Operation and Maintenance Reserve Account Sample Clauses

Operation and Maintenance Reserve Account. Within three Business Days after receipt by the Security Agent of a certificate, which (a) states that a drawing has been made und er the O&M Letter of Credit or (b) includes a list of requested disbursements and invoices and other supporting documents as m ay be necessary to properly document all such disbursements, which certificate is signed by GE Capital (in the case of clause (a) ), or by an Authorized Officer of the Partnership and countersign ed by GE Capital (in the case of clause (b)), substantially in the form of Exhibit D hereto, and, in the case of clause (b), so l ong as no Lease Default or Lease Event of Default shall have occurred and be continuing (as set forth in such certificate), funds on deposit in the Operation and Maintenance Reserve Account shall be distributed to GE Capital or to the Partnership or the payee(s), as the case may be, in the manner, in the amount and at the addresses specified in such certificate.
Sample 1
AutoNDA by SimpleDocs
Operation and Maintenance Reserve Account. Amounts in the Operation and Maintenance Reserve Account in the Operation and Maintenance Fund shall be used by the Airports Authority to pay Operation and Maintenance Expenses in the event that amounts on deposit in the Operation and Maintenance Account are insufficient to pay all Operation and Maintenance Expenses when due. The amount deposited in the Operation and Maintenance Reserve Account shall equal one-sixth (1/6th) of the Operation and Maintenance Expenses for the Dulles Corridor Enterprise Fund set forth in the Airports Authority’s current Fiscal Year budget.
Sample 1
Operation and Maintenance Reserve Account. (a) Section 4.6 is hereby amended by adding to the end of the final sentence of such section the following: PROVIDED, HOWEVER, that any amounts distributed at any time in respect of PEPCO Payments shall not be in excess of the lesser of (1) the Capacity Sales Reserve Amount for the immediately preceding Basic Rent Payment Date and (2) the excess of the amount then on deposit in the Operation and Maintenance Reserve Account over the aggregate amount required to be on deposit therein allocated to the O&M Reserve Amount pursuant to Section 7(b) of the Facility Lease. If an Operation and Maintenance Reserve L/C is delivered in satisfaction of all or any part of the Partnership's funding obligations with respect to the Operation and Maintenance Reserve Account, then the Security Agent shall make any withdrawal, transfer or distribution from the Operation and Maintenance Account as required hereunder, first, from actual funds on deposit in the Operation and Maintenance Reserve Account and, second, from drafts on the Operation and Maintenance Reserve L/C to the extent of any deficiency in the Operation and Maintenance Reserve Account. In addition, the Security Agent shall draw the entire amount of the Operation and Maintenance Reserve L/C on the date that is forty-five (45) days prior to any expiration date of the Operation and Maintenance Reserve L/C unless the Partnership causes the Operation and Maintenance Reserve L/C to be renewed prior to such date.
Sample 1
Operation and Maintenance Reserve Account. Section 7(b) is hereby amended by deleting such section in its entirety and replacing it with the following:
Sample 1
Operation and Maintenance Reserve Account. (i) On the Lease Closing Date, the Lessee shall deposit in the Operation and Maintenance Reserve Account an amount equal to the Initial Operation and Maintenance Reserve Deposit. On the Basic Rent Payment Date to occur on April 30, 1998, the Security Agent shall transfer to the Operation and Maintenance Reserve Account from the cash available in the Revenue Account an amount equal to the Capacity Sales Reserve Amount then required. On each Basic Rent Payment Date, the Lessee shall, out of the cash then available in the Revenue Account (and in accordance with the priorities set forth in the Security Deposit Agreement), deposit into the Operation and Maintenance Reserve Account unless and until the Required Operation and Maintenance Reserve Balance (less the amount, if any, then available for drawing under any Operation and Maintenance Reserve L/C provided by the Lessee pursuant to paragraph (iv) of this Section 7(b)) shall be on deposit in the Operation and Maintenance Reserve Account:
Sample 1
Operation and Maintenance Reserve Account. (i) On the Lease Closing Date, the Lessee shall deposit in the Operation and Maintenance Reserve Account an amount equal to the Initial Operation and Maintenance Reserve Deposit. On each Basic Rent Payment Date, unless and until the Required Operation and Maintenance Reserve Balance shall be on deposit in the Operation and Maintenance Reserve Account, the Lessee shall, out of the cash then available in the Revenue Account (and in accordance with the priorities set forth in the Security Deposit Agreement), deposit into the Operation and Maintenance Reserve Account: (A) with respect to each of the first eight (8) Basic Rent Payment Dates, an amount equal to $125,000 plus the amount of any accrued deficiencies in contributions to the Operation and Maintenance Reserve Account with respect to prior periods, (B) with respect to the eight (8) Basic Rent Payment Dates occurring immediately thereafter, an amount equal to $375,000 plus the amount of any accrued deficiencies in contributions to the Operation and Maintenance Reserve Account with respect to prior periods and (C) with respect to each Basic Rent Payment Date thereafter, an amount equal to one fourth of the "Incremental Required Balance" for the Lease Year in which such Basic Rent Payment Date falls, plus the amount of any accrued deficiencies in contributions to the Operation and Maintenance Reserve Account with respect to prior periods. "Incremental Required Balance" for any Lease Year shall be the difference between the Required Operation and Maintenance Reserve Balance for such Lease Year and the Required Operation and Maintenance Reserve Balance for the immediately preceding Lease Year. Deposits made into the Operation and Maintenance Reserve Account pursuant to Section 7(b)(iii) shall not be credited toward the Lessee's obligation to make deposits in such Account pursuant to this Section 7(b)(i).
Sample 1

