Maintenance Reserve. LESSEE shall pay to LESSOR, on each Maintenance Reserve Date, the Airframe Reserves, the Engine Reserves and the Landing Gear Reserves for the previous Rent Period (each a "Reserve" and collectively, the "Reserves"). Commencing on the first anniversary of the Effective Date and continuing on the anniversary of the Effective Date in each consecutive year during the Term, the per Cycle amount payable by LESSEE to LESSOR with respect to Engine Reserves shall be increased by three and one-half (3.5%) percent from the per Cycle amount of Engine Reserves payable in the preceding year. All Reserves paid by LESSEE to LESSOR will be held by LESSOR in separate accounts for each of the Airframe Reserves, Engine Reserves and Landing Gear Reserves, respectively, and shall be disbursed by LESSOR only to pay for Covered Maintenance pursuant to Section 7(D) hereof. Interest shall accrue on the Reserves at a rate equal to LIBID minus one-quarter percent per annum (the "Reserve Interest"). The Reserve Interest shall form a part of the Airframe Reserves, Engine Reserves and Landing Gear Reserves, respectively. Notwithstanding anything set forth herein to the contrary, if on any Maintenance Reserve Date (i)(a) the Flight Hours for the Airframe, (b) the aggregate Cycles with respect to the Engines, and (c) the aggregate Cycles for the Landing Gear, in each case, respectively, remaining to the next scheduled overhaul (assuming no change in intervals between checks under the Maintenance Program not approved by LESSOR, such approval not to be unreasonably withheld) are more than on the Effective Date, and (ii) LESSEE meets the Credit Standards, then LESSEE shall not be required to pay any Reserves for such Rent Period with respect to such category of Reserves. Time is of the essence with respect to the payment by LESSEE to LESSOR of Reserves. Upon the termination of the Lease with respect to the Aircraft, provided LESSEE has complied with Section 17 hereof and no Default or Related Lease Default has occurred and is continuing, all Reserves held by LESSOR and not used to reimburse LESSEE for Covered Maintenance shall become the property of LESSEE.
Maintenance Reserve. 12.5.1 The Seller shall establish and maintain a Maintenance Reserve (the “Maintenance Reserve”), with a financial institution and under depository arrangements satisfactory to the Purchaser, to be used exclusively to pay for maintenance expenses for the Complex, including any repairs or replacements that are necessary or appropriate to assure that the Complex will continue to be operated and maintained in accordance with Prudent Utility Practice. On or before the Commercial Operations Date, the Seller shall deposit [AMOUNT] in the Maintenance Reserve.
Maintenance Reserve. The Port shall establish a separate maintenance reserve (the “Maintenance Reserve”) to pay for the current and Incremental Maintenance Costs of the First Phase improvements for a term of thirty (30) years.
Maintenance Reserve. Developer shall maintain in its operating budget a reserve fund for maintenance. This reserve shall be in an amount equal to no less than 10% of the Developer’s annual operating budget. Developer shall include documentation of this within the first month of receiving its Certificate of Occupancy and thereafter with the Activity Reports described in Section 9.3.4 D of this agreement. The reserve fund shall become payable to the City immediately upon the termination of this agreement for reason of default.
Maintenance Reserve. If at any time prior to the Flip Point, the Debt Obligations are no longer outstanding, the Members agree that the Managing Member shall cause the Company to establish a maintenance reserve (the “Maintenance Reserve”) to be maintained until the Flip Point, in an amount determined by a Majority of all Members. Until a Majority of all Members agree on the amount of the Maintenance Reserve, the Maintenance Reserve shall be maintained by the Company in an amount equal to the balance in the maintenance reserve required to be maintained by the Company under the Debt Financing Documents immediately prior to the repayment of the Debt Obligations. If, prior to the Flip Point, the balance in the Maintenance Reserve is less than the amount required to be maintained under this Section 5.10, the Company shall make deposits to the Maintenance Reserve to establish or replenish the Maintenance Reserve prior to making any distributions to the Members. The Managing Member may distribute the funds in the Maintenance Reserve to the Class A Members at any time if such distribution would cause the Flip Point to occur.
