Debt Service Sub-Account Sample Clauses
The Debt Service Sub-Account clause establishes a dedicated account within a broader financial structure specifically for the collection and payment of debt service obligations, such as principal and interest on loans. Typically, funds are periodically transferred into this sub-account from general revenues or other designated sources, ensuring that sufficient amounts are available to meet scheduled debt payments. This clause is essential for prioritizing debt repayment, providing assurance to lenders or bondholders, and reducing the risk of missed payments by segregating funds for this specific purpose.
Debt Service Sub-Account. Lender shall have the right to withdraw amounts from the Debt Service Sub-Account to pay: (i) default interest and late charges, if any, and any amounts then due and payable under the Note and the Loan Agreement, and (ii) the Monthly Debt Service Payment Amount on each Monthly Payment Date on which same are due and payable under the Loan Agreement.
Debt Service Sub-Account. Funds shall be deposited in the Debt Service Sub-Account in accordance with this Indenture and the other Transaction Documents. Funds held in the Debt Service Sub-Account will be denominated in USD, and thus any Collections in a foreign currency that are to be deposited therein will be converted to USD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.
Debt Service Sub-Account. Provided no Event of Default has occurred and is continuing, Trustee shall withdraw amounts from the Debt Service Sub-Account to pay (in the following priority): first, the interest due on each Interest Payment Date on which it is due and payable under the Notes and the Indenture; and second, all other amounts due and payable to the Trustee (other than principal and interest on the Notes), including any Applicable Premium on which such amounts are due and payable under the Notes and the Indenture.
Debt Service Sub-Account. The Debt Service Sub-Account shall be established in the name of the Issuer and shall be denominated in Rupees.
Debt Service Sub-Account. On each day that a payment of Debt Service is due under any Loan Document, Lender shall pay such obligation from the Debt Service Sub-Account provided no Event of Default exists.