminishing or impairing the value, utility, condition or airworthiness which the Aircraft would have had at such time had such alteration, modification or addition not occurred. Upon the removal by Lessee of any such Part as provided in the preceding sentence, title thereto shall, without further act, vest in Lessee and such Part shall no longer be deemed part of the Aircraft (such a part is herein called a "Removable Part"). Lessee, at its sole expense, shall repair any damage to the Aircraft resulting from any such removal. Any Part not removed by Lessee as above provided prior to the return of the Aircraft to Lessor hereunder whether pursuant to Section 16, Section 18 or otherwise shall remain the property of Lessor. If any Removable Part is (i) owned by any third party and leased to Lessee, (ii) sold to Lessee subject to a conditional sales contract or other security interest, or (iii) leased to Lessee pursuant to a lease which is subject to a security interest in favor of any third party, then Lessor will not acquire or claim, as against such lessor, conditional vendor, or secured party, any right, title or interest in any such Removable Part as the result of such Removable Part being installed in the Aircraft; provided, however, (a) that Lessor's inability to so acquire or claim is subject to the express condition that such lessor, conditional vendor, or secured party shall not acquire or claim, as against Lessor, any right, title or interest in the Aircraft, or any Part other than its interest in such Removable Part by reason of such Removable Part being installed thereon, and (b) that any Removable Part not removed by Lessee within sixty (60) days after an Event of Default, shall, at such time, become the property of Lessor and be subject to this Lease. In no event shall Lessor bear any liability or cost for any alteration, modification or addition to, or for any grounding or suspension of certification of, the Aircraft, or for any loss of revenue arising therefrom. Lessee shall make no material alterations, modifications or additions to PHC 90-047 WKH the Aircraft (such as removal of first class seats, galleys, lavatories, major avionics equipment or the like) that would affect the marketability of the Aircraft without Lessor's prior written consent; provided, however, that Lessee may make such material alterations, modifications or additions, without first obtaining Lessor's consent, if at least ten (10) Business Days prior to commencing such alteration, modification or addition Lessee delivers to Lessor a written undertaking duly executed by Lessee whereby (i) Lessee describes in reasonable detail such proposed alteration, modification or addition; and (ii) if requested by Lessor, Lessee undertakes on or before the Return Occasion to reinstall any Parts removed from the Aircraft and to restore the Aircraft to the condition it was in immediately prior to commencing such work. Title to any Parts so removed shall remain with Lessor and Lessor may request Lessee to reinstall such Parts prior to termination of this Lease. If Lessor. does not request Lessee to reinstall such Parts, title to the parts removed shall vest in Lessee. All costs associated with such removal and reinstallation shall be borne by Lessee. PHC 90-047 WKH
Appears in 1 contract
Sources: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Alterations, Modifications and Additions. Lessee, at its own expense, shall make such alterations and modifications and additions to the Aircraft as may be required from time to time to meet the applicable standards of the FAA or to comply with any lawLaw, ruleor, directiveif performed by Lessee with respect to a majority of its 737 fleet, bulletin, regulation or order of any Governmental Entity or bulletin of the manufacturer of the Aircraft, Engines or Parts. In addition, Lessee, at its own expense, may from time to time make alterations and modifications in and additions to the Aircraft, provided no such alteration, modification or addition diminishes ▇▇▇ ▇▇-▇▇▇ ▇▇▇ the remaining warranty, value or utility, or impairs the condition or airworthiness, of the Aircraft. Title to all Parts incorporated or installed in or attached or added to the Aircraft as the result of such alteration, modification or addition shall vest immediately in Lessor and become subject to this Lease, without the necessity for any further act of transfer, document or notice. Notwithstanding the foregoing sentence of this Section 9 (b9(b), Lessor agrees that so long as no Event of Default shall have occurred and be continuing, Lessee may, at such time during the Term, remove any Part of the Aircraft without replacement, provided that (i) such Part is in addition to, and not in replacement or substitution for, any Part originally incorporated or installed in or attached to the Aircraft at the time of delivery thereof hereunder or any Part in replacement of, or substitution for, any such originally incorporated or installed or attached Part, (ii) such Part is not required to be incorporated or installed in or attached or added to the Aircraft pursuant to the terms of this Section 9 and (iii) such Part can be removed from the