Modifications and Improvements Account definition

Modifications and Improvements Account means the Modifications and Improvements Account established by the Depositary pursuant to the Depository Agreement.

Modifications and Improvements Account means the Modifications and Improvements Account established by the Depositary pursuant to the Depository Agreement. “Monthly Depreciation” means with respect to any Measuring Period, the aggregate depreciation expense of the Borrower for such Measuring Period in respect of the Portfolio Railcars, calculated for each such Portfolio Railcar based upon the Original Purchase Price therefor paid by the Borrower (in the case of Portfolio Railcars purchased by the Borrower from a seller other than TILC) or TILC (in the case of Portfolio Railcars transferred to the Borrower under the Asset Contribution and Purchase Agreement), using the straight-line method of depreciation and assuming a 10.00% residual value and a useful life of 35 years from the date of manufacture according to the following: Monthly Depreciation = ULM R ULM AR OPP )1( )1( 1 − × ×− − Where: “OPP” equals the Original Purchase Price with respect to such Portfolio Railcar; “R” equals 0.10 (the residual value of any Portfolio Railcar); “A” equals the age of such Portfolio Railcar, as of the Funding Date with respect to such Portfolio Railcar, expressed in months since date of manufacture; and

Modifications and Improvements Account means the Modifications and Improvements Account established by the Depositary pursuant to the Depository Agreement. “Monthly Amortization” means with respect to any Measuring Period for any Portfolio Railcar subject to a Finance Lease, the Net Investment Value of such Portfolio Railcar on the last day of the immediately preceding Measuring Period minus the Net Investment Value of such Portfolio Railcar on the last day of such Measuring Period. “Monthly Depreciation” means, “Monthly Depreciation” means(a) for any Portfolio Railcar subject to an Operating Lease, with respect to any Measuring Period, the aggregate depreciation expense of the Borrower for such Measuring Period in respect of the Portfolio Railcars, calculated for each such Portfolio Railcar based upon the Original Purchase Price therefor paid by the Borrower (in the case of Portfolio Railcars purchased by the Borrower from a seller other than TILC) or TILC (in the case of Portfolio Railcars transferred to the Borrower under the Asset Contribution and Purchase Agreement), using the straight-line method of depreciation and assuming a 10.00% residual value and a useful life of 35 years from the date of manufacture according to the following: Monthly Depreciation = ULM R ULM AR OPP )1( )1( 1     Where: “OPP” equals the Original Purchase Price with respect to such Portfolio Railcar; “R” equals 0.10 (the residual value of any Portfolio Railcar); “A” equals the age of such Portfolio Railcar, as of the Funding Date with respect to such Portfolio Railcar, expressed in months since date of manufacture; and “ULM” equals 420 (the useful life of any Portfolio Railcar, expressed in terms of months).; and 747656567 17557858 39 Fifth Amended and Restated Warehouse Loan Agreement

Examples of Modifications and Improvements Account in a sentence

• The Borrower shall cause the Depositary to create the Collection Account, the Custody Account, the Depository Account, the Liquidity Reserve Account, the Maintenance Reserve Account, the Discretionary Account and the Modifications and Improvements Account, in each case in accordance with the terms of the Depository Agreement.

• The Borrower may reinvest proceeds from an Event of Loss or Condemnation that have been deposited into the Modifications and Improvements Account as described above to fund all or a portion of the cost of one or more Required Modifications or Optional Modifications in respect of existing Railcars of the Borrower.

• In any other case, any such amounts in the Modifications and Improvements Account (and not otherwise applied) shall be transferred to the Net Cash Proceeds Account for application as Net Cash Proceeds on the next Settlement Date following the 181st day following their deposit.

• The Borrower shall cause the Depositary to create a Collection Account, a Liquidity Reserve Account, a Maintenance Reserve Account, a Security Deposits Account, an Operating Expenses Account, a Modifications and Improvements Account, a Net Cash Proceeds Account and a Substitution Account, in each case in accordance with the terms of the Depository Agreement.

• At any time in its discretion within 180 days of deposit into the Modifications and Improvements Account, the Borrower may also elect to transfer amounts so deposited in the Modifications and Improvements Account (and not otherwise applied) into the Net Cash Proceeds Account for application as Net Cash Proceeds for the Measuring Period in which such transfer is made.

• The Borrower shall cause the Depositary to create the Collection Account, the Depository Account, the Liquidity Reserve Account, the Maintenance Reserve Account, the Discretionary Account and the Modifications and Improvements Account, in each case in accordance with the terms of the Depository Agreement.

• In any other case, any such amounts in the Modifications and Improvements Account (and not otherwise applied) shall be transferred to the Collection Account for application as Net Cash Proceeds on the next Settlement Date following the 181st day following their deposit.

• El voto afirmativo de la mayoria de la Corte de Comisionados requerira al oficial dirigiendo la corte a actuar. Declaraciones hecha sin autorización por el publico, pisoteos fuertes, silbatos, gritos o cualquier otra demostración similar no seran permitidos.

• The Borrower shall cause the Depositary to create a Collection Account, an Operating Expenses Account, a Modifications and Improvements Account, an Optional Reinvestment Account and a Liquidity Reserve Account, in each case in accordance with the terms of the Depository Agreement.

• The Borrower shall cause the Depositary to create a Collection Account, a Liquidity Reserve Account, a Maintenance Reserve Account and a Modifications and Improvements Account, in each case in accordance with the terms of the Depositary Agreement.