Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, Lessee shall forthwith (and in any event, within fifteen days after such occurrence) give Lessor written notice thereof and shall, within one hundred twenty (120) days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, as replacement for the Engine with respect to which such Event of Loss occurred, title to an Acceptable Alternate Engine. Prior to or at the time of any such conveyance, Lessee, at its own expense, will (i) furnish Lessor with a warranty (as to title) xxxx of sale, in form and substance reasonably satisfactory to Lessor, with respect to such Acceptable Alternate Engine, (ii) cause a Lease Supplement and Trust Supplement to be duly executed by Lessee and to be filed for recording pursuant to the Transportation Code, or the applicable laws, rules and regulations of any other jurisdiction in which the Airframe may then be registered as permitted by Section 7(d) of the Participation Agreement, (iii) furnish Lessor with such evidence of compliance with the insurance provisions of Section 11 hereof with respect to such replacement engine as Lessor may reasonably request and furnish Lessor with copies of the documentation required to be provided by Lessee pursuant to Section 5.06 of the Trust Indenture, and Lessor will comply with the terms of the Trust Indenture and transfer to or at the direction of Lessee without recourse or warranty (except as to absence of Lessor Liens) all of Lessor's right, title and interest, if any, in and to (A) the Engine with respect to which such Event of Loss occurred and furnish to or at the direction of Lessee a xxxx of sale in form and substance reasonably satisfactory to Lessee, evidencing such transfer and (B) all claims, if any, against third parties, for damage to or loss of the Engine subject to such Event of Loss, and such Engine shall thereupon cease to be the Engine leased hereunder. For all purposes hereof, each such replacement engine shall, after such conveyance, be deemed part of the property leased hereunder, and shall be deemed an "Engine". No Event of Loss with respect to an Engine under the circumstances contemplated by the terms of this paragraph (b) shall result in any reduction in Basic Rent.
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, Owner shall forthwith (and in any event, within fifteen (15) days after such occurrence) give the Indenture Trustee written notice thereof and shall, within one hundred twenty (120) days after the occurrence of such Event of Loss, (i) cause an Indenture Supplement to be duly executed by Owner and to be filed for recording pursuant to the Transportation Code, or the applicable laws, rules and regulations of any other jurisdiction in which the Airframe may then be registered as permitted by Section 7(b) of the Participation Agreement with respect to an Acceptable Alternate Engine and, (ii) furnish the Indenture Trustee with such evidence of compliance with the insurance provisions hereof with respect to such replacement engine as the Indenture Trustee may reasonably request. For all purposes hereof, each such replacement engine shall, after such designation, be deemed part of the property subject to the Lien of this Indenture hereunder, and shall be deemed an "Engine".
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the related Airframe, the Lessee shall forthwith give the Lessor written notice thereof (but in any event within ten days of such occurrence) and shall, within 90 days after the occurrence of such Event of Loss, as replacement for the Engine with respect to which such Event of Loss occurred, subject to the Lien of the Mortgage another CFM International Inc. model CFM56-5B4 engine (or, in each case, an engine of the same manufacturer of the same or an improved model and suitable for installation and use on such Airframe and compatible with the other Engines mortgaged hereunder) free and clear of all Liens (other than Inchoate Liens) and having a value and utility (without regard to hours or cycles) at least equal to, and being in as good an operating condition (subject to maintenance permitted or required by this Lease), as the Engine subject to such Event of Loss, assuming such Engine was maintained in accordance with the provisions of the Mortgage. Prior to or at the time of any such conveyance, the Lessee will:
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, the Company shall give the Loan Trustee prompt written notice thereof within 15 days after the Company has determined that an Event of Loss has occurred with respect to such Engine and shall, within 120 days after the occurrence of such Event of Loss, cause to be subjected to the Lien of this Indenture, as replacement for the Engine with respect to which such Event of Loss occurred, a Replacement Engine free and clear of all Liens (other than Permitted Liens). Prior to or at the time of any replacement under this Section 7.05(b), the Company will (i) cause an Indenture Supplement covering such Replacement Engine to be delivered to the Loan Trustee for execution and, upon such execution, to be filed for recordation pursuant to the Transportation Code or the applicable laws of any other jurisdiction in which the Aircraft may be registered, (ii) furnish the Loan Trustee with a copy of the original xxxx of sale or, if the xxxx of sale is unavailable, other evidence of ownership reasonably satisfactory to the Loan Trustee (which may be a copy of an
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to one or more Engines (but not an Aircraft), the Grantor shall within three Business Days of the Grantor's actual knowledge of such occurrence) give the Agent written notice of such Event of Loss and shall comply with the terms of Section 12(a)(i).
