Common use of Substitution of Engines Clause in Contracts

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 Grantor shall have the right at its option at any time, on at least twenty (20) days5 Business Days’ prior written notice to the Collateral Administrative Agent, to substitutesubstitute an Additional Engine for any Engine. Such Additional Engine shall be an engine manufactured by the Manufacturer of the Engine to be replaced thereby that is the same model as the Engine to be replaced thereby, or an improved model, and if an Event of Loss shall have occurred with respect that has a value and utility (without regard to an Engine (not involving an Event of Loss with respect hours and cycles remaining until overhaul) at least equal to the Airframe Engine to which be replaced thereby (assuming that such Engine is attached had been maintained in accordance with respect this Mortgage), which value and utility shall be established by an Appraisal or officer’s certificate delivered pursuant to Section 3.05(c)(vi). The Grantor’s right to make a substitution hereunder shall be subject to the fulfillment (which the Company reduces the Total Revolving Commitments as required by Section 7.5(a)(iiimay be simultaneous with such substitution) 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 conditions set forth in Section 3.05(c) at the Grantor’s sole cost and expense. Immediately upon the satisfaction of such notice conditions and without further act, (i) the replaced Engine shall thereupon be released from and be free and clear of all rights of the Collateral Administrative Agent and the Lien of this Mortgage and shall no longer be deemed an Engine hereunder, hereunder and (ii) such Replacement Additional 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 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 makes the Total Revolving Commitments as prepayment required by Section 7.5(a)(iii3.02(d) 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 's right to make a replacement hereunder shall be subject to the fulfillment of the following conditions precedent at the Company’s 's sole cost and expense:

Substitution of Engines. The Company shall have the right at its option at any time, on at least twenty thirty (2030) 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 has elected to prepay the Total Revolving Commitments as required by Notes in accordance with Section 7.5(a)(iii2.8(b) of the Credit Agreement or makes the substitution permitted by Section 3.5(a) hereofAgreement), shall within thirty sixty (3060) days after the occurrence of such Event of Loss substitute, a Replacement Engine Engine; provided that both Engines shall be 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 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 makes the Total Revolving Commitments as prepayment required by Section 7.5(a)(iii4.02(e) 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, 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 's right to make a replacement hereunder shall be subject to the fulfillment of the following conditions precedent at the Company’s 's sole cost and expense:

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 's right to make a replacement hereunder shall be subject to the fulfillment of the following conditions precedent at the Company’s 's sole cost and expense: