Technical Impairment definition
Technical Impairment means, with respect to any Aircraft or Spare Engine, any circumstance that exists solely with respect to such Aircraft or Spare Engine, which, with the giving of notice or passing of time (or both), would, in the reasonable judgment of Owner, constitute an Event of Default and, in the reasonable judgment of Owner is not reasonably likely to be cured within the applicable cure period after use of commercially reasonable efforts.
Examples of Technical Impairment in a sentence
For the avoidance of doubt, if an Aircraft or Spare Engine is subject to a Technical Impairment, in lieu of seeking the release of such Aircraft or Spare Engine pursuant to the foregoing release provisions, Owner may elect to treat it as having been subject to an Event of Loss.