Event of Loss with Respect to an Engine. Upon the occurrence --------------------------------------- of an Event of Loss with respect to an Engine under circumstances in which there an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, Lessee shall forthwith (and in any event, within three (3) days after such occurrence) give Lessor written notice thereof and shall, within 45 days after the occurrence of such Event of Loss (the "Replacement Period"), convey or cause to be conveyed to Lessor, as replacement for the Engine with respect to which such Event of Loss occurred, title to an Acceptable Alternate Engine free and clear of all Liens, in as good an operating condition as, and having a value, utility, modification status and remaining useful life at least equal to the Engine with respect to which such Event of Loss occurred, assuming such Engine was of the value, utility, modification status and remaining useful life and in the condition and repair required by the terms hereof immediately prior to the occurrence of such
Event of Loss with Respect to an Engine. 12.02 (A).
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss (or an event or circumstance that, with the passage of time, would constitute an Event of Loss) with respect to an Engine the Grantors shall forthwith (and in any event, within ten (10) days after such occurrence) give the Collateral Agent written notice thereof and deposit (or, in the event the Collateral Agent, as sole loss payee, shall receive any such amounts, shall pay over) 100% of the Net Cash Proceeds of any insurance claim, indemnity payments or other amounts received in respect thereof immediately upon receipt of such amounts with the Collateral Agent, which amounts shall, subject to the following, be used to prepay a portion of the Loans in accordance with Section 2.05(b) of the Credit Agreement.
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, Owner shall forthwith (and in any event, within fifteen days after such occurrence) give the Indenture Trustee written notice thereof and shall, within sixty (60) days after the occurrence of such Event of Loss, substitute an Acceptable Alternate Engine free and clear of all Liens (other than Permitted Liens) in as good an operating condition as, the Engine subject to such Event of Loss (assuming that such Engine had been maintained in accordance with this Agreement) and cause such Acceptable Alternate Engine to be subjected to the Lien of this Agreement. 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) the following documents shall be duly authorized, executed and delivered by the respective party or parties thereto, and an executed counterpart of each shall be delivered to the Indenture Trustee:
(A) an Indenture Supplement covering the Replacement Engine, which shall have been duly filed for recordation pursuant to the Federal Aviation 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 4.01(a)(3), as the case may be;
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an engine installed on the Aircraft under circumstances in which there has not occurred an Event of Loss with respect to the Aircraft, Oakley shall forthwith (and in any event, within ten (10) business days after such occurrence) give N2T written notice thereof. N2T shall, (i) as soon as practicable arrange, at its sole expense, for an acceptable alternate engine being in substantially good operating condition to be leased and mounted on the Aircraft; and (ii) within ninety (90) calendar days after N2T's receipt of property insurance proceeds with respect to the occurrence of such Event of Loss, purchase, as replacement for the engine with respect to which such Event of Loss occurred, and as soon as such engine is delivered lease to Oakley, an acceptable alternate engine, free and clear of all liens and having a utility equivalent to, and being in substantially as good an operating condition as, the removed engine with respect to which such Event of Loss occurred, assuming such engine was in the condition and repair required by the terms hereof immediately prior to the occurrence of such Event of Loss. For all purposes hereof, each such acceptable alternate engine shall, after such acquisition, be deemed part of the property leased hereunder, and shall be deemed part of the Aircraft. No Event of Loss with respect to an engine under any circumstances shall result in any reduction in Rent provided that the engine is replaced as provided hereunder. If, following an Event of Loss or damage to an engine, Oakley leases a spare engine during the period that the engine leased hereunder is unavailable, Oakley shall pay, at N2T's expense as a Reimbursable Expense, the costs of leasing such spare engine.
