Term Loan F Borrowing Base

Term Loan F Borrowing Base. At any time, an amount equal to the lesser of -------------------------- (i) 80% (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 all Term Loan F Aircraft and (ii) the purchase therefor price paid by the Borrower to Newcourt Credit Group Inc.