Examples of Debt Service Reserve Fund Requirement in a sentence
If any Account in the 2011 Debt Service Reserve Fund contains less than the 2011 Debt Service Reserve Fund Requirement for such Account, the Trustee shall transfer into such Account an amount equal to the amount needed to restore the balance in such Account to the 2011 Debt Service Reserve Fund Requirement for such Account.
If, at any time, the monies and securities in the Debt Service Reserve Fund are in excess of the Debt Service Reserve Fund Requirement, and the use or transfer of such excess is not otherwise provided for in the General Resolution, the Trustee, upon the written request of the Agency, shall transfer such excess to and deposit the same in the Revenue Fund.
The Agency obligates and binds itself irrevocably to pay, or cause to be paid, an amount equal to the Debt Service Reserve Fund Requirement.
Except to the extent otherwise provided in the applicable Supplemental Resolution, the application of amounts on deposit in the General Reserve Fund to any lawful use by the Agency permitted by this paragraph shall only be made if the amounts on deposit in the Debt Service Reserve Fund when valued at the lesser of par or Amortized Value, are at least equal to the Debt Service Reserve Fund Requirement.
Any income or interest earned by, or increment to, the Debt Service Reserve Fund due to the investment thereof, shall, upon written direction of an Authorized Officer, be transferred as earned by the Trustee to the Revenue Fund, but only to the extent that any such transfer will not reduce the amount of the Debt Service Reserve Fund below the Debt Service Reserve Fund Requirement.