Substitution of Aircraft. Company shall have the right at its option at any time and from time to time, on at least 10 Business Days’ prior written notice to Loan Trustee, to substitute one or more Substitute Aircraft, free and clear of all Liens (other than Permitted Liens), for the Aircraft so long as (i) no Event of Default shall have occurred and be continuing at the time of substitution, (ii) Company shall have obtained a written confirmation from each of the Rating Agencies to the effect that such substitution would not result in (x) a reduction of the rating for any class of Pass Through Certificates then rated by such Rating Agency below the then current rating for such class of Pass Through Certificates or (y) a withdrawal or suspension of the rating of any class of Pass Through Certificates then rated by such Rating Agency, (iii) with respect to each Substitute Aircraft, the airframe constituting a part of such Substitute Aircraft has a date of manufacture no earlier than one year prior to the date of manufacture of the Airframe subject to the Lien of this Indenture on the Closing Date (each such date of manufacture, in each case, to be deemed to be the date of original delivery of the applicable airframe to a customer by the applicable airframe manufacturer) and (iv) such Substitute Aircraft has (or, in the case of more than one Substitute Aircraft, collectively have) an aggregate MCMV (as defined below) at least equal to the MCMV of the Aircraft being replaced by such Substitute Aircraft (assuming that the Aircraft had been maintained in accordance with this Indenture), in each case as determined by a desktop appraisal dated as of a date within the 60-day period prior to the substitution performed by an Appraiser selected by Company. “MCMV”, with respect to the Aircraft and any Substitute Aircraft, is the “current market value” (as defined by the International Society of Transport Aircraft Trading or any successor organization) adjusted for the maintenance status of the Aircraft and such Substitute Aircraft, as applicable, such maintenance status to be based upon maintenance data provided by Company to the applicable Appraiser with respect to the Aircraft and such Substitute Aircraft as of the same date within the 60-day period prior to the substitution for each of the Aircraft and such Substitute Aircraft. Prior to the effectiveness of any such substitution pursuant to this Section 7.04(f), (A) if a single Substitute Aircraft is being substituted for the Aircraft, Comp...
Substitution of Aircraft. In the event that it is unable to perform any part of the Charter the Carrier shall be entitled to substitute, on prior notice, any other operator or any equivalent aircraft. To the extent that such substitution involves additional costs, such additional costs shall be notified to the Charterer, who shall be entitled to either accept the additional cost or decline the offer of alternative carriage.
Substitution of Aircraft. Should Client wish to substitute the Aircraft with a new or different aircraft for purposes of this Agreement, the Agreement will continue, at the election of Client, with the substitute aircraft once Client has provided Savvy with the needed information on the substitute aircraft so that Savvy may carry out its obligations under the Agreement. The type of substitute Aircraft may require an upward or downward adjustment to the Fee under this Agreement, prorated according to the time remaining in the term of the Agreement. Such and adjustment shall be required if the replacement aircraft has a different Base Fee, or in the case of the SavvyMx service, if the annual inspection due date for the replacement aircraft is such that Savvy would be required to manage more than one annual inspection during the one-year term of this Agreement.
Substitution of Aircraft. (I) The Company shall have the right at its option at any time, on at least five (5) Business Days’ prior written notice to the Collateral Agent, to substitute for one or more Aircraft one or more Replacement Aircraft so long as on the date of such replacement no Event of Default shall have occurred and be continuing, such Replacement Aircraft are free and clear of all Liens except Permitted Liens and the aggregate appraised value (as determined by an appraisal, dated not more than ten Business Days prior to the date of such substitution, by an independent appraisal firm satisfactory, at the time of such appraisal, to the Collateral Agent setting forth the fair market value, as determined in accordance with the definition of “fair market value” promulgated by the International Society of Transport Aircraft Trading, as of the date of such appraisal, of the Replacement Aircraft) of the Replacement Aircraft shall be not less than the aggregate Appraised Value of the Aircraft for which the Replacement Aircraft are being substituted.
(II) Upon the Company having provided Replacement Aircraft as provided for in Section 3.4(f)(I) above, the Lien of the Mortgage shall continue with respect to such Replacement Aircraft as though no substitution had occurred; the Collateral Agent shall, at the cost and expense of the Company, release from the Lien of this Mortgage the replaced Aircraft upon the occurrence of the substitution by executing and delivering to the Company such documents and instruments, prepared at the Company’s expense, as the Company may reasonably request to evidence such release.
