Operation and Maintenance Reserve Account Sample Clauses

Operation and Maintenance Reserve Account. Within three Business Days after receipt by the Security Agent of a certificate, which (a) states that a drawing has been made under the O&M Letter of Credit or (b) includes a list of requested disbursements and invoices and other supporting documents as may be necessary to properly document all such disbursements, which certificate is signed by GE Capital and the Administrative Agent (in the case of clause (a)), or by an Authorized Officer of the Partnership and countersigned by the Owner Participant and the Administrative Agent (in the case of clause (b)), substantially in the form of Exhibit D hereto, and, in the case of clause (b), so long as no Lease Default or Lease Event of Default shall have occurred and be continuing (as set forth in such certificate), funds on deposit in the Operation and Maintenance Reserve Account shall be distributed to GE Capital in respect of such drawing or to the Partnership or the payee(s), as the case may be, in the manner, in the amount and at the addresses specified in such certificate.
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Operation and Maintenance Reserve Account. (a) Section 4.6 is hereby amended by adding to the end of the final sentence of such section the following: PROVIDED, HOWEVER, that any amounts distributed at any time in respect of PEPCO Payments shall not be in excess of the lesser of (1) the Capacity Sales Reserve Amount for the immediately preceding Basic Rent Payment Date and (2) the excess of the amount then on deposit in the Operation and Maintenance Reserve Account over the aggregate amount required to be on deposit therein allocated to the O&M Reserve Amount pursuant to Section 7(b) of the Facility Lease. If an Operation and Maintenance Reserve L/C is delivered in satisfaction of all or any part of the Partnership's funding obligations with respect to the Operation and Maintenance Reserve Account, then the Security Agent shall make any withdrawal, transfer or distribution from the Operation and Maintenance Account as required hereunder, first, from actual funds on deposit in the Operation and Maintenance Reserve Account and, second, from drafts on the Operation and Maintenance Reserve L/C to the extent of any deficiency in the Operation and Maintenance Reserve Account. In addition, the Security Agent shall draw the entire amount of the Operation and Maintenance Reserve L/C on the date that is forty-five (45) days prior to any expiration date of the Operation and Maintenance Reserve L/C unless the Partnership causes the Operation and Maintenance Reserve L/C to be renewed prior to such date. (b) Exhibit D to the Amended and Restated Security Deposit Agreement is hereby amended by: (i) deleting the second paragraph of such Exhibit D in its entirety and replacing it with the following: Please liquidate investments in the Operation and Maintenance Reserve Account [and draw on the Operation and Maintenance Reserve L/C] in an amount sufficient to yield proceeds of $_______________ to be used for [LOC Reimbursement Obligation in respect of drawings under the O&M Letter of Credit] [ ]. [LIST REQUESTED DISBURSEMENTS SEPARATELY.] Such amount[s] should be paid by [official bank check] [or] [wire transfer] to [GE Capital] [the Lessee] [payee[s]] at [ADDRESS[ES]] of [GE Capital] [the Lessee] [payee[s]]. (ii) deleting subparagraph (b) of the third paragraph of such Exhibit D in its entirety and replacing it with the following:
Sample 1
Operation and Maintenance Reserve Account. (a) The Operation and Maintenance Reserve Account shall be funded in accordance with and subject to Section 2.06 (Revenue Accounts) and Section 2.10(d) (Construction Reserve Account) of this Agreement and Section 2.02(c) (Contingent Equity Commitment) of the Sponsor Support Agreement. (b) If, on any Monthly Transfer Date and after giving effect to any transfer to the Operating Accounts and the Extraordinary Operating Costs Account pursuant to Section 2.06(c) (Transfers from the Revenue Account), the amount available in the Borrower Revenue Account would be insufficient to transfer the amount provided in Section 2.08(d) (Operating Accounts), the Collateral Agent shall, in accordance with the applicable Transfer/Withdrawal Request, cause the Depositary Bank to withdraw the amount of such insufficiency from the Operation and Maintenance Reserve Account and deposit such amount into the applicable Operating Account(s) for application on such date in accordance with Section 2.08(e) (Operating Accounts) and as directed by the Collateral Agent in the relevant Operating Expenditure Certificate.
Sample 1
Operation and Maintenance Reserve Account. (i) On the Lease Closing Date, the Lessee shall deposit in the Operation and Maintenance Reserve Account an amount equal to the Initial Operation and Maintenance Reserve Deposit. On each Basic Rent Payment Date, unless and until the Required Operation and Maintenance Reserve Balance shall be on deposit in the Operation and Maintenance Reserve Account, the Lessee shall, out of the cash then available in the Revenue Account (and in accordance with the priorities set forth in the Security Deposit Agreement), deposit into the Operation and Maintenance Reserve Account: (A) with respect to each of the first eight (8) Basic Rent Payment Dates, an amount equal to $125,000 plus the amount of any accrued deficiencies in contributions to the Operation and Maintenance Reserve Account with respect to prior periods, (B) with respect to the eight (8) Basic Rent Payment Dates occurring immediately thereafter, an amount equal to $375,000 plus the amount of any accrued deficiencies in contributions to the Operation and Maintenance Reserve Account with respect to prior periods and (C) with respect to each Basic Rent Payment Date thereafter, an amount equal to one fourth of the "Incremental Required Balance" for the Lease Year in which such Basic Rent Payment Date falls, plus the amount of any accrued deficiencies in contributions to the Operation and Maintenance Reserve Account with respect to prior periods. "Incremental Required Balance" for any Lease Year shall be the difference between the Required Operation and Maintenance Reserve Balance for such Lease Year and the Required Operation and Maintenance Reserve Balance for the immediately preceding Lease Year. Deposits made into the Operation and Maintenance Reserve Account pursuant to Section 7(b)(iii) shall not be credited toward the Lessee's obligation to make deposits in such Account pursuant to this Section 7(b)(i).
Sample 1
Operation and Maintenance Reserve Account. Amounts in the Operation and Maintenance Reserve Account in the Operation and Maintenance Fund shall be used by the Airports Authority to pay Operation and Maintenance Expenses in the event that amounts on deposit in the Operation and Maintenance Account are insufficient to pay all Operation and Maintenance Expenses when due. The amount deposited in the Operation and Maintenance Reserve Account shall equal one-sixth (1/6th) of the Operation and Maintenance Expenses for the Dulles Corridor Enterprise Fund set forth in the Airports Authority’s current Fiscal Year budget.
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Operation and Maintenance Reserve Account. Section 7(b) is hereby amended by deleting such section in its entirety and replacing it with the following:
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Related to Operation and Maintenance Reserve Account

