Obsolete Part definition

Obsolete Part means any part that is proven by the Contractor to be out of production by the OEM where a similar part cannot be obtained to provide the same function, or whose operation has been discontinued due to regulatory requirements, or whose continued operation constitutes a hazard to safety.

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Obsolete Part is defined in Section D of Annex C to the Lease.

Obsolete Part shall have the meaning given in Section 4(j) of this Annex.

Examples of Obsolete Part in a sentence

• Upon the removal by any applicable Grantor of any such Removable Part or Obsolete Part as above provided, (A) title thereto shall, without further act, be free and clear of all rights of the Collateral Agent and (B) such Removable Part or Obsolete Part shall no longer be deemed a Part hereunder.

• Upon the removal by Lessee of any Part as provided in the immediately preceding sentence or the removal of any Obsolete Part permitted by this subsection (c), title thereto shall, without further act, vest in Lessee, free and clear of all right, title and interest of Lessor and of Lessor’s Liens, and such Part shall no longer be deemed part of the Airframe or the Engine from which it was removed.

• Upon the removal of any Part as provided in the immediately preceding sentence and the removal of any Obsolete Part, title thereto shall, without further act, vest in Sublessee, free and clear of all rights of Owner Trustee, Lender and Sublessor and such Part shall no longer be deemed part of the Airframe or Engine from which it was removed.

• Upon the removal by Lessee of any Additional Part as provided in the immediately preceding sentence or the removal of any Obsolete Part permitted by this Section 8(d), title thereto shall, without further act, vest in Lessee, free and clear of all rights of Owner Participant any Financier, the Security Trustee, or Lessor as appropriate or any Lessor Liens and such Additional Part or Obsolete Part shall no longer be deemed part of the Airframe, the Engine or Propeller from which it was removed.

• Upon the removal by Borrower or a Lessee of any Removable Part or Obsolete Part as above provided, such Part shall no longer be deemed a Part hereunder and shall be free and clear of the Lien of this Trust Indenture.

• Upon the removal of any Part as provided in the immediately preceding sentence and the removal of any Obsolete Part, title thereto shall, without further act, vest in Lessee, free and clear of all rights of Owner Trustee, Lender and Lessor and such Part shall no longer be deemed part of the Airframe or Engine from which it was removed.

• Upon the removal by the Grantor of any such Removable Part or Obsolete Part as above provided, (A) title thereto shall, without further act, be free and clear of all rights of the Security Trustee and (B) such Removable Part or Obsolete Part shall no longer be deemed a Part hereunder.

• Upon the removal by the Borrower of any such Removable Part or Obsolete Part as above provided, (A) title thereto shall, without further act, be free and clear of all rights of the Administrative Agent and (B) such Removable Part or Obsolete Part shall no longer be deemed a Part hereunder.

• Upon the removal by Lessee or such Permitted Sublessee of any Removable Part or Obsolete Part as above provided, title thereto shall, without further act, vest in Lessee or such Permitted Sublessee and such Part shall no longer be deemed part of the Aircraft, Airframe or such Engine from which it was removed.

• Upon the removal by the Borrower or a Lessee of any Removable Part or Obsolete Part as provided above, such Part shall no longer be deemed a Part hereunder and shall be free and clear of the Lien of this Security Agreement.

More Definitions of Obsolete Part

Obsolete Part is defined in Section 3.04(d) of the Mortgage.

Obsolete Part means any part of the conveyance unit that is out of production where a similar part cannot be obtained to provide the same function, or whose operation has been discontinued due to regulatory requirements, or whose continued operation constitutes a hazard to safety.

Obsolete Part shall have the meaning given in Section 3(c) of this Annex.

Obsolete Part is defined in Section 3.04(d).