AIR Lease Payment Adjustment means, for the four fiscal quarter period (or, if four full fiscal quarters have not elapsed since the Closing Date, for the number of full fiscal quarters that have elapsed since the Closing Date on an annualized basis, adjusted for seasonality in a manner reasonably acceptable to the Administrative Agent) ending on the applicable date of determination, the amount of AIR Lease Payments that (a) have been funded by funds previously reserved by the OP Borrower (including amounts in the AIR Lease Payment Reserve) or funded by a third-party lender from a loan reserve or holdback and (b) any accounting-related adjustments necessary to reflect AIR Lease Payments as lease expense and not interest expense or amortization for purposes of calculating EBITDA and Fixed Charges.