Alterations, Modifications and Additions Sample Clauses
The "Alterations, Modifications and Additions" clause defines the rules and procedures for making changes to the original agreement or to the subject matter covered by the contract. Typically, this clause outlines who has the authority to approve changes, the process for requesting and documenting modifications, and any limitations or conditions that must be met before alterations can take effect. For example, it may require written consent from both parties before any changes are valid. The core function of this clause is to ensure that all parties are aware of and agree to any changes, thereby preventing disputes and maintaining clarity in the contractual relationship.
POPULAR SAMPLE Copied 2 times
Alterations, Modifications and Additions. Company will, or will cause a Permitted Lessee to, make (or cause to be made) such alterations and modifications in and additions to the Airframe and the Engines as are required from time to time to meet the applicable requirements of the FAA or any applicable government of any other jurisdiction in which the Aircraft is then registered; except for (i) immaterial and non-recurring violations with respect to which corrective measures are being taken promptly by Company (or, if a Lease is then in effect, any Permitted Lessee) upon discovery thereof and (ii) any law, rule, regulation or order the validity or application of which is being contested in good faith by Company (or, if a Lease is then in effect, any Permitted Lessee) in any manner which does not involve any material risk of sale, loss or forfeiture of the Aircraft and does not materially adversely affect Loan Trustee’s interest in the Aircraft. In addition, Company (or any Permitted Lessee), at its own expense, may from time to time add further parts or accessories and make or cause to be made such alterations and modifications in and additions to the Airframe or any Engine as Company (or any Permitted Lessee) deems desirable in the proper conduct of its business, including, without limitation, removal (without replacement) of Parts; provided that no such alteration, modification or addition shall materially diminish the value or utility of the Airframe or such Engine below its value or utility immediately prior to such alteration, modification or addition, assuming that the Airframe or such Engine was then in the condition required to be maintained by the terms of this Indenture, except that the value (but not the utility) of the Airframe or any Engine may be reduced by the value of any such Parts that are removed that Company (or such Permitted Lessee) deems obsolete or no longer suitable or appropriate for use on the Airframe or any Engine. For the avoidance of doubt, Company may make alterations in the passenger configuration of the Aircraft and such alterations shall not be subject to the immediately preceding sentence. All Parts incorporated or installed in or attached or added to the Airframe or any Engine as the result of such alteration, modification or addition shall, without further act, be subject to the Lien of this Indenture. Notwithstanding the foregoing, Company (or any Permitted Lessee) may, at any time, remove any Part from the Airframe or any Engine if such Part: (i) is in additi...
Alterations, Modifications and Additions. Lessee, at its own cost and expense, shall make or cause to be made such alterations and modifications in and additions to the Engine to the extent made mandatory for Lessee (or a sublessee) in respect of the Engine or Parts from time to time to meet the applicable standards of the FAA or under any Law of any Governmental Entity having jurisdiction or issued by the manufacturer of the Engine or Parts. In addition, so long as no Default or Event of Default has occurred and is continuing, Lessee (or, if a Permitted Sublease is in effect, a Permitted Sublessee), at its own expense, may from time to time make such alterations and modifications in and additions to the Engine as Lessee (or, if a Permitted Sublease is in effect, a Permitted Sublessee) may deem desirable in the proper conduct of its business, provided, no such alteration, modification or addition diminishes the value, remaining useful life or utility, or impairs the condition or airworthiness, of the Engine or any Part below that immediately prior to such alteration, modification or addition assuming that the Engine and Parts were then of the value, utility and remaining useful life and in the condition and airworthiness required by the terms of this Lease. Except as otherwise provided herein, title to all Parts incorporated or installed in or attached or added to the Engine as the result of such alteration, modification or addition, shall immediately vest in Lessor and become subject to the Lien of the Indenture (if it has not been discharged) and this Lease, without the necessity for any further act of transfer, document or notice. If any Removable Part is (i) owned by any third party and leased to Lessee (or, if a Permitted Sublease is in effect, a Permitted Sublessee), (ii) sold to Lessee (or, if a Permitted Sublease is in effect, a Permitted Sublessee) subject to a conditional sale contract or other security interest or (iii) leased to Lessee (or, if a Permitted Sublease is in effect, a Permitted Sublessee) pursuant to a lease which is subject to a security interest in favor of any third party, then Lessor will not acquire or claim, as against such lessor, conditional vendor or secured party, any right, title or interest in any such Removable Part as the result of such Removable Part being installed on the Engine; provided, however, that (A) Lessor's inability to so acquire or claim is subject to the express condition that such lessor, conditional vendor, or secured party shall have agreed in...
