Portfolio Aircraft means, as of any date, each Eligible Aircraft owned by an Aircraft Owning Entity and as to which each of the conditions set forth in Sections 4.01 and 4.02, as applicable, have been satisfied or waived in accordance with the terms of this Agreement.
The Borrower shall provide the Administrative Agent within the period of sixty (60) days preceding each Appraisal Update Date (but, in no event later than two (2) Business Days preceding each Appraisal Update Date), with three (3) CMV Appraisals and three (3) BV Appraisals of each Portfolio Aircraft.
This Agreement sets forth the common terms of a warehouse facility (the "Facility") pursuant to which certain secured senior loans are to be made and notes issued to finance or refinance in part the purchase price for the Portfolio Aircraft (such term, and other capitalized terms used herein, have the meanings defined below) and sets forth the terms and conditions for effecting such financing.
Each of the parties hereto are committed and obligated, subject to the terms and conditions set forth herein, to effect the financing of the Portfolio Aircraft as set forth herein.
At the Drawdown Date for such Aircraft, the acquisition of such Aircraft would not result in the Weighted Average Portfolio Age, calculated as of such Drawdown Date, exceeding five years (such Weighted Average Portfolio Age to be calculated based on the Portfolio Aircraft (including such Aircraft) as of such Drawdown Date and the then most recent Appraisals delivered pursuant to Section 5.12).
At the Drawdown Date for such Aircraft, the acquisition of such Aircraft would not result in the Weighted Average Lease Term, calculated as of such Drawdown Date, being less than 36 months (such Weighted Average Lease Term to be calculated based on the Portfolio Aircraft (including such Aircraft) as of such Drawdown Date).