Common use of Substitution of Aircraft Clause in Contracts

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. (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 's expense, as the Company may reasonably request to evidence such release.

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 substitutedsubstituted (as determined in accordance with the most recent Appraisal of such Aircraft). (II) Upon the Company having provided Replacement Aircraft as provided for in Section 3.4(f)(I) above, the Lien of the this 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 's expense, as the Company may reasonably request to evidence such release.