Debt Service Reserve Account definition
Examples of Debt Service Reserve Account in a sentence
Any amount in the Debt Service Reserve Account in excess of the Debt Service Reserve Minimum (the "DSRA Excess") may be transferred to the relevant Proceeds Account on any Repayment Date.
Except as contemplated below, the Borrower shall, at all times, from the Reserve Account Funded Date maintain the balance in the Debt Service Reserve Account in an amount equal to or greater than the Debt Service Reserve Minimum.
With the prior written consent of the Lenders, the balance standing to the credit of the Debt Service Reserve Account may be applied by the Borrower to meet Debt Service Charges where there are insufficient funds in the relevant Proceeds Account to make such required payment, in whole or in part, at such time in accordance with the Cash Flow Waterfall.
Where amounts standing to the credit of the Debt Service Reserve Account have been applied in accordance with the previous sentence, such application shall not constitute an Event of Default so long as the Borrower shall, within four (4) months from such payment, ensure that the balance of the Debt Service Reserve Account is equal to or greater than the then applicable Debt Service Reserve Minimum.
The Project Cost Overrun Funding shall be in full force and effect, in the amounts set out in the definition of "Project Cost Overrun Funding" and remain available to fund: (i) Project Cost Overruns; (ii) the initial funding of the Debt Service Reserve Account in accordance with Section 10.3(m); (iii) the initial funding of the Operating Reserve Account in accordance with Section 10.3(n); and (iv) prior to the Tranche Two PCOF Funding Date, Permitted PCOF Usage.