Substitute Equipment definition

Substitute Equipment is defined in Section 4.14 of the Sale and Servicing Agreement.

Substitute Equipment means, as to any item of Hardware or Software subject to a Lease, a substantially equivalent or better item of Hardware or Software having equal or greater capabilities and equal or greater Fair Market Value manufactured or licensed by the same manufacturer or licensor as such item of Hardware or Software subject to a Lease. The determination of whether any item of Equipment is substantially equivalent or better than an item of Equipment subject to a Lease shall be based on all relevant facts and circumstances, but shall minimally require, in the case of a computer, that each of processor, hard-drive, random access memory and CD ROM drive, if applicable, be equivalent or better.

Substitute Equipment means a substantially equivalent or better item of hardware or software having equal or greater capabilities and equal or greater fair market value manufactured or licensed by the same manufacturer or licensor as the item of hardware or software which it is to replace under this Agreement. At a minimum, in the case of a computer, each of the processor, hard-drive, random access memory and CD ROM drive, if applicable, must be equivalent or better. Lessee acknowledges and agrees that Substitute Equipment is Lessor’s property.

Examples of Substitute Equipment in a sentence

• The Servicer is hereby authorized to take such steps as are necessary to perfect or re-perfect such security interest for the benefit of the Issuing Entity and the Indenture Trustee in the event of the relocation of any Financed Equipment, any change to the UCC, a substitution of Substitute Equipment or for any other reason.

• The Servicer shall, in accordance with its Servicing Procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment (which may consist of Substitute Equipment); provided however, the Servicer may allow Financed Equipment to be released from any security interest in connection with Section 4.14.

• No Receivable has been satisfied, subordinated or rescinded, nor has any Financed Equipment been released from the Lien granted by the related Receivable in whole or in part (other than with respect to equipment released from a Lien in accordance with the Servicing Procedures and replaced with Substitute Equipment).

• In the event that any Obligor exercises its option pursuant to the Technology Exchange Option, (a) the Borrower (or the initial Collateral Manager on its behalf) shall immediately (and in any event, within two (2) days following its receipt thereof), deposit all Collections received from such Obligor in respect of such exchange into the Collection Account and (b) the Borrower shall replace such Replaced Equipment with Substitute Equipment in accordance with the terms of the related Contract.

• In the event any Casualty Loss shall occur, on the next Rent payment date Lessee shall, at its option (a) pay Lessor the Stipulated Loss Value of the Equipment suffering the Casualty Loss, or (b) substitute and replace each item of Equipment suffering the Casualty Loss with an item of Substitute Equipment.

More Definitions of Substitute Equipment

Substitute Equipment means, as to any item of Hardware subject to a Lease, a substantially equivalent or better item of Hardware having equal or greater capabilities and equal or greater Fair Market Value manufactured or licensed by the same manufacturer or licensor as such item of Hardware subject to a Lease. The determination of whether any item of Equipment is substantially equivalent or better than an item of Equipment subject to a Lease shall be in Lessor's sole, but reasonable opinion based on all relevant facts and circumstances, but shall minimally require, in the case of a computer, that each of processor, hard-drive, random access memory and CD ROM drive, if applicable, be equivalent or better.

Substitute Equipment means the Equipment pledged to the Indenture Trustee on each Substitute Transfer Date.

Substitute Equipment has the meaning set forth in the definition of “Technology Exchange Option” set forth in this Section 1.1.

Substitute Equipment. With respect to any Trust, (i) means any Aircraft of a type specified in this Agreement and, at the election of the Company, substituted prior to the applicable Cut-off Date, if any, pursuant to the terms of this Agreement and (ii) means any Spare Engine of a type specified in this Agreement and, at the election of the Company, substituted prior to the applicable Cut-off Date, if any, pursuant to the terms of this Agreement.

Substitute Equipment means equipment, trade fixtures, furniture, furnishings and appliances owned by Debtor, located at a Substitute Premises and substituted for Equipment in accordance with the requirements of Section 13.

Substitute Equipment means furniture, equipment, trade fixtures, appliances and other tangible personal property substituted for the Equipment located at a Mortgaged Premises in accordance with the requirements of Section 10, together with all rights and privileges associated therewith. For purposes of clarity, where items of equipment located on two or more parcels of real estate comprise the Substitute Equipment, such items of equipment shall be aggregated and deemed to constitute the Substitute Equipment for all purposes of this Agreement.

Substitute Equipment means equipment substituted for Equipment in accordance with the requirements of Section 12 hereof.