Substitution of Engines. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, Owner shall promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event of Loss. The Owner shall have the right at its option at any time, on at least 5 Business Days’ prior notice to the Mortgagee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, shall within 60 days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Mortgagee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine shall become subject to this Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Engine. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with this Trust Indenture). The Owner’s right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with such replacement) of the following conditions precedent at the Owner’s sole cost and expense, and the Mortgagee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions:
Substitution of Engines. The Company shall have the right at its option at any time, on at least 30 days’ prior written notice to the Loan Trustee, to substitute a Replacement Engine for any Engine. In such event, and prior to the date of such substitution, the Company shall replace such Engine hereunder by complying with the terms of Section 7.05(b) to the same extent as if an Event of Loss had occurred with respect to such Engine.
Substitution of Engines. The Company shall have the right at its option at any time, on at least twenty (20) days’ prior written notice to the Collateral Agent, to substitute, and if an Event of Loss shall have occurred with respect to an Engine (not involving an Event of Loss with respect to the Airframe to which such Engine is attached with respect to which the Company reduces the Total Revolving Commitments as required by Section 7.5(a)(iii) of the Credit Agreement or makes the substitution permitted by Section 3.5(a) hereof), shall within thirty (30) days after the occurrence of such Event of Loss substitute, a Replacement Engine of the same make and model. In such event, immediately upon the effectiveness of such substitution on the date set forth in such notice and without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Collateral Agent and shall no longer be deemed an Engine hereunder, and (ii) such Replacement Engine shall become subject to the Lien of this Mortgage, free and clear of all Liens except Permitted Liens, and be deemed part of the relevant Aircraft for all purposes hereof to the same extent as the Engine originally installed on or attached to the Airframe. The Company’s right to make a replacement hereunder shall be subject to the fulfillment of the following conditions precedent at the Company’s sole cost and expense:
Substitution of Engines. The Company shall have the right at its option at any time, on at least 30 days' prior notice to the Indenture Trustee and the Indenture Trustee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine, shall within 90 days of the occurrence of such Event of Loss and on at least five days' prior notice to the Indenture Trustee substitute, a Replacement Engine for any Engine not then installed or held for use on the Airframe. In such event, immediately upon the effectiveness of such substitution on the date set forth in such notice and without further act, (i) the replaced Engine shall thereupon be released from the Lien of this Indenture and shall no longer be deemed an Engine hereunder, and (iii) such Replacement Engine shall become subject to the Lien of this Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the Engine originally installed on or attached to the Airframe. Upon the substitution of a Replacement Engine, the conditions set forth in Section 9.08 shall be satisfied at the Company's sole cost and expense and the parties agree to cooperate with the Company to the extent necessary to enable it to timely satisfy such conditions. Upon satisfaction of all conditions to such substitution, (x) the Indenture Trustee shall execute and deliver to the Company such documents and instruments as the Company shall reasonably request to evidence the release of such Engine from the Lien of this Indenture; (y) the Indenture Trustee shall assign to the Company all claims it may have against any other Person relating to an Event of Loss giving rise to such substitution and (z) the Company shall receive all insurance proceeds and proceeds in respect of any Event of Loss giving rise to such replacement to the extent not previously applied to the purchase price of the Replacement Engine as provided in Sections 4.05(e)(i) and 4.04(e)(ii).
Substitution of Engines. The Grantor shall have the right at its option at any time, on at least 30 days’ prior written notice to the Trustee, to substitute a Replacement Engine for any such Engine. In such event, and prior to the date of such substitution, the Grantor shall replace such Engine hereunder by complying with the terms of Section 6.04(b) to the same extent as if an Event of Loss had occurred with respect to such Engine.
Substitution of Engines. (i) Lessee shall have the right at its option at any time, so long as no Event of Default shall have occurred and be continuing, on at least 30 days’ prior notice to Lessor, to terminate this Lease with respect to any Engine by substituting a Replacement Engine for such Engine (it being understood that the Return Conditions shall apply, in lieu of this Section 8(d), to any substitutions that occur pursuant to Section I of Annex B). In addition, if an Event of Loss shall have occurred or shall have been deemed to have occurred pursuant to Section 7(b) or Section 10(d) with respect to an Engine (other than an Event of Loss that also includes the Airframe, in which event Section 10(a) shall apply), Lessee shall within 60 days of the occurrence of such Event of Loss and on at least five days’ prior notice to Lessor substitute a Replacement Engine for such Engine (any such Engine suffering such Event of Loss or being substituted pursuant to the first sentence of this paragraph, a “Replaced Engine”). Any such Replacement Engine will have value and utility at least equal to (but in any event without regard to the number of hours or cycles) the Replaced Engine (assuming that such Replaced Engine was of the condition and repair required by the terms hereof immediately prior to the occurrence of such Event of Loss); provided that, if any Replacement Engine is being substituted for a Replaced Engine pursuant to the first sentence of this paragraph, any such Replacement Engine will have value and utility at least equal to (taking into account the number of hours or cycles since new or overhaul, whichever is more recent) the Replaced Engine (assuming that such Replaced Engine was of the condition and repair required by the terms hereof immediately prior to such substitution). No Event of Loss with respect to an Engine shall result in any reduction in Basic Rent.
Substitution of Engines. Permit any engine to be substituted for an engine originally annexed to any Financed Aircraft related to a Purchased Receivable unless such engine is of the same model number and of the same or improved utility, performance and efficiency, of equivalent age and equivalent or greater value as the replaced engine.
Substitution of Engines. (i) Each Grantor shall have the right at its option at any time, on at least five (5) days’ prior notice to the Collateral Agent and the Appropriate Party, at such Grantor’s sole cost and expense, to substitute an Additional Engine to replace any Engine (such replaced Engine, the “Replaced Engine”) (including, if so elected by such Grantor, in satisfaction of any applicable obligations in relation to an Event of Loss with respect to such Engine) in accordance with the requirements of Section 6.17(b)(iii) of the Loan Agreement and Section 4(o) of this Annex. Such Additional Engine shall be an engine manufactured by the Manufacturer of the Replaced Engine that is the same model as the Replaced Engine, or an improved model, and that has a value and utility (without regard to hours and cycles remaining until overhaul) at least equal to the Replaced Engine (assuming that the Replaced Engine had been maintained in accordance with this Agreement (and, as applicable, had not suffered such Event of Loss), which value and utility shall be established by an Appraisal delivered pursuant to the terms of this Agreement; provided, that, until an Appraisal is obtained for such Additional Engine, it shall be deemed to have the same Appraised Value of zero).
Substitution of Engines. The Owner may at any time, at no cost to the Indenture Trustee, replace any Engine subjected to the Lien hereof by causing an Acceptable Alternate Engine to be substituted for such Engine hereunder in accordance with the provisions of Section 5.01(b) hereof to the same extent as if an Event of Loss has occurred with respect to such Engine.
Substitution of Engines. So long as no Default or Event of Default shall have occurred and be continuing, Borrower shall have the right at its option at any time on at least five Business Days' prior written notice, to terminate the Lien of this Mortgage with respect to any Engine. In such event, and at the time of such termination, the Borrower shall replace such Engine hereunder by complying with the terms of Section 5.02 hereof to the same extent as if an Event of Loss had occurred with respect to such Engine (other than the time periods allowed for such replacement), and the Administrative Agent (at the direction of the Lenders) shall release the replaced Engine from the Lien of this Mortgage as provided in Section 5.02. Article V