Maintenance Reserve. Account If identified as Applicable in the Key Information Table, the Borrower shall ensure that from the Commercial Operation Date until the Final Maturity Date, the maintenance reserve account (MRA) is funded in an amount equal to the agreed threshold set out in the Key Information Table by way of letters of credit or (at the option of the Borrower) cash.0 Hedging Strategy If identified as Applicable in the Key Information Table, the applicable hedging strategy shall be as set-out in a hedging strategy letter to be appended as a Schedule to the Common Terms Agreement. The hedging strategy will be based on the LMA form, adapted as required on a case-by-case basis to describe (a) any required hedging strategy and (b) the scope of any permitted hedging in accordance with the requirement of the Project financing. Currency hedging may be required to address a currency mismatch between Project revenues and: Project costs including operational expenditure; Senior Debt service obligations. The Borrower will not be permitted to enter into hedging agreements for speculative purposes. The permitted hedging arrangements entered into with acceptable hedge providers in accordance with the terms of the Common Terms Agreement are referred to in this Term Sheet as the Senior Hedging Documents. Intercreditor Agreement If identified as Applicable in the Key Information Table, the Intercreditor Agreement will set out customary provisions relating to (a) the appointment of the Intercreditor Agent and (b) voting amongst the Senior Creditors. The Intercreditor Agreement shall provide that the Senior Hedging Documents (if applicable) shall rank pari passu in right of payment and security. Working Capital Facility If identified as Applicable in the Key Information Table, the Borrower shall enter into a Senior Debt Revolving Credit Facility under which advances will be applied towards either (or both): VAT/ Sales Tax; or other working capital requirements. The Working Capital Facility will be available from the date of Financial Close until the earlier to occur of (i) the date on which the aggregate commitments of the Senior Creditors under such Senior Debt Revolving Credit Facility are cancelled in full and (ii) the date falling on an agreed number of days before the Final Maturity Date. The interest rate applicable to the Working Capital Facility will be agreed as between the parties and may differ from the Senior Debt Term Loan Facilities. The interest payment provisions will ...
Maintenance Reserve. Owner agrees to allow Agent to hold in reserve funds of $150 per unit to cover any maintenance issue that may need to be addressed during management of the Owner’s properties. The maintenance reserve will be accounted for on the monthly rental owner statement, but held by Agent during term of agreement. The Agent is authorized and shall, on behalf of the Owner, pay special assessments, condo fees, yearly xxxxxx xxxxxxxxxxxx fees, advertisements, bank fees, water and utility charges and all other expenses of operation of the condo. However, if any tenant is required to pay any of all of such expenses pursuant to its lease, said tenant is solely responsible for paying such expense or expenses. For the management of the maintenance and operation of the building, the Owner shall pay to the Agent 8% of the collected gross rents and other income. In addition, Owner agrees to reimburse Agent twice per year for the marketing expenses associated with the advertising of their unit. Marketing costs will be paid every 6 months (regardless of leasing status) and is equal to monthly HOA fee for each installment or an amount that will be determined by the Capstone Quarters Board of Directors. If extraordinary repairs are made to the building or if the building is extensively reconstructed or if the Agent is required to perform services not a part of the usual services performed by the managing Agent under this Agreement, additional compensation in an amount to be agreed upon between the parties shall be paid; provided that, prior to performing or arranging any services or activity which should result in such additional compensation, the Agent shall give written notice thereof to Owner. (Eviction or collection of past due rent of current tenant at time of signing of Management Agreement constitutes additional services beyond normal services and activities and will result in additional compensation being due to Agent.)
Maintenance Reserve. (n.1) The Company shall establish and maintain a Maintenance Reserve (the “Maintenance Reserve”), with a financial institution and under depository arrangements satisfactory to Utility, to be used exclusively to pay for maintenance expenses for the Complex, including any repairs or replacements that are necessary or appropriate to assure that the Complex will continue to be operated and maintained in accordance with Prudent Utility Practice. On or before the Commercial Operations Date, the Company shall deposit [AMOUNT] in the Maintenance Reserve. Thereafter, the Company shall maintain a funding level equal to [AMOUNT] in the Maintenance Reserve at all times; provided, however, that the Company may have [___________] Days to replenish the Maintenance Reserve so as to return it to the original level in the event that funds are withdrawn from the Maintenance Reserve to pay for maintenance costs.
Maintenance Reserve. Pursuant to Section 3.6 of the Lease, Purchaser as lesssee is required to pay to the Trustee as lessor a maintenance reserve payment as computed in accordance with such Section 3.6. The Trustee, Beneficiary and Purchaser agree that the aggregate amount of such maintenance reserve payment, as adjusted for certain deductions to which Purchaser as lessee is entitled in accordance with such Section 3.6, is $1,100,000.00 (the "Maintenance Reserve"). Purchaser shall pay the Maintenance Reserve to Beneficiary's account as shown above contemporaneously with the payment of the Purchase Price.
Maintenance Reserve. (a) Seller agrees to establish and maintain for the Term in accordance with Subsection 8.7(b), a Maintenance Reserve (the "Maintenance Reserve") with a financial institution with a Thomson BankWatch rating of C or better and assets of at least twenty-five billion dollars ($25,000,000,000.00), and under depository arrangements satisfactory to PEPCO in its sole discretion, to be used exclusively to pay for certain maintenance expenses for the Facility, including any repairs, or replacements that are necessary or appropriate to assure that the Facility will continue to be operated and maintained in accordance with Prudent Utility Practices and the performance standards set forth in this Agreement. The Maintenance Reserve shall not be subject to any lien or other claim by any person (including, but not limited to, any Financing Party) other than PEPCO. From time to time after the initial posting of the Maintenance Reserve, Seller shall, within thirty (30) Days of PEPCO's request therefor, provide evidence (including, without limitation, legal opinions) reasonably satisfactory to PEPCO of the continuing existence of the Maintenance Reserve.