Substitution of Aircraft. 10.7.1 If a Total Loss of an Aircraft occurs or the relevant Lessee otherwise wishes to substitute an Aircraft for the purposes of the Transaction Documents (in each case, the Existing Aircraft), that Lessee may, by notice to the ECA Agent, request permission to substitute for the Existing Aircraft another Airbus aircraft of the same type or in the same family of aircraft as the Existing Aircraft (the Replacement Aircraft). The notice shall provide details of the age from delivery by the Manufacturer and number of block hours since the last Heavy Maintenance Check of the proposed Replacement Aircraft. The National Agents shall consider any such request in good faith, in accordance with the then current practice of the Export Credit Agencies in relation to the substitution of aircraft, and shall inform that Lessee within twenty one (21) Banking Days of the receipt of that notice as to whether the proposed substitution has been approved and, if approved, the terms upon which that Replacement Aircraft shall be substituted for the Existing Aircraft. The parties to this Agreement acknowledge that the current practice of the Export Credit Agencies is that Export Credit Agency-supported Airbus aircraft may only be substituted in Export Credit Agency-supported facilities by new Airbus aircraft of the same type or in the same family of aircraft as the Existing Aircraft and that any such substitution is, in any event, subject to the approval of the Export Credit Agencies.
10.7.2 Following a request by the relevant Lessee for the substitution of an Aircraft in accordance with clause 10.7.1 following a Total Loss of that Aircraft and if the Total Loss Proceeds for that Total Loss have been paid to the Security Trustee either:
(a) prior to the ECA Agent informing that Lessee of the National Agents’ decision as to that substitution; or
(b) if the National Agents have approved the substitution of the Existing Aircraft, prior to the actual substitution of the Existing Aircraft by a Replacement Aircraft, an amount of the Total Loss Proceeds for that Total Loss equal to the Required Insurance Value (Retained Proceeds) shall remain in the relevant Proceeds Account pending completion of the substitution (and assuming, in the case of 10.7.2(a), that the substitution will be approved) for up to one hundred and eighty (180) days or such other period of time as shall then reflect the then current practice of the Export Credit Agencies as notified to the relevant National Agent by...
Substitution of Aircraft. 4.1 In the event that it is unable to perform any part of the Charter, Catreus shall be entitled to substitute, on prior notice, any other operator or any equivalent aircraft.
4.2 To the extent that such substitution involves additional costs, such additional costs shall be notified to the Charterer, who shall be entitled to either accept the additional cost or decline the offer of an alternative carriage.
Substitution of Aircraft. No aircraft other than those named in this agreement shall be stored in the hangar. If the Lessee desires to store an aircraft other than the named aircraft, the Airport Director shall be supplied with a written description of the aircraft and it shall be substituted for the aircraft named in this lease. Additionally, proof of ownership by party(ies) named in this lease shall be supplied within thirty (30) days.
Substitution of Aircraft. Provided that no Event of Default has occurred and is continuing, Borrower may, from time to time, send the Administrative Agent a written request to substitute an Aircraft that is not covered by the Security Agreement (an “Added Aircraft”) for an Aircraft that is covered by the Security Agreement which may include an Aircraft that has been subject to an Event of Loss (a “Removed Aircraft”). The Administrative Agent shall release its security interest in the Removed Aircraft within five Business Days after the Aircraft Substitution Request Date. “Aircraft Substitution Request Date” means the date when Borrower has executed and delivered to the Administrative Agent a Security Agreement Supplement covering the Added Aircraft and provided the Administrative Agent with evidence satisfactory to it of each of the following:
Substitution of Aircraft. 4.1. In the event that it is unable to perform any part of the Charter, IFAC shall be entitled to substitute, on prior notice, any other operator or any other aircraft suitably similar to the Aircraft.
4.2. To the extent that any such substitution involves additional costs, such additional costs shall be notified to the Charterer, who shall either accept the additional cost or decline the offer of an alternative carriage in which case the Agreement shall terminate immediately and the Charterer shall be charged for all sectors completed and including all and any additional incurred costs.
Substitution of Aircraft. 4.1. In the event that it is unable to perform any part of the Charter, VOLUXIS shall be entitled to substitute, on prior notice, any other operator or any other aircraft suitably similar to the Aircraft.
4.2. To the extent that any such substitution involves additional costs, such additional costs shall be notified to the Charterer, who shall either accept the additional cost or decline the offer of an alternative carriage in which case the Agreement shall terminate immediately and the Charterer shall be charged for all sectors completed and including all and any additional incurred costs.
