Semiannual Appraisal Sample Clauses

Semiannual Appraisal. So long as the Securities are Outstanding, by the fifth Business Day of February in 2003, by the fifth Business Day of August in 2003 and by the fifth Business Day of August in each year thereafter, the Company shall furnish the Policy Provider and the Trustee an Independent Appraiser's Certificate signed by an Independent Appraiser, dated as of a date between the preceding January 15 and February 1 (inclusive), in the case of such Certificate due in February 2003 (the "FEBRUARY 2003 CERTIFICATE"), or the preceding July 15 and August 1 (inclusive), in the case of such other Certificates. Each such semiannual Independent Appraiser's Certificate shall state, in the opinion of such Independent Appraiser, based upon the use of the Semiannual Methodology, the following: (a) the Fair Market Value of the Collateral (excluding any Cash Collateral and, for the avoidance of doubt, any Excluded Parts) as of a specified date within the Permitted Days preceding the date of such Certificate (the "SEMIANNUAL VALUATION DATE"); (b) the Fair Market Value of the Rotables and of the Expendables included in the Collateral as of the applicable Semiannual Valuation Date (and shall separately state the quantity of such Rotables and Expendables); and (c) the Fair Market Value of the Serviceable Parts and the Unserviceable Parts included in the Collateral as of the applicable Semiannual Valuation Date. Each semiannual Independent Appraiser's Certificate shall be accompanied by an Appraisal Compliance Report determined as of the applicable Semiannual Valuation Date, except that no Appraisal Compliance Report shall be required to accompany the February 2003 Certificate, and the Maximum Collateral Ratio and Minimum Rotable Ratio requirements shall not be required to be satisfied in connection with the February 2003 Certificate. The Appraisal Compliance Report provided with the semiannual Independent Appraiser's Certificate shall set forth the calculation of the Collateral Ratio and the Rotable Ratio based on the Fair Market Value of the Collateral and Rotables set forth in such Independent Appraiser's Certificate, the Fair Market Value of Cash Collateral held by the Collateral Agent, and the principal amount of the Securities Outstanding, each as of the applicable Semiannual Valuation Date, PROVIDED that the Cash Collateral deposited by the Company with the Security Agent on the Closing Date shall be excluded from the calculation of the Collateral Ratio and Rotable Ratio in connection...