Debt Service Reserve Accounts Clause Samples

Debt Service Reserve Accounts. (a) On the CCTP Funding Date and at all times thereafter, the Borrower shall cause the aggregate amount of cash and letters of credit (including Letters of Credit) on deposit in the Credit Agreement Debt Service Reserve Account to equal the Credit Agreement Debt Service Reserve Requirement. (b) On the first date required by any Additional First Lien Debt Facility and at all times thereafter, the Borrower shall cause the aggregate amount of cash and letters of credit on deposit in the applicable Additional Debt Service Reserve Account to equal the applicable Additional Debt Service Reserve Requirement. (c) The Depositary Bank shall transfer amounts from the Credit Agreement Debt Service Reserve Account to other Accounts if and as required under Section 3.11 and Section 3.5(d) of this Agreement and from any Additional Debt Service Reserve Account as required under Section 3.11 and Section 3.5(e) of this Agreement. (d) So long as no Trigger Notice is outstanding, upon receipt of a DSR Account Transfer Certificate duly completed and delivered in accordance with Section 2.7, certifying that the balance in the Credit Agreement Debt Service Reserve Account, calculated as the sum of cash, Letters of Credit and Acceptable Third Party DSR LCs on deposit in the Credit Agreement Debt Service Reserve Account, exceeds the Credit Agreement Debt Service Reserve Requirement and detailing the amounts to be withdrawn and transferred and/or amounts of Letters of Credit or Acceptable Third Party DSR LCs to be reduced, such excess amounts shall be applied as follows: (i) first, the beneficiary of such Acceptable Third Party DSR LC(s) shall deliver a reduction certificate to the financial institution(s) issuing the Acceptable Third Party DSR LC(s) standing to the credit of the Credit Agreement Debt Service Reserve Account, if any, (with a copy to the Depositary Bank and Collateral Agent) in the amount of the lesser of such excess and the outstanding face amount of such Acceptable Third Party DSR LC(s), (ii) second, to the extent any excess remains, the beneficiary of such Letter(s) of Credit shall deliver a reduction certificate to the Issuing Bank(s) issuing the Letter(s) of Credit standing to the credit of the Credit Agreement Debt Service Reserve Account, if any, (with a copy to the Depositary Bank and Collateral Agent) in the amount of the lesser of such remaining excess and the outstanding face amount of such Letter(s) of Credit (applied pro rata among such outstanding Lett...
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Debt Service Reserve Accounts. 23 SECTION 3.6. Deposits Irrevocable................................................. 23 ARTICLE IV
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Debt Service Reserve Accounts. The Loan Parties agree ----------------------------- that any DSR Credit Instrument delivered to the Collateral Agent in total or partial satisfaction of any
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Debt Service Reserve Accounts. (a) Commencing on the ----------------------------- Initial Funding Date, to the extent that a Debt Service Reserve Deficiency exists, revenues of the Project shall be applied, in the priority set forth in Section 9.28, to the Debt Service Reserve Accounts pro rata until such time as ------------ there is no Debt Service Reserve Deficiency. In the event that, as a result of payments made pursuant to Section 10(b) of the Security Agreement or otherwise, a Debt Service Reserve Deficiency arises, then the Company shall be obligated to deposit funds into the Debt Service Reserve Accounts pro rata in accordance with Section 9.28(b) until such time as no Debt Service Reserve Deficiency exists. If --------------- a Debt Service Reserve Deficiency arises and is not cured by the end of the immediately following Calculation Period, then the Company shall make a call pursuant to the Contingent Equity Contribution Agreement to the extent of such Debt Service Reserve Deficiency. (b) Funds in the Tax-Exempt Bond Debt Service Account (i) shall not be invested at a yield which is materially higher, within the meaning of Section 148 of the Code and taking into account yield reduction payments to the United States permitted under Treasury Regulation Section 1.148-5(c) or any similar regulation then in effect, than the yield of the Tax-Exempt Bonds, and (ii) shall be invested in investments traded on an established securities market for which the market price is paid, or shall be invested in obligations of the United States Treasury Department that are purchased directly from the United States Treasury; provided, however, that the foregoing limitations shall not be -------- applicable to funds invested in obligations the interest on which is excludable from gross income for federal income tax purposes. Funds in the Taxable Bond Debt Service Account may be invested without yield limitation.
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Debt Service Reserve Accounts. (a) (Establishment) Each Borrower shall, from the date of this Agreement until the Secured Money has been fully and finally paid and repaid, maintain a US dollar account styled [Name of Borrower] - Debt Service Reserve Account with the Agent. (b) (Terms) Each Debt Service Reserve Account must be opened on terms that only Authorised Officers of the Agent may authorise withdrawals or transfers from the Debt Service Reserve Account and those Authorised Officers will be the sole signatories to the Debt Service Reserve Account. The Agent shall cause those Authorised Officers to effect any withdrawal or transfer permitted by this clause.
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Debt Service Reserve Accounts. (a) The Borrower shall cause to be deposited into a Debt Service Reserve Account, (i) on or prior to the Project Completion Date, any funds withdrawn and transferred from the Construction Account pursuant to Section 5.02 (Construction Account), and (ii) following the Project Completion Date, on each Quarterly Payment Date, all amounts required pursuant to Section 5.03(b) (
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Debt Service Reserve Accounts. Each Borrower undertakes with each Creditor Party to ensure that on the date falling one month after the Drawdown Date (the "Relevant Drawdown Date") in respect of the first Advance relating to its Ship and on the same day in each subsequent month, there is transferred to the Debt Service Reserve Account in its name $7,500,000 multiplied by the Relevant Fraction, such transfer to be made up to the earlier of (i) 30 September 2018 in respect of Ship A and 31 July 2018 in respect of Ship B (the "Anticipated Termination Date") and (ii) the date on which it enters into a Subsequent Qualified Charterparty
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Debt Service Reserve Accounts. The Notes issued under this First Supplemental Indenture shall have the benefit of the Debt Service Reserve Accounts detailed in the Original Indenture and such accounts shall constitute Collateral securing the Notes issued hereunder as, and to the extent, specified in the Original Indenture.
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Debt Service Reserve Accounts 
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Related to Debt Service Reserve Accounts

