Substitution of Engines Sample Clauses
Substitution of Engines. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, the Owner shall promptly (and in any event within fifteen (15) days after such occurrence) give the Indenture Trustee written notice of such Event of Loss. The Owner shall have the right at its option at any time, on at least five (5) Business Days’ prior notice to the Indenture Trustee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, shall within one hundred and twenty (120) days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Indenture Trustee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine 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 Engine. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with this Trust Indenture). The Owner’s right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with such replacement) of the following conditions precedent at the Owner’s sole cost and expense, and the Indenture Trustee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions:
(i) an executed counterpart of each of the following documents shall be delivered to the Indenture Trustee:
(A) a Trust Indenture Supplement covering the Replacement Engine, which shall have been duly filed for recordation pursuant to the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft of which such Engine is a part is registered in accordance with Section 4.02(e), as the case may be;
(B) a...
Substitution of Engines. The Company shall have the right at its option at any time, on at least 30 days’ prior written notice to the Loan Trustee, to substitute a Replacement Engine for any Engine. In such event, and prior to the date of such substitution, the Company shall replace such Engine hereunder by complying with the terms of Section 7.05(b) to the same extent as if an Event of Loss had occurred with respect to such Engine.
Substitution of Engines. The Grantor shall have the right at its option at any time, on at least 30 days’ prior written notice to the Trustee, to substitute a Replacement Engine for any such Engine. In such event, and prior to the date of such substitution, the Grantor shall replace such Engine hereunder by complying with the terms of Section 6.04(b) to the same extent as if an Event of Loss had occurred with respect to such Engine.
Substitution of Engines. Permit any engine to be substituted for an engine originally annexed to any Financed Aircraft related to a Purchased Receivable unless such engine is of the same model number and of the same or improved utility, performance and efficiency, of equivalent age and equivalent or greater value as the replaced engine.
Substitution of Engines. So long as no Default or Event of Default shall have occurred and be continuing, Borrower shall have the right at its option at any time on at least five Business Days' prior written notice, to terminate the Lien of this Mortgage with respect to any Engine. In such event, and at the time of such termination, the Borrower shall replace such Engine hereunder by complying with the terms of Section 5.02 hereof to the same extent as if an Event of Loss had occurred with respect to such Engine (other than the time periods allowed for such replacement), and the Administrative Agent (at the direction of the Lenders) shall release the replaced Engine from the Lien of this Mortgage as provided in Section 5.02. Article V
Substitution of Engines. The Owner may at any time, at no cost to the Indenture Trustee, replace any Engine subjected to the Lien hereof by causing an Acceptable Alternate Engine to be substituted for such Engine hereunder in accordance with the provisions of Section 5.01(b) hereof to the same extent as if an Event of Loss has occurred with respect to such Engine.
Substitution of Engines. Each Grantor may at any time, at no cost to the Collateral Agent, on at least ten (10) days prior written notice to the Collateral Agent, replace any Engine or Spare Engine subjected to the Lien hereof by causing an engine to be substituted for such Engine or Spare Engine hereunder in accordance with the provisions of Section 3.01(b) hereof to the same extent as if an Event of Loss has occurred with respect to such Engine or Spare Engine.
Substitution of Engines. So long as no Special Default or Lease Event of Default shall have occurred and be continuing, the Lessee shall have the right at its option at any time for operational reasons on at least five Business Days’ prior written notice, to terminate the Lien of the Mortgage with respect to any Engine. In such event, and at the time of such termination, the Lessee shall replace such Engine hereunder by complying with the terms of Section 9(d) hereof to the same extent as if an Event of Loss had occurred with respect to such Engine (other than the time periods allowed for such replacement), and the Security Trustee shall release the replaced Engine from the Lien of the Mortgage as provided in Section 9(d).
Substitution of Engines. 11 SECTION 3.5 INFLIGHT EQUIPMENT....................................................11
Substitution of Engines. So long as no Default or Event of Default shall have occurred and be continuing, the Company shall have the right at its option at any time, on at least five (5) Business Days' prior written notice to Mortgagee, to substitute an engine for any Engine subject to this Mortgage. In such event, and prior to the date of substitution, the Company shall replace such Engine hereunder by complying with the terms of Section 4.2 hereof to the same extent as if an Event of Loss had occurred with respect to such Engine, and upon such replacement, such replaced Engine shall no longer be deemed an Engine hereunder.