Engine Reserves Sample Clauses

Engine Reserves. 13.2.1 Subject to the limitations set forth in Article 13.2.2, LESSOR will reimburse LESSEE from the Engine Reserves for the actual cost associated with performance restoration or the replacement of life limited parts or permanent repair of on-condition parts in the basic Engine during completed Engine shop visits (i.e. heavy maintenance visits) requiring off-wing teardown and/or disassembly, with work performed for all other causes excluded, including those causes set forth in Article 13.4. Subject to Article 13.2.2 and excluding handling, packaging, and shipping charges and Taxes, reimbursement for an Engine will be made up to the amount in the Engine Reserve applicable to such Engine.
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Engine Reserves. 37 13.3 Reimbursement................................................. 37 13.4
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Engine Reserves. The engine reserves for the engines of the Aircraft will be based on the hours of use of the engines shown on the "Hourage Report" to be sent to the lessor by lessee. The Hourage Report will cover the 30-day period ending on the 15th day coinciding with the lease payment for which payment is due. Lessee shall for the duration of the lease make payments to lessor of $150/engine hour ($75 per engine) within ten (10) days of the end of reporting period. Reserve fund items are: any mid-life, lease expiration or termination inspection; overhaul or replacement of Engines; overhaul, cycle replacement or hot section inspection of the Aircraft Power Unit ("APU") which includes the Accessory Gear Box and Fuel Controller. When and if work on any Reserve Fund item is necessary, it shall be performed by the lessee or other persons under contract to the lessee and the expenses thereof shall be paid by lessor out of the Reserve Fund established pursuant to this agreement. If such Reserve Fund is insufficient, the remainder shall be paid by lessee directly. Lessor shall reimburse lessee out of the Reserve Fund as funds are accrued within ten (10) days when an invoice is presented accompanied by documentation substantiating the performance of the necessary repairs pursuant to FAA requirements. Any Reserve Fund balance remaining when this Lease expires, will be paid to lessee, should you exercise your option to purchase Aircraft, but lessor shall retain the balance if you fail to execute your purchase option, or the lease terminates before such option can be exercised.
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Engine Reserves. Lessee agrees to pay to Lessor within ten (10) days following the last day of each Rent Period (the "Prior Period" provided that, at the end of the first Rent Period, the Prior Period shall mean the Delivery Date up to the last day of the first Rent Period) during the Term an amount equal to * times the number of Flight Hours of operation during such Prior Period for each Engine (each, an "Engine Reserve" and collectively, the "Engine Reserves"). A separate Engine Reserve shall be established and maintained with respect to each Engine. Upon the accomplishment of any Heavy Engine Maintenance (as hereinafter defined) accomplished during a Covered Engine Shop Visit (as hereinafter defined) for any Engine during the Term, then the Engine Reserve with respect to such Engine shall be used to reimburse Lessee, or pay at Lessee's direction, for Lessee's Actual Cost incurred in completing such maintenance (for purposes of this paragraph (b), Lessee's Actual Cost so incurred is referred to as "Engine Reimbursable Expenses"). As used herein, "Heavy Engine Maintenance" shall be defined as any overhaul, refurbishment, hot section inspection, replacement of internal time-limited parts, disassembly, assembly and testing required thereof for each such engine, but excluding shipping and freight charges, engine removal and installation charges, accomplishment of Airworthiness Directives and Aeronautics Authority requirements, and replacement, repair or overhaul of external engine parts. As used herein, "Covered Engine Shop Visit" shall be defined as a shop visit requiring a major disassembly of an engine and the removal and reinstallation of internal rotating parts where such shop visit was not the result of foreign object damage ("F.O.D."), ingestion, accident, faulty maintenance or installation, incident, improper operations, abuse, neglect, misuse, elective parts replacement, Airworthiness Directive compliance, Aeronautics Authority regulation compliance or covered by Manufacturer's service bulletins or which is reimbursable by a claim under the Manufacturer's warranties or by insurance (with deductibles being treated as reimbursable by insurance for this exclusion). Upon the accomplishment of any such Heavy Engine Maintenance during a Covered Engine Shop Visit, Lessee shall present written evidence satisfactory to Lessor as to the completion of such Heavy Engine Maintenance to such Engine and the costs associated therewith for approval by Lessor. Such Heavy Engine Maint...
