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Common use of Maintenance Reserve Clause in Contracts

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have [ ] Days to replenish the Maintenance Reserve so as to return it to the original level in the event that funds are withdrawn from the Maintenance Reserve to pay for maintenance costs. 12.5.3 The Maintenance Reserve shall not be subject to a lien or any other claim by any person other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.

Appears in 3 contracts

Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement

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Maintenance Reserve. 12.5.1 12.4.1 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 12.4.2 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have [ ] Days to replenish the Maintenance Reserve so as to return it to the original level in the event that funds are withdrawn from the Maintenance Reserve to pay for maintenance costs. 12.5.3 12.4.3 The Maintenance Reserve shall not be subject to a lien or any other claim by any person other than the Purchaser. To be considered on a case-by-case basis.

Appears in 1 contract

Samples: Power Purchase Agreement

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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. To be considered on a case-by-case basis.

Appears in 1 contract

Samples: Power Purchase Agreement

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