Common use of Permanent Replacement Clause in Contracts

Permanent Replacement. If Lessee permanently replaces an Engine or Part: (i) in the case of an Engine, the replacement engine must be of the same manufacturer and model, or at Lessee's option an engine of an improved model, and have equivalent or better remaining useful life and modification status as the Engine it replaces, and is otherwise of an equivalent or better value and utility and suitable for installation and use on the Airframe without impairing the value or utility of the Airframe and compatible with the remaining installed Engine(s); (ii) in the case of a Part, the replacement part must be in good operating condition, have a value and utility the same or better than the Part it is replacing, be of the same or a more advanced make and model and be of the same interchangeable modification status as the Part it is replacing; (iii) the replacement engine or part must have become and remain, until replaced in accordance with this Section, the property of Owner free from Security Interests (other than Permitted Liens), and subject to the applicable Financing Documents; (iv) Lessee must have full details of the source and maintenance records of the replacement engine or part and in the case of serialized rotable parts, also have a complete service history; and (v) Lessee must comply with the requirements of the Financing Documents in connection with any such replacement including to provide such legal opinions and other documents as may be required under the Financing Documents.

Appears in 3 contracts

Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)

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Permanent Replacement. If Lessee permanently replaces an Engine or Part: (i) in the case of an Engine, the replacement engine must be of the same manufacturer and model, or at Lessee's option an engine of an improved model, and have equivalent or better remaining useful life and modification status as the Engine it replaces, and is otherwise of an equivalent or better value and utility and suitable for installation and use on the Airframe without impairing the value or utility of the Airframe and compatible with the remaining installed Engine(s); (ii) in the case of a Part, the replacement part must be in good operating condition, have a value and utility the same or better than the Part it is replacing, be of the same or a more advanced make and model and be of the same interchangeable modification status as the Part it is replacing; (iii) the replacement engine or part must have become and remain, until replaced in accordance with this Section, the property of Owner free from Security Interests (other than Permitted Liens), and subject to the applicable Financing Documents; ; (iv) Lessee must have full details of the source and maintenance records of the replacement engine or part and in the case of serialized rotable parts, also have a complete service history; and (v) Lessee must comply with the requirements of the Financing Documents in connection with any such replacement including to provide such legal opinions and other documents as may be required under the Financing Documents.

Appears in 1 contract

Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)

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Permanent Replacement. If Lessee permanently replaces an Engine or Part: : (i) in the case of an Engine, the replacement engine must be of the same manufacturer and model, or at Lessee's option an engine of an improved model, and have equivalent or better remaining useful life and modification status as the Engine it replaces, and is otherwise of an equivalent or better value and utility and suitable for installation and use on the Airframe without impairing the value or utility of the Airframe and compatible with the remaining installed Engine(s); ; (ii) in the case of a Part, the replacement part must be in good operating condition, have a value and utility the same or better than the Part it is replacing, be of the same or a more advanced make and model and be of the same interchangeable modification status as the Part it is replacing; ; (iii) the replacement engine or part must have become and remain, until replaced in accordance with this Section, the property of Owner free from Security Interests (other than Permitted Liens), and subject to the applicable Financing Documents; ; (iv) Lessee must have full details of the source and maintenance records of the replacement engine or part and in the case of serialized rotable parts, also have a complete service history; and (v) Lessee must comply with the requirements of the Financing Documents in connection with any such replacement including to provide such legal opinions and other documents as may be required under the Financing Documents.

Appears in 1 contract

Samples: Aircraft Lease Agreement

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