Slot License definition
Examples of Slot License in a sentence
The Gates Option shall only be exercisable in the event that US Airways defaults under the Slot License or is in default under either of the Jet Service Agreements and such default is not cured by US Airways within thirty (30) days of receipt of written notice of default by Investor; provided that Investor must exercise the Gates Option within thirty (30) days after the expiration of such cure period.
A default under the Slot License shall constitute a default under the Jet Service Agreements giving rise to the Investors’ right to terminate either or both Jet Service Agreements.
In the event that US Airways materially defaults on either of the Jet Service Agreements or the Owned Aircraft Leaseback or the Jet Service Agreements otherwise terminate, other than in connection with a material breach by Chautauqua/Republic thereunder, the Slot License will terminate.
No amounts on deposit in the Slot License Account shall be available to the Borrower, Holdings or any other Credit Party for any other purpose and no Person shall have any claim or third-party rights of any kind against such funds.
On or prior to the Closing Date, the Borrower shall establish at Account Bank, an account which shall constitute the Slot License Account: account number #2000061913668.
Any funds remaining in the Slot License Account after the issuance of the Slot License may, upon the prior written approval of the Administrative Agent, be deposited into the Construction Funds Account.
A default under the Slot License shall constitute a default under the Jet Service Agreements giving rise to the Investors' right to terminate either or both Jet Service Agreements.
For purposes of this Section 1.3.6(c), prior to any disbursements from the Slot License Account to pay the Slot License fee or any ITW Payments, the Administrative Agent must have received an opinion from the Borrower’s counsel, in form and substance acceptable to the Administrative Agent, certifying that all conditions, approvals and payments have been made or satisfied for the Borrower to receive the Slot License, other than the final Slot License fee payment and specified ITW Payments.
A portion of the Loan shall be deposited into the Slot License Account in an amount equal to $3,013,451.69 on the Closing Date and such deposit (less applications by the Administrative Agent as set forth herein) shall be maintained in the Slot License Account pursuant to the terms of this Agreement.
Accordingly, Owner covenants and agrees that it will not oppose Optionee and/or Optionee's agents and representatives in applying for, securing and maintaining such licenses, approvals and other consents, permits and/or agreements as Optionee may deem necessary or desirable in connection with Optionee's plans for the Property including, but not limited to, Optionee's application for a Category 2 Slot License.