Debt Service Reserve. Reserved.
Debt Service Reserve. Concurrently with the malcing of the Loan, Lender shall deposit into the Account the amount of the Debt Service Reserve, which Debt Service Reserve shall be held by Lender as additional security for Borrower's obligations under the Loan Documents. Lender shall not be deemed a trustee as to the Debt Service Reserve. Lender shall be entitled to draw on the Debt Service Reserve one or more times for the purpose of compensating Lender for any amounts due to Lender under this Agreement or the other Loan Documents by reason of an Event of Default occurring under any of the Loan Documents. Any amount drawn by Lender shall not be deemed: (a) to fix or determine the amounts to which Lender is entitled to recover under this Agreement or otherwise; (b) to waive or cure any default under this Agreement or the other Loan Documents; or (c) to limit or waive Lender's right to pursue any remedies provided for hereunder or under the other Loan Documents. If all or any portion of the Debt Service Reserve is drawn against by Lender pursuant to the provisions of this Section 7.24, Borrower shall, within ten (10) business days after written demand by Lender, deposit into the Account immediately available funds equal to the amount so drawn by Lender, such that at all times during the term of this Agreement Lender shall have the ability to draw upon the entire amount of the Debt Service Reserve. Borrower shall have the right to substitute a Letter of Credit for the Debt Service Reserve issued by a financial institution mutually acceptable to Lender and Borrower. In the event that Borrower substitutes a Letter of Credit, Borrower and Lender shall execute a Letter of Credit Agreement. Upon the satisfaction in full of all of Borrower's obligations under the Loan Documents, Lender shall return the Debt Service Reserve to Borrower.
Debt Service Reserve. The Company shall not permit the balance in the Debt Service Reserve Account to, at any time, be less than the amount of the Debt Service Reserve. The Company shall provide written notice to the Trustee if the balance in the Debt Service Reserve Account is less than the amount of the Debt Service Reserve.
Debt Service Reserve. Maintain and have available a debt service reserve in the Debt Service Reserve Account in an amount equal to the Debt Service Reserve Required Amount (the “Debt Service Reserve Requirement”) to be funded and maintained as set forth in the Depositary Agreement (it being understood that, after the Closing Date, if the Borrower and its Subsidiaries have insufficient amounts available to them to fund the Debt Service Reserve Account as required by the Depositary Agreement or fail to maintain a balance in the Debt Service Reserve Account that meets the Debt Service Reserve Requirement, the failure to so fund the Debt Service Reserve Account or maintain the Debt Service Reserve Requirement shall not be deemed a Default or an Event of Default hereunder).
Debt Service Reserve. The Debt Service Reserve Account has been fully funded (or Reserve Letters of Credit have been posted in lieu thereof).
Debt Service Reserve. On or before July 1, 2011, a portion of the unused Term Revolving Loan Commitment (in an amount equal to three monthly payments of principal and interest due under the Term Loan) shall be restricted for use as set forth in this Section 2.22, which amount may vary from time to time due to changes in monthly principal and interest payments due on the Term Loan, but shall at no time be less than the next three monthly payments of principal and interest due on the Term Loan (the “Required Debt Service Reserve Amount”). If at any time during the term of this Agreement, the amount of the Term Revolving Loan Commitment restricted for use as the Required Debt Service Reserve Amount is less than the next three monthly payments of principal and interest due under the Term Loan, the Borrowers shall: (A) no later than five (5) Business Days after such non-compliance occurs, prepay the Term Revolving Loan in an amount equal to the amount by which the sum of the Required Debt Service Reserve Amount and all outstanding Term Revolving Loan Advances exceed the Term Revolving Loan Commitment, (B) during the period Borrower has not fulfilled (A) above, make no Distributions, including Distributions or payments otherwise permitted under Sections 5.02(b), 5.02(k) or 5.02(l), and (C) make no other payments to its Affiliates, including accounts payable or other amounts. As and when any Obligation is past due, after any applicable grace or cure periods have expired, the Agent in its sole discretion, may make one or more Advances on the Term Revolving Loan for credit to its own account to be held for the benefit of the Banks in the amount of the then past due Obligation. Notwithstanding the foregoing, Agent shall have no obligation to make any such Advance: (i) if an Event of Default has occurred and is continuing, or (ii) for any purpose other than that for which the Debt Service Reserve was established; provided, however, that if an Event of Default has occurred and is continuing, the Agent in its sole discretion may make Advances on the Term Revolving Loan for the payment of any Obligation then past due in such order and manner as is consistent with the Agent’s obligations set forth in this Agreement. Advances made on the Term Revolving Loan by the Agent under this Section 2.22, may be made without the requirement of any consent by or notice to the Borrowers. Borrowers recognize and acknowledges that its obligation to pay required Obligations are absolute and unconditional and ...
Debt Service Reserve. The Borrowers shall ensure that the Debt Service Reserve Account is fully funded to the required amount within one (1) year following the Conversion Date.
Debt Service Reserve. The Company will create a Debt Service Reserve (the “DSR”) for the benefit of the holders of these Notes. The DSR will be funded with cash flow received by the Company from OTE BM Ltd. Monies deposited in the DSR can only be used for any Payment Amount. The DSR shall not exceed an amount equal to the outstanding Payment Amounts.
Debt Service Reserve. As a condition to making the Loan, Lender has required Borrower to establish the Debt Service Reserve to ensure that adequate funds are available for, among other things, payment of any Projected Deficit.
Debt Service Reserve. 55 6.4 Terra Nova UK Interest Reserve........................................................................ 55 6.5 Statutory Capital and Surplus......................................................................... 55 ARTICLE VII NEGATIVE COVENANTS
