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.
12.5.2 Thereafter, the Seller shall maintain a funding level equal to [AMOUNT] in the Maintenance Reserve at all times; provided, however, that the Seller 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.
12.5.3 The Maintenance Reserve shall not be subject to a lien or any other claim by any person other than the Purchaser.
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.
7.2.1 Six (6) months after completion and the Port’s acceptance of the First Phase improvements, the Port shall allocate Four Hundred Thousand Dollars ($400,000) to the Maintenance Reserve, escalated by three percent (3%) annually, each year for thirty (30) years, to cover the estimated Incremental Maintenance Costs for the First Phase improvements. Additionally, upon completion of the Design of Setback Park/Plaza described in Section 6.1.6, the Port’s obligation to annually fund the Maintenance Reserve shall be increased to cover the agreed upon Incremental Maintenance Costs of Setback Park/Plaza on the same terms and conditions as provided in this Section 7.2.1.
7.2.2 Six (6) months after the completion and the Port’s acceptance of the First Phase improvements, the Port shall allocate an additional One Hundred and Fifty Thousand Dollars ($150,000) into the Maintenance Reserve, escalated by three percent (3%) annually, each year for thirty (30) years, to cover the current maintenance costs for the area covered by the First Phase improvements.
7.2.3 The Port shall only use the Maintenance Reserve for maintenance of the First Phase improvements, and no portion of the Maintenance Reserve shall be used to provide maintenance outside those areas covered by the First Phase, including, without limitation, areas subject to maintenance by the Port’s tenants.
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. (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.
(i) On or before the first anniversary of the Actual Commercial Operation Date, Seller shall deposit at least one million dollars ($1,000,000.00) in the Maintenance Reserve. On or before the second anniversary of the Actual Commercial Operation Date, Seller shall deposit an additional one million dollars ($1,000,000.00) in the Maintenance Reserve. On or before the third anniversary of the Actual Commercial Operation Date, Seller shall deposit an additional two million dollars ($2,000,000.00) in the Maintenance Reserve so that by such third anniversary the aggregate amount of funds deposited in the Maintenance Reserve pursuant to this Subsection 8.7(b)(i) shall be four million dollars ($4,000,000.00). Thereafter, Seller shall maintain the portion of the Maintenance Reserve funded pursuant to this Subsection 8.7(b)(i) at a funding level of four million dollars ($4,000,000.
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.
(n.2) The Maintenance Reserve shall not be subject to a lien or any other claim by any person other than Utility; provided, however, that the Maintenance Reserve may be subject to a lien by the Lenders as long as it is specified that such funds may be used for maintenance only and cannot be used for debt service or any other purpose unless: (a) the Company has defaulted under the Loan Documents, and (b) the Lenders have accelerated payments under the Loan Documents so that the full outstanding balance is due and payable.
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. 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.
12.5.2 Thereafter, the Seller shall maintain a funding level equal to [AMOUNT] in the Maintenance Reserve at all times; provided, however, that the Seller 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.
12.5.3 The Maintenance Reserve shall not be subject to a lien or any other claim by any person other than the Purchaser.
12.6.1.1 within seven (7) Days after the end of each Month, the Seller shall compute and advise the Purchaser by written notice ("Liquidated Damages Notice") of the amount of liquidated damages due to the Seller pursuant to this Agreement for the preceding Month;
12.6.1.2 within seven (7) Days after the end of each Month, the Purchaser shall compute and advise the Seller by Liquidated Damages Notice of the amount of liquidated damages due to the Purchaser pursuant to this Agreement for the preceding Month;
12.6.1.3 each Party shall pay to the other Party, or, in the case of liquidated damages owed to the Purchaser, the Seller may, alternatively, direct the Purchaser to apply the Construction Security or Operation Security (as the case may be) to, the amount of liquidated damages shown on a relevant Liquidated Damages Notice within thirty (30) Days after delivery of the Liquidated Damages Notice ("Liquidated Damages Due Date"), and interest shall accrue on any unpaid amount from the Liquidated Damages Due Date at the Default Rate; and
Maintenance Reserve. 3.4.1 Lessee shall pay to Lessor as Supplemental Rent on the Delivery Date, and on the 1st and 15th day of every month during the Term (excluding if such day is day on which the Term ends) (each a “MR Payment Date”) maintenance reserves, in advance, in an amount equal to $300 per flight hour based on an assumed monthly utilization rate of 300 flight hours per month (the “Maintenance Reserves”). The Maintenance Reserves shall, unless and until paid out in accordance with the terms hereof, be and remain the property of the Lessor.
3.4.2 Commencing with the date that is ten (10) days after the end of the calendar month in which the Delivery Date occurs and no later than the tenth day after each succeeding month during the Term, Lessee will notify Lessor of the actual flight hours completed by the Airframe in the previous month. No later than fifteen days after the end of each such calendar month, Lessor shall provide Lessee with a statement showing the amount determined by multiplying $300 by the actual flight hours for such month. Lessee and Lessor agree that the Maintenance Reserve payment to be made on the 1st day of each month after the calendar month following the calendar month in which the Delivery Date occurs shall be adjusted to reflect the actual flight hours for the second month immediately preceding such month by increasing such payment, if the amount referred to in the preceding sentence exceeds $90,000, by the amount of such excess, or by decreasing such payment, if the amount referred to in the preceding sentence is less than $90,000, by the amount of such difference; provided, that for purposes of adjustments with respect to flight hours in the month in which the Delivery Date occurs, the foregoing references to $90,000 shall be $90,000 multiplied by a fraction the numerator of which shall be the number of days from and including the Delivery Date to and including the last day of such month and the denominator of which shall be the number of days in such month. Within 10 days after the end of the Term, Lessee will notify Lessor of the actual flight hours completed by the Airframe from the first day in the immediately preceding month prior to the month in which the Term ends to the return of the Aircraft to Lessor pursuant to Annex B (the “Relevant Period”). No later than the fifteenth day after the end of the Term, Lessor shall provide Lessee with a statement showing (i) the Maintenance Reserves required to be paid during the Relevant Period (...
