Debt Service Payment Account Sample Clauses

Debt Service Payment Account. The Collateral Agent shall cause monies on deposit in the Debt Service Payment Account to be applied to pay all amounts payable by Borrower to FFB and DOE under the Loan Documents including, without limitation, interest and principal on the DOE-Guaranteed Loan and all other costs, fees and expenses arising under the Loan Documents, as and when all such amounts are due and payable.
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Debt Service Payment Account. Monies on deposit in or ---------------------------- credited to the Debt Service Payment Account shall be allocated ratably (based on an Officer's Certificate of the Issuer provided to the Administrative Agent) among sub-accounts of the Debt Service Payment Account for each credit facility (including the Bonds) constituting a Senior Secured Obligation, based on the principal of, premium, if any, and interest due or becoming due, and fees, indemnities or other amounts owed in respect of such credit facility on the next succeeding payment date therefor (other than the principal of any Debt Service Reserve LOC Loans). On any date that amounts for the payment of such Senior Secured Obligations are due and payable and have been specified in a Funding Date Certificate delivered to the Administrative Agent in accordance with Section ------- 3.1(b)(iii) (or if such day is not a Business Day, then on the next succeeding ----------- Business Day) and have been allocated to a sub-account of the Debt Service Payment Account applicable to such Senior Secured Obligations, the Administrative Agent shall remit such amounts to the Persons specified in such Funding Date Certificate for the payment of such Senior Secured Obligations; provided, however, that the Administrative Agent shall segregate such amounts -------- ------- from any other monies on deposit in the Debt Service Payment Account until such time as payment is made to the Persons entitled thereto. The Issuer hereby instructs the Collateral Agent and the Administrative Agent to make all such payments in respect of the Bonds directly to the Trustee for deposit into the Bond Fund in accordance with the terms of Section 3.3 of the Indenture, and the ----------- Collateral Agent and the Administrative Agent hereby acknowledge receipt of such instruction. In the event that Monies on deposit in or credited to the Debt Service Payment Account exceed the amount of Monies required by this Agreement to be deposited therein or credited thereto after giving effect to the payments made pursuant to this Section 3.4, the Administrative Agent shall transfer such ----------- excess amounts from the Debt Service Payment Account to the Revenue Account at the written direction of the Issuer.
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Debt Service Payment Account. A securities account entitled the “Solyndra Fab 2 LLC—Debt Service Payment Account Subject to the Security Interest of U.S. Bank National Association as the Collateral Agent” (the “Debt Service Payment Account”) is established and will be maintained at the Collateral Agent’s Office.
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Debt Service Payment Account. Proposed Transfer/Withdrawal Instructions delivered by the Borrower pursuant to Section 6.4.1 with respect to a Monthly Transfer/Withdrawal Date coinciding with a Quarterly Payment Date shall instruct the Collateral Agent to disburse, transfer and/or withdraw funds from the Debt Service Payment Account (after giving effect to the transfers and deposits referred to in Section 7.1.2 and 9.1.1) to each relevant Secured Party in the amount of Debt Service then due to such Secured Party under the Loan Documents and on the date(s) when due.
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Debt Service Payment Account. (a) On any date that amounts for the payment of any principal, interest, premium and Liquidated Damages, if any, on the Senior Secured Notes and any principal, interest and premium, if any, on any other Senior Secured Obligations, in each case, for which a Withdrawal Certificate has been delivered by the Issuer at least three (3) Business Days prior to such date (or if such day is not a Business Day, then on the next succeeding Business Day), the Depositary shall withdraw the monies on deposit in the relevant sub-account of the Debt Service Payment Account, and remit such monies to the Persons entitled thereto for the payment of such principal, interest, premium and Liquidated Damages, if any; provided, however, that the Depositary shall segregate such amounts from any other amounts on deposit in the Debt Service Payment Account until such time as payment is made to Persons entitled thereto.
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Debt Service Payment Account. The Depositary Bank shall establish a segregated, non-interest bearing and irrevocable account of the Borrower entitled “Debt Service Payment Account” to be maintained with the Depositary Bank, initially having account number XXXXXXXXXX (together with any successor account, the “Debt Service Payment Account”). No payments shall be made out of such account except on the terms herein stated.
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Debt Service Payment Account. (a) The Borrower shall cause all amounts directed to be transferred pursuant to Section 3.1(b) clause Third and Fourth to be deposited into the Debt Service Payment Account.
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Related to Debt Service Payment Account

  • 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 Reserved.

  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

  • Debt Service The provisions of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner.

  • Collection of Mortgage Loan Payments; Certificate Account; Distribution Account (a) The Master Servicer shall make reasonable efforts in accordance with the customary and usual standards of practice of prudent mortgage servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charge or any prepayment charge or penalty interest in connection with the prepayment of a Mortgage Loan and (ii) extend the due dates for payments due on a Mortgage Note for a period not greater than 180 days; provided, however, that the Master Servicer cannot extend the maturity of any such Mortgage Loan past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date. In the event of any such arrangement, the Master Servicer shall make Advances on the related Mortgage Loan in accordance with the provisions of Section 4.1 during the scheduled period in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such arrangements. The Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law.

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”).

  • Interest Bearing Account If the Province provides Funds before the Recipient’s immediate need for the Funds, the Recipient will place the Funds in an interest bearing account in the name of the Recipient at a Canadian financial institution.

  • Collection Account and Distribution Account (a) On behalf of the Trust Fund, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (each such account or accounts, a “Collection Account”), held in trust for the benefit of the Trustee and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the related clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of good funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or before the related Cut-off Date, or payments (other than Principal Prepayments) received by it on or prior to the related Cut-off Date but allocable to a Due Period subsequent thereto):

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