Retention of Deposit After Cessation. Notwithstanding any other provision of the Agreement to the contrary, during the period not to exceed ***** from the earlier of termination of this Agreement or the date upon which Carrier permanently ceases flight operations, Member and Servicer may retain the Deposit and Letters of Credit until such time as the Servicer determines that Carrier has no further Obligations or potential Obligations, without any obligation to remit funds to Carrier until such time (provided, however, the Deposit shall not exceed Gross Exposure at any time). During any such period, Carrier may substitute cash collateral in lieu of any Letter of Credit that may be posted, provided that any such substitution is undertaken in a manner that does not expose Member or Servicer to liability for a preferential transfer under 11 U.S.C. §547.
Retention of Deposit After Cessation. Notwithstanding any other provision of the Agreement to the contrary, during the period not to exceed ***** from the earlier of termination of this Agreement or the date upon which Carrier permanently ceases flight operations, Member may retain the Deposit and Letters of Credit until such time as the Member reasonably determines that Carrier has no further Obligations or potential Obligations (excluding indemnification obligations for which no claim has been asserted) without any obligation to remit funds to Carrier until such time. For clarity, Member acknowledges that, unless Carrier has ceased or substantially reduced its flight operations, they shall release the Deposit to Carrier pursuant to Section 3(b) of this Exposure Protection Schedule as the Gross Exposure reduces pursuant to the Methodology set forth in Section 8 of this Exposure Protection Schedule so long as the Aggregate Protection equals the Required Amount and any remaining balance shall be released on or before ***** from the earlier of termination of this Agreement or the date upon which Carrier permanently ceases flight operations.
Retention of Deposit After Cessation. Notwithstanding any other provision of the Agreement to the contrary, during the period not to exceed ***** from the earlier of termination of this Agreement or the date upon which Carrier permanently ceases flight operations, Member and Servicer may retain the Deposit and Letters of Credit until such time as the Servicer determines that Carrier has ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. no further Obligations or potential Obligations, without any obligation to remit funds to Carrier until such time (provided, however, the Deposit shall not exceed Gross Exposure at any time). During any such period, Carrier may substitute cash collateral in lieu of any Letter of Credit that may be posted, provided that any such substitution is undertaken in a manner that does not expose Member or Servicer to liability for a preferential transfer under 11 U.S.C. §547.
Retention of Deposit After Cessation. Notwithstanding any other provision of the Agreement to the contrary, during the period not to exceed ***** months from the earlier of termination of this Agreement or the date upon which Carrier permanently ceases flight operations, Member and Servicer may retain the Deposit and Letters of Credit so that the Aggregate Protection at least equals the Required Amount on each day. As the Required Amount is reduced because Gross Exposure has been reduced, Servicer is obligated to remit sufficient funds from the Deposit and/or return the Letter of Credit to Carrier within two (2) business days of such determination so that the Aggregate Protection does not exceed the Required Amount. Subject to the foregoing and the eighteen month time frame, Servicer shall continue to hold the Deposit and/or Letters of Credit until Servicer has determined that Carrier has no further Obligations or potential Obligations and Servicer shall be without any obligation to remit funds to Carrier until such time. ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. (U.S. Transactions) [6.2.36] [U.S. Bank – Signatory Agreement.pdf]