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Debt Service Reserve Borrower shall establish and maintain a debt service reserve account (“Debt Service Reserve”). The account shall be deposited with Lender or in a safe and responsible depository designated by Lender. Such funds shall at all times remain under the control of Lender, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America or in such other investments as may be allowed by HUD. Such funds are to be drawn upon only with HUD’s consent, which consent may require replenishment to the minimum balance. The purpose of this reserve is to protect the insured loan in circumstances where ▇▇▇▇▇▇▇▇’s funds generated by the Project are insufficient to make the required debt service payments on the Note while other Project obligations remain current. Borrower shall deposit at endorsement of the Note an initial amount of $_________. Thereafter, the minimum allowable balance shall be $___________, and if at any time the balance of the Debt Service Reserve is less than the minimum allowable balance, Borrower shall make such deposits as necessary to cause the balance to be no less than such minimum allowable balance. The Borrower may make or take no Distribution at any time when the balance of that account is below the minimum allowable balance. Borrower shall carry the balance in this account on the financial records as a restricted asset. The Debt Service Reserve shall be invested in accordance with Program Obligations, and any interest earned on the investment shall be deposited in the Debt Service Reserve. Disbursements from such account shall only be made after consent, in writing, of HUD, which may be given or withheld in HUD’s sole discretion and upon such terms as approved by HUD. In the event of a notification of default under the terms of the Borrower’s Security Instrument pursuant to which the Indebtedness has been accelerated, a written notification by HUD to Borrower of a violation of this Agreement, or at such other times as determined solely by HUD, HUD may direct the application of the balance in such account to the amount due on the Indebtedness as accelerated or for such other purposes as may be determined solely by HUD. Where the Mortgaged Property is already subject to a security instrument insured or held by HUD as of the date hereof and this Agreement is now being executed by Borrower as of the date hereof, the Debt Service Reserve now to be established shall be equal to the amount due to be in such account under this Agreement, and payments hereunder shall begin with the first payment due on the Borrower’s Note after acquisition, unless some other method of establishing and maintaining the account is approved in writing by HUD. Upon ▇▇▇▇▇▇▇▇’s full satisfaction of all Lender and HUD obligations, Borrower shall receive any monies remaining in the Debt Service Reserve.

  • Reserve Accounts All unexpended funds in project reserve accounts shall remain with the Project to be used for the benefit of the property and/or its residents. The minimum replacement reserve deposit for projects shall be $ per unit per year. The on- going funding of the replacement reserve in this amount is a requirement of this Agreement during the Compliance Period, and the Owner shall maintain these reserves in a segregated account. Funds in the replacement reserve shall only be used for capital improvements or repairs. An operating reserve shall be funded in an amount equal to three months of estimated operating expenses and debt service under stabilized occupancy. Additional funding will be required only if withdrawals result in a reduction of the operating reserve account balance to 50% or less of the originally funded amount. An equal, verified operating reserve requirement of any other debt or equity source may be used as a substitute, and the reserve may be released following achievement of a minimum annual debt service ratio of 1.15 for three consecutive years following stabilized occupancy only to pay deferred developer fee. Upon Committee approval, operating reserve amounts in excess of industry norms may be considered “reasonable costs,” for purposes of this subsection, only for homeless assistance projects under the Non- Profit Set-Aside, as described in Section 10315(b), Special Needs projects, HOPE VI projects, or project based Section 8 projects. The original Sources and Uses budget and the final cost certification shall demonstrate the initial and subsequent funding of the operating reserves.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Reserve Account (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders. (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies the Seller (who shall send such notification to the Trust Collateral Agent) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. (iii) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date. (b) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date. (c) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them.