Eligible Engine. Any Engine that, individually or when considered with all Eligible Engines then owned (either directly or beneficially) by the Issuer, as applicable, complies with each of the following requirements, unless, and only to the extent, any of such requirements (with the exception of requirement (7)) is waived in writing by the Deal Agent: (1) Eligible Lease. Each Engine is subject to an Eligible Lease on the related Transfer Date; provided that an Engine shall
... not be required to be subject to an Eligible Lease on the related Transfer Date so long as, after giving effect to the transfer of all Engines which are transferred on any Transfer Date, the On-Lease Percentage of all Eligible Engines as of such Transfer Date shall not be less than the Target On-Lease Percentage; 2 (2) On-Lease Percentage. The On-Lease Percentage of all Eligible Engines as of the related Transfer Date shall be greater than percent ( %);* (3) Engine Representations and Warranties. Each Engine complies with the Engine Representations and Warranties on the related Transfer Date, including without limitation, that representation and warranty of the Seller set forth in Section 3.01(o) of the Contribution and Sale Agreement; (4) Casualty Loss. No Casualty Loss shall have been suffered by the related Engine; (5) Depreciation Policy. The depreciation method utilized in calculating the Net Book Value of such Engine as of such Transfer Date is the Depreciation Policy; (6) Owner Trust. (a) Such Engine shall have been transferred to, and owned by and leased by, an Owner Trustee on behalf of an Owner Trust created by the Issuer pursuant to a Trust Agreement substantially in the form attached to the Series 2002-1 Supplement as Exhibit H-1, (b) such Owner Trustee shall have executed and delivered to the Collateral Custodian a facsimile copy of an Owner Trustee Guaranty substantially in the form attached to the Series 2002-1 Supplement as Exhibit H-2 (the original counterpart of which shall be delivered to the Collateral Custodian within ten Business Days after such execution and delivery), (c) such Owner Trustee shall have executed and delivered to FAA Counsel, and to the Collateral Custodian a facsimile copy of, a Owner Trustee Mortgage substantially in the form attached to the Series 2002-1 Supplement as Exhibit H-3 (the original counterpart of which shall be delivered to the Collateral Custodian within three (3) Business Days after the filing thereof with the FAA), and (d) the Issuer shall have executed and delivered to the Collateral Custodian a facsimile copy of a Beneficial Interest Pledge Agreement substantially in the form attached to the Series 2002-1 Supplement as Exhibit H-4 (the original counterpart of which shall be delivered to the Collateral Custodian within ten Business Days after such execution and delivery); and (7) Term Securitization. Following the consummation of the Term Securitization, the Requisite Global Majority has approved such Engine.
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