Common use of Substitution of Engines Clause in Contracts

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.