Replacement Airframes and Replacement Engines Sample Clauses
Replacement Airframes and Replacement Engines. At any time an Airframe or Engine is to be replaced under or pursuant to Section 10 of the Lease by a Replacement Airframe or Replacement Engine, the Owner Trustee shall direct the Indenture Trustee to execute and deliver to the Owner Trustee an appropriate instrument releasing such Airframe and/or Engine as appropriate from the Lien of this Trust Indenture and the Indenture Trustee shall execute and deliver such instrument as aforesaid, but only upon compliance by Lessee with the applicable provisions of Section 10 of the Lease and upon receipt by or deposit with the Indenture Trustee of the following:
(1) A written request from the Owner Trustee, requesting such release specifically describing the Airframe and/or Engine(s) so to be released.
(2) A certificate signed by a duly authorized officer of Lessee stating the following:
A. With respect to the replacement of any Airframe:
(i) a description of the Airframe which shall be identified by manufacturer, model, FAA registration number (or other applicable registration information) and manufacturer's serial number;
(ii) a description of the Replacement Airframe to be received (including the manufacturer, model, FAA registration number (or other applicable registration information) and manufacturer's serial number) as consideration for the Airframe to be released;
(iii) that the Replacement Airframe is of the same or an improved model as the Airframe requested to be released from this Indenture;
(iv) the value, utility and remaining useful life (without regard to hours or cycles) of the Replacement Airframe as of the date of such certificate (which in the judgment of Lessee shall be not less than the value, utility and remaining useful life (without regard to hours or cycles) of the Airframe requested to be released (assuming no Event of Loss and that such Airframe was in the condition and repair required to be maintained under the Lease)); and
(v) that no Lease Event of Default and no event which, with lapse of time or notice, or both, would become a Lease Event of Default, has occurred which has not been remedied or waived, and that Lessee will not be in default, by the making and granting of the request for release and the addition of a Replacement Airframe, in the performance of any of the terms and covenants of the Lease.
B. with respect to the replacement of any Engine:
(i) a description of the Engine which shall be identified by manufacturer's serial number;
(ii) a description of the Replacement Engi...
Replacement Airframes and Replacement Engines. At any time an Airframe or Engine is to be replaced under or pursuant to Section 10 of the Lease by a Replacement Airframe or Replacement Engine, if no Lease Event of Default is continuing, the Owner Trustee shall direct the Mortgagee to execute and deliver to the Owner Trustee an appropriate instrument releasing such Airframe and/or Engine as appropriate from the Lien of this Trust Indenture and the Mortgagee shall execute and deliver such instrument as aforesaid, but only upon compliance by Lessee with the applicable provisions of Section 10 of the Lease.
Replacement Airframes and Replacement Engines. At any time an Airframe or Engine is to be replaced under or pursuant to Section 10 of the Lease by a Replacement Airframe or Replacement Engine, if no Lease Event of Default is continuing, the Owner Trustee shall direct the Indenture Trustee to execute and deliver to the Owner Trustee an appropriate instrument releasing such Airframe and/or Engine as appropriate from the Lien of this Trust Indenture and the Indenture Trustee shall execute and deliver such instrument as aforesaid, but only upon compliance by Lessee with the applicable provisions of Section 10 of the Lease and upon receipt by the Indenture Trustee of a written request from the Owner Trustee, requesting such release and specifically describing the Airframe and/or Engine(s) so to be released.
Replacement Airframes and Replacement Engines. (a) Event of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to the Airframe or the Airframe and the Engines and/or engines then installed thereon, Owner shall forthwith (and in any event, within fifteen (15) days after such occurrence) give the Indenture Trustee written notice of such Event of Loss, and, within sixty (60) days after such Event of Loss, Owner shall give the Indenture Trustee written notice of its election to perform one of the following options (it being agreed that if Owner shall not have given such notice of election within such period, Owner shall be deemed to have elected the option set forth in clause (i) below). Owner may elect either to:
(i) redeem the Equipment Notes in the manner set forth in Section 2.10 on the earlier of (x) the Business Day next succeeding the 120th day following the occurrence of such Event of Loss or (y) an earlier Business Day irrevocably specified fifteen (15) days in advance by notice from Owner to the Indenture Trustee; or
(ii) substitute an aircraft or an airframe or an airframe and one or more engines, as the case may be; provided that, if Owner does not perform its obligation to effect such substitution in accordance with this Section 5.06(a), during the period of time provided herein, then Owner shall redeem the Equipment Notes in the manner set forth in Section 2.10 on the Business Day next succeeding the 120th day following the occurrence of such Event of Loss.
Replacement Airframes and Replacement Engines. At any time --------------------------------------------- and from time to time any Airframe or Engine may, or is required to, be replaced under Section 4.04(a) or 4.03(e) hereof by a Replacement Airframe or Replacement Engine, as the case may be, shall be replaced in accordance with the provisions of this Section 9.08 and the provisions of such preceding Sections hereof, the Company shall, from time to time, direct the Indenture Trustee to execute and deliver to or as directed in writing by the Company an appropriate instrument releasing such Airframe and/or Engine as appropriate from the Lien of this Indenture and the Indenture Trustee shall execute and deliver such instrument as aforesaid without recourse or warranty, but only upon receipt by or deposit with the Indenture Trustee of the following:
Replacement Airframes and Replacement Engines. At any time and from time to time any Airframe or Engine which has been subject to an Event of Loss and may, or is required to, be replaced under Section 10.03, 11.03 or 11.04 of the Lease by a Replacement Airframe or Replacement Engine, as the case may be, shall be replaced in accordance with the provisions of this Section 9.08 and the provisions of said Sections of the Lease, the Owner Trustee shall, from time to time, direct the Indenture Trustee to execute and deliver to or as directed in writing by the Owner Trustee an appropriate instrument releasing such Airframe and/or Engine as appropriate from the Lien of this Indenture and the Indenture Trustee shall execute and deliver such instrument as aforesaid without recourse or warranty, but only upon receipt by or deposit with the Indenture Trustee of the following:
(1) A written request from the Owner Trustee requesting such release and specifically describing the Airframe and/or Engine(s) to be so released.
(2) A certificate signed by a duly authorized officer of the Lessee stating the following:
Replacement Airframes and Replacement Engines. Section 5.07