APS Basic Maintenance Amount Sample Clauses
The APS Basic Maintenance Amount clause defines the minimum level of maintenance or support that must be provided under an agreement, typically relating to equipment, systems, or services. This clause specifies the baseline obligations for upkeep, such as routine inspections, repairs, or updates, ensuring that the subject of the contract remains in good working order. By establishing a clear standard for maintenance, the clause helps prevent disputes over service quality and ensures both parties understand their responsibilities, thereby reducing the risk of neglect or inadequate support.
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APS Basic Maintenance Amount. (a) The Trust shall maintain, on each Valuation Date, and shall verify to its satisfaction that it is maintaining on such Valuation Date M▇▇▇▇’▇ Eligible Assets having an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount. Upon any failure to maintain the required Discounted Value, the Trust will use its best efforts to alter the composition of its portfolio to retain a Discounted Value at least equal to the APS Basic Maintenance Amount on or prior to the APS Basic Maintenance Cure Date.
(b) On or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust fails to satisfy the APS Basic Maintenance Amount, the Trust shall complete and deliver to the Auction Agent and M▇▇▇▇’▇ a complete APS Basic Maintenance Report as of the date of such failure, which will be deemed to have been delivered to such recipient if the recipient receives a copy or telecopy, telex or other electronic transcription thereof and on the same day the Trust mails to the recipient for delivery on the next Business Day the complete APS Basic Maintenance Report. The Trust will deliver an APS Basic Maintenance Report to the Auction Agent and M▇▇▇▇’▇, on or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust cures its failure to maintain M▇▇▇▇’▇ Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount or on which the Trust fails to maintain M▇▇▇▇’▇ Eligible Assets with an aggregate Discounted Value which exceeds the APS Basic Maintenance Amount by 5% or more. The Trust will also deliver an APS Basic Maintenance Report to the Auction Agent and M▇▇▇▇’▇ as of each Quarterly Valuation Date on or before the third Business Day after such date. Additionally, on or before 5:00 p.m., New York City time, on the third Business Day after the first day of a Special Dividend Period, the Trust will deliver an APS Basic Maintenance Report to M▇▇▇▇’▇ and the Auction Agent. The Trust shall also provide M▇▇▇▇’▇ with an APS Basic Maintenance Report when specifically requested by M▇▇▇▇’▇.
(c) Within twenty Business Days after the date of delivery of an APS Basic Maintenance Report in accordance with Section 11.7(b) above relating to a Quarterly Valuation Date (except as described in the following sentence), the Independent Accountant will confirm in writing to the Auction Agent and M▇▇▇▇’▇, (i) the mathematical accuracy of the c...