Common use of Substitution of Airframe Clause in Contracts

Substitution of Airframe. So long as no Event of Default shall have occurred and be continuing, Owner shall have the right at its option at any time, on at least ten (10) Business Days’ prior notice to Mortgagee, to substitute a Substitute Airframe for the Airframe. In such event, immediately upon the effectiveness of such substitution and without further act, (i) the replaced Airframe shall thereupon be free and clear of all rights of the Mortgagee and the Lien of this Trust Indenture and shall no longer be deemed an Airframe hereunder and (ii) such Substitute Airframe shall become subject to this Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Airframe. Owner’s right to make a substitution hereunder shall be subject to the fulfillment (which may be simultaneous with such substitution) of the following conditions precedent at Owner’s sole cost and expense, and Mortgagee agrees to cooperate with Owner to the extent necessary to enable it to timely satisfy such conditions: