Maintenance Adjusted CMV definition
Maintenance Adjusted CMV means at any time, with respect to any Aircraft, the Current Market Value (as defined by the International Society of Transport Aircraft Trading) of such Aircraft (or, as the context shall require, each Portfolio Aircraft), in each case, adjusted from a half life condition assumption to reflect the actual maintenance condition of such Aircraft and based on the average of the three Appraisals most recently delivered by such Appraisers to the Administrative Agent hereunder.
Maintenance Adjusted CMV means, as at any date of determination, the fair market value of an Aircraft or Engine based on the most likely trading price that may be generated for such Aircraft or Engine under the market conditions that are perceived to exist at the time in question with the assumptions that such Aircraft or Engine is valued for its highest, best use, that the parties to the hypothetical transaction are willing, able, prudent, knowledgeable, and under no unusual pressure for a prompt sale, and that the transaction would be negotiated in an open and unrestricted market on an arm’s-length basis for cash or equivalent consideration, and given an adequate amount of time for effective exposure to potential buyers, using half-life values as adjusted by the relevant Aircraft Appraiser for the actual maintenance conditions and specifications of the Aircraft or Engine (which shall be based on maintenance condition as of a date no earlier than sixty (60) days prior to the date each Aircraft Appraisal is due hereunder) and reflecting the state of supply and demand in the market that exists at the time; provided that if there is any conflict or disagreement with respect to the interpretation of Maintenance Adjusted CMV, the parties shall refer to the definitions of ISTAT for guidance; provided further that such adjustment applied consistently in each Aircraft Appraisal for such Aircraft or Engine by such Aircraft Appraiser.
Maintenance Adjusted CMV means, as at any date of determination, the specification-adjusted current market value of an Asset based on the most likely trading price that may be generated for such Asset under the market conditions that are perceived to exist at the time in question with the assumptions that such Asset is valued for its highest, best use, that the parties to the hypothetical transaction are willing, able, prudent, knowledgeable and under no unusual pressure for a prompt sale and that the transaction would be negotiated in an open and unrestricted market on an arm’s-length basis for cash or equivalent consideration, and given an adequate amount of time for effective exposure to potential buyers, using half-life values as adjusted to account for the specifications of the Asset and reflecting the state of supply and demand in the market that exists at the time, and adjusted by the relevant Appraiser to account for the maintenance status of such Asset (with such assumptions as to use since the last reported status as may be reasonably stated in the appraisal setting forth such Maintenance Adjusted CMV); provided that if there is any conflict or disagreement with respect to the interpretation of Maintenance Adjusted CMV, the parties shall refer to the definitions of ISTAT for guidance. The Maintenance Adjusted CMV for each Asset, as of any date of determination, shall be the average (mean) of the “Maintenance Adjusted CMVs” set forth in the Appraisals