Common use of EVENT OF LOSS TO AN ENGINE Clause in Contracts

EVENT OF LOSS TO AN ENGINE. NOT A SERVICED ENGINE. Upon the occurrence of an Event of Loss to an Engine which is not a Serviced Engine, Lessor shall give Lessee prompt written notice thereof and shall within sixty (60) days after the occurrence of such Event of Loss, lease hereunder to Lessee a Replacement Engine with respect to such Engine to which such Event of Loss occurred, free and clear of Liens (other than Permitted Liens). Lessor shall furnish Lessee with a certificate or certification of a qualified aircraft engineer reasonably satisfactory to Lessee certifying that such Replacement Engine has a value, utility and remaining useful life at least equal to the Engine so replaced, PROVIDED that in addition to such certificate or certification, Lessee shall have the right to inspect such Replacement Engine and shall be reasonably satisfied that it has a value, utility and remaining useful life at least equal to the Engine so replaced (assuming such Engine was in the condition and repair required by the terms hereof immediately prior to the occurrence of such Event of Loss).

EVENT OF LOSS TO AN ENGINE. NOT A SERVICED ENGINENot a Serviced Engine. Upon the occurrence of an Event of Loss to an Engine which is not a Serviced Engine, Lessor shall give Lessee prompt written notice thereof and shall within sixty (60) days after the occurrence of such Event of Loss, lease hereunder to Lessee a Replacement Engine with respect to such Engine to which such Event of Loss occurred, free and clear of Liens (other than Permitted Liens). Lessor shall furnish Lessee with a certificate or certification of a qualified aircraft engineer reasonably satisfactory to Lessee certifying that such Replacement Engine has a value, utility and remaining useful life at least equal to the Engine so replaced, PROVIDED provided that in addition to such certificate or certification, Lessee shall have the right to inspect such Replacement Engine and shall be reasonably satisfied that it has a value, utility and remaining useful life at least equal to the Engine so replaced (assuming such Engine was in the condition and repair required by the terms hereof immediately prior to the occurrence of such Event of Loss).