Alterations, Modifications and Additions. Sublessee shall make (or cause to be made under the MSA or otherwise) such alterations and modifications in and additions to the Equipment at its expense as may be required from time to time to meet all applicable standards of the FAA or other governmental authority having jurisdiction, unless the validity or application thereof is being contested in good faith by appropriate proceedings (but only so long as such proceedings do not involve any material risk of sale, forfeiture or loss of any of the Equipment or any interest therein). If any mandatory modification work is required, Sublessee shall pay for the first $__________ of the actual cost for any one such mandatory modification and the first $__________ of the actual cost for multiple such mandatory modifications. If the actual cost of such mandatory modification (that is, without markup) exceeds $__________ for any one such mandatory modification and $__________ for multiple such mandatory modifications, then Sublessor shall reimburse Sublessee for a portion of such excess cost in an amount equal to the excess of such cost over $__________ (in the case of a single mandatory modification) or $__________ (in the case of multiple such mandatory modifications) multiplied by a fraction, the numerator of which is the number of months then remaining in the Term of this Sublease and the denominator of which is 84. The Sublessor shall reimburse Sublessee for the balance of such excess cost to Sublessee promptly following completion of such mandatory modification, provided that no Event of Default has occurred and is continuing. In addition, Sublessee, at its own cost and expense, may from time to time request that Continental make under the MSA such alterations and modifications in and additions to any item of Equipment as Sublessee may deem desirable in the proper conduct of its business; provided, however, that no such alteration, modification or addition shall diminish, in Sublessor's reasonable determination, the value or utility of such item of Equipment below the value, utility and airworthiness thereof immediately prior to such alteration, modification or addition, assuming such item of Equipment was then in the condition and airworthiness required to be maintained by the terms of this Sublease. Except as otherwise provided herein, title to all Parts (other than Removable Parts (as defined below)) incorporated in an item of Equipment as the result of such alteration, modification or addition shall, wi...
Alterations, Modifications and Additions. Great Lakes, at its own expense, will make (or cause to be made) such alterations and modifications in and additions to each Airframe, Engine, Spare Engine, Propeller and Spare Propeller as may be required to be made from time to time so as to comply with any law, rule, regulation or order of any Governmental Authority; provided, however, that Great Lakes may, in good faith, and by appropriate proceedings contest the validity or application of any such law, rule, regulation or order in any reasonable manner, that does not subject Lender to any material risk of any civil or any criminal penalties, or involve any material risk of loss or forfeiture of title to any Airframe, Engine, Spare Engine, Propeller, or Spare Propeller. In addition, Great Lakes, at its own expense, may from time to time add further parts or accessories and make or cause to be made such alterations and modifications in and additions to any Airframe, Engine, Spare Engine, Propeller or Spare Propeller as Great Lakes may deem desirable in the proper conduct of its business, including removal (without replacement) sale or disposal of Parts which Great Lakes deems to be obsolete or no longer suitable or appropriate for use on such Airframe, Engine, Spare Engine, Propeller or Spare Propeller (such parts, “Obsolete Parts”); provided that no such alteration, modification, removal, sale, disposal or addition materially diminishes the fair market value or utility of such Airframe, Engine, Spare Engine, Propeller, or Spare Propeller below the fair market value or utility thereof immediately prior to such alteration, modification, removal or addition assuming such Airframe, Engine, Spare Engine, Propeller or Spare Propeller was then in the condition required to be maintained by the terms of this Mortgage. In addition, the fair market value (but not the utility) of an Airframe, Engine, Spare Engine, Propeller or Spare Propeller may be reduced by the fair market value, if any, of Obsolete Parts which shall have been removed so long as the aggregate fair market value of all Obsolete Parts which shall have been removed and not replaced with respect to any Aircraft shall not exceed $100,000 in the aggregate. All Parts incorporated or installed in or attached or added to an Airframe, Engine, Spare Engine, Propeller, or Spare Propeller as the result of such alteration, modification or addition (except those parts which are excluded from the definition of Parts) shall, without further act, become subject t...
