Voluntary Alterations, Etc Sample Clauses
The 'Voluntary Alterations, Etc' clause governs the process by which parties can make changes to the terms of an agreement by mutual consent. Typically, this clause outlines the requirements for any amendments, such as needing written approval from all parties involved, and may specify the procedures for proposing and documenting such changes. Its core function is to ensure that any modifications to the contract are intentional, transparent, and agreed upon by all parties, thereby preventing misunderstandings or unauthorized changes.
Voluntary Alterations, Etc. Lessee, at its own cost and expense, may, from time to time make (or cause to be made), subject to the standards set forth in Section 8.1.1, such alterations and modifications in and additions to the Aircraft, Airframe or any Engine as Lessee may deem desirable in the proper conduct of its business, including, without limitation, removal of Parts which Lessee deems obsolete or no longer suitable or appropriate for use in the Aircraft, Airframe or such Engine; provided, however, that no such alteration, modification, addition or removal shall diminish the value, remaining useful life, or utility of the Aircraft, Airframe or such Engine, or impair the condition or airworthiness thereof, below the value, remaining useful life, utility, condition and airworthiness thereof immediately prior to such alteration, modification or addition assuming the Aircraft, Airframe or such Engine was then of the value and utility and in the condition and airworthiness required to be maintained by the terms of this Lease. Title to all parts incorporated in the Aircraft, Airframe or such Engine as the result of such alteration, modification or addition shall remain vested in Lessee and Lessee may, at any time during the Term, remove any such part if (i) such part is in addition to, and not in replacement of or substitution for, any Part originally incorporated in the Aircraft, Airframe or such Engine at the time of delivery thereof hereunder or any Part in replacement of or substitution for any such Part, (ii) such part is not required to be incorporated in the Aircraft, Airframe or such Engine pursuant to the terms of this Section 8, (iii) such part can be removed from the Aircraft, Airframe or such Engine without diminishing or impairing the value, remaining useful life, utility, condition or airworthiness required to be maintained by the terms of this Lease which the Aircraft, Airframe or such Engine would have had at such time had such alteration, modification or addition not occurred, and (iv) no Lease Event of Default or Lease Default shall have occurred and be continuing. Title to all other such parts shall, without further act,