Common use of Engine Loss Clause in Contracts

Engine Loss. Upon the occurrence of an Engine Loss (including, for the avoidance of doubt, at a time when the Engine is not installed on the Airframe) in circumstances in which there has not also occurred a Total Loss, the Lessee shall give the Lessor and the Lender written notice promptly upon becoming aware of the same and shall (unless the Lessor has received the insurance proceeds relating to such Engine Loss), within 60 days after the Engine Loss Date, convey or cause to be conveyed to the Lessor, as replacement for such Engine, title to a replacement engine that is in the same or better operating condition, has the same or greater value and utility as the lost Engine and that complies with the conditions set out in Clause 8.13(a). The Lessee shall, at the time of such conveyance, comply in all respects with Clause 8.17(a) so that the replacement engine becomes an Engine, whereupon the leasing of the replaced Engine the subject of the Engine Loss shall cease and title to such replaced Engine shall (subject to any salvage rights of insurers) vest in the Lessee pursuant to Clause 8.17(c), free of Lessor Liens. If the Lessor or the Lender subsequently receives any insurance proceeds relating to such Engine Loss, the Lessor shall promptly remit such proceeds or cause such proceeds to be remitted to the Lessee. No Engine Loss with respect to any Engine that is replaced in accordance with the provisions of this Clause 11.1 (c) shall result in any increase or decrease in Basic Rent or the Agreed Value.

Engine Loss. Upon the occurrence of an Engine Loss (including, for the avoidance of doubt, at a time when the Engine is not installed on the Airframe) in circumstances in which there has not also occurred a Total Loss, the Lessee shall give the Lessor and the Lender written notice promptly upon becoming aware of the same and shall (unless the Lessor has received the insurance proceeds relating to such Engine Loss), within 60 days after the Engine Loss Date, convey or cause to be conveyed to the Lessor, as replacement for such Engine, title to a replacement engine that is in the same or better operating condition, has the same or greater value and utility as the lost Engine and that complies with the conditions set out in Clause 8.13(a). The Lessee shall, at the time of such conveyance, comply in all respects with Clause 8.17(a) so that the replacement engine becomes an Engine, whereupon the leasing of the replaced Engine the subject of the Engine Loss shall cease and title to such replaced Engine shall (subject to any salvage rights of insurers) vest in the Lessee pursuant to Clause 8.17(c8.17(b), free of Lessor Liens. If the Lessor or the Lender subsequently receives any insurance proceeds relating to such Engine Loss, the Lessor shall promptly remit such proceeds or cause such proceeds to be remitted to the Lessee. No Engine Loss with respect to any Engine that is replaced in accordance with the provisions of this Clause 11.1 (c) shall result in any increase or decrease in Basic Rent or the Agreed Value.the

Engine Loss. Upon the occurrence of an Engine Loss (including, for the avoidance of doubt, at a time when the Engine is not installed on the Airframe) in circumstances in which there has not also occurred a Total Loss, the Lessee shall give the Lessor and the Lender written notice promptly upon becoming aware of the same and shall (unless the Lessor has received the insurance proceeds relating to such Engine Loss), within 60 90 days after the Engine Loss Date, convey or cause to be conveyed to the Lessor, as replacement for such Engine, title to a replacement engine that is in the same or better operating condition, is the same make and model or an improved or advanced version of, has as many or more Flight Hours and Cycles available until the next scheduled checks, inspections, overhauls and shop visits, has the same or greater remaining life on life limited parts, and has the same or greater value and utility as the lost Engine and that complies with the conditions set out in Clause 8.13(a)Section 8.13.1. The Lessee shallwill at its own expense take all such steps and execute, at and procure the time of execution of, all such conveyance, comply in all respects with Clause 8.17(a) so instruments that are necessary to ensure that title to the replacement engine becomes an Enginepasses to the Lessor according to all Applicable Laws, and if requested by the Lessor, will provide evidence to the Lessor's reasonable satisfaction (including the provision, if required, to the Lessor of a legal opinion of counsel to Lessee reasonably satisfactory to Lessor) that title has so passed to the Lessor, whereupon the leasing of the replaced Engine the subject of the Engine Loss shall cease and title to such replaced Engine shall (subject to any salvage rights of insurers) vest in the Lessee pursuant to Clause 8.17(c), free of Lessor LiensSection 8.17.2. If the Lessor or the Lender subsequently receives any insurance proceeds relating to such Engine Loss, the Lessor shall promptly remit such proceeds or cause such proceeds to be remitted to the Lessee. No Engine Loss with respect to any Engine that is replaced in accordance with the provisions of this Clause 11.1 (c) Section 11.1.3 shall result in any increase or decrease in Basic Rent Rent, or the Agreed Value.