Embraer Term Loan Borrowing Base

Embraer Term Loan Borrowing Base. At any time, an amount equal to the lesser of (i) the sum of 70% (or such other percentage as the Lender shall determine in its sole discretion) of the Forced Liquidation Value, after deduction of any applicable Collateral Reserves, at such time, of each Term Loan Aircraft and (ii) the sum of the purchase price paid by the Borrower for each Term Loan Aircraft.