Operating Expense Reserve Account. (a) On or prior to the Closing Date, the Issuers shall cause the Indenture Trustee to establish and maintain a segregated trust account entitled "Railcar Notes Expense Reserve Account" at its Corporate Trust Office (the "Operating Expense Reserve Account") for the benefit of the Indenture Trustee on behalf of the Holders and the Class A Note Insurer. The Operating Expense Reserve Account shall consist of (a) a segregated subaccount (the "NARCAT OER Subaccount") in the name of NARCAT and NARCAT Mexico for the benefit of the Indenture Trustee on behalf of the Class A Note Insurer and the Holders and (b) a segregated subaccount (the "CARCAT OER Subaccount") in the name of CARCAT for the benefit of the Indenture Trustee on behalf of the Class A Note Insurer and the Holders. The Operating Expense Reserve Account will not be funded at closing. On each Payment Date, the Indenture Trustee shall, in accordance with instructions in the Monthly Servicer Report (or, to the extent not available on a timely basis or if the Controlling Party has notified the Indenture Trustee that the Monthly Servicer Report is incorrect, instructions given by the Controlling Party), transfer from (i) the NARCAT Collection Account to the NARCAT OER Subaccount the lesser of (x) the Operating Expense Deposit Amount related to each U.S. Railcar and each Mexican Railcar, and (y) an amount required to cause the balance of such subaccount (after giving effect to all amounts disbursed therefrom on such Payment Date) to equal $1,300,000 (the "NARCAT OER Subaccount Required Balance"), and (b) the CARCAT Collection Account to the CARCAT OER Subaccount the lesser of (x) the Operating Expense Deposit Amount related to each Canadian Railcar, and (y) an amount required to cause the balance of such subaccount (after giving effect to all amounts disbursed therefrom on such Payment Date) to equal $700,000 (the "CARCAT OER Subaccount Required Balance"). Any such transfers shall be made in accordance with the Source of Funds Requirements and to the extent of Available Funds remaining after the payments having a higher priority in Section 6.08 or Section 12.02(d), as applicable. Funds will be withdrawn from the NARCAT OER Subaccount and the CARCAT OER Subaccount to make the distributions described in Section 12.04(d) and shall not be available to the Holders or the Indenture Trustee for any other purpose; provided, however, that on the Stated Legal Maturity Date, all amounts on deposit in the NARCAT OER Sub...
Operating Expense Reserve Account. On the Closing Date for a Series of Notes, the Issuer shall deposit into the Operating Expense Reserve Account the amount specified in the Cash Management Agreement or the related Series Indenture Supplement. Pursuant to this Base Indenture and the Cash Management Agreement, the Indenture Trustee shall, upon written direction from the Manager pursuant to the Manager Report, deposit from Collections available for such purpose under Article V on each Payment Date into the Operating Expense Reserve Account, an amount such that the amount on deposit in the Operating Expense Reserve Account on such Payment Date is equal to the greater of (i) $100,000 and (ii) the Expected Sales Commission Amount; provided, that upon the occurrence and during the continuation of any Warm Servicing Trigger Event or Hot Servicing Trigger Event, on each Payment Date such amount will be increased by an amount equal to $8,333; provided, further, that in no event will the aggregate amount required to be on deposit in the Operating Expense Reserve Account be an amount greater than the greater of (i) $200,000 and (ii) the Expected Sales Commission Amount. Upon any Warm Servicing Trigger Event or Hot Servicing Trigger Event ceasing to exist, the Manager will be entitled to cause amounts on deposit in the Operating Expense Reserve Account in excess of the greater of (i) $100,000 and (ii) the Expected Sales Commission Amount to be deposited to the Collection Account to be applied on the immediately following Payment Date in accordance with the priority of payments set form in Section 5.01(a). So long as (i) no Event of Default has occurred and is continuing, and (ii) the Issuer has provided the Indenture Trustee and the Servicer with the foregoing information, the Indenture Trustee shall, at the Manager’s election and written direction, with written notice simultaneously delivered to the Servicer, from funds available in the Operating Expense Reserve Account (x) pay the Operating Expenses directly, (y) disburse to the Issuer an amount sufficient to pay such Operating Expenses or (z) reimburse the Issuer for Operating Expenses previously paid by the Issuer.
Operating Expense Reserve Account. (a) On or prior to the Closing Date, Borrowers shall establish and thereafter maintain with the Mezzanine Cash Management Bank an account for the purpose of reserving amounts in respect of Operating Expenses for the Mezzanine Properties (the "Operating Expense Reserve Account").
Operating Expense Reserve Account. (a) On or prior to the Closing Date, Borrowers shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Operating Expenses (the "Operating Expense Reserve Account").
Operating Expense Reserve Account. (a) On each Payment Date commencing with the Payment Date occurring in October, 2009, provided no Event of Default has occurred and is continuing, Lender shall cause amounts on deposit in the Operating Expense Reserve Account to be transferred to an account with the Hotel Bank maintained by Borrower (the “Borrower Hotel Account”) to pay for (i) operating expenses for the Property actually paid or accrued in such calendar month pursuant to the approved Annual Budget, or as otherwise approved by Lender in its reasonable discretion and (ii) taxes or fees imposed by the Gaming Authorities to the extent amounts on deposit in the Gaming Reserve Account are insufficient to pay such taxes or fees (collectively, the “Monthly Expenses”). Monthly Expenses may include Corporate Expenses payable by Borrower during the calendar month in which such Payment Date occurs which are set forth in the approved Annual Budget (collectively, the “Monthly Corporate Expenses”). The fees and expenses of the Hotel Bank shall be paid by Borrower. In the event the Hotel Bank can no longer maintain the Borrower Hotel Account as an Eligible Account, Lender shall have the right to cause the Borrower Hotel Account to be moved to a depositary institution, reasonably acceptable to Lender, that can maintain same as an Eligible Account.
