Event of Loss with Respect to an Engine Sample Clauses
The 'Event of Loss with Respect to an Engine' clause defines what constitutes a total or significant loss of an aircraft engine under a contract. Typically, this clause outlines specific scenarios such as destruction, irreparable damage, theft, or requisition of the engine, and may detail the procedures and responsibilities that follow such an event, including notification requirements and insurance claims. Its core function is to clearly allocate risk and establish the parties' obligations in the event the engine is lost, ensuring both parties understand their rights and duties if such a loss occurs.
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, Lessee shall forthwith (and in any event, within fifteen days after such occurrence) give Lessor written notice thereof and shall, within one hundred twenty (120) days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, as replacement for the Engine with respect to which such Event of Loss occurred, title to an Acceptable Alternate Engine. Prior to or at the time of any such conveyance, Lessee, at its own expense, will (i) furnish Lessor with a warranty (as to title) ▇▇▇▇ of sale, in form and substance reasonably satisfactory to Lessor, with respect to such Acceptable Alternate Engine, (ii) cause a Lease Supplement and Trust Supplement to be duly executed by Lessee and to be filed for recording pursuant to the Transportation Code, or the applicable laws, rules and regulations of any other jurisdiction in which the Airframe may then be registered as permitted by Section 7(d) of the Participation Agreement, (iii) furnish Lessor with such evidence of compliance with the insurance provisions of Section 11 hereof with respect to such replacement engine as Lessor may reasonably request and furnish Lessor with copies of the documentation required to be provided by Lessee pursuant to Section 5.06 of the Trust Indenture, and Lessor will comply with the terms of the Trust Indenture and transfer to or at the direction of Lessee without recourse or warranty (except as to absence of Lessor Liens) all of Lessor's right, title and interest, if any, in and to (A) the Engine with respect to which such Event of Loss occurred and furnish to or at the direction of Lessee a ▇▇▇▇ of sale in form and substance reasonably satisfactory to Lessee, evidencing such transfer and (B) all claims, if any, against third parties, for damage to or loss of the Engine subject to such Event of Loss, and such Engine shall thereupon cease to be the Engine leased hereunder. For all purposes hereof, each such replacement engine shall, after such conveyance, be deemed part of the property leased hereunder, and shall be deemed an "Engine". No Event of Loss with respect to an Engine under the circumstances contemplated by the terms of this paragraph (b) shall result in any reduction in Basic Rent.
Event of Loss with Respect to an Engine. Upon any Event of Loss with respect to an Engine not then installed on the Aircraft, or an Event of Loss with respect to only an Engine installed on the Aircraft not involving an Event of Loss to the Aircraft, LESSEE shall give LESSOR prompt written notice thereof and LESSEE shall replace such Engine as soon as reasonably possible after such Event of Loss by duly conveying to LESSOR, as a replacement for such Engine, title to another engine owned by LESSEE (a "Replacement Engine"), which Replacement Engine shall be free and clear of all Liens and shall have a value and utility at least equal to, and be in as good operating condition as, the Engine which sustained such Event of Loss (assuming the Engine which sustained such event of loss was maintained in the condition in which LESSEE was required to maintain such Engine pursuant to this Lease). Such Replacement Engine, after approval and acceptance by LESSOR, shall be deemed an "Engine" as defined herein. LESSEE agrees to take such action as LESSOR may reasonably request in order that any such Replacement Engine shall be duly and properly leased hereunder to the same extent as the Engine subject to the Event of Loss and shall be titled in LESSOR. Upon request by LESSOR, LESSEE shall cause to be delivered to LESSOR an opinion of FAA counsel (to be provided at LESSEE's expense) as to the lien free status of such engine along with an opinion of FAA counsel that such replacement engine has been made subject to this Lease. LESSEE's obligation to pay Rent hereunder shall continue in full force and effect regardless of the occurrence of an Event of Loss with respect to an Engine, but LESSEE shall be entitled to be reimbursed by LESSOR the amount of insurance or condemnation proceeds, if any, received by LESSOR with respect to such Engine. Upon receipt of title by LESSOR to the Replacement Engine as hereinabove provided, LESSOR shall convey to LESSEE, free and clear of all Liens (except, subject to the rights of the insurers), title to the Engine which sustained such Event of Loss.
