Common use of Rental Accounts Clause in Contracts

Rental Accounts. Unless the Administrative Agent reasonably determines that for tax, regulatory or legal reasons or if a Lessee has requested that such amounts shall be deposited into another Rental Account (including any Non-Agent Account), with respect to any ACS Group Aircraft held by the ACS Bermuda Group, all Rental Payments, Maintenance Reserves that are not Segregated Funds and other amounts received pursuant to any Related Collateral Document related to such ACS Group Aircraft shall be deposited into the Bermuda Rental Account and, with respect to any ACS Group Aircraft held by the ACS Ireland Group, all Rental Payments, Maintenance Reserves that are net Segregated Funds and other amounts received pursuant to any Related Collateral Document related to such ACS Group Aircraft shall be deposited into the Irish Rental Account. Except with respect to amounts, if any, that for local tax or other regulatory or legal reasons must be retained on deposit or as to the transfer of which the Administrative Agent determines there is any substantial uncertainty all amounts shall be transferred to the Collections Account within three Business Days of their receipt (or, with respect to any Non-Agent Account or the Irish Rental Account, within three Business Days of their receipt). If the Administrative Agent determines that, for any tax or other regulatory or legal reason, any such Collections may not be deposited into an account in the name of the Collateral Agent, or if a Lessee has requested that all Payments be made to an account in the name of the applicable ACS Group Member, then, notwithstanding the requirements of Section 3.01(a) hereof, the relevant ACS Group Member may establish one or more Rental Accounts (each, a “Non-Agent Account”), for such Collections in its own name or in the name of a nominee or Facility Agent acting on its behalf (but subject to the direction and control of the Administrative Agent on behalf of the Collateral Agent) at any Eligible Institution provided that the ACS Group Member that is the lessor under the relevant Lease is or becomes a party to a Security Document with respect to such Account. Notwithstanding anything to the contrary set forth in this Section 3.01(g), if any ACS Group Member receives any “Rent Payment” or “Maintenance Payment” (as defined in the Purchase Agreement) attributable to the period prior to the Initial Closing Date, the Administrative Agent shall take appropriate actions so that the amount so attributable is paid to the applicable Seller.

Rental Accounts. Unless the Administrative Agent reasonably determines that for tax, regulatory or legal reasons or if a Lessee has requested that such amounts shall be deposited into another All Rental Account (including any Non-Agent Account), with respect to any ACS Group Aircraft held by the ACS Bermuda Group, all Rental Payments, Maintenance Reserves that are not Segregated Funds Payments and other amounts received pursuant to any Related Collateral Document related to such ACS Group Aircraft shall be deposited into the Bermuda such Rental Account and(including any Non-Trustee Account) as the Cash Manager may determine or as provided for in the Cash Management Agreement or, with respect to any ACS Group Aircraft held by the ACS Ireland Group, all Rental Payments, Maintenance Reserves that are net Segregated Funds Payments and other amounts received pursuant to any Related Collateral Document related to such ACS Group Aircraft shall be deposited into the Irish Rental Account. Except with respect to amounts, if any, that for local tax or other regulatory or legal reasons must be retained on deposit or as to the transfer of which the Cash Manager determines (based on information provided to the Cash Manager in a Written Notice from the Administrative Agent determines Agent) there is any substantial uncertainty uncertainty, all amounts shall be transferred to the Collections Account so deposited shall, within three one Business Days Day of their receipt (or, with respect to any Non-Agent Trustee Account or the Irish Rental Account, within three Business Days of their receipt), be transferred by the Cash Manager to the Collections Account. If the Cash Manager determines (based on information provided to the Cash Manager in a Written Notice from the Administrative Agent determines Agent) that, for any tax or other regulatory or legal reason, any such Collections may not be deposited into an account in the name of the Collateral Agent, or if a Lessee has requested that all Payments be made to an account in the name of the applicable ACS Group MemberSecurity Trustee, then, notwithstanding the requirements of Section 3.01(a) hereof, the relevant ACS Group Member may establish one or more Rental Accounts (each, a “"Non-Agent Trustee Account”"), for such Collections in its own name or in the name of a nominee or Facility Agent trustee acting on its behalf (but subject to the direction and control of the Administrative Agent Cash Manager on behalf of the Collateral AgentSecurity Trustee) at any Eligible Institution provided that the ACS Group Member that is the lessor under the relevant Lease is or becomes a party to a Security Document with respect to such Account. Notwithstanding anything to the contrary set forth in this Section 3.01(g), if any ACS Group Member receives any “Rent Payment” or “Maintenance Payment” (as defined in the Purchase Agreement) attributable to the period prior to the Initial Closing Date, the Administrative Agent shall take appropriate actions so that the amount so attributable is paid to the applicable Seller.

Rental Accounts. Unless the Administrative Agent reasonably determines that for tax, regulatory or legal reasons or if a Lessee has requested that such amounts shall be deposited into another All Rental Account (including any Non-Agent Account), with respect to any ACS Group Aircraft held by the ACS Bermuda Group, all Rental Payments, Maintenance Reserves that are not Segregated Funds Payments and other amounts received pursuant to any Related Collateral Document related to such ACS Group Aircraft shall be deposited into the Bermuda such Rental Account and(including any Non-Trustee Account) as the Cash Manager may determine or as provided for in the Cash Management Agreement or, with respect to any ACS Group Aircraft held by the ACS Ireland Group, all Rental Payments, Maintenance Reserves that are net Segregated Funds Payments and other amounts received pursuant to any Related Collateral Document related to such ACS Group Aircraft shall be deposited into the Irish Rental Account. Except with respect to amounts, if any, that for local tax or other regulatory or legal reasons must be retained on deposit or as to the transfer of which the Cash Manager determines (based on information provided to the Cash Manager in a Written Notice from the Administrative Agent determines Agent) there is any substantial uncertainty uncertainty, all amounts shall be transferred to the Collections Account so deposited shall, within three one Business Days Day of their receipt (or, with respect to any Non-Agent Trustee Account or the Irish Rental Account, within three Business Days of their receipt), be transferred by the Cash Manager to the Collections Account. If the Cash Manager determines (based on information provided to the Cash Manager in a Written Notice from the Administrative Agent determines Agent) that, for any tax or other regulatory or legal reason, any such Collections may not be deposited into an account in the name of the Collateral Agent, or if a Lessee has requested that all Payments be made to an account in the name of the applicable ACS Group MemberSecurity Trustee, then, notwithstanding the requirements of Section 3.01(a) hereof, the relevant ACS Group Member may establish one or more Rental Accounts (each, a “Non-Agent Trustee Account”), for such Collections in its own name or in the name of a nominee or Facility Agent trustee acting on its behalf (but subject to the direction and control of the Administrative Agent Cash Manager on behalf of the Collateral AgentSecurity Trustee) at any Eligible Institution provided that the ACS Group Member that is the lessor under the relevant Lease is or becomes a party to a Security Document with respect to such Account. Notwithstanding anything to the contrary set forth in this Section 3.01(g), if any ACS Group Member receives any “Rent Payment” or “Maintenance Payment” (as defined in the Purchase Agreement) attributable to the period prior to the Initial Closing Date, the Administrative Agent shall take appropriate actions so that the amount so attributable is paid to the applicable Seller.