Alterations, Modifications and Additions. Provider will make such alterations and modifications in and additions to Covered Projects as may be required from time to time to comply with Applicable Law, Prudent Industry Standards and the terms of the applicable Customer Agreements; provided, however, that Provider may, in good faith, contest the validity or application of any such Applicable Law in any reasonable manner, but diligently and in good faith, and only if there is no material risk of the loss or forfeiture of a Covered Project or any interest therein or breach of the related Customer Agreement; and provided further, that Provider’s failure to make (or cause to be made) any such alterations, modifications or additions will not constitute noncompliance with the requirements of this paragraph 3 or a breach of Provider’s undertaking hereunder for so long a period as may be necessary to remedy such failure, if such failure can be remedied, so long as during such period Provider is using due diligence and best efforts to remedy such failure.
Alterations, Modifications and Additions. Lessee, at its own expense, shall make such alterations and modifications and additions to the Aircraft as may be required from time to time to meet the applicable standards of the DAC or to comply with any Law, rule, directive, mandatory bulletin, regulation or order of any Governmental Entity having jurisdiction over the Aircraft or of the manufacturer of the Aircraft, Engines or Parts. Lessee's records shall document the method and date of compliance with FAA requirements to the extent required for certification by the FAA under Part 129 (with no material variance, extension, carry-overs or deferrals). In addition, Lessee, at its own expense, may from time to time make alterations and modifications in and additions to the Aircraft, provided no such alteration, modification or addition materially diminishes the remaining warranty, value or utility, or impairs the condition or airworthiness, of the Aircraft. Title to all Parts (other than leased Parts) incorporated or installed in or attached or added to the Aircraft as the result of such alteration, modification or addition shall vest immediately in Lessor and become subject to this Lease, without the necessity for any further act of transfer, document or notice. In no event shall Lessor bear any liability or cost for any alteration, modification or addition to, or for any grounding or suspension of certification of, the 26 <PAGE> Aircraft, or for any loss of revenue arising therefrom. Notwithstanding the foregoing, so long as no Default or Event of Default shall be continuing, Lessee may remove any Part; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached to the Aircraft or any 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 or installed in or attached or added to the Aircraft or such Engine pursuant to the terms of this Lease, and (iii) such Part can be removed from the Aircraft or such Engine without impairing or materially diminishing the value, utility, condition or airworthiness required to be maintained by the terms of this Lease that the Aircraft or such Engine would have had at such time had such Parts not been installed and such removal not occurred. Upon the removal by Lessee of any Part as provided in the immediately preceding sentence, title thereto shall, without further act...
Alterations, Modifications and Additions. Lessee will make or cause to be made such alterations and modifications in and additions to the Airframe, the Engines and the Parts as may be required from time to time to meet the applicable standards of the FAA or other applicable regulatory agency or body of the foreign jurisdiction in which the Aircraft is then registered as permitted by Section 7(a); provided that Lessee may in good faith contest the validity or application of any such standard in any reasonable manner which does not materially adversely affect Lessor, Owner Participant or their respective interests in the Aircraft or involve any material risk of criminal liability or material civil penalty against Lessor or Owner Participant. In addition, Lessee, at its own expense, may from time to time make or cause to be made such alterations and modifications in and additions to the Airframe, any Engine or any Part as Lessee may deem desirable in the proper conduct of its business, including without limitation, removal of Parts that Lessee deems to be obsolete or no longer suitable or appropriate for use on the Airframe or such Engine (such Parts, “Obsolete Parts”); provided that no such alteration, modification, addition or removal shall materially diminish the value (except as described in the last proviso of this sentence) or utility of the Airframe or such Engine, or impair the condition or airworthiness thereof, below the value, utility, condition and airworthiness thereof immediately prior to such alteration, modification, addition or removal assuming the 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; provided that the value (but not the utility, condition or airworthiness) of the Aircraft may be reduced by the value of the Obsolete Parts which shall have been removed, if the aggregate value of all such Obsolete Parts removed from the Aircraft and not replaced in accordance with the terms of this Section 8 shall not exceed the amount specified in Schedule A to the Participation Agreement. Title to all Parts incorporated or installed in or attached or added to the Airframe or any Engine or Part as the result of such alteration, modification or addition shall, without further act, vest in Lessor. Lessor shall not be required under any circumstances to pay or compensate Lessee for any such alteration, modification or addition. Notwithstanding the foregoing, Lessee may, at any time during the...