Aircraft without diminishing or impairing the value, utility, condition condition, cosmetic appearance or airworthiness which the Aircraft would have had at such time had such alteration, modification or addition not occurred. Upon the removal by Lessee of any such Part as provided in the preceding sentence, title thereto shall, without further act, vest in Lessee and such Part shall no longer be deemed part of the Aircraft (such a part is herein called a "Removable Part"). Lessee, at its sole expense, shall repair any damage to the Aircraft resulting from any such removal. Any Part not removed by Lessee as above provided prior to the return of the Aircraft to Lessor hereunder whether pursuant to Section 16, Section 18 or otherwise shall remain the property of Lessor. If any Removable Part is (i) owned by any third party and leased to Lessee, (ii) sold to Lessee subject to a conditional sales contract or other security interest, interest or (iii) leased to Lessee pursuant to a lease which is subject to a security interest in favor of any third party, then Lessor will not acquire or claim, as against such lessor, conditional vendor, vendor or secured party, any right, title or interest in any such Removable Part as the result of such Removable Part being installed in the Aircraft; provided, however, (a) that Lessor's inability to so acquire or claim is subject to the express condition that such lessor, conditional vendor, vendor or secured party shall not acquire or claim, as against Lessor, any right, title or interest in the Aircraft, or any Part other than its interest in such Removable Part by reason of such Removable Part being installed thereon, and (b) that all of Lessee's right, title and interest in and to any Removable Part not removed by Lessee within sixty (60) days after an Event of Default, Default shall, at such time, automatically become the property of Lessor and be subject to this Lease. In addition, with the prior written consent of the Beneficiaries, Lessee may, at its own expense, substitute or replace any Part that is originally installed on the Aircraft on the Delivery Date with another Part provided that (i) no such substitution or replacement diminishes the remaining warranty, value or utility, or impairs the condition or airworthiness, of the Aircraft, (ii) title to all Parts incorporated or installed in or attached or added to the Aircraft as the result of such substitution or replacement shall vest immediately in Lessor free and clear of Liens, other than those permitted by Section 14, and become subject to this Lease, without the necessity for any further act of transfer, document or notice, (iii) such substituted or replacement Parts can be removed from the Aircraft without diminishing or impairing the value, utility, condition, cosmetic appearance or airworthiness which the Aircraft would have had at such time had such substitution or replacement not occurred, (iv) Lessee, at its sole expense, shall repair any damage to the Aircraft resulting from any such removal, and (v) nothing herein shall diminish or alter any of Lessee's obligations under Section 16 or Exhibit E hereof to return the Aircraft on the Return Occasion with all Parts (or substitution or replacement Parts of the same make and model) that were originally installed on the Aircraft in the condition required thereby (and including within this clause (v) Lessee's obligation by the Return Occasion to re-install any Part for which a substitution or replacement Part was installed on the Aircraft pursuant to this paragraph). In no event shall Lessor bear any liability or cost for any alteration, modification or addition to, or for any grounding or suspension of certification of, the Aircraft, or for any loss of revenue arising therefrom. Lessee shall make no material alterations, modifications or additions to PHC 90-047 WKH the Aircraft (such as removal of first class seats, galleys, lavatories, major avionics equipment or the like) that would affect the marketability of the Aircraft without Lessor's and each Beneficiary's prior written consent; provided, however, that Lessee may make . if Lessor and each Beneficiary grant such material alterations, modifications or additions, without first obtaining Lessor's consent, if at least ten (10) Business Days prior title to commencing such alteration, modification or addition Lessee delivers to Lessor a written undertaking duly executed by Lessee whereby (i) Lessee describes in reasonable detail such proposed alteration, modification or addition; and (ii) if requested by Lessor, Lessee undertakes on or before the Return Occasion to reinstall any removed Parts removed from the Aircraft and to restore the Aircraft to the condition it was in immediately prior to commencing such work. Title to any Parts so removed shall remain with Lessor and Lessor and the Beneficiaries may request Lessee to reinstall such Parts prior to termination of this Lease. If Lessor. does not Lessor or Beneficiaries request Lessee to reinstall such Parts, title to the parts Parts removed shall vest in Lessee. All costs associated with such removal and reinstallation shall be borne by Lessee. PHC 90-047 WKH.
