REPLACEMENT OF ENGINE. Lessee shall, promptly and in any event within 60 days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, in compliance with Section 10.3 and as replacement for the Engine with respect to which any Event of Loss occurred, title to a Replacement Engine free and clear of all Liens other than Permitted Liens. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with the Lease).
REPLACEMENT OF ENGINE. If such payments are received with respect to an Engine that has been or is being replaced by Lessee pursuant to Section 10.2, such payments shall be paid over to, or retained by, Indenture Trustee or, if the Trust Indenture is no longer in effect, Lessor, and upon completion of such replacement be paid over to Lessee, provided Lessee shall have fully performed or, concurrently therewith will fully perform, the terms of Section 10.2 with respect to the Event of Loss for which such payments are made.
REPLACEMENT OF ENGINE. Lessee shall, promptly and in any event within 60 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 Engine witH respect to which any Event of Loss occurred, title to a Replacement Engine, free and clear of all Liens other than Permitted Liens. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a current value, estimated residual value, utility, and remaining economic useful life (without regard to hours and cycles remaining until overhaul, provided no Special Default or Lease Event of Default then exists) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with the Lease) immediately prior to such Event of Loss.
REPLACEMENT OF ENGINE. 41 10.3.3 Nonreplacement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 10.4 Requisition of Aircraft for Use by Governmental Authorities . . . . . . . . . . . . . . . . . . . . 42 10.5 Requisition of an Engine for Use by Governmental Authorities . . . . . . . . . . . . . . . . . . . . 42 10.6 Application of Payments During Existence of Default . . . . . . . . . . . . . . . . . . . . . . . . 42
REPLACEMENT OF ENGINE. If such payments are received with respect to an Engine that has been or is being replaced by Lessee pursuant to Section 10.2, so much of such payments remaining after reimbursement of Lessor for reasonable out-of-pocket costs and expenses shall be paid over to, or retained by, Lessee, provided Lessee shall have fully performed or, concurrently therewith, is fully performing the terms of Section 10.2 with respect to the Event of Loss for which such payments are made.
REPLACEMENT OF ENGINE. Lessee shall, promptly and in any event within 90 days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, in compliance with Section 10.3 and as replacement for the Engine with respect to which any Event of Loss occurred, title to a Replacement Engine free and clear of all Liens other than Permitted Liens. Any replacement engine shall be an engine that is the same or improved make and model as the Engine to be replaced, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with this Lease) (a "Replacement Engine").
REPLACEMENT OF ENGINE. Upon the occurrence of any such Event of Loss, Lessee shall, within the time period set forth below, convey or cause to be conveyed to Lessor, in compliance with § 9.3 and as replacement for the Engine with respect to which such Event of Loss occurred, title to a Replacement Engine, free and clear of all Liens other than Permitted Liens not of record. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model (but, in either event, the same model as the other Engine then subject to this Lease), and that has the same or better modification status as the Engine to be replaced thereby, and that is suitable for installation and use on the Airframe. Any such Replacement Engine shall also be required to have performance and durability characteristics, and a value and utility at least equal to, and a remaining useful life (without regard to hours or cycles remaining to the next regular maintenance check) substantially comparable to, and to be in at least as good operating condition as, the Engine to be replaced thereby (assuming that such Engine was of the value and utility and in the condition and repair required by the terms hereof immediately prior to the occurrence of the Event of Loss). Any such replacement shall be effected promptly after the occurrence of such Event of Loss but in any event within 60 days thereafter, or within such longer period (not to exceed 120 days thereafter) if such longer period is reasonably necessary in order to obtain a Replacement Engine on commercially reasonable terms. *** Material has been omitted pursuant to a request for confidential treatment and filed separately with the SEC
REPLACEMENT OF ENGINE. 28 10.3.2 Nonreplacement ................................... 28 10.4 Requisition of Aircraft for Use by Governmental Authorities ............................... 29 10.5 Requisition of an Engine for Use by Governmental Authorities ............................... 29 SALE AND LEASE AGREEMENT iii Section Page ------- ----
REPLACEMENT OF ENGINE. Lessee shall, as promptly as possible and in any event within 60 days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, in compliance with Section 9.2.3 and as replacement for the Engine with respect to which any Event of Loss occurred, title to a Replacement Engine free and clear of all Liens other than Permitted Liens. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model and modification status as the Engine to be replaced thereby, or an improved model and/or modification status, and that is suitable for installation and use on the Airframe, and that has performance and durability characteristics, and a value, utility and remaining useful life, at least equal to, and is in at least as good operating condition as, the Engine to be replaced thereby (assuming that such Engine was of the value and utility and in the condition and repair required by the terms hereof immediately prior to the occurrence of the Event of Loss).
REPLACEMENT OF ENGINE. If such payments are received with respect to an Engine that has been or is being replaced by Lessee pursuant to Section 10.2, such payments SALE AND LEASE AGREEMENT [N621SW] -41- 48 shall be paid over to, or retained by, Indenture Trustee or, if the Trust Indenture is no longer in effect, Lessor, and upon completion of such replacement be paid over to Lessee, provided Lessee shall have fully performed or, concurrently therewith will fully perform, the terms of Section 10.2 with respect to the Event of Loss for which such payments are made.
