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) 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.
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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.
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. (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 the Basic Rent Payment Date to occur on April 30, 1998, the Security Agent shall transfer to the Operation and Maintenance Reserve Account from the cash available in the Revenue Account an amount equal to the Capacity Sales Reserve Amount then required. On each Basic Rent Payment Date, 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 unless and until the Required Operation and Maintenance Reserve Balance (less the amount, if any, then available for drawing under any Operation and Maintenance Reserve L/C provided by the Lessee pursuant to paragraph (iv) of this Section 7(b)) shall be on deposit in the Operation and Maintenance Reserve Account:
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:
Sample 1
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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.

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