Substitute Engine Sample Clauses

Substitute Engine. In the event any engine not owned by Lessor shall be redelivered on any Return Occasion, without limiting Lessee's obligations under the Tax Indemnification Agreement, such engine shall be of the same model and equivalent modification status as the Engine or, at Lessee's option, an IAE engine of an improved model suitable for installation and use on an Airframe without diminishing the value, remaining useful life or utility of such Airframe, in each such case having a value, remaining useful life and utility at least equal to (as determined in accordance with the Appraisal Procedure), and be in an operating condition as good as the Engine, assuming the Engine was in the condition and repair as required by the terms hereof immediately prior to such termination and shall conform to the return condition requirements set forth in this Section 16 and Exhibit E, and Lessee, at its own expense and concurrently with such delivery, shall cause such engine to become an Engine by complying with Section 11(b) hereof. Lessee's obligation to comply with the terms of this Section 16(c) shall be conditioned on Lessor's transferring to Lessee all of Lessor's right, title and interest in and to any such Engine at the Return Occasion "AS IS, WHERE IS," without any representation, warranty or recourse of any kind whatsoever, express or implied, except a warranty that such Engine is free and clear of Lessor's Liens.
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Substitute Engine. 83 (d) Records and Documents................................... 83 (e) Condition of Engine..................................... 85 (f) Final Inspection........................................ 85 (g) Engine Records and Documents............................ 86 (h) Corrections and Subsequent Corrections............................................. 86 (i) [Intentionally Left Blank].............................. 86 (j) Exportation of the Engine............................... 86 (k) Service Bulletin and Modification Kits.................................................... 87 (l) Storage Upon Return..................................... 87 (m) Resale/Release Cooperation.............................. 87 Section 17. Events of Default............................................... 87 Section 18. Remedies........................................................ 90
Sample 1
Substitute Engine. (a) Notwithstanding anything to the contrary in this Lease, Lessor will provide Lessee with a serviceable replacement engine (the “Substitute Engine”) in lieu of Lessee performing any Major Maintenance Event for an Engine hereunder, as follows: (i) during the Term, Lessee agrees to provide Lessor with ninety (90) days’ advance written notice (the “Removal Notice”) of any upcoming scheduled removal of any Engine due to such Engine requiring Engine Refurbishment, for reasons other than (A) faulty or improper maintenance or installation, (B) Lessee not adhering to Manufacturer’s recommendations, (C) operational mishandling, accident or other accidental cause, (D) an Event of Default, or (E) FOD (an “Unserviceability Issue”).
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Substitute Engine. In the event any engine not owned by Lessor shall be redelivered on any Return Occasion, without limiting Lessee's obligations under the Tax Indemnification Agreement, such engine shall be of the same model and equivalent modification status as the Engine or, at Lessee' option, an IAE engine of an improved model suitable for installation and use on an Airframe without diminishing the value, remaining useful life or utility of such Airframe, in each such case having a value, remaining useful life and utility at least equal to (as determined in accordance with the Appraisal Procedure), and be in an operating condition as good as the Engine, assuming the Engine was in the condition and repair as required by the
Sample 1

Related to Substitute Engine

  • Substitution of Engines Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, Owner shall promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event of Loss. The Owner shall have the right at its option at any time, on at least 5 Business Days’ prior notice to the Mortgagee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, shall within 60 days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Mortgagee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine shall become subject to this Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Engine. 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 this Trust Indenture). The Owner’s right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with such replacement) of the following conditions precedent at the Owner’s sole cost and expense, and the Mortgagee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions:

  • Aircraft The Airframe to be sold by AVSA to the Owner Trustee as provided in the Participation Agreement and to be leased under the Lease (or any permitted substitute airframe thereunder) together with two Engines (whether either is an initial Engine or a Replacement Engine) whether or not any of such initial or Replacement Engines may from time to time be installed on such Airframe or may be installed on any other airframe or on any other aircraft, including any aircraft substituted pursuant to Section 11.03

  • Airframe The Airbus A300F4-605R aircraft (excluding the Engines or engines from time to time installed thereon) to be leased by the Lessor to the Lessee pursuant to the Lease and the initial Lease Supplement and having the United States FAA Registration Number initially and manufacturer's serial number specified in the initial Lease Supplement, including (i) all Parts in respect thereof and (ii) any Replacement Airframe which may be substituted pursuant to Section 11.03

  • Substitution Right If any Lender (an “Affected Lender”), (i) becomes a Defaulting Lender or (ii) does not consent to any amendment, waiver or consent to any Loan Document for which the consent of the Majority Lenders is obtained but that requires the consent of other Lenders (a “Non-Consenting Lender”), then (x) Borrower may elect to pay in full such Affected Lender with respect to all Obligations due to such Affected Lender or (y) either Borrower or the Majority Lenders shall identify any willing Lender or Affiliate of any Lender or Eligible Transferee (in each case, a “Substitute Lender”) to substitute for such Affected Lender; provided that any substitution of a Non-Consenting Lender shall occur only with the consent of Majority Lenders.

  • LEASE OF EQUIPMENT Lessor leases to Lessee, and Lessee leases from Lessor, all the property described in the Lease Schedules which are signed from time to time by Lessor and Lessee.

  • Benchmark Replacement Conforming Changes In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

  • Aircraft Basic Price The Aircraft Basic Price is listed in Table 1 and is subject to escalation in accordance with the terms of this Purchase Agreement.

  • Condition of Aircraft The Aircraft at the time of its return to Lessor shall have been maintained and repaired in accordance with the Approved Maintenance Program and this Lease with the same care and consideration for the technical condition of the Aircraft as if it were to have been kept in continued regular service by the Lessee, and shall meet the following requirements:

  • Condition of Equipment Each Grantor will maintain or cause to be maintained and preserved in good condition, repair and working order, ordinary wear and tear excepted, the Equipment (necessary or useful to its business) and will forthwith, or in the case of any loss or damage to any Equipment of any Grantor within a commercially reasonable time after the occurrence thereof, make or cause to be made all repairs, replacements and other improvements in connection therewith which are necessary or desirable, consistent with past practice, or which the Collateral Agent may request to such end. Any Grantor will promptly furnish to the Collateral Agent a statement describing in reasonable detail any such loss or damage in excess of $25,000 per occurrence to any Equipment.

  • Buyer Furnished Equipment 14.3.2.1 The Seller shall introduce data related to Buyer Furnished Equipment, for equipment that is installed on the Aircraft by the Seller (hereinafter “BFE Data”) into the customized Technical Data, at no additional charge to the Buyer for the initial issue of the Technical Data provided at first Aircraft Delivery, provided such BFE Data is provided in accordance with the conditions set forth in Clauses 14.3.2.2 through 14.3.2.6.

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