Engine Reserves definition

Engine Reserves means, as of any date of determination, (a) Landlord Reserves in respect of Whole Engines, and (b) those reserves that Agent deems necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(c), to establish and maintain with respect to Eligible Whole Engine Collateral, including based on the results of appraisals.
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Engine Reserves shall have the meaning set forth in the Lease Supplement.
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Engine Reserves to the extent adequate to cover off wing major shop visit work required due to normal Exhaust Gas Temperature ("EGT") margin deterioration, and the replacement or restoration of parts necessary for the engine to meet manufacturers specification and limitations for reinstallation on an aircraft, provided Lessee first presents maintenance facility invoices or a workscope satisfactory to Lessor evidencing the work completed or intended for such maintenance or repair. Lessee shall have the right to apply Engine Reserves only if no Event of Default has occurred and is continuing. In the event that Engine Reserves are not sufficient to pay for such maintenance and repair, Lessee shall pay any deficiency. The obligations, covenants and liabilities of Lessee under this provision arising prior to return of the Equipment to Lessor shall continue in full force and effect notwithstanding any termination arising out of an Event of Default under any Lease or otherwise, until such time as Lessor has received all sums and performances to which it is entitled under any Lease.
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Examples of Engine Reserves in a sentence

  • The Reserve Interest shall form a part of the Airframe Reserves, Engine Reserves and Landing Gear Reserves, respectively.

  • All Reserves paid by LESSEE to LESSOR will be held by LESSOR in separate accounts for each of the Airframe Reserves, Engine Reserves and Landing Gear Reserves, respectively, and shall be disbursed by LESSOR only to pay for Covered Maintenance pursuant to Section 7(D) hereof.

  • Commencing on the first anniversary of the Effective Date and continuing on the anniversary of the Effective Date in each consecutive year during the Term, the per Cycle amount payable by LESSEE to LESSOR with respect to Engine Reserves shall be increased by three and one-half (3.5%) percent from the per Cycle amount of Engine Reserves payable in the preceding year.

  • LESSEE shall pay to LESSOR, on each Maintenance Reserve Date, the Airframe Reserves, the Engine Reserves and the Landing Gear Reserves for the previous Rent Period (each a "Reserve" and collectively, the "Reserves").

  • If an Engine is utilized by LESSEE on the Aircraft or on any other airframe (or if the Engine is utilized by any sublessee or user under a pooling arrangement in accordance with this Lease) at a thrust rating greater than the thrust rating set forth in Exhibit A, LESSEE will promptly notify LESSOR and the Engine Reserves amounts set forth in Article 5.

  • LESSEE may not submit any invoice for reimbursement from the Engine Reserves or Landing Gear Reserves after the Termination Date unless on or prior to such date LESSEE has notified LESSOR in writing that such outstanding invoice will be submitted after the Termination Date and the anticipated amount of such invoice.

  • If on any occasion the balance in the Engine Reserves or Landing Gear Reserves for a particular Engine or Landing Gear (at the time of removal, in the case of an Engine or the Landing Gear) is insufficient to satisfy a claim for reimbursement in respect of such Engine or the Landing Gear, as applicable, the shortfall may not be carried forward or made the subject of any further claim for reimbursement.

  • LESSEE will be entitled to reimbursement from the Engine Reserves and the Landing Gear Reserves after the work is completed and the Engine or Landing Gear has left the repair agency, by submitting invoices and proper documentation within six (6) months after completion of the work.

  • From and after the Closing Date, the Lessee shall look only to the New Lessor for the reimbursement of the Security Deposit and any Engine Reserves in accordance with the provisions of the Amended and Restated Engine Lease.

  • Upon termination of the Lease Term or earlier termination of any Lease the unapplied Engine Reserves and Use Fees shall be the property of Lessor free and clear of any interest of the Lessee.


More Definitions of Engine Reserves

Engine Reserves and collectively "Reserves"): A total of US$ 245, as follows: Airframe Reserve: US$ 75 per airframe flight hour Engine Reserve: US$ 85 per Engine per flight hour (payable when the Engine is utilized on the Aircraft or another aircraft)
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Engine Reserves shall have the meaning ascribed to it in Section 6(b) hereof.
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Related to Engine Reserves

  • PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

  • free reserves means such reserves which, as per the latest audited balance sheet of a company, are available for distribution as dividend:

  • Availability Reserves means, without duplication of any other Reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves as the Agent from time to time determines in its discretion as being appropriate (a) to reflect the impediments to the Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Agent determines may need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which the Agent believes in good faith could adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Agent’s discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) customer deposits, (viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves and (xii) royalties payable in respect of licensed merchandise.

  • Aggregate Reserves means, on any date of determination, the sum of the Loss Reserve, the Dilution Reserve and the Servicing and Yield Reserve.

  • FF&E Reserve shall have the meaning given such term in Section 5.1.2(a).