Replacement of Aircraft. In the case of leased aircraft, the Board of Directors is authorized to replace any leased aircraft with one of the same make and model without prior approval from the General Membership as long as the new lease will not increase costs to the members by more than ten (10%) percent. In the case of total loss of Club owned aircraft, the Board of Directors is authorized to secure a replacement aircraft of the same make and model without prior approval from the General Membership as the value of the new aircraft is not more than twenty (20%) percent over and above the (non-damaged) value of the equipment prior to the loss. Otherwise, it must be approved by the General Membership. In either case, a replacement aircraft that requires any additional sign offs or ratings than the one being replaced must be approved by the General Membership.
Replacement of Aircraft. Airline has the right to substitute aircraft by another type of aircraft, which payload, volume capacity and velocity will not be significantly different than the aircraft mentioned in the Ad Hoc Charter Agreement, at no additional cost to the customer. Should such an aircraft not be available for substitution a full refund will be given to the customer and the payment will be refunded within 5 working days. The Airline will not be held responsible.
Replacement of Aircraft. Lessee shall have the option, provided no Significant Default or Lease Event of Default shall have occurred and be continuing, to replace an Aircraft originally leased under this Lease upon providing written notice of the date of such replacement (the "Replacement Date") to Lessor at least ninety (90) days (but no more than 120 days) prior to the Replacement Date. On the Replacement Date, Lessee shall convey or cause to be conveyed to Lessor, in accordance with Sections 10.3 and 10.4 hereof, as if an Event of Loss had occurred to the Aircraft being replaced, a Replacement Airframe and replacement engines, free and clear of all Liens (other than Permitted Liens). Upon full compliance by Lessee with the terms of this Section 21.3, Lessor shall convey to Lessee, at Lessee's cost and expense, all of Lessor's right, title and interest, "as is", "where is" and "with all faults" without recourse or warranty, express or implied, in and to such Aircraft being replaced, and such Aircraft shall no longer be deemed an "Aircraft" hereunder, and shall cooperate with the Lessee in having the Administrative Agent release the Lien of the Security Documents with respect to such Aircraft and take such further action as reasonably requested by Lessee and at Lessee's sole cost and expense to effect such transfer, including the transfer of any manufacturer's and maintenance provider's warranties covering such Aircraft. No replacement of an Aircraft pursuant to this Section 21.3 shall result in any reduction of Rent or Lessee's obligation to pay Rent hereunder.
Replacement of Aircraft. Where the company introduces a new type of aircraft that will requires a pilot to complete a type conversion or transfer to be undertaken a return of service bond will not apply. New 6.5
