Deposits into the Debt Service Reserve Account Sample Clauses

Deposits into the Debt Service Reserve Account. On the Closing Date, the Borrower shall Fully Fund the Debt Service Reserve Account up to the DSR Requirement Amount as of the Closing Date with a DSR Guaranty. Thereafter, on each date referred to in the next sentence, the Borrower shall Fully Fund the Debt Service Reserve Account with, to the extent available, (x) cash withdrawals from the Revenue Account permitted under Section 2.19(c)(v) and/or (y) one or more additional DSR Guarantees (or supplements to existing DSR Guarantees) and/or DSR Letters of Credit. Immediately prior to each Quarterly Date and on each ECF Sweep Date (prior to the application of such mandatory prepayment required pursuant to Section 2.09(c)) after the Closing Date, the Borrower shall deposit or cause to be deposited in the Debt Service Reserve Account an aggregate amount (the “DSR Increase Payment”) equal to no less than the amount necessary (if any) to Fully Fund the Debt Service Reserve Account as of such date; provided, that if such aggregate amount then available from the Revenue Account is less than the DSR Increase Payment, the full amount of such available amounts on deposit in the Revenue Account shall be deposited into the Debt Service Reserve Account, it being understood that the failure to fund the full DSR Increase Payment in accordance with this proviso shall not be deemed a Default or Event of Default hereunder.
Sample 1
AutoNDA by SimpleDocs
Deposits into the Debt Service Reserve Account. On the date of the Closing, the Grantor will deposit the Minimum Debt Service Reserve Requirement into the Debt Service Reserve Account. Thereafter, (i) on each date on which Debt Service other than in respect of payments of interest is due and owing and on which the Collateral Agent instructs the Securities Intermediary to make a withdrawal from the Debt Service Reserve Account in accordance with Section 7(c)(i), (ii) within five days of the date on which Debt Service in respect of payments of interest is due and owing and on which the Collateral Agent instructs the Securities Intermediary to make a withdrawal from the Debt Service Reserve Account in accordance with Section 7(c)(i) or (iii) on any other date on which the balance in the Debt Service Reserve Account is less than the Minimum Debt Service Reserve Requirement as a result of any loss, fee, tax or other charge resulting from any Permitted Investments held in the Debt Service Reserve Account in accordance with Section 7(b), the Grantor shall deposit into the Debt Service Reserve Account any funds necessary to cause the amount credited to the Debt Service Reserve Account to equal the then applicable Minimum Debt Service Reserve Requirement. For the avoidance of doubt, if the Grantor complies with the provisions of clauses (i) and (ii) above, the payment to the Noteholders of Debt Service due and owing from withdrawals from the Debt Service Reserve Account will not result in an Default or Event of Default under either the Note Purchase Agreement or this Agreement.
Sample 1
Deposits into the Debt Service Reserve Account. On or immediately prior to the Term Conversion Date, Borrower shall fund the Debt Service Reserve Account in accordance with Section 3.1(b)(ii)(F)Section 3.2(b)(vi) and/or with DSR Letters of Credit. Thereafter, the Debt Service Reserve Account shall be funded with (i) funds deposited in accordance with Section 3.1(b)(ii)(F), Section 3.3(b)(vi), (ii) DSR Letters of Credit, (iii) DSRRevolving Loans, and (iv) funds deposited as otherwise specified in this Agreement.
Sample 1
Deposits into the Debt Service Reserve Account. Amounts shall be deposited into the Debt Service Reserve Account in accordance with Section 5.29(b)(ii)(E).
Sample 1
Deposits into the Debt Service Reserve Account. On the Closing Date, the Borrower shall Fully Fund the Debt Service Reserve Account up to the DSR Requirement Amount as of the Closing Date with cash or a Sponsor Guaranty. Thereafter, on each Quarterly Date, the Borrower shall deposit or cause to be deposited in the Debt Service Reserve Account an aggregate amount (the “DSR Increase Payment”) equal to no less than the amount necessary (if any) to Fully
Sample 1
Deposits into the Debt Service Reserve Account. (a) On the Closing Date, the Depositary Agent shall transfer all amounts then on deposit in the Collateralized Experience Account and the Collateralized Deductible Account (each as defined in the Original Common Agreement) to the Debt Service Reserve Account. In connection with any Permitted Peaker Buyout (Peaker Sale / Project Event of Default), the Issuer shall be required to deliver, or cause to be delivered, to the Depositary Agent for credit to the Debt Service Reserve Account, the amount of funds required to be deposited into the Debt Service Reserve Account pursuant to clause (ii) of the definition of Permitted Peaker Buyout (Peaker Sale/Project Event of Default).
Sample 1
Deposits into the Debt Service Reserve Account. Amounts shall be depositedA portion of each Loan funded prior to the Eighth Amendment Effective Date has been funded into the Debt Service Reserve Account in accordance with Section 5.29(b)(ii)(E).
Sample 1
AutoNDA by SimpleDocs
Deposits into the Debt Service Reserve Account. (a) On the Closing Date, the Depositary Agent shall transfer all amounts then on deposit in the Collateralized Experience Account and the Collateralized Deductible Account (each as defined in the Original Common Agreement) to the Debt Service Reserve Account. In connection with any Permitted Peaker Buyout (Peaker Sale / Project Event of Default), the Issuer shall be required to deliver, or cause to be delivered, to the Depositary Agent for credit to the Debt Service Reserve Account, the amount of funds required to be 16 <PAGE> deposited into the Debt Service Reserve Account pursuant to clause (ii) of the definition of Permitted Peaker Buyout (Peaker Sale/Project Event of Default). (b) The Collateral Agent shall direct the Depositary Agent to transfer Account Funds from the Revenue Account to the Debt Service Reserve Account on Annual Scheduled Payment Dates in accordance with Section 4.1.2. (c) The Collateral Agent shall deposit all proceeds of drawings under any applicable Acceptable Letter of Credit in the Debt Service Reserve Account. (d) Other than as set forth in clauses (a) through (c) of this Section 4.3.1, no deposits shall be made into the Debt Service Reserve Account. 4.3.2
Sample 1

