Common use of Replacement of Airframe and Engines Clause in Contracts

Replacement of Airframe and Engines. (a) If Lessee elects, in accordance with ss. 10.1.1, to replace the Airframe and any Engine(s) suffering the Event of Loss, then Lessee shall, as promptly as possible and in any event within 120 days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, in compliance with ss. 10.3 and as replacement for the Airframe and any such Engine(s), title to a Replacement Airframe (which shall comply with ss. 10.1.3(b)), and for each such Engine a Replacement Engine, in each case free and clear of all Liens other than Permitted Liens (PROVIDED, that if such conveyance occurs after the end of the Term, Lessee shall pay rent for the Aircraft from the end of the Term until return thereof pursuant to ss. 5 at a daily rate equal to the average daily Basic Rent or Renewal Rent, as applicable, over the Base Term or then-expiring Renewal Term, as applicable). If Lessee makes such election, but for any reason does not effect such replacement within such time period and in compliance with the requirements set forth in ss. 10.3, then Lessee shall be deemed to have initially made the election set forth in ss. 10.1.2 with the effect that Lessee shall pay, in the manner and in funds of the type specified in ss. 3.3, the amounts required under, and in accordance with, ss. 10.1.2 (except that the time period for payment referenced in ss. 10.1.2(a)(1) shall, for the purposes of this ss. 10.1.3(a), in all cases be on the Stipulated Loss Value Date first following the 120th day following the date of the occurrence of such Event of Loss).

Replacement of Airframe and Engines. (a) If Lessee elects, in accordance with ss. 10.1.1, to replace the Airframe and any Engine(s) suffering the Event of Loss, then Lessee shall, as promptly as possible and in any event within 120 days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, in compliance with ss. 10.3 and as aS replacement for the Airframe and any such Engine(s), title to a Replacement Airframe (which shall comply with ss. 10.1.3(b)), and for each such Engine a Replacement Engine, in each case free and clear of all Liens other than thaN Permitted Liens (PROVIDED, that if such conveyance occurs after the end of the Term, Lessee shall pay rent for the Aircraft from the end of the Term until return thereof pursuant to ss. 5 at a daily rate equal to the average averagE daily Basic Rent or Renewal Rent, as applicable, over the Base Term or then-expiring Renewal Term, as applicable). If Lessee makes such election, but for any reason does not effect such replacement within such time period and in compliance with the requirements set forth in ss. 10.3, then Lessee shall be deemed to have initially initiallY made the election set forth in ss. 10.1.2 with the effect that Lessee shall pay, in the manner and in funds of the thE type specified in ss. 3.3, the amounts required under, and in accordance with, ss. 10.1.2 (except that the time tIme period for payment referenced in ss. 10.1.2(a)(1) shall, for the purposes of this ss. 10.1.3(a), in all cases be on the Stipulated Loss Value Date first following the 120th day following the date of the occurrence of such Event of Loss).