Common use of Replacement Engines Clause in Contracts

Replacement Engines. At any time and from time to time, any Engine which has been (or is to be treated as if the same had been) subject to an Event of Loss and may be replaced under Section 5.02 of the Mortgage by a Replacement Engine shall be replaced in accordance with the provisions of this Section 13(a) and the Borrower shall, from time to time, direct the Administrative Agent to execute and deliver to or as directed in writing by an appropriate instrument releasing such Engine from the Lien of the Mortgage, the Administrative Agent on behalf of the Lenders shall execute and deliver such instrument as aforesaid, but only upon receipt by or deposit with the Administrative Agent of the following: (i) A written request from the Borrower, requesting such release and specifically describing the Engine(s) so to be released. (ii) A certificate signed by a duly authorized officer of the Borrower stating the following with respect to the replacement of any Engine: (A) the fair market value of the Replacement Engine as of the date of such certificate (which value shall not be less than the then fair market value of the Engine requested to be released, assuming such Engine was in the condition and repair required to be maintained (but without regard to hours and cycles until overhaul)); (B) the fair market value of the Engine to be released (immediately prior to the date such Engine suffered an Event of Loss); (C) that the release of the Engine so to be released will not impair the security of the Mortgage or be in contravention of any of the provisions of the Mortgage; (D) that each of the conditions specified in Section 5.02 of the Mortgage with respect to such Replacement Engine have been satisfied; and (E) that the Replacement Engine was first placed in service after October 22, 1994.

Replacement Engines. At any time and from time to time, any Engine which has been (or is to be treated as if the same had ------------------- been) subject to an Event of Loss and may be replaced under Section 5.02 of the Mortgage by a Replacement Engine shall be replaced in accordance with the provisions of this Section 13(a) and the Borrower shall, from time to time, direct the Administrative Collateral Agent to execute and deliver to or as directed in writing by an appropriate instrument releasing such Engine from the Lien of the Mortgage, the Administrative Agent on behalf of the Lenders Lender shall execute and deliver such instrument as aforesaid, but only upon receipt by or deposit with the Administrative Agent of the following: (i) A written request from the Borrower, requesting such release and specifically describing the Engine(s) so to be released. (ii) A certificate signed by a duly authorized officer of the Borrower stating the following with respect to the replacement of any Engine: (A) : the fair market value of the Replacement Engine as of the date of such certificate (which value shall not be less than the then fair market value of the Engine requested to be released, assuming such Engine was in the condition and repair required to be maintained (but without regard to hours and cycles until overhaul)); (B) ; the fair market value of the Engine to be released (immediately prior to the date such Engine suffered an Event of Loss); (C) ; that the release of the Engine so to be released will not impair the security of the Mortgage or be in contravention of any of the provisions of the Mortgage; (D) ; and that each of the conditions specified in Section 5.02 of the Mortgage with respect to such Replacement Engine have been satisfied; and (E) that the Replacement Engine was first placed in service after October 22, 1994.