Debt Service Reserve Fund. Pursuant to the Debt Service Reserve Fund Agreement, establish and maintain a debt service reserve fund with Lender equal to approximately three (3) months of debt service payments with respect to the Note as reasonably estimated by Lender, rounded upward to the nearest One Thousand Dollars ($1,000).
Debt Service Reserve Fund. (a) The Debt Service Reserve Fund shall be maintained in the custody of the Trustee as a trust fund. The Debt Service Reserve Fund shall secure a series of Parity Bonds only if the Supplemental Indenture for that series of Parity Bonds provides for the establishment of an account in the Debt Service Reserve Fund to secure those Parity Bonds and designates the Debt Service Reserve Requirement for those Parity Bonds. In the event that: (A) moneys on deposit in the Debt Service Fund are insufficient on any Interest Payment Date or principal payment date to pay interest or principal from the Debt Service Fund on such date for a series of Parity Bonds secured by an account of the Debt Service Reserve Fund, (B) amounts then available for such purpose in the Garage Gross Receipts Fund and the Garage Surplus Fund are not adequate to make up such insufficiency fully, and (C) amounts provided by APCOA pursuant to the APCOA Guaranty pursuant to demand therefor by the Trustee in accordance with Section 5.09 hereof are not adequate to make up such insufficiency fully, then the Trustee shall, without necessity for further authorization, direction or prior consent from or consultation with the State, withdraw such amounts as may be necessary to make up any such deficiency from the account in the Debt Service Reserve Fund securing that series of Parity Bonds and transfer such amounts to the Debt Service Fund for the payment of Debt Service on that series of Parity Bonds. If at any time the amounts on deposit in an Account of the Debt Service Reserve Fund are sufficient to pay all remaining Debt Service on the Bonds secured by such Account, then the amounts in that Account shall be transferred to the Debt Service Fund and applied to pay the remaining Debt Service on such Bonds.
Debt Service Reserve Fund. (a) (1) The Trustee shall deposit to the credit of the Debt Service Reserve Fund such proceeds of the sale of Bonds, if any, as shall be prescribed in the Supplemental Indenture authorizing the issuance of such Series of Bonds. If at any time the amount in the Debt Service Reserve Fund is not at least equal to the Debt Service Reserve Fund Requirement, the Corporation shall have no obligation to maintain or restore the Debt Service Reserve Fund to the Debt Service Reserve Fund Requirement other than as expressly provided in this Indenture.
Debt Service Reserve Fund. If provided for on Schedule I, Borrower shall pay to Lender on the Closing Date an amount equal to the Debt Service Reserve Deposit which shall be deposited into an account which shall be referred to as a “
Debt Service Reserve Fund. No reserve or replacement fund has been established for the Bonds.
Debt Service Reserve Fund. MRWPCA and MPWMD agree to equally fund the debt service reserve fund required for the SRF loan. MRWPCA agrees to invest the debt reserve fund in an interest-bearing account agreeable to both parties. MRWPCA agrees to remit to MPWMD one half of the interest earned on an annual basis through the final maturity of the SRF loan. Upon maturity of the SRF loan, MRWPCA agrees to remit to MPWMD one half of the debt reserve fund.
Debt Service Reserve Fund. (a) The Debt Service Reserve Fund shall be held by the Trustee for the benefit of the Bonds. If available moneys in the Debt Service Fund shall be insufficient to pay in full the interest on and principal of any Bonds becoming due on any Interest Payment Date, Principal Payment Date or any date on which Bonds have been called for redemption, the Trustee shall transfer an amount equal to the deficiency, from the Debt Service Reserve Fund to the Debt Service Fund for such purpose unless the Authority shall, by an Officer’s Certificate delivered to the Trustee prior to the Interest Payment Date, designate one or more Funds or Accounts from which an amount equal to the deficiency in the Debt Service Fund is required to be transferred to the Debt Service Fund.
Debt Service Reserve Fund. (a) The Borrower hereby agrees to establish and maintain, so long as the Loan remains unpaid, a debt service reserve account with the Lead Lender (the “Debt Service Reserve Fund”) in an amount equal to the Debt Service Reserve Fund Requirement to be applied as hereinafter set forth.
Debt Service Reserve Fund. In the event an Agency fails to pay when due any Washoe County P25 Interlocal - DRAFT obligation required to be paid to Washoe County under this Agreement in excess of 90 days from the date the obligation was required to be paid, that Agency shall be deemed to be in default under this Agreement.
Debt Service Reserve Fund. The Trustee shall establish an account styled "Noble/Paul Xxxxxx Xxxt Service Reserve Fund" (the "Debt Service Reserve Fund"), subject to the Trustee's sole dominion and control. From the proceeds received by the Issuer, upon the issuance of the Notes pursuant hereto and pursuant to the Note Purchase Agreements, Issuer shall deposit or cause to be deposited an amount in the Debt Service Reserve Fund equal to two (2) months worth of prepayments required on the Notes pursuant to Section 3.4(a) and (b). Five (5) Business Days prior to a Payment Date, the Trustee shall determine whether the sums received in the Collection Account pursuant to Section 4.1, 4.2 or 4.3 since the last preceding Payment Date together with the Working Capital Reserve Fund provided pursuant to Section 7.15 below will be sufficient to cover the required payments of principal and interest due on the Notes under Article 3 hereof on the next Payment Date. In the event the Trustee determines that insufficient funds are available as aforesaid, the Trustee will give notice to the Issuer and each Note Holder three (3) Business Days prior to the Payment Date that a shortfall (a "Shortfall") exists, the amount thereof, the basis for such Shortfall and the Trustee's intention to draw on the Debt Service Reserve Fund to cover such Shortfall. In such event, the Trustee will transfer an amount equal to the lesser of (i) the Shortfall and (ii) the balance in the Debt Service Reserve Fund to the Collection Account on the Business Day next preceding the Payment Date. Thereafter, from time to time, any Shortfall in the Debt Service Reserve Fund shall be replenished as provided in Section 4.1. In the event (A) the Parent executes and delivers the Capital Funding Agreement together with an opinion of counsel for the Parent in form and substance reasonably satisfactory to the Trustee as to the authorization and enforceability of the Capital Funding Agreement upon the Parent, (B) no Indenture Default or Indenture Event of Default exists and is continuing hereunder and (C) the then outstanding senior unsecured debt securities of Noble Corp. are rated Investment Grade, the Trustee shall distribute to the Issuer, upon the Issuer's request, all sums then held in the Debt Service Reserve Fund and such account shall be closed but if such debt securities of Noble Corp. at any time thereafter are not rated Investment Grade or are not rated then Issuer and Parent shall immediately re-open and fund the Debt Service ...
