Major Maintenance Reserve Fund. The Developer will fund the Major Maintenance Reserve Fund in such amounts and in accordance with the terms as may be required by the Lenders.
Major Maintenance Reserve Fund. The Concessionaire will fund the Major Maintenance Reserve Fund in such amounts and in accordance with the terms as may be required by the Lenders.
Major Maintenance Reserve Fund. Starting four years before the scheduled date of each Task of Major Maintenance, the Concessionaire shall make annual deposits into the Major Maintenance Reserve Fund in an amount equal to 27.5% of the amount anticipated to be required to pay in full all costs and expenses related to such Task as set forth in the Life Cycle Maintenance Plan, until an amount equal to 110% of such anticipated costs and expenses has been deposited into the Major Maintenance Reserve Fund. Alternately, the Concessionaire may deliver to the Department, at the same time annual deposits are required, a letter of credit in favor of the Department as beneficiary and in compliance with Section 8.13(e) for the then-required cumulative amount of the annual deposits. If the Major Maintenance Reserve Fund is in the form of cash reserves, such reserves shall be held by a third party mutually agreed upon by the Concessionaire and the Department. The Department shall have the right to draw upon the Major Maintenance Reserve Fund or letter of credit only in the event that the Concessionaire fails to properly perform such Task in accordance with this Agreement and the applicable Life Cycle Maintenance Plan. The Department may make draws in the amount required to address such failures up to the full amount of the Major Maintenance Reserve Fund or letter of credit. Following the Department’s determination that the Task has been properly performed in accordance with this Agreement, amounts deposited in the Major Maintenance Reserve Fund with respect to such Task shall be released to the Concessionaire, or, at the Concessionaire’s election, credited toward deposits required to be made to the Major Maintenance Reserve Fund for other Tasks.
Major Maintenance Reserve Fund. After first having made or provided for the deposits specified under the captions "Payment of Rebate," "First Tier Debt Service Fund," "Second Tier Debt Service Fund," "Operating Fund—Project Budget Amounts," "Major Maintenance Fund—Project Budget Amounts," "Capital Expenditures Fund—Project Budget Amounts," "Third Tier Debt Service Fund," "Operating Fund—Annual Operating Budget Amounts," "Rate Stabilization Fund," "Major Maintenance Fund—Annual Operating Budget Amounts," and "Capital Expenditures Fund—Annual Operating Budget Amounts," the Trustee shall transfer from the Revenue Fund to the Major Maintenance Reserve Fund an amount sufficient to cause the balance in the Major Maintenance Reserve Fund to be equal to the Major Maintenance Reserve Requirement. Amounts on deposit in the Major Maintenance Reserve Fund shall be transferred by the Trustee in the following order of priority:
Major Maintenance Reserve Fund. At Closing of the Loan, the Borrower shall establish and maintain a Major Maintenance Reserve Fund Account ("MMRFA") by contributing a stipulated amount, as determined by the Independent Engineer during due diligence, which shall not exceed $300,000. The required MMRFA balance will be maintained by the Borrower by contributing annually such amount as necessary to replace the eligible expenditures withdrawn from such account from time to time, if any. The funds in the MMRFA may be used by the Borrower to fund repair / replacement / maintenance expenses of a capital nature determined in accordance with IFRS. Release from the MMRFA will be made at the discretion and direction of the Agent or Lenders, acting reasonably.
Major Maintenance Reserve Fund