Related to Deposits into the Debt Service Reserve Account

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Debt Service Reserve Reserved.

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • Revenue Account (a) Subject to Section 4.13, on each Monthly Transfer Date the Collateral Agent shall transfer with respect to each Owner Lessor, such Owner Lessor's Percentage of the funds on deposit in the Revenue Account in the following amounts in the following order of priority: FIRST, to the Operating Account, the amount certified in such Request Letter to be such Owner Lessor's Percentage of the excess, if any, of the aggregate amount of Operating Expenses then due and payable or projected to become due and payable in the next succeeding month over the balance then on deposit in the Operating Account; PROVIDED that if the Annual Budget in effect for such Fiscal Year of the Facility Lessee was determined in accordance with Section 5.14(b) or 5.14(c) of any Participation Agreement, then the amount withdrawn from the Operating Account on any Monthly Transfer Date during such Fiscal Year shall not exceed the amount set forth in such Annual Budget for the immediately succeeding calendar month unless agreed to by the Majority in Interest of the Owner Lessors except with respect to fuel and emission allowance costs which shall not be subject to the consent or approval of the Owner Lessors; SECOND, to the Collateral Agent, the applicable Owner Lessor's Owner Manager, the Lease Indenture Trustee, the Security Agent and the Bondholder Trustee, the amount certified in the Request Letter delivered in connection with such Monthly Transfer Date to be the sum of the unpaid fees, indemnities, costs and expenses then due and payable to such Persons in respect of their respective services in such capacities; PROVIDED THAT in the case of the Collateral Agent and the Bondholder Trustee, such amount shall be such Owner Lessor's Percentage of the sum of the unpaid fees, indemnities, costs and expenses of the Collateral Agent and the Bondholder Trustee; THIRD, into the applicable subaccount of the Senior Rent Payment Account, an amount equal to (a) 1/6th of the aggregate amount which is payable on or within six months following such Monthly Transfer Date on account of Senior Rent (other than of the type specified in clause (b) of the definition thereof) under such Owner Lessor's Facility Lease and (b) the aggregate amount of all Senior Rent of the type specified in clause (b) of the definition thereof, under such Owner Lessor's Facility Lease for which will become due and payable prior to the next Monthly Transfer Date together with the amount of all deficiencies, if any, with respect to deposits required to be made in the applicable subaccount of the Senior Rent Payment Account in all prior months, as certified in the Request Letter; FOURTH, subject to Section 4.13 hereof and to Section 6.9 of the Participation Agreement, if applicable, and to the Operative Documents applicable to the Persons entitled thereto, an amount equal to all other Supplemental Rent (other than Excepted Payments) under the applicable Facility Lease then due and payable to such Persons as certified in the Request Letter; FIFTH, into the Permitted Indebtedness Account, such Owner Lessor's Percentage of an amount sufficient to repay in full the Permitted Indebtedness then due, as certified in the Request Letter; SIXTH, into the applicable subaccount of the Equity Account, such Owner Lessor's Percentage of the balance remaining in the Revenue Account.

Time is Money Join Law Insider Premium to draft better contracts faster.