Funded Aircraft definition
Examples of Funded Aircraft in a sentence
Immediately after giving effect to such Additional Advance, no more than one (1) Lessee of a Funded Aircraft will be a Non-Licensed Lessee.
The Administrative Agent shall have received evidence that the Maintenance Reserve Account shall have been funded in an amount equal to the Maintenance Reserves Required Amount for all Funded Aircraft less the aggregate available amount under each Maintenance Reserves Eligible Letter of Credit.
It is understood that the foregoing provisions and conditions concerning a request for an additional legal opinion shall only apply to proposed or incipient Future Leases with a Lessee not currently the Lessee of the applicable Funded Aircraft, i.e., such provisions and conditions shall not apply to Future Leases that are renewals or extensions of a Lease of the applicable Funded Aircraft with its existing Lessee.
The respective amounts so advanced by the Lenders through the related Funding Agent shall be based on the applicable Borrowing Bases certified to by the Borrower as part of the related Additional Advance Request (and assuming that all proposed Aircraft become Funded Aircraft by the end of the Holding Period).
The Security Deposit Account shall have on deposit an amount equal to the outstanding balance of the aggregate amount of Security Deposits then required under the Leases of each Funded Aircraft that is a Widebody Aircraft and each Funded Aircraft that is a Narrowbody Aircraft subject to an SD Reserve Lease, in each case as of the Initial Advance Date.
Notwithstanding the foregoing, the funding and release procedures applicable to Additional Class A Advances requested to finance the acquisition of one or more anticipated Additionally Funded Aircraft, as described on the related Additional Class A Advance Request, shall be as set forth in subsection (c) of this Section below (including the provisions in such subsection relevant to satisfaction of the conditions in Section 7.2A and Section 7.3 with respect to any such Additional Class A Advance).
The Borrower will, or will cause the Servicer to, (x) direct all Obligors related to Leases of Funded Aircraft to remit all Collections and all payments in respect of Security Deposits with respect to such Aircraft (but not payments in respect of Maintenance Reserves with respect to any Aircraft) to the Collection Account.
The Funding Agent (through the receipt of funds from the Class A Lenders) is to make such proceeds available in the Borrower Funding Account notwithstanding that the funding conditions set forth in Section 7.2A and 7.3 for acquisition of an Additionally Funded Aircraft shall not yet have been satisfied in respect of all or any portion of the anticipated Additionally Funded Aircraft.
The Administrative Agent shall have received amended and restated copies of Schedule I, Schedule II, Schedule III and Schedule VIII incorporating all information required thereunder regarding (i) the Additionally Funded Aircraft or interests therein acquired with such Additional Class A Advances, (ii) each Aircraft Owning Entity and, if applicable, Owner Participant and Owner Trustee related to any such Additionally Funded Aircraft, and (iii) the Lease with respect to each Additionally Funded Aircraft.
The Purchase Price Certification in respect of the Additionally Funded Aircraft has been delivered to the Administrative Agent and each of the Class A Lenders.