Common use of Replacement Airframes and Replacement Engines Clause in Contracts

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.