Appears in 1 contract
Sources: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Alterations, Modifications and Additions. LesseeMortgagor, at its own cost and expense, shall make such alterations and modifications in and additions to the Aircraft and Engines as may be required from time to time to meet the all applicable standards of the FAA Federal Aviation Administration or to comply with any law, rule, directive, bulletin, regulation or order of any Governmental Entity or of the manufacturer of the Aircraft, Engines or Parts. In addition, Lessee, at its own expense, may from time to time make alterations and modifications in and additions to the Aircraft, provided no such alteration, modification or addition diminishes ▇▇▇ ▇▇-▇▇▇ ▇▇▇ the remaining warranty, value or utility, or impairs the condition or airworthiness, of the Aircraft. Title to all Parts incorporated or installed in or attached or added to other governmental authority having jurisdiction over the Aircraft as the result of such alteration, modification or addition shall vest immediately in Lessor and become subject to this Lease, without the necessity for any further act of transfer, document or noticeEngines. Notwithstanding the foregoing sentence of this Section 9 (b), Lessor agrees that so So long as no Event of Default shall have occurred and be continuing, Lessee mayMortgagor, at its own cost and expense, and from time to time, may make such time during alterations and modifications in, and additions to, the TermAircraft and any Engine as Mortgagor may deem desirable in the proper conduct of its business; provided, that no such alteration, modification or addition shall diminish the value or utility of the Aircraft or such Engine, or impair the condition or airworthiness thereof, below the value, utility, condition or airworthiness thereof immediately prior to such alteration, modification or addition assuming the Aircraft or such Engine were measured by the value, utility and airworthiness, and in the condition and state of repair required to be maintained by the terms hereof. All Parts incorporated or installed in or attached to or added to the Mortgaged Aircraft or any Mortgaged Engine as the result of any alteration, modification or addition shall conform to the requirements of Paragraph 3.2(a) hereof and, without further act or deed, shall become subject to the lien of this Mortgage. So long as no Event of Default shall have occurred and be continuing, Mortgagor, at any time, may remove any Part of from the Aircraft without replacement, provided that or Engine if:
(i) such Part is in addition to, and not in replacement of, or substitution for, any Part originally incorporated or installed in or attached to the Aircraft at the time of delivery thereof hereunder or any Engine; provided, however, that Mortgagor may replace or substitute any Part in replacement of, or substitution for, any such originally incorporated or installed or attached Part, if required under Paragraph 3.1 above;
(ii) such Part is not required to be incorporated or installed in in, or attached or added to to, the Aircraft or such Engine pursuant to the terms of this Section 9 and Paragraphs 3.1(b), 3.1(c) or Paragraph 3.2 hereof; and
(iii) such Part can be readily removed from the Aircraft or any Engine without diminishing or impairing the value, utility, condition or and airworthiness which of the Aircraft would have had at or such time had such alteration, modification or addition not occurredEngine. Upon the removal by Lessee of any such Part as provided in the preceding sentenceremoval, title thereto shall, without further act, vest in Lessee and such Part shall no longer cease to be deemed part of a “Part” within the Aircraft (such a part is herein called a "Removable Part"). Lessee, at its sole expense, shall repair any damage to the Aircraft resulting from any such removal. Any Part not removed by Lessee as above provided prior to the return of the Aircraft to Lessor hereunder whether pursuant to Section 16, Section 18 or otherwise shall remain the property of Lessor. If any Removable Part is (i) owned by any third party and leased to Lessee, (ii) sold to Lessee subject to a conditional sales contract or other security interest, or (iii) leased to Lessee pursuant to a lease which is subject to a security interest in favor of any third party, then Lessor will not acquire or claim, as against such lessor, conditional vendor, or secured party, any right, title or interest in any such Removable Part as the result of such Removable Part being installed in the Aircraft; provided, however, (a) that Lessor's inability to so acquire or claim is subject to the express condition that such lessor, conditional vendor, or secured party shall not acquire or claim, as against Lessor, any right, title or interest in the Aircraft, or any Part other than its interest in such Removable Part by reason of such Removable Part being installed thereon, and (b) that any Removable Part not removed by Lessee within sixty (60) days