Debt Service Reserve Funds definition

Debt Service Reserve Funds shall have the meaning set forth in Section 6.5.1.
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Debt Service Reserve Funds means the Debt Service Reserve Funds to be established with respect to the Approved Series of Bonds.
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Debt Service Reserve Funds shall have the meaning set forth in Section 9.7 hereof. Confidential Treatment Requested by BANA XXXX-Xxxx-00066
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Examples of Debt Service Reserve Funds in a sentence

  • All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.

  • In the event that a Letter of Credit is delivered in lieu of any portion of the Debt Service Reserve Funds, Borrower shall be responsible for the direct payment of any Debt Service Shortfalls that would otherwise have been payable from such portion of the Debt Service Reserve Funds.

  • Lender shall not draw on any Letter of Credit delivered in lieu of any portion of the Debt Service Reserve Funds unless (i) Borrower fails to pay any Debt Service Shortfall or (ii) an Event of Default has occurred and is continuing.

  • The aggregate amount of any Letter of Credit and cash on deposit with respect to Debt Service Reserve Funds shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit in such Reserve Fund pursuant to this Agreement.

  • In the event that Lender, upon the occurrence of any Event of Default or upon any other event for which this Agreement or the Loan Agreement permits withdrawal of Debt Service Reserve Funds, does cause to be withdrawn all or any part of the Debt Service Reserve Funds, then Borrower acknowledges that a substantial penalty and loss of interest otherwise accrued may be imposed upon Borrower as a result of such withdrawal prior to the maturity of the investment.

  • In order to secure the Loan Obligations, the Borrower hereby assigns, sells, transfers, pledges, sets over and delivers to the Lender and grants Lender a security interest in the Debt Service Reserve Funds then held by Lender in the Debt Service Reserve Funds Escrow Account, including all accrued interest thereon which from time to time has not been disbursed to Borrower, together with all instruments now or hereafter existing evidencing the Debt Service Reserve Funds Escrow Account.

  • In the event that Lender withdraws Debt Service Reserve Funds pursuant to Section 6.6.2 or Section 6.8.2 of this Agreement, Borrower shall deposit additional Debt Service Reserve Funds in the amount so withdrawn within one (1) Business Day after notice of such withdrawal.

  • On the date of this Agreement, Borrower shall establish the Debt Service Reserve Funds Escrow Account (as such term is defined in the Escrow and Security Agreement).

  • The Borrower hereby authorizes and empowers the Lender, without further order, notice, or direction from or to the Borrower upon the occurrence of any Event of Default pursuant to the Loan Agreement, to apply all or any part of the Debt Service Reserve Funds (including any interest which has accrued thereon and has not yet been disbursed to Borrower) in full or partial payment of the Loan Obligations, whether or not then due, in such order, manner, and extent as the Lender may elect.

  • The Debt Service Reserve Funds shall be invested and reinvested, from time to time, in certificates of deposit having a maturity of three (3) months as offered to Borrower by Lender.


