Security Reserve Account. Immediately upon the occurrence of a Trigger Event, and for so long as the same is continuing, the Borrower shall, and shall cause its Subsidiaries to, deposit into the Security Reserve Account an amount equal to all cash Security Deposits received or deemed received pursuant to any Lease or the related Aircraft Purchase Agreement (and not previously utilized in accordance with the relevant Lease or Aircraft Purchase Agreement, as the case may be), and at all times will, and will cause its Subsidiaries to, pay all other Security Deposits received by such Person into the Security Reserve Account. The balance from time to time in the Security Reserve Account shall be subject to withdrawal only as provided herein and in the Security Agreement. To the extent a Lessee provides a letter of credit under the applicable Lease in substitution for any Security Deposit required to be paid thereunder, then if a Trigger Event shall have occurred and be continuing, the Borrower shall within a commercially reasonable period of time since such Trigger Event, but in any event no longer than 10 Business Days after such Trigger Event, deliver (or cause its designee to deliver) the original letter of credit to the Security Trustee and shall deliver to the Security Trustee original transfer documentation for such letter of credit to be transferred to the Security Trustee. To the extent the Trigger Event has been cured, the Security Trustee shall return any such letter of credit to the Borrower.
Security Reserve Account. On each Funding Date on which the Borrower acquires any Eligible Aircraft, the Borrower shall cause to be credited to the Security Reserve Account an amount equal to all cash Security Deposits received or deemed received pursuant to the related Aircraft Purchase Agreement, and at all times will, and will cause its Subsidiaries to, pay all other Security Deposits received by such Person into the Security Reserve Account. The balance from time to time in the Security Reserve Account shall be subject to withdrawal only as provided in the Security Agreement. Without limiting the foregoing, the beneficiary of any letter of credit provided in lieu of a cash Security Deposit or otherwise provided as security by a lessee under an Eligible Lease shall be the related Aircraft Owning Entity or Intermediate Lessee, as applicable.
Security Reserve Account. (a) The Facility Agent has sole signing rights on the Security Reserve Account. Pursuant to Clause 16 of the Security Deed, and for the purposes of the definition of "security financial collateral arrangement" in the Financial Collateral Arrangements (No. 2) Regulations 2003, the Security Agent (as collateral-taker) appoints the Facility Agent to act on its behalf in relation to any and all actions to be taken in respect of the Security Reserve Account as contemplated under this Agreement.
Security Reserve Account. Immediately upon the occurrence of a Trigger Event, and for so long as the same is continuing, such Borrower Group Company shall cause to be credited to the Security Reserve Account an amount equal to all cash Security Deposits received or deemed received pursuant to the related Aircraft Purchase Agreement or Lease, as the case may be (and not previously utilized in accordance with the relevant Lease or Aircraft Purchase Agreement, as applicable), and at all times will, and will cause its Subsidiaries to, pay all other cash Security Deposits received by such Person into the Security Reserve Account. In the absence of any continuing Event of Default, the Borrower may request that Security Deposits held in the Security Reserve Account be paid to the Borrower, for application in accordance with the provisions under the relevant Lease or Aircraft Purchase Agreement, including, for payment into the Collections Account to the extent of any unpaid amounts owing to any Borrower Group Company by the applicable Lessee. Upon the occurrence and during the continuance of any Event of Default, Security Deposits may not be paid from the Security Reserve Account as provided in this clause (f), without the consent of the Administrative Agent.
Security Reserve Account. (a) The Facility Agent has sole signing rights on the Security Reserve Account.
Security Reserve Account. Immediately upon the occurrence of a Trigger Event, and for so long as the same is continuing, such Borrower Group Company shall cause to be credited to the Security Reserve Account an amount equal to all cash Security Deposits received or deemed received pursuant to the related Aircraft Purchase Agreement or Lease, as the case may be (and not previously utilized in accordance with the relevant Lease or Aircraft Purchase Agreement, as applicable), and at all times will, and will cause its Subsidiaries to, pay all other cash Security Deposits received by such Person into the Security Reserve Account; provided that, if at any time after funds have been deposited in the Security Reserve Account as the result of a Trigger Event, such Trigger Event ceases to exist, the Security Trustee shall release all funds on deposit in the Security Reserve Account at the request and direction of the Borrower. In the absence of any continuing Event of Default, the Borrower may request that Security Deposits held in the Security Reserve Account be paid to the Borrower, for application in accordance with the provisions under the relevant Lease or Aircraft Purchase Agreement, including, for payment into the Collections Account to the extent of any unpaid amounts owing to any Borrower Group Company by the applicable Lessee. Upon the occurrence and during the continuance of any Event of Default, Security Deposits may not be paid from the Security Reserve Account as provided in this clause (g), without the consent of the Administrative Agent.