after an Event of Default, shall, at such time, become the property of Lessor and be subject to this Lease. In no event shall Lessor bear any liability or cost for any alteration, modification or addition to, or for any grounding or suspension of certification of, the Aircraft, or for any loss of revenue arising therefrom. Lessee shall make no material alterations, modifications or additions to PHC 90-047 WKH the Aircraft (such as removal of first class seats, galleys, lavatories, major avionics equipment or the like) that would affect the marketability of the Aircraft without Lessor's prior written consent; provided, however, that Lessee may make such material alterations, modifications or additions, without first obtaining Lessor's consent, if at least ten (10) Business Days prior to commencing such alteration, modification or addition Lessee delivers to Lessor a written undertaking duly executed by Lessee whereby (i) Lessee describes in reasonable detail such proposed alteration, modification or addition; and (ii) if requested by Lessor, Lessee undertakes on or before the Return Occasion to reinstall any Parts removed from the Aircraft and to restore the Aircraft to the condition it was in immediately prior to commencing such work. Title to any Parts so removed shall remain with Lessor and Lessor may request Lessee to reinstall such Parts prior to termination of this Lease. If Lessor. does not request Lessee to reinstall such Parts, title to the parts removed shall vest in Lessee. All costs associated with such removal and reinstallation shall be borne by Lessee. PHC 90-047 WKHmeaning hereof.
Appears in 1 contract
Sources: Aircraft Mortgage and Security Agreement (William Lyon Homes)
Alterations, Modifications and Additions. LesseeLessee will make (or cause to be made) such alterations, at its own expense, shall make such alterations and modifications and additions to the each Aircraft as may be required from time during the Lease Term of such Aircraft to time to meet comply with the applicable standards of the FAA or to comply with any law, rule, directive, bulletin, regulation or order of any Governmental Entity or of the manufacturer of the Aircraft, Engines or Partsother Applicable Laws and Regulations ("Required Alterations"). In addition, Lessee, at its own expense, Lessee may from time to time make such alterations and modifications in and additions to an Aircraft as Lessee may deem desirable in the proper conduct of its business, including removal of Parts which Lessee deems to be obsolete or no longer suitable or appropriate for use on such Aircraft, ; provided that no such alteration, modification modification, removal or addition diminishes ▇▇▇ ▇▇-▇▇▇ ▇▇▇ the remaining warranty, value or utility, or impairs the condition or airworthinessairworthiness of such Aircraft, or diminishes the economic value, residual value, utility and remaining useful life of such Aircraft assuming such Aircraft was then in the Aircraftcondition required to be maintained by the terms of this Lease ("Improvements"). Title to all Parts All parts incorporated or installed in or attached or added to the any Aircraft as the result of such alteration, modification or addition shall vest immediately in (except those parts which Lessee has leased from others and Parts which may be removed by Lessee pursuant to the next sentence) (the "Additional Part" or "Additional Parts") shall, without further act, become the property of Lessor and become subject to this Lease, without the necessity for any further act Lien of transfer, document or noticethe Security Agreement. Notwithstanding the foregoing sentence foregoing, Lessee may, at any time during the Lease Term of this Section 9 (b)any Aircraft, Lessor agrees that so long as no Lease Event of Default shall have occurred and be continuing, Lessee may, at such time during the Term, remove any Part of the Aircraft without replacementAdditional Part, provided that such Additional Part (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached to the such Aircraft at the time of delivery thereof hereunder or any Part in replacement of, of or substitution for, for any such originally incorporated or installed or attached Part, (ii) such Part is not required to be incorporated or installed in or attached or added to the such Aircraft pursuant to the terms of Section 8 hereof or the first sentence of this Section 9 9.3, and (iii) such Part can be removed from the such Aircraft without diminishing or impairing the airworthiness of such Aircraft or diminishing the economic value, utility, condition or airworthiness residual values utility and remaining useful life of such Aircraft which the such Aircraft would have had at such time had such alteration, modification or addition not occurred. Upon the removal by Lessee of any such Part thereof as provided in the preceding sentenceabove, title thereto shall, without further act, vest in Lessee and such Additional Part shall no longer be deemed the property of Lessor, subject to the Lien of the