Maintenance Reserve Account. Pursuant to Section 3.01(g), all amounts consisting of Maintenance Reserves on deposit in any Rental Account shall be transferred to the Maintenance Reserves Account in the manner set forth in such section by the Operating Bank at the written direction of the Administrative Agent. In addition, amounts shall be transferred from the Collections Account to the Maintenance Reserve Account as provided in Section 3.07(k). In addition, if the Administrative Agent (after consultation with the Remarketing Servicer) reasonably determines as of any Business Day that a Maintenance Reimbursement Expenditure is due and payable, the Administrative Agent shall direct the Operating Bank in writing on such Business Day to withdraw from the Maintenance Reserve Account the lesser of (A) an amount equal to such Maintenance Reimbursement Expenditure and (B) the collected credit balance of such Account, and distribute to the applicable Person the amount so withdrawn in payment of such Maintenance Reimbursement Expenditure.
Maintenance Reserve Account. [Optional]
(a) The Lessee must establish and manage a Maintenance Reserve Account. The funds in the Maintenance Reserve Account will be used to carry out, on a project-by-project basis, repair and maintenance needs of the Premises that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, sub floors, drainage, rehabilitation of building systems such as electrical, plumbing, built-in heating and air conditioning, roof replacement and similar projects. The Lessee will carry out projects as the Lessor directs in writing in advance of any expenditure being made and in accordance with project proposals approved by the Lessor. No projects may be commenced until the Lessee receives written approval from the Lessor in accordance with Section 10 of this Lease.
(b) Projects paid for with funds from the Maintenance Reserve Account will not include routine, operational maintenance of facilities or housekeeping and grounds keeping activities. Nothing in this section lessens the responsibility of the Lessee to carry out the maintenance and repair of the Premises from funds other than those in the Maintenance Reserve Account.
(c) The Lessee must establish the Maintenance Reserve Account within its accounting system. The Lessee must deposit into this account, within fifteen calendar (15) days after the last day of each month during the Lease Term, a sum equal to: percent ( %) of the Gross Revenues (as defined in Section 5.4(b) of this Lease) for the previous month. If the Lessee fails to make timely deposits into the account, the Lessor may terminate this Lease for default or may require the Lessee to post a bond in an amount equal to the estimated annual account deposits based on the preceding year’s Gross Revenues. The Lessee must periodically at times prescribed by the Lessor submit written reports to the Lessor containing such information as the Lessor may require concerning the Maintenance Reserve Account and the related activities of the Lessee.
(d) The balance in the Maintenance Reserve Account will be available for projects in accordance with its purpose. For all expenditures made for each project from the Maintenance Reserve Account, the Lessee must maintain auditable records, including invoices, xxxxxxxx, canceled checks, and other documentation required by the Lessor. The Lessor must approve in writing all withdrawals or expenditures from the account.
(e) Fail...
Maintenance Reserve Account. The Administrative Agent shall deposit amounts into the Maintenance Reserve Account from amounts on deposit in the Pre-Sale Account as specified in Section 8.8 or from amounts on deposit in the Revenue Account as specified in Section 8.12(b).
Maintenance Reserve Account. If, as of any Operating Expense Transfer Date, the cash available in the Revenue Account, the Excess Revenue Account and, if required, the Operating Reserve Account, is less than the Operating Expenses set forth in the Expense Certificate (or other certificate) setting forth such Operating Expenses to be paid through the next Operating Expense Date, the Administrative Agent shall transfer to the Person(s) entitled thereto in accordance with Section 8.12(a) (to the extent cash is available in the Maintenance Reserve Account) the amount of any deficiency in the payment of the Operating Expenses set forth in such certificate. Upon the occurrence and during the continuance of a Default or an Event of Default, funds in the Maintenance Reserve Account may be utilized to pay interest on and principal of the Loans.
Maintenance Reserve Account. (a) The Maintenance Reserve Account shall be funded by monies transferred from the Revenue Account as and when specified in Section 3.11(f). The Collateral Agent shall deposit all such monies into the Maintenance Plan Funding Subaccount; provided, however, to the extent such monies are in excess of the Maintenance Reserve Account Required Deposit at the time of the deposit thereof, such excess shall be deposited into the Maintenance Excess Funding Subaccount. The Company may, at its option and from time to time, deliver to the Collateral Agent monies not then constituting Revenues (solely to the extent such monies are not otherwise required to be deposited into any Account pursuant to the terms of any Financing Document), including monies drawn under any revolving credit facility or liquidity facility providing liquidity for Southern's obligations in respect of any Southern Guaranty, for deposit into the Maintenance Plan Funding Subaccount.