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Maintenance of Dominion Account Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Administrative Agent. Borrowers shall obtain an agreement (in form and substance reasonably satisfactory to Administrative Agent) from each lockbox servicer and Dominion Account bank, establishing Administrative Agent’s control over and Lien in the lockbox or Dominion Account, which may be exercised by Administrative Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Administrative Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Administrative Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • Records Maintenance; Access Contractor shall maintain all financial records relating to this Contract in accordance with generally accepted accounting principles. In addition, Contractor shall maintain any other records, books, documents, papers, plans, records of shipments and payments and writings of Contractor, whether in paper, electronic or other form, that are pertinent to this Contract (“Records”) in such a manner as to clearly document Contractor's performance. Contractor acknowledges and agrees that Agency and the Oregon Secretary of State's Office and the federal government and their duly authorized representatives will have access to such financial records and other Records that are pertinent to this Contract, whether in paper, electronic or other form, to perform examinations and audits and make excerpts and transcripts. Contractor shall retain and keep accessible all such financial records and other Records for a minimum of 6 years, or such longer period as may be required by applicable law, following final payment and termination of this Contract, or until the conclusion of any audit, controversy or litigation arising out of or related to this Contract, whichever date is later.

  • Maintenance, Etc The Company will maintain, preserve and keep, and will cause each Consolidated Subsidiary to maintain, preserve and keep, its properties which are used in the conduct of its business (whether owned in fee or a leasehold interest) in good repair and working order, ordinary wear and tear excepted, and from time to time will make all necessary repairs, replacements and renewals as the Company may determine to be appropriate to the conduct of its business.

  • Account Maintenance Trade Allocations Trade Reporting; (Futures) Daily Trade Checkout Daily Statement Reconciliation

  • Reserve Account (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders. (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies the Seller (who shall send such notification to the Trust Collateral Agent) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. (iii) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date. (b) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date. (c) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them.

  • Maintenance of Accounts If an institution maintaining the Bank Accounts ceases to be a Qualified Institution, the Servicer will, with the Indenture Trustee’s assistance as necessary, move the Bank Accounts to a Qualified Institution within 30 days.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Reserve Accounts All unexpended funds in project reserve accounts shall remain with the project to be used for the benefit of the property and/or its residents.

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