Common use of Aircraft Purchase Accounts Clause in Contracts

Aircraft Purchase Accounts. As and to the extent provided in Section 3.04 hereof, an amount equal to the Aircraft Allocation Amount for each Remaining Aircraft acquired on the relevant Acquisition Date will be transferred from the Collections Account out of the proceeds of the ACS Group Loans and the Class E Securities to the Aircraft Purchase Account for such ACS Group Aircraft. The amount so deposited will be invested in Permitted Account Investments until applied as provided in Section 3.04 or 3.05 hereof. On each Payment Date an amount equal to the Monthly Principal Payment Amount and Investment Earnings for each Remaining Aircraft that is not part of the ACS Group Portfolio as of such Payment Date will be transferred to the Collections Account by the Operating Bank at the written direction of the Administrative Agent. The Borrower or the Guarantor, as applicable, shall notify the Collateral Agent and the Administrative Agent of the satisfaction or waiver (specifying which) of all conditions for the payment of the Aircraft Purchase Price of any ACS Group Aircraft not acquired on a Closing Date.