Related to Operation and Maintenance Reserve Account

  • Yield Maintenance Account On or prior to the Closing Date, the Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Trustee from the Cap Counterparty pursuant to the Yield Maintenance Agreement shall be deposited for the benefit of the Class 1-A-2 Certificates. On each Distribution Date, the Trustee shall withdraw from the Yield Maintenance Account, to the extent funds are available therein and in accordance with the statement received from the Servicer pursuant to Section 4.02(b), the Yield Maintenance Payment Amount for the Class 1-A-2 Certificates for such Distribution Date and deposit such amount in the Certificate Account for payment to the Class 1-A-2 Certificates pursuant to Section 4.05(a). Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall withdraw from the Yield Maintenance Account and pay to itself any amounts remaining in the Yield Maintenance Account after the Final Yield Maintenance Payment Date. To the extent that it constitutes a “reserve fund” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an “outside reserve fund” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Trustee, and the Trustee shall report all amounts of income, deduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Trustee. The Servicer shall deliver to the Trustee an annual statement showing (x) the amounts received by the Trustee, in its capacity as owner of the Yield Maintenance Account for income tax purposes, as payments on the Yield Maintenance Agreement, and (y) the amounts paid to Certificateholders from such amounts received. The Servicer shall indemnify the Trustee to the extent that any tax liability of the Trustee, in its capacity as owner of the Yield Maintenance Account for income tax purposes (including the amount of any tax liability resulting from the indemnity payment), exceeds the net funds (that is, the excess of the amount in clause (x) above over the amount in clause (y) above), if any, received by the Trustee from such account.

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Maintenance of Dominion Account Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account, which may be exercised by Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • Maintenance of Account In addition to, and not in lieu of, the obligation of the Securities Intermediary to honor entitlement orders as agreed in Section 3 hereof, the Securities Intermediary agrees to maintain the Account as follows:

  • Collateral Maintenance The Borrower will not permit the Appraised Value of the Vessel (such value, the “Vessel Value”) to be less than 125% of the aggregate outstanding principal amount of Loans at such time; provided that, so long as any non-compliance in respect of this Section 10.08 is not caused by a voluntary Collateral Disposition, such non-compliance shall not constitute a Default or an Event of Default so long as within 10 Business Days of the occurrence of such default, the Borrower shall either (i) post additional collateral reasonably satisfactory to the Required Lenders in favor of the Collateral Agent (it being understood that cash collateral comprised of Dollars is satisfactory and that it shall be valued at par), pursuant to security documentation reasonably satisfactory in form and substance to the Collateral Agent and the Lead Arrangers, in an aggregate amount sufficient to cure such non-compliance (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) repay Loans in an amount sufficient to cure such non-compliance; provided, further, that, subject to the last sentence in Section 9.01(c), the covenant in this Section 10.08 shall be tested no more than once per calendar year beginning with the first calendar year end to occur after the Delivery Date in the absence of the occurrence of an Event of Default which is continuing.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • MAINTENANCE OF DEPOSIT ACCOUNTS PSC shall maintain on behalf of Customer such deposit accounts as are necessary or desirable from time to time to enable PSC to carry out the provisions of this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.