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, Owner shall forthwith (and in any event, within fifteen (15) days after such occurrence) give the Indenture Trustee written notice thereof and shall, within one hundred twenty (120) days after the occurrence of such Event of Loss, (i) cause an Indenture Supplement to be duly executed by Owner and to be filed for recording pursuant to the Transportation Code, or the applicable laws, rules and regulations of any other jurisdiction in which the Airframe may then be registered as permitted by Section 7(b) of the Participation Agreement with respect to an Acceptable Alternate Engine and, (ii) furnish the Indenture Trustee with such evidence of compliance with the insurance provisions hereof with respect to such replacement engine as the Indenture Trustee may reasonably request. For all purposes hereof, each such replacement engine shall, after such designation, be deemed part of the property subject to the Lien of this Indenture hereunder, and shall be deemed an "Engine".
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under --------------------------------------- circumstances in which there has not occurred an Event of Loss with respect to an Airframe, the Borrower shall forthwith give the Administrative Agent, the Collateral Agent and the Lender written notice thereof (but in any event within ten days of such occurrence) and shall, within 60 days after the occurrence of such Event of Loss (or, in the case of an Event of Loss described in clause (vi) of the definition thereof, within 90 days after the Chief Financial Officer, Treasurer, any Vice President or other officer of the Borrower elected by the Borrower's Board of Directors has received actual knowledge of such Event of Loss), as replacement for the Engine with respect to which such Event of Loss occurred, subject to the Lien of this Mortgage another CFM International, Inc. Model CFM56-5B5/P engine (or an engine of the same manufacturer of an equivalent or an improved model and suitable for installation and use on the Airframes and compatible with the other Engines mortgaged hereunder) free and clear of all Liens (other than Inchoate Liens) and having a value and utility at least equal to, and being in as good an operating condition, as the Engine subject to such Event of Loss, assuming such Engine was maintained in accordance with the provisions of this Mortgage. Prior to or at the time of any such conveyance, the Borrower will (i) cause a Mortgage Supplement with respect to such Replacement Engine to be duly executed and filed for recording pursuant to the Federal Aviation Act, (ii) furnish the Administrative Agent and Collateral Agent with an opinion of the Borrower's counsel to the effect that such Replacement Engine is owned by Borrower free and clear of all Liens (other than Inchoate Liens), and that upon execution and filing of the Mortgage Supplement or other required document the Replacement Engine will be subject to the Lien of the Mortgage on a first priority and perfected basis; provided that, in the case of any such Lien which ranks on par with or ahead in priority to the Lien of the Mortgage, the Borrower may satisfy the foregoing requirement if the Borrower shall have provided a bond or other security in respect of such Lien in an amount and under terms reasonably satisfactory to the Administrative Agent at the direction of the Lender, (iii) furnish a certificate signed by a duly authorized officer of the Borrower stating with resp...
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the related Airframe, the Lessee shall forthwith give the Lessor written notice thereof (but in any event within ten days of such occurrence) and shall, within 90 days after the occurrence of such Event of Loss, as replacement for the Engine with respect to which such Event of Loss occurred, subject to the Lien of the Mortgage another CFM International Inc. model CFM56-5B4 engine (or, in each case, an engine of the same manufacturer of the same or an improved model and suitable for installation and use on such Airframe and compatible with the other Engines mortgaged hereunder) free and clear of all Liens (other than Inchoate Liens) and having a value and utility (without regard to hours or cycles) at least equal to, and being in as good an operating condition (subject to maintenance permitted or required by this Lease), as the Engine subject to such Event of Loss, assuming such Engine was maintained in accordance with the provisions of the Mortgage. Prior to or at the time of any such conveyance, the Lessee will:
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to one or more Engines (but not the Aircraft), the Grantor shall within three (3) Business Days of the Grantor’s actual knowledge of such occurrence give the Mortgagee written notice of such Event of Loss and shall comply with the terms of Section 3.6(a)(i).
