Common use of TRANSFER TO OPERATING ACCOUNT Clause in Contracts

TRANSFER TO OPERATING ACCOUNT. If on any day the balance of the Debt Service Reserve Account exceeds the Required Debt Service Reserve Balance calculated on such date and if no Default shall then have occurred and be continuing, the Borrower may instruct the Project Account Bank (Offshore) to transfer such excess on such date to the Operating Account. Without prejudice to the right of any Lender Party to obtain any repayment or prepayment of any Obligation from the Project Accounts, no amounts other than amounts referred to in this clause may be disbursed from the Debt Service Reserve Account.