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Engine Reserves. During the term of this Security Agreement, Debtor shall pay to Secured Party the sum of $65.00 for each hour of operation (take off to landing) of each serial numbered engine (hereinafter individually and collectively an "Engine") constituting a part of each Aircraft (the "Reserves"). The Reserves will be submitted to, and held by, the Secured Party. Any interest earned will be applied to costs associated with account maintenance and associated expenses incurred by Secured Party in administering the account and any interest earned and not so expended shall accrue in the account and used for disbursements described herein. At the Secured Party's option, the amount of the Reserves payable for each hour of operation shall be adjusted annually during the term of this Security Agreement to an amount equal to the Engine manufacturer's then published price for a major engine overhaul plus hot section divided by the number of flight hours permitted between major engine overhauls as provided for in the FAA approved maintenance program of the Debtor. The Reserves may be insufficient to cover all costs eligible for disbursement in whole. The Reserves are payable in arrears commencing on the fifteenth day of the month immediately subsequent to the note date with respect to the related Aircraft, and thereafter on the same day of each succeeding month during the term of this Security Agreement, and shall be accompanied with copies of log books and other records substantiating Debtor's certification of the actual number of hours of operation for the previous month. Secured Party shall reflect all Reserves so paid by Debtor on Secured Party's books and shall render an account thereof, annually, to Debtor upon written request. Provided Debtor is not in default, Debtor shall have the right to have available Reserves applied to reasonable expenses for labor and materials (as Debtor certifies, in writing, in the disbursement request forms supplied and required by Secured Party which requires the inclusion of copies of all applicable invoices and return to service documentation), to the Secured Party as are necessary solely in order to accomplish hot sections and scheduled overhauls. Such expenses may be disbursed up to the maximum amount held on account for an Engine at date of repair. Upon receipt and approval of such disbursement request, Secured Party shall, within 10 days, remit the available amounts directly to the laborers and/or vendors. If evidence satisfactory to Se...
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Engine Reserves. During the Initial Term, Debtor shall collect and use engine reserve payments from each Lessee in accordance with the terms and conditions of each Lease and Debtor shall provide to Secured Party, on a quarterly basis, an accounting of all receipts and disbursements in this regard. As set forth above, at the commencement of the Extended Term, the Cash Collateral may, at the option of Secured Party, be combined with such engine reserve payments. The share of the Cash Collateral which has been remitted to Debtor by each Lessee is set forth on Exhibit "A." The total of the Cash Collateral and any engine reserve payments collected by Debtor during the Initial Term but not used by Debtor shall be referred to herein as the "Engine Reserve." The Engine Reserve shall be allocated among the Engines and the Leases subject to the rights of the Lessees under the Leases. Such Engine Reserve shall be held at [ * ] and shall be pledged in support of Debtor's obligations hereunder. At least Thirty (30) days prior to the end of the Initial Term, Debtor and Secured Party shall enter into an Engine Reserve Agreement which shall specify the terms and conditions governing the use of such Engine Reserve.
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Engine Reserves. (i) Lessee shall pay Lessor, as a Supplemental Rent for the use of the Engine during the Lease Term, within fifteen (15) days following the last day of each calendar month during the Lease Term and on the redelivery date, with respect to the Engine, the sum (the "Engine Reserves") of (x) the amount determined by multiplying the number of Flight Hours of operation of such Engine during the immediately preceding month by [ ]* Dollars (US$[ ]*) which amount shall be applied toward restoration shop visits (the "Shop Visit Portion") and (y) the amount determined by multiplying the number of Cycles of operation of the Engine during the immediately preceding month by [ ] Dollars (US$[ ]*) which amount shall be applied toward the cost of life-limited parts (the "LLP Portion"). It is the intent of the parties hereto that the Engine be operated during the Lease Term at an average Flight Hour/Cycle ratio (the "Ratio") of one and seven-tenths Flight Hours to one Cycle 1.7:1. During any calendar year during the Lease Term, the total Engine Flight Hours for the Engine recorded in respect of the previous twelve months shall be compared with the Cycles flown for the Engine and the Ratio computed. The rate payable by way of maintenance reserve in respect of each complete Flight Hour (pro rata for part thereof) for the Engine applicable with respect to the Shop Visit Portion of the Engine Reserves due from Lessee after such annual Ratio computation and prior to the next annual Ratio computation shall be as provided in Exhibit E hereof for such Ratio. Any excess Engine Reserves remaining at the expiration of the Lease Term or earlier termination of this Lease shall be retained by Lessor.
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Related to Engine Reserves