Security Agreement or part of the Aircraft (such a part is herein called a "Removable Part"). Lessee, at its sole expense, shall repair any damage to the Aircraft resulting from any such removalwhich it was removed. Any Additional Part not removed by Lessee as above provided prior to the return delivery of the an Aircraft to Lessor hereunder whether pursuant to or any other Person under the terms of Section 16, Section 18 or otherwise 6.1 of this Lease shall remain the property of Lessor. If any Removable Part is (i) owned by any third party and leased to Lessee, (ii) sold to Lessee subject to a conditional sales contract Lessor or such other security interest, or (iii) leased to Lessee pursuant to a lease which is subject to a security interest in favor of any third party, then Lessor will not acquire or claim, as against such lessor, conditional vendor, or secured party, any right, title or interest in any such Removable Part as the result of such Removable Part being installed in the Aircraft; provided, however, (a) that Lessor's inability to so acquire or claim is subject to the express condition that such lessor, conditional vendor, or secured party shall not acquire or claim, as against Lessor, any right, title or interest in the Aircraft, or any Part other than its interest in such Removable Part by reason of such Removable Part being installed thereon, and (b) that any Removable Part not removed by Lessee within sixty (60) days after an Event of Default, shall, at such time, become the property of Lessor and be subject to this Lease. In no event shall Lessor bear any liability or cost for any alteration, modification or addition to, or for any grounding or suspension of certification of, the Aircraft, or for any loss of revenue arising therefrom. Lessee shall make no material alterations, modifications or additions to PHC 90-047 WKH the Aircraft (such as removal of first class seats, galleys, lavatories, major avionics equipment or the like) that would affect the marketability of the Aircraft without Lessor's prior written consent; provided, however, that Lessee may make such material alterations, modifications or additions, without first obtaining Lessor's consent, if at least ten (10) Business Days prior to commencing such alteration, modification or addition Lessee delivers to Lessor a written undertaking duly executed by Lessee whereby (i) Lessee describes in reasonable detail such proposed alteration, modification or addition; and (ii) if requested by Lessor, Lessee undertakes on or before the Return Occasion to reinstall any Parts removed from the Aircraft and to restore the Aircraft to the condition it was in immediately prior to commencing such work. Title to any Parts so removed shall remain with Lessor and Lessor may request Lessee to reinstall such Parts prior to termination of this Lease. If Lessor. does not request Lessee to reinstall such Parts, title to the parts removed shall vest in Lessee. All costs associated with such removal and reinstallation shall be borne by Lessee. PHC 90-047 WKHPerson.
Appears in 1 contract
Alterations, Modifications and Additions. Lessee, at its own expense, shall make such alterations and modifications and additions to the Aircraft as may be required from time to time to meet the applicable standards of the FAA DAC or to comply with any lawLaw, rule, directive, mandatory bulletin, regulation or order of any Governmental Entity having jurisdiction over the Aircraft or of the manufacturer of the Aircraft, Engines or Parts. Lessee's records shall document the method and date of compliance with FAA requirements to the extent required for certification by the FAA under Part 129 (with no material variance, extension, carry-overs or deferrals). In addition, Lessee, at its own expense, may from time to time make alterations and modifications in and additions to the Aircraft, provided no such alteration, modification or addition materially diminishes ▇▇▇ ▇▇-▇▇▇ ▇▇▇ the remaining warranty, value or utility, or impairs the condition or airworthiness, of the Aircraft. Title to all Parts (other than leased Parts) incorporated or installed in or attached or added to the Aircraft as the result of such alteration, modification or addition shall vest immediately in Lessor and become subject to this Lease, without the necessity for any further act of transfer, document or notice. Notwithstanding the foregoing sentence of this Section 9 (b), Lessor agrees that so long as no Event of Default shall have occurred and be continuing, Lessee may, at such time during the Term, remove any Part of the Aircraft without replacement, provided that (i) such Part is in addition to, and not in replacement or substitution for, any Part originally incorporated or installed in or attached to the Aircraft at the time of delivery thereof hereunder or any Part in replacement of, or substitution for, any such originally incorporated or installed or attached Part, (ii) such Part is not required to be incorporated or installed in or attached or added