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Common use of Replacement of Parts Clause in Contracts

Replacement of Parts. Lessee, at its own cost and expense, shall promptly replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, Lessee may remove any Part, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that Lessee shall promptly replace such Part as promptly as practicable. All replacement Parts shall be free and clear of all Liens, except those permitted under Section 9.3 hereof and shall be in as good operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereof.

Appears in 1 contract

Samples: Aircraft Lease Agreement (Western Pacific Airlines Inc /De/)

Replacement of Parts. The Lessee, at its own cost and expense, shall will promptly replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, the Lessee may remove any PartParts, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; , provided that the Lessee shall promptly replace such Part Parts as promptly as practicablepracticable except Parts deemed obsolete by Lessee which shall not exceed, during the Term, One Hundred Thousand Dollars ($100,000) in aggregate original cost ("Obsolete Parts"). All replacement Parts shall be free and clear of all Liens, except those permitted under Section 9.3 hereof Liens and shall be in as good an operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereof.

Appears in 1 contract

Samples: Lease Agreement (Atlantic Coast Airlines Inc)

Replacement of Parts. Lessee, at its own cost and expense, shall promptly shall, as soon as practicable but in any event within 60 days, replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, Lessee may remove any Part, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that Lessee shall promptly replace such Part as promptly as practicablePart. All replacement Parts shall be free and clear of all Liens, except those permitted under Section 9.3 hereof be documented by EASA Form One or FAA Form 8130-3, and shall be in as good operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereofhereof and shall be owned by Lessee and capable of vesting in Owner free of all Liens.

Appears in 1 contract

Samples: Aircraft Lease Agreement (Controladora Vuela Compania De Aviacion, S.A.B. De C.V.)

Replacement of Parts. Lessee, at its own cost and expense, shall promptly shall, as soon as practicable but in any event within 30 days, replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, Lessee may remove any Part, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that Lessee shall promptly replace such Part as promptly as practicablePart. All replacement Parts shall be free and clear of all Liens, except those permitted under Section 9.3 hereof Liens and shall be in as good operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereofhereof and shall be owned by Lessee and capable of vesting in Owner free of all Liens.

Appears in 1 contract

Samples: Aircraft Lease Agreement (Ubics Inc)

Replacement of Parts. The relevant Export Lessee, at its own cost and expenseexpense or by application of any available Maintenance Reserves and/or Security Deposits, shall promptly replace all relevant Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair repair, time-expired or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, the relevant Export Lessee may remove any relevant Part, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that the relevant Export Lessee shall promptly at its own cost and expense replace such Part as promptly as practicable. All replacement Parts shall be free and clear of all Liens (other than Permitted Liens, except those permitted under Section 9.3 hereof ) and shall be in as good operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair and of the value and utility required to be maintained by the terms hereofof the relevant Transaction Documents.

Appears in 1 contract

Samples: Aircraft Facility Agreement (Gatx Financial Corp)

Replacement of Parts. The Lessee, at its own cost and expense, shall will promptly replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, the Lessee may remove any PartParts, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided , PROVIDED that the Lessee shall promptly replace such Part Parts as promptly as practicable. All replacement Parts shall be free and clear of all Liens, except those permitted under Section 9.3 hereof Liens and shall be in as good an operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereof.

Appears in 1 contract

Samples: Lease Agreement (Republic Airways Holdings Inc)

Replacement of Parts. Lessee, at its own cost and expense, shall promptly replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, Lessee may remove any Part, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that Lessee shall promptly replace such Part as promptly as practicable. All replacement Parts shall be free and clear of all Liens, except those Liens permitted by Section 15 and pooling arrangements permitted under Section 9.3 9.03 hereof and shall be in as good operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereof.

Appears in 1 contract

Samples: Lease Agreement (Airlease LTD)

Replacement of Parts. The Lessee, at its own cost and expenseexpense or by application of any available Maintenance Reserves and/or Security Deposits, shall promptly replace all relevant Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair repair, time-expired or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, the Lessee may remove any relevant Part, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that the Lessee shall promptly at its own cost and expense replace such Part as promptly as practicable. All replacement Parts shall be free and clear of all Liens (other than Permitted Liens, except those permitted under Section 9.3 hereof ) and shall be in as good operating condition as, and shall have a value and utility and modification status at least equal to, the Parts replaced, assuming such replaced Parts were in the condition and repair and of the value and utility required to be maintained by the terms hereofof the relevant Operative Documents.

Appears in 1 contract

Samples: Participation Agreement (Gatx Corp)