(b) Subject to Section 3.5(c), the Collateral Agent shall, upon receipt of an Officer's Certificate of the Company specifying (i) the amount to be disbursed from the Maintenance Reserve Account, (ii) that such amount has been, or within the immediately succeeding thirty-one (31) days is expected to be, used for Maintenance Expenditures incurred or to be incurred in accordance with Prudent Plant Operating Standards and (iii) the manner in and time at which, and the account for or address to which, the payment thereof to the Company shall be made, apply the monies on deposit in the Maintenance Reserve Account to the payment of such amount no later than such time specified in such Officer's Certificate, provided the Collateral Agent receives such Officer's Certificate on or prior to the second Business Day prior to such time. Such payments shall be made in the following order of priority: first, from the Maintenance Excess Funding Subaccount, to the extent available, and, second, from the Maintenance Plan Funding Subaccount.
(c) Prior to a Trigger Event, monies on deposit in the Maintenance Reserve Account (including then Available Amounts under any Reserve Account Security on deposit in the Maintenance Plan Funding Subaccount) shall first be transferred by the Collateral Agent to the Indenture Trustee for deposit into the Indenture Securities Account and to the Tax-Exempt Indenture Trustee for deposit into the Tax-Exempt Indenture Securities Account, ratably based upon the respective amounts owing to each such Account, on...
Maintenance Reserve Account. Immediately upon the occurrence of a Trigger Event, and for so long as the same is continuing, the Borrower shall, and shall cause its Subsidiaries to, (i) pay all Maintenance Rent received by such Person after the occurrence of the Trigger Event into the Maintenance Reserve Account and (ii) cause to be credited to the Maintenance Reserve Account an amount equal to all Maintenance Rent received or deemed to have been received in connection with each Portfolio Aircraft (and not previously utilized in accordance with the relevant Lease) prior to the occurrence of the Trigger Event. The balance from time to time in the Maintenance Reserve Account shall be subject to withdrawal only as provided herein and in the Security Agreement. To the extent a Lessee provides a letter of credit under the applicable Lease in substitution for any Maintenance Rent required to be paid thereunder, then if a Trigger Event shall have occurred and be continuing, the Borrower shall within a commercially reasonable period of time since such Trigger Event, but in any event no longer than 10 Business Days after such Trigger Event, deliver (or cause its designee to deliver) the original letter of credit to the Security Trustee and shall deliver to the Security Trustee original transfer documentation for such letter of credit to be transferred to the Security Trustee. To the extent the Trigger Event has been cured, the Security Trustee shall return any such letter of credit to the Borrower.
Maintenance Reserve Account. Borrower shall instruct Depositary to establish in the name of Borrower, and Borrower shall fund and maintain, a maintenance reserve account (the “Maintenance Reserve Account”) in accordance with Tax Investor Documents.
Maintenance Reserve Account. (a) To procure, by enforcing its rights under the Management Agreement, that the Manager pays into the Maintenance Reserve Account such sums as it is obliged to pay under the Management Agreement on the dates on which such payment is to be made.
(b) All sums standing to the credit of the Maintenance Reserve Account shall be applied in accordance with the Management Agreement.
Maintenance Reserve Account. (a) If at any time the monies on deposit in the Operating Disbursement Account shall not be sufficient to pay Operating Costs, then, after application of all monies on deposit in the Operating Disbursement Account for such purpose, the Borrower shall transfer monies on deposit in the Maintenance Reserve Account in the amount of such deficiency to the Operating Disbursement Account to be applied to pay such deficiency.
(b) If at any time, and to the extent that (i) the monies on deposit in the Debt Service Payment Account shall not be sufficient to pay all amounts payable to FFB and DOE under the Loan Documents as and when such amounts are due and payable and (ii) the monies on deposit in the Debt Service Reserve Account are insufficient to cover such deficiency in the Debt Service Payment Account, then the Borrower shall transfer monies on deposit in the Maintenance Reserve Account in the amount of such deficiency to the Debt Service Payment Account.
(c) If at any time the monies on deposit in the Maintenance Reserve Account shall exceed the MRA Required Amount, the Borrower shall transfer the amount of such excess to the Project Revenue Account.
Maintenance Reserve Account. Immediately upon the occurrence of a Maintenance Reserve Event, unless cured, and for so long as the same is continuing, the Borrower shall, and shall cause its Subsidiaries to, (i) pay all Maintenance Rent received by such Person after the occurrence of the Maintenance Reserve Event into the Maintenance Reserve Account, and (ii) where the Maintenance Reserve Event is an event under clause (b) of the definition thereof, cause to be credited to the Maintenance Reserve Account an amount equal to all Maintenance Rent received or deemed to have been received in connection with each Portfolio Aircraft (and not previously utilized in accordance with the relevant Lease) prior to the occurrence of the Maintenance Reserve Event. The balance from time to time in the Maintenance Reserve Account shall be subject to withdrawal only as provided in the Security Agreement.
