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Common use of Title to Parts Clause in Contracts

Title to Parts. Except as otherwise provided in the proviso to the third sentence of Section 7(d), all Parts at any time removed from the Airframe or any Engine shall remain the property of the Lessor and subject to this Lease, no matter where located, until such time as such Parts shall be replaced by Parts that have been incorporated or installed in or attached to such Airframe or Engine and that meet the requirements for replacement Parts specified in Section 7(a). Immediately upon any replacement Part becoming incorporated or installed in or attached to an Airframe or Engine as provided in Section 7(a), without further act, (i) title to the replaced Part shall thereupon vest in the Lessee, in "as-is, where-is" condition, free and clear of all rights of the Lessor and the Indenture Trustee and any Lessor's Liens and shall no longer be deemed a Part hereunder; (ii) title to such replacement Part shall thereupon vest in the Lessor (subject only to Permitted Liens); and (iii) such replacement Part shall become subject to this Lease and be deemed part of such Airframe or Engine, as the case may be, for all purposes hereof to the same extent as the Parts originally incorporated or installed in or attached to such Airframe or Engine.

Appears in 1 contract

Samples: Note Purchase Agreement (Midway Airlines Corp)

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Title to Parts. Except as otherwise provided in the proviso to the third sentence of Section 7(d), all Parts at any time removed from the Airframe or any Engine shall remain the property of the Lessor and subject to this Lease, no matter where located, until such time as such Parts shall be replaced by Parts that have been incorporated or installed in or attached to such Airframe or Engine and that meet the requirements for replacement Parts specified in Section 7(a). Immediately upon any replacement Part becoming incorporated or installed in or attached to an Airframe or Engine as provided in Section 7(a), without further act, (i) title to the replaced Part shall thereupon vest in the LesseeLessee (or the relevant Permitted Sublessee), in "as-is, where-is" conditioncondition without any representation or warranty by, or recourse to, Lessor, free and clear of all rights of the Lessor and the Indenture Trustee and any Lessor's Liens and shall no longer be deemed a Part hereunder; (ii) title to such replacement Part shall thereupon vest in the Lessor Lessor, free and clear of all Liens (subject only to other than Permitted Liens); and (iii) such replacement Part shall become subject to this Lease and be deemed part of such Airframe or Engine, as the case may be, for all purposes hereof to the same extent as the Parts originally incorporated or installed in or attached to such Airframe or Engine.

Appears in 1 contract

Samples: Lease Agreement (Midway Airlines Corp)

Title to Parts. Except as otherwise provided in the proviso to the third sentence of Section 7(d), all Parts at any time removed from the Airframe or any Engine shall remain the property of the Lessor and subject to this Lease, no matter where located, until such time as such Parts shall be replaced by Parts that have been incorporated or installed in or attached to such the Airframe or such Engine and that meet the requirements for replacement Parts specified in Section 7(a). Immediately upon any replacement Part becoming incorporated or installed in or attached to an the Airframe or an Engine as provided in Section 7(a), without further act, (i) title to the replaced Part shall thereupon vest in the LesseeLessee (or the relevant Permitted Sublessee), in "as-is, where-is" condition, free and clear of all rights of the Lessor and the Indenture Trustee and any Lessor's Liens and shall no longer be deemed a Part hereunder; (ii) title to such replacement Part shall thereupon vest in the Lessor (subject only to Permitted Liens); and (iii) such replacement Part shall become subject to this Lease and be deemed part of such the Airframe or such Engine, as the case may be, for all purposes hereof to the same extent as the Parts originally incorporated or installed in or attached to such the Airframe or such Engine.

Appears in 1 contract

Samples: Lease Agreement (Midway Airlines Corp)

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Title to Parts. Except as otherwise provided in the proviso to the third sentence of Section 7(d), all Parts at any time removed from the Airframe or any Engine shall remain the property of the Lessor and subject to this Lease, no matter where located, until such time as such Parts shall be replaced by Parts parts that have been incorporated or installed in or attached to such the Airframe or such Engine and that meet the requirements for replacement Parts parts specified in Section 7(a). Immediately upon any replacement Part part becoming incorporated or installed in or attached to an the Airframe or an Engine as provided in Section 7(a), without further act, (i) title to the replaced Part shall thereupon vest in the LesseeLessee (or the relevant Permitted Sublessee), in "as-is, where-is" condition, free and clear of all rights of the Lessor and the Indenture Trustee and any Lessor's Liens and shall no longer be deemed a Part hereunder; (ii) title to such replacement Part part shall thereupon vest in the Lessor (subject only to Permitted Liens); and (iii) such replacement Part part shall become a Part subject to this Lease and be deemed part of such the Airframe or such Engine, as the case may be, for all purposes hereof to the same extent as the Parts parts originally incorporated or installed in or attached to such the Airframe or such Engine.

Appears in 1 contract

Samples: Lease Agreement (Midway Airlines Corp)

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