Common use of Pooling of Parts; Temporary Replacement Parts Clause in Contracts

Pooling of Parts; Temporary Replacement Parts. Any Part removed from the Airframe or any Engine as provided in Section 2.03(A) of this Security Agreement may be subjected by the Company to a normal pooling or similar arrangement customary in the airline industry and entered into by the Company in the ordinary course of its business; provided, that a Part replacing such removed Part shall be incorporated or installed in or attached to such Airframe or Engine in accordance with Section 2.03(A) of this Security Agreement as promptly as practicable after the removal of such removed Part. In addition, the Company may use temporary parts or pooled parts on the Aircraft as temporary replacements for Parts, provided that the Company, at its expense as promptly thereafter as practicable, either (1) causes such pooled or replacement part to become the property of the Company free and clear of all Liens other than Permitted Liens or (2) replaces such replacement part with a further replacement part owned by the Company which meets the requirements of Section 2.03(A) of this Security Agreement and which shall become the property of the Company, free and clear of all Liens other than Permitted Liens.

Pooling of Parts; Temporary Replacement Parts. Any Part removed from the Airframe or any Engine as provided in Section 2.03(A) of this Security Agreement 4.01 hereof may be subjected by the Company Borrower (or any Lessee) to a normal pooling or similar arrangement customary in of the airline industry and entered into type which is permitted for Engines by paragraph 3.03(a); provided that the Company in the ordinary course of its business; provided, that a Part part replacing such removed Part shall be incorporated or installed in or attached to such Airframe or Engine in accordance with Section 2.03(A) of this Security Agreement 4.01 as promptly as practicable after the removal of such removed Part. In addition, the Company Borrower (or any Lessee) may use temporary parts or pooled parts on the Aircraft as temporary replacements for Parts, provided that the Company, at its expense Borrower (or any Lessee) as promptly thereafter as reasonably practicable, either (1) causes such pooled or temporary replacement part to become subject to the property Lien of the Company this Security Agreement free and clear of all Liens other than Permitted Liens or (2) replaces such replacement part with a further replacement part owned by the Company Borrower (or any Lessee) which meets the requirements of Section 2.03(A) of this Security Agreement 4.01 and which shall become subject to the property Lien of the Companythis Security Agreement, free and clear of all Liens other than Permitted Liens.