Replacement Propeller definition

Replacement Propeller means a propeller of the same or an improved model (and manufactured by the same manufacturer) as a Propeller being replaced pursuant to Section 13.02 hereof, which is suitable for installation and use on an Engine and the Airframe and having a time and Cycle status, modification status, value, condition and utility at least equal to the Propeller that it is replacing (assuming such Propeller was in the time and Cycle status, modification status, value, condition and repair required by the terms hereof immediately prior to being replaced).

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Replacement Propeller means any propeller conveyed to the Lessor or its nominee pursuant to Section 9(c) or 13(b) in replacement of a Propeller the leased hereunder.

Replacement Propeller means a propeller of the same manufacturer of the same or an improved model and suitable for use on the Airframe and which is Serviceable and has a value, utility and remaining useful life at least equal to the Propeller being replaced; provided that Lessee acknowledges that Lessor shall have no obligation to make any betterment or other compensation payment if any such propeller exceeds the above requirements, whether as to value or otherwise.

Examples of Replacement Propeller in a sentence

Upon such substitution, Lessee shall execute and deliver to Lessor such bills of sale, opinions and other documents and instruments as Lessor shall reasonably request by notice hereunder to evidence the interest of Lessor and conveyance to Lessor of good and marketable title to such Replacement Engine or Replacement Propeller.
For all purposes hereof, each such Replacement Engine or Replacement Propeller shall be deemed part of the property Leased hereunder, shall be deemed an "Engine" or "Propeller" as defined herein and shall be deemed part of the Aircraft to the same extent as the Engine or Propeller replaced thereby.
For all purposes hereof, each such Replacement Engine or Replacement Propeller shall be deemed part of the property subleased hereunder, shall be deemed an "Engine" or "Propeller" as defined herein and shall be deemed part of the Aircraft to the same extent as the Engine or Propeller replaced thereby.
If an Event of Loss occurs to any Engine or Propeller under circumstances in which no Event of Loss occurs to the Airframe, the Sublessee shall within 15 days after such occurrence give to the Sublessor written notice thereof and shall, within 45 days after the occurrence of such Event of Loss, duly convey to the Lessor, as replacement for such Engine or Propeller, title to a Replacement Engine or Replacement Propeller, free and clear of all Liens (other than Liens permitted by Section 10(i) and (iii)).

More Definitions of Replacement Propeller

Replacement Propeller means any propeller substituted for a Propeller in accordance with Sections 3.1(d), 4.1(a)(i) or 4.1(b) hereof.

Replacement Propeller means any propeller substituted for a Propeller pursuant to the applicable Security Agreement.

Replacement Propeller means any propeller substituted for a Propeller pursuant to Section 9(b) of the Sublease.

Replacement Propeller means a ▇▇▇▇▇▇▇ Model HOV 155 AR 137 CL propeller or an improved model propeller manufactured by ▇▇▇▇▇▇▇ and suitable for installation and use on an Engine and fully compatible with the other Propellers and any other propeller installed on an Engine or engine which shall be substituted for a Propeller pursuant to Section 12 of this Lease.

Replacement Propeller a Hami▇▇▇▇ ▇▇▇ndard model 247F-1 propeller of a model year the same as or later than, and having a value, utility, performance, efficiency, and remaining useful life at least equal to, the propeller replaced (determined without regard to hours or cycles remaining until the next scheduled overhaul, but assuming that the propeller replaced was in the condition required by this Sublease), which is substituted for a Propeller hereunder pursuant to Section 7(c) or 12(b).

Replacement Propeller means any propeller substituted for a Propeller pursuant to Section 9(b) of the Sublease. “S&P” means Standard & Poor’s Ratings Group, a division of the ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc., and any successor thereto. “Sanctions” means any sanctions, embargos, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by the United Nations (UN), the European Union (EU), the US Office of Foreign Assets Control (OFAC) and/or HM Treasury and the Foreign and Commonwealth Office of the United Kingdom. “Securities Act” means the Securities Act of 1933, as amended. “Signing Date” means September 16, 2014. "Sky Services" means Sky Service F.B.O. Inc. "Sky Services Agreement" means the agreement between Sublessor and Sky Services attached to the Sublease as Appendix B-4. “Spare Engine” means (i) the ▇▇▇▇▇ & ▇▇▇▇▇▇▇ Canada model PW150A engine listed by manufacturer’s serial number in the initial Sublease Supplement for such Spare Engine, whether or not from time to time thereafter installed on an Airframe or installed on any other airframe or on any other aircraft; and (ii) any Acceptable Alternate Engine therefor and in all cases with a minimum of 1750 lbs of thrust or its equivalent, together in each case with any and all Parts incorporated or installed in or attached thereto or any and all Parts removed therefrom so long as title thereto shall remain vested in Head Lessor in accordance with the terms of Section 8 of the Sublease after removal from such Spare Engine, and includes all Aircraft Documents and all logs, manuals, and data and inspection, modification, repair and overhaul records required to be maintained with respect to the foregoing; provided, however, that at such time as an engine shall be deemed part of the property leased under the Lease in substitution for a Spare Engine pursuant to the applicable provisions of the Lease, the replaced Spare Engine shall cease to be a Spare Engine under the Lease or other Operative Documents. The term “Spare Engines” means, as of any date of determination, all Spare Engines then leased under the Lease. As of the Signing Date, subject to the terms of the Sublease Operative Documents, the Spare Engines eligible for sublease under the Sublease are identified in Schedule I to the Additional Agreement.

Replacement Propeller means an aircraft propeller that shall replace a Propeller subject to the Lease in accordance with the terms thereof.