Mandatory Loan Prepayments; L/C Reimbursements. Except during a Default Period, on each Special Senior Debt Prepayment Date with respect to a mandatory prepayment of Bank Loans and/or Institutional Loans pursuant to Section 7.3 of the Project Loan Agreement, and on each L/C Reimbursement Date, on which there shall be insufficient funds in the Prepayment Subaccount or the L/C Cash Collateral Subaccount, as the case may be, of the Special Payment Account and in the Additional Collateral Account to make all of the transfers required pursuant to Section 5.7(c) or 5.7(d), as the case may be, the Security Agent shall, on such date, transfer from the Debt Service Reserve Account to the Persons specified in Section 5.7(c) or 5.7(d), as the case may be, the amounts then due and payable to such Persons pursuant thereto (after giving effect to transfers by the Security Agent from the Prepayment Subaccount or the L/C Cash Collateral Subaccount, as the case may be, and from the Additional Collateral Account on such date of all funds on deposit therein in accordance with Sections 5.7(c) or 5.7(d), as the case may be, and Section 5.5(c)).
Appears in 2 contracts
Samples: Deposit and Intercreditor Agreement (Cogentrix Energy Inc), Deposit and Intercreditor Agreement (Cogentrix Energy Inc)
Mandatory Loan Prepayments; L/C Reimbursements. Except during a Default Period, on each Special Senior Debt Prepayment Date with respect to a mandatory prepayment of Bank Loans and/or Institutional Loans pursuant to Section 7.3 of the Project Loan Agreement, and on each L/C Reimbursement Date, on which there shall be insufficient funds in the Prepayment Subaccount or the L/C Cash Collateral Subaccount, as the case may be, of the Special Payment Account and in the Additional Collateral Account to make all of the transfers required pursuant to Section 5.7(c) or 5.7(d), as the case may be, the Security Agent shall, on such date, transfer from the Debt Service Reserve Additional Collateral Account to the Persons specified in Section 5.7(c) or 5.7(d), as the case may be, the amounts then due and payable to such Persons pursuant thereto (after giving effect to transfers by the Security Agent from the Prepayment Subaccount or the L/C Cash Collateral Subaccount, as the case may be, and from the Additional Collateral Account on such date of all funds on deposit therein in accordance with Sections 5.7(c) or 5.7(d), as the case may be, and Section 5.5(c)).. 33 28
Appears in 1 contract
Samples: Deposit and Intercreditor Agreement (Cogentrix Energy Inc)
Mandatory Loan Prepayments; L/C Reimbursements. Except during a Default Period, on each Special Senior Debt Prepayment Date with respect to a mandatory prepayment of Bank Loans and/or Institutional Loans pursuant to Section 7.3 of the Project Loan Agreement, and on each L/C Reimbursement Date, on which there shall be insufficient funds in the Prepayment Subaccount or the L/C Cash Collateral Subaccount, as the case may be, of the Special Payment Account and in the Additional Collateral Account to make all of the transfers required pursuant to Section 5.7(c) or 5.7(d), as the case may be, the Security Agent shall, on such date, transfer from the Debt Service Reserve Additional Collateral Account to the Persons specified in Section 5.7(c) or 5.7(d), as the case may be, the amounts then due and payable to such Persons pursuant thereto (after giving effect to transfers by the Security Agent from the Prepayment Subaccount or the L/C Cash Collateral Subaccount, as the case may be, and from the Additional Collateral Account on such date of all funds on deposit therein in accordance with Sections 5.7(c) or 5.7(d), as the case may be, and Section 5.5(c)).
Appears in 1 contract
Samples: Deposit and Intercreditor Agreement (Cogentrix Energy Inc)