ENGINE EXCHANGE Sample Clauses
The ENGINE EXCHANGE clause establishes the terms under which an aircraft engine may be swapped or replaced between parties, typically in the context of leasing or maintenance agreements. It outlines the conditions, procedures, and responsibilities for exchanging an engine, such as ensuring the replacement engine meets specified standards and is of equivalent value or condition. This clause is essential for maintaining operational continuity and minimizing downtime, as it provides a clear framework for handling engine replacements when necessary.
ENGINE EXCHANGE. Upon not less than five (5) Business Days' prior written notice to Lessor, Lessee may replace any Engine leased hereunder with another engine (the "Exchanged Engine") meeting the requirements of Section 10.2.
ENGINE EXCHANGE. Unless a Payment Default, Bankruptcy Default or Lease Event of Default shall have occurred and be continuing, upon not less than five (5) Business Days' prior written notice to Lessor, Lessee may replace any Engine leased hereunder with another engine (the "Exchanged Engine") meeting the requirements of Section 10.2.
ENGINE EXCHANGE. Upon not less than five Business Days' prior written notice to Lessor (with a copy to Owner Participant), Lessee may replace any Engine leased hereunder with another engine (the "EXCHANGED Engine") meeting the requirements of ss.
ENGINE EXCHANGE. Unless a Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing, upon not less than 30 days' prior written notice to Security Trustee, Borrower may replace any Engine subject to the Lien of this Agreement with another engine (the "EXCHANGED ENGINE") meeting the requirements of Section 3.4(d)(ii). Such Exchanged Engine shall be deemed to be a "Replacement Engine" and Borrower and Security Trustee shall comply with the provisions of Section 3.4(e) with regard to the Exchanged Engine and the Engine so replaced.
ENGINE EXCHANGE. Unless a Payment Default, Bankruptcy Default or Lease Event of Default shall have occurred and be continuing, upon not less than five (5) Business Days’ prior written notice to Lessor, Lessee may replace any Engine leased hereunder with another engine (the “Exchanged Engine”) meeting the requirements of Section 10.2.2. Such Exchanged Engine shall be deemed to be a “Replacement Engine” and Lessor and Lessee shall comply with the provisions of Section 10.3 with regard to the Exchanged Engine and the Engine so replaced.
ENGINE EXCHANGE. Upon not less than ten (10) Business Days' prior written notice from the Company to the Security Trustee, provided no Special Default or Event of Default shall have occurred and be continuing, and subject to compliance with Section 3.04(i) hereof if the final sentence of such Section is then applicable, the Security Trustee shall release from the Lien of this Mortgage pursuant to Section 3.04(b) one or more Engines specified in such notice (herein, the "Released Engines") upon the replacement of such Engines with other engines (the "Exchanged Engines") meeting the requirements of Section 3.04(a). Any such Exchanged Engine shall be deemed to be a "Replacement Engine" and the Security Trustee and the Company shall comply with the provisions of Section 3.04 with regard to the Exchanged Engine and the Released Engine, provided that if the Security Trustee requests a certificate of an independent appraiser pursuant to Section 3.04(c)(2)(C), then, notwithstanding anything to the contrary in Section 3.04(c)(2)(C), the fees and expenses of such appraiser shall be paid by the Security Trustee if the Security Trustee does not have a reasonable basis for requesting such appraisal and the appraisal supports the report of the Company's aircraft engineer, and such fees and expenses shall be paid by the Company in all other circumstances.
ENGINE EXCHANGE. Unless a Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing, upon not less than five days’ prior written notice to Lessor, Lessee may replace either Engine leased hereunder with another engine (the “Exchanged Engine”) meeting the requirements of Section 9.2.2, provided, that at any time during the Bar Period, such Exchanged Engine is a “Related Engine” (as defined in the Global Aircraft Transaction Agreement). Such Exchanged Engine shall be deemed to be a “Replacement Engine” and Lessee and Lessor shall comply with the provisions of Section 9.3 with regard to the Exchanged Engine and the Engine so replaced.