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the Airframe, the Company shall give the Loan Trustee prompt written notice thereof within 15 days after the Company has determined that an Event of Loss has occurred with respect to such Engine and shall, within 120 days after the occurrence of such Event of Loss, cause to be subjected to the Lien of this Indenture, as replacement for the Engine with respect to which such Event of Loss occurred, a Replacement Engine free and clear of all Liens (other than Permitted Liens). Prior to or at the time of any replacement under this Section 7.05(b), the Company will (i) cause an Indenture Supplement covering such Replacement Engine to be delivered to the Loan Trustee for execution and, upon such execution, to be filed for recordation pursuant to the Transportation Code or the applicable laws of any other jurisdiction in which the Aircraft may be registered, (ii) furnish the Loan Trustee with a copy of the original ▇▇▇▇ of sale or, if the ▇▇▇▇ of sale is unavailable, other evidence of ownership reasonably satisfactory to the Loan Trustee (which may be a copy of an
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances where an Event of Loss has not occurred with respect to the Airframe, Borrower shall promptly (and in any event, within ten days after such occurrence) give Security Trustee written notice thereof and shall, within 90 days after the occurrence of such Event of Loss, obtain good and marketable title to an Acceptable Alternate Engine free and clear of all Liens (other than the Lien of this Mortgage). Borrower, at its expense, will (1) cause a Mortgage Supplement to be filed for recording pursuant to the Transportation Code or the applicable laws, rules and regulations of any other jurisdiction in which the Airframe may then be registered and cause a financing statement or statement or other requisite documents of a similar nature to be filed in such place or places as necessary in order to perfect the security interests herein created, (2) furnish Security Trustee with such evidence of Borrower’s title to such Acceptable Alternate Engine and of compliance with the insurance provisions of Section 4.01(e) hereof with respect to such Acceptable Alternate Engine as Security Trustee may reasonably request, (3) furnish Security Trustee with an opinion of Borrower’s counsel to the effect that title to such Acceptable Alternate Engine is free and clear of all Liens (except the Lien of this Mortgage), and (4) otherwise comply with the provisions and satisfy the conditions set forth in Section 5.06 of this Mortgage. For all purposes hereof, each such Acceptable Alternate Engine shall, after such conveyance, be deemed an “Engine.” No such substitution shall result in the reduction of any amounts due under the Notes. Borrower agrees to pay all reasonable out-of-pocket costs and expenses (including without limitation, reasonable counsel fees and disbursements) of Security Trustee and Lender in connection with the foregoing replacement.
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an engine installed on the Aircraft under circumstances in which there has not occurred an Event of Loss with respect to the Aircraft, Oakley shall forthwith (and in any event, within ten (10) business days after such occurrence) give N2T written notice thereof. N2T shall, (i) as soon as practicable arrange, at its sole expense, for an acceptable alternate engine being in substantially good operating condition to be leased and mounted on the Aircraft; and (ii) within ninety (90) calendar days after N2T's receipt of property insurance proceeds with respect to the occurrence of such Event of Loss, purchase, as replacement for the engine with respect to which such Event of Loss occurred, and as soon as such engine is delivered lease to Oakley, an acceptable alternate engine, free and clear of all liens and having a utility equivalent to, and being in substantially as good an operating condition as, the removed engine with respect to which such Event of Loss occurred, assuming such engine was in the condition and repair required by the terms hereof immediately prior to the occurrence of such Event of Loss. For all purposes hereof, each such acceptable alternate engine shall, after such acquisition, be deemed part of the property leased hereunder, and shall be deemed part of the Aircraft. No Event of Loss with respect to an engine under any circumstances shall result in any reduction in Rent provided that the engine is replaced as provided hereunder. If, following an Event of Loss or damage to an engine, Oakley leases a spare engine during the period that the engine leased hereunder is unavailable, Oakley shall pay, at N2T's expense as a Reimbursable Expense, the costs of leasing such spare engine.
Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to the Engine (but not the Aircraft), the Grantor shall within three Business Days of the Grantor's actual knowledge of such occurrence) give the Mortgagee written notice of such Event of Loss and shall as promptly as practicable, and in any event on or before the Business Day next preceding the sixtieth day following the date of occurrence of such Event of Loss, the Grantor shall subject or cause to be subjected to this Mortgage in replacement thereof, a replacement Engine of the same model and having not less than the same value as the Engine being replaced and which be free and clear of all Liens (other than Permitted Liens) and which shall be of like kind and equivalent value to, and which shall be in as good operating condition as, the Engine so replaced (for such purpose, it shall be assumed that such Engine was in the condition and repair required by the terms hereof) and, following such replacement, the replaced Engine shall be released from the Lien created by this Mortgage. If the Grantor shall not perform its obligation to effect such replacement hereunder during the period of time provided herein, such failure shall be an Event of Default.