Alterations, Modifications and Additions. At their sole expense, make such alterations and modifications in and additions to the Equipment as may be required from time to time by any relevant Governmental Authority or as may be deemed necessary from time to time by Parent or the Borrowers, whether upon the recommendation of any manufacturer or otherwise, for the purpose of the safe operation of the Equipment (any such alteration, modification or addition as may be so required or so deemed necessary being herein called a "Required Modification"). In addition, the Borrowers, at their sole expense, may from time to time make such other alterations and modifications in and additions to the Equipment as Parent or Borrowers may deem desirable in the proper conduct of their business (any such alteration, modification or addition as may be so deemed desirable being herein called an "Optional Modification"); provided, however, that (i) any Required Modification shall be expeditiously completed in a good and workmanlike manner, in compliance with all material legal requirements applicable thereto, and (ii) no Optional Modification shall diminish the value or utility of any item of Equipment or impair the operating condition thereof below the value, utility and operating condition thereof immediately prior to such Optional Modification, assuming that such item of Equipment was then of the value or utility and in 78 80 the operating condition required to be maintained by the terms of this Agreement. All parts incorporated or installed in or attached to any item of Equipment composing Collateral as a result of any alteration, modification or addition which are not readily removable without damage to such item of Equipment shall, without necessity of further act, become part of such item of Equipment for all purposes hereof and subject to the security interest granted herein.
Alterations, Modifications and Additions. Except as otherwise required by SECTION 11.1 or by this SECTION 11.6, Lessee shall not make any alterations, modifications or additions to the Aircraft without the prior written consent of Lessor which approval shall not be unreasonably withheld or delayed, PROVIDED, HOWEVER Lessee shall make, or shall cause to be made, at no expense to Lessor, such alterations and modifications in and additions to the Aircraft as may be required from time to time by the FAA or other Governmental Body having jurisdiction or as may be required by Applicable Law as a condition to the use of the Aircraft in ordinary commercial passenger service; and FURTHER, PROVIDED, Lessee may, at its own expense and subject to compliance with the requirements of Revenue Procedure 79-48, 1979-2 C.B. 529 from time to time make such alterations, modifications or additions to the Aircraft as Lessee may deem desirable in the proper conduct of its business, so long as such alteration, modification or addition does not diminish the value, utility or remaining useful life of such item, or impair the condition and airworthiness thereof, below the value, utility, remaining useful life, condition and airworthiness thereof immediately prior to such alteration, modification or addition based upon the assumption that such item was then of the value and utility and in the condition and airworthiness required to be maintained by the terms of this Lease; but if the cost of such alteration, modification or improvement exceeds $75,000 and is not required by this SECTION 11 and is neither safety-related nor severable as defined in Section 4(4).02 of Revenue Procedure 75-21, as modified by Revenue Procedure 79-48, and is not described in subparagraph (ii) of Section 4(4).03 (C) of Revenue Procedure 75-21, 1975-1 C.B. 715 as modified by Revenue Procedure 79-48, such alteration, modification or addition shall not be made without the prior written consent of Lessor, and otherwise in compliance with the requirements of Section 4(4).03 (C) of Revenue Procedure 75-21, as modified by Revenue Procedure 79-48. Lessor may condition such consent on the agreement by Lessee at its sole expense to remove such alterations, modifications or additions and to restore the Aircraft to its original condition upon the expiration or termination of this Lease. Title to all Parts incorporated in the Aircraft as the result of any alteration, modification or addition made as contemplated in this SECTION 11.6 shall, except as provided in...
Alterations, Modifications and Additions. Except as provided in this Clause 8 and in Clause 6.6, Lessee shall not make any alteration, modification or addition to the Airframe or any of the Engines except such alterations, modifications or additions the cost (including labor costs of installation) of which is less than $50,000 and which can be removed from the Aircraft without diminishing or impairing the value of the Aircraft.