Adjusted Appraised Value

Adjusted Appraised Value. Means, as of any Payment Date and in respect of any Aircraft, the lower of (a) the maintenance adjusted current market value of such Aircraft (plus 75% of (x) amounts on deposit in the Lessee Funded Account or Maintenance Reserve Account in respect of such Aircraft and (y) amounts available for drawing under any Qualifying Maintenance LCs issued in respect of such Aircraft) and (b) the maintenance adjusted base value of such Aircraft (plus 75% of (x) amounts on deposit in the Lessee Funded... Account or Maintenance Reserve Account in respect of such Aircraft and (y) amounts available for drawing under any Qualifying Maintenance LCs issued in respect of such Aircraft), in each case as determined in the most recent annual Appraisal prepared by the Appraiser in accordance with Section 5.03(i) hereof, as each such value (but not such deposits) shall be reduced by 0.50% for each full month since the date of such Appraisal; provided that for the purposes of calculating the Required LTV the aggregate amount of Qualifying Maintenance LCs for the purposes of calculating the Adjusted Appraised Value for all Aircraft shall not exceed $20,000,000. View More

Adjusted Appraised Value. For purposes of clarity, the term "land development and other costs" shall include the following: Costs (excluding all indirect costs) incurred by third parties for the pursuit of entitlements on the Flowerfield and Cortlandt Manor properties, respectfully. These costs include and are limited to, the acquisition of property, architectural, engineering and related entitlement costs inclusive of consulting costs incurred to prepare and file the subdivision or site application to the respective... towns (excluding any joint venture or other transaction related costs or costs not absorbed by Gyrodyne), costs to pursue the opening of the LIRR gate crossing separating the Flowerfield and Stony Brook University property, construction costs and other related soft costs and legal fees in pursuit of such entitlements. Costs exclude capitalized real estate taxes and other costs related to holding but not developing the subject real estate. View More