  • Availability Reserves All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit and other applicable limits hereunder shall be subject to Lender's continuing right to establish and revise Availability Reserves.

  • Insurance Reserves Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor. The responsibility for the payment of premiums shall remain Grantor's sole responsibility.

  • Loan Loss Reserves With respect to the Bank, maintain at all times loan loss reserves in amounts deemed adequate by all federal and state regulatory authorities.

  • Tax Reserves The Company has established on its books and records adequate reserves for all Taxes and for any liability for deferred income taxes in accordance with Adjusted GAAP.

  • Additional Reserve Requirements The Company shall pay (or cause the applicable Designated Borrower to pay) to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on such Loan, provided the Company shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest or costs shall be due and payable 10 days from receipt of such notice.

  • Reserve Requirements A. If the Reinsurer is unauthorized in any state of the United States of America or the District of Columbia, the Reinsurer agrees to fund its share of the Company's ceded United States unearned premium and outstanding loss and loss adjustment expense reserves (including all case reserves plus any reasonable amount estimated to be unreported from known loss occurrences) by:

  • Debt Service Reserve Reserved.

  • Replacement Reserve (a) As additional security for the Debt, Mortgagor shall establish and maintain at all times while this Mortgage continues in effect a capital improvement reserve (the “Replacement Reserve”) with Mortgagee for payment of costs and expenses incurred by Mortgagor in connection with the performance of work which would normally be treated as a capital improvement under generally accepted accounting principles (collectively, the “Replacements”). Commencing on the first Payment Date under the Note and continuing on each Payment Date thereafter, Mortgagor shall pay to Mortgagee, in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, a deposit to the Replacement Reserve in an amount equal to $1,163 per month. So long as no Default or Event of Default has occurred and is continuing, Mortgagee shall, to the extent funds are available for such purpose in the Replacement Reserve, disburse to Mortgagor the amount paid or incurred by Mortgagor in performing Replacements within ten (10) days following: (a) the receipt by Mortgagee of a written request from Mortgagor for disbursement from the Replacement Reserve and a certification by Mortgagor in a form approved in writing by Mortgagee that the applicable item of Replacement has been completed; (b) the delivery to Mortgagee of invoices, receipts or other evidence satisfactory to Mortgagee, verifying the cost of performing the Replacements; (c) for disbursement requests in excess of $25,000, the delivery to Mortgagee of affidavits, lien waivers or other evidence reasonably satisfactory to Mortgagee showing that all parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Mortgaged Property have been paid all amounts due for labor and materials furnished to the Mortgaged Property; (d) for disbursement requests in excess of $25,000, delivery to Mortgagee of a certification from an inspecting architect or other third party acceptable to Mortgagee describing the completed Replacements and verifying the completion of the Replacements and the value of the completed Replacements; and (e) for disbursement requests in excess of $50,000, delivery to Mortgagee of a new certificate of occupancy for the portion of the Improvements covered by such Replacements, if said new certificate of occupancy is required by law, or a certification by Mortgagor that no new certificate of occupancy is required. Mortgagee shall not be required to make advances from the Replacement Reserve more frequently than once in any sixty (60) day period. In making any payment from the Replacement Reserve, Mortgagee shall be entitled to rely on such request from Mortgagor without any inquiry into the accuracy, validity or contestability of any such amount. Mortgagee may, at Mortgagor’s expense, make or cause to be made during the term of this Mortgage an annual inspection of the Mortgaged Property to determine the need, as determined by Mortgagee in its reasonable judgment, for further Replacements of the Mortgaged Property; such inspection to be no more frequent than once in any calendar year unless a Default or an Event of Default shall have occurred and is continuing. In the event that such inspection reveals that further Replacements of the Mortgaged Property are required, Mortgagee shall provide Mortgagor with a written description of the required Replacements and Mortgagor shall complete such Replacements to the reasonable satisfaction of Mortgagee within one hundred twenty (120) days after the receipt of such description from Mortgagee, or such later date as may be approved by Mortgagee in its sole discretion.

  • Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans (a) If any Lender determines that as a result of the introduction of or any change in or in the interpretation of any Law, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Loans or (as the case may be) issuing or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this subsection (a) any such increased costs or reduction in amount resulting from (i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the basis of taxation of overall net income or overall gross income by the United States or any foreign jurisdiction or any political subdivision of either thereof under the Laws of which such Lender is organized or has its Lending Office, and (iii) reserve requirements contemplated by Section 3.04(c)), then from time to time upon demand of such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction.

  • Increased Costs Reserves on Eurodollar Rate Loans (a) Increased Costs Generally. If any Change in Law shall:

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