Common use of Operating Deposit Clause in Contracts

Operating Deposit. Upon the Effective Date, Owner will deposit in the Segregated Operating Account an “Operating Deposit” in the amount set forth in the Term Sheet. Manager may draw on the Operating Deposit to timely pay the Aircraft costs, expenses and fees which are the obligation of the Owner as they occur. Payments made by Owner pursuant to invoices presented from Manager shall be used to replenish the Operating Deposit and to pay costs not previously paid. Within sixty (60) days after termination of this Agreement, Manager shall pay to Owner the balance remaining in the Operating Deposit net of operating costs incurred prior to the termination of the Agreement but paid by Manager upon receipt of the relevant invoices after the termination of the Agreement. Concurrently with the remittance to Owner of the balance of the Operating Deposit, Manager shall provide Owner the supporting detailed documentation with respect to the operating costs charged to the Operating Deposit.

Operating Deposit. Upon the Effective Date, Owner will deposit in the Segregated Operating Account an “"Operating Deposit” " in the amount set forth in the Term Sheet. Manager may draw on the Operating Deposit to timely pay the Aircraft costs, expenses and fees which are the obligation of the Owner as they occur. Payments made by Owner pursuant to invoices presented from Manager shall be used to replenish the Operating Deposit and to pay costs not previously paid. Within sixty (60) days after termination of this Agreement, Manager shall pay to Owner the balance remaining in the Operating Deposit net of operating costs incurred prior to the termination of the Agreement but paid by Manager upon receipt of the relevant invoices after the termination of the Agreement. Concurrently with the remittance to Owner of the balance of the Operating Deposit, Manager shall provide Owner the supporting detailed documentation with respect to the operating costs charged to the Operating Deposit.