to the Aircraft pursuant to the terms of this Section 9 and (iii) such Part can be removed from the Aircraft without diminishing or impairing the value, utility, condition or airworthiness which the Aircraft would have had at such time had such alteration, modification or addition not occurred. Upon the removal by Lessee of any such Part as provided in the preceding sentence, title thereto shall, without further act, vest in Lessee and such Part shall no longer be deemed part of the Aircraft (such a part is herein called a "Removable Part"). Lessee, at its sole expense, shall repair any damage to the Aircraft resulting from any such removal. Any Part not removed by Lessee as above provided prior to the return of the Aircraft to Lessor hereunder whether pursuant to Section 16, Section 18 or otherwise shall remain the property of Lessor. If any Removable Part is (i) owned by any third party and leased to Lessee, (ii) sold to Lessee subject to a conditional sales contract or other security interest, or (iii) leased to Lessee pursuant to a lease which is subject to a security interest in favor of any third party, then Lessor will not acquire or claim, as against such lessor, conditional vendor, or secured party, any right, title or interest in any such Removable Part as the result of such Removable Part being installed in the Aircraft; provided, however, (a) that Lessor's inability to so acquire or claim is subject to the express condition that such lessor, conditional vendor, or secured party shall not acquire or claim, as against Lessor, any right, title or interest in the Aircraft, or any Part other than its interest in such Removable Part by reason of such Removable Part being installed thereon, and (b) that any Removable Part not removed by Lessee within sixty (60) days after an Event of Default, shall, at such time, become the property of Lessor and be subject to this Lease. In no event shall Lessor bear any liability or cost for any alteration, modification or addition to, or for any grounding or suspension of certification of, the 26 <PAGE> Aircraft, or for any loss of revenue arising therefrom. Notwithstanding the foregoing, so long as no Default or Event of Default shall be continuing, Lessee may remove any Part; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached to the Aircraft or any Engine at the time of delivery thereof hereunder or any Part in replacement of, or substitution for any such Part, (ii) such Part is not required to be incorporated or installed in or attached or added to the Aircraft or such Engine pursuant to the terms of this Lease, and (iii) such Part can be removed from the Aircraft or such Engine without impairing or materially diminishing the value, utility, condition or airworthiness required to be maintained by the terms of this Lease that the Aircraft or such Engine would have had at such time had such Parts not been installed and such removal not occurred. Upon the removal by Lessee of any Part as provided in the immediately preceding sentence, title thereto shall, without further act, vest in Lessee and such Part shall no longer be deemed part of the Aircraft or such Engine from which it was removed. Lessee shall make no material alterations, modifications or additions to PHC 90-047 WKH the Aircraft (such as removal of first class seats, galleys, lavatories, major avionics equipment or the like) that would adversely affect the marketability of the Aircraft without Lessor's prior written consent; provided, however, that Lessee may make . If Lessor grants such material alterations, modifications or additions, without first obtaining Lessor's consent, if at least ten (10) Business Days prior which shall not be unreasonably withheld, title to commencing such alteration, modification or addition Lessee delivers to Lessor a written undertaking duly executed by Lessee whereby (i) Lessee describes in reasonable detail such proposed alteration, modification or addition; and (ii) if requested by Lessor, Lessee undertakes on or before the Return Occasion to reinstall any removed Parts removed from the Aircraft and to restore the Aircraft to the condition it was in immediately prior to commencing such work. Title to any Parts so removed shall remain with Lessor Owner and Lessor may request Lessee to reinstall such Parts prior to termination of this Lease, provided Lessor shall be responsible for the reasonable costs to store such Parts pending such re-installation. If Lessor. does not request Lessor requests Lessee to reinstall such Parts, title to the parts Parts removed shall vest in Lessee. All costs associated with such removal and reinstallation shall be borne by Lessee. PHC 90-047 WKHIn addition to the foregoing, Lessee will not make any alterations, modifications or additions to the Aircraft or any Part that may adversely affect its ability to comply with Year 2000 Compliance (as defined in Section 5(a) hereof) in relation to the Aircraft or any Part. 27 <PAGE> Section 10.
Appears in 1 contract
Sources: Aircraft Lease Agreement