More Definitions of Debt Service Reserve Funds

Debt Service Reserve Funds. Upon written request by Borrower (which may be by email) received by no later than the tenth day of a calendar month, Lender shall release funds to itself solely for the payment of Accrued Interest from the Debt Service Reserve Account in the amount that Lender determines is the Monthly Interest Deficiency for the prior calendar month; provided, however, that Lender shall have no such obligation if an Event of Default exists or if Borrower has failed to provide to Lender by the tenth day of the current calendar month a detailed calculation in form satisfactory to Lender of the Monthly Interest Deficiency for the prior calendar month. If Lender ever estimates that the amount in the Debt Service Reserve may be less than three (3) months of Accrued Interest, then Borrower, on five (5) days’ advance written notice from Lender, shall deposit into the Debt Service Reserve Account the amount estimated by Lender to be necessary so that at least three (3) months of the Accrued Interest shall be therein (but not more Accrued Interest than estimated by Lender to be payable through the Maturity Date).
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Debt Service Reserve Funds and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Debt Service Reserve Account.”
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Debt Service Reserve Funds and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Debt Service Reserve Account.” On the Closing Date, Borrower shall deposit with Lender an amount equal to Nine Million Twenty-Five Thousand and 00/100 Dollars ($9,025,000.00). In addition, from and after the date on which there are no remaining Debt Service Reserve Funds on deposit with Lender, if Lender reasonably determines that there will be any projected shortfalls in Debt Service through the Initial Maturity Date or the Extended Maturity Date, as applicable, (i) Borrower shall within five (5) Business Days after notice from Lender make a deposit into the Debt Service Reserve Account in an amount equal to the amount of any projected shortfalls in Debt Service through the Initial Maturity Date or the Extended Maturity Date, as applicable.
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Debt Service Reserve Funds shall have the meaning set forth in Section 4.2 hereof. “Debt Service Subaccount” shall have the meaning set forth in the Cash Management Agreement. “Debt Yield” shall mean, as of the last day of the calendar month immediately preceding the applicable date of determination, the quotient obtained by dividing (1) Adjusted Net Cash Flow as of such date by (2) the outstanding principal amount of the Loan as of such date. Agent’s calculation of the Debt Yield (as verified by Xxxxxx) shall be conclusive and binding on Borrower absent manifest error. “Default” shall mean the occurrence of any event hereunder or under the Note or the other Loan Documents which, but for the giving of notice or passage of time, or both, would be an Event of Default. “Default Rate” shall mean, with respect to the Loan, a rate per annum equal to the lesser of (i) the Maximum Legal Rate, or (ii) the sum of (a) the Interest Rate and (b) five percent (5%). “Defined Benefit Plan” shall mean a plan, document, agreement, or arrangement currently or previously maintained or sponsored by Borrower, Pledgor or by any ERISA Affiliate or to which either Borrower, Pledgor or ERISA Affiliate currently makes, or previously made, contributions and which (i) provides or is expected to provide retirement benefits to employees or other workers and (ii) Borrower or Pledgor could reasonably be expected to have any liability (including liability attributable from an ERISA Affiliate). A Defined Benefit Plan shall include any plan that if it were terminated at any time, would result in Borrower, Pledgor or ERISA Affiliate being deemed to be a “contributing sponsor” (as defined in Section 4001(a)(13) of ERISA) of the terminated plan pursuant to ERISA Section 4069. A Defined Benefit Plan does not include a Multiemployer Plan. “Disclosure Document” shall have the meaning set forth in Section 13.2 hereof.
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Debt Service Reserve Funds and the account in which such amounts are held shall hereinafter be referred to as the “Debt Service Reserve Account.” The Debt Service Reserve will be available for use by Borrower in the event that Net Cash Flow from the Property for any month shall be less than Debt Service for such month. In lieu of making any required deposits to the Debt Service Reserve Account, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is required to be deposited into the Debt Service Reserve Account. All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.
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Debt Service Reserve Funds and the account in which such amounts are held by Lender shall hereinafter be referred to as the "
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Related to Debt Service Reserve Funds

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Debt Service Reserve means the reserve for payment of principal and interest on the Bonds, created and established by Sections 502 and 506 of the General Trust Indenture.

  • Debt Service Reserve Fund Requirement means, with respect to the 2023 Series B Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2023 Series B Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Debt Service Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Debt Service Reserve Requirement means, as of any date of calculation, and for any Fiscal Year, the amount equal to the maximum Adjusted Aggregate Debt Service on Bonds in the current or any future Fiscal Year on all Bonds Outstanding; provided, however, that if, upon the issuance of a Series of Bonds, such amount would require moneys, in an amount in excess of the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, to be deposited therein, the Debt Service Reserve Requirement shall mean an amount equal to the sum of the Debt Service Reserve Requirement immediately preceding issuance of such Bonds and the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, as certified by an Authorized Representative of the Authority; provided, further, that, if (i) the payment of the Principal Installments of or interest on any Series of Bonds or portion thereof is secured by a Special Credit Facility, (ii) the payment of the Tender Option Price of any Option Bond of a Series is secured by a Special Credit Facility or (iii) the Authority has determined in a Supplemental Resolution authorizing the issuance of a Series of Bonds that such Series of Bonds will not be secured by the Common Account in the Debt Service Reserve Fund, the Supplemental Resolution authorizing such Series may specify the Debt Service Reserve Requirement, if any, for the Bonds of such Series: provided, further, that if, as a result of the expiration or termination of a Financial Guaranty, a deficiency shall be created in the Debt Service Reserve Fund, the Debt Service Reserve Requirement shall be calculated so as to exclude the amount of such deficiency and the Debt Service Reserve Requirement shall be increased in each of the five Fiscal Years after the date such deficiency was created by an amount equal twenty per centum (20%) of the aforesaid deficiency.For the purpose of calculating the Debt Service Reserve Requirement for any Variable Rate Bonds of a Series, the maximum Adjusted Debt Service on such Series shall be determined by reference to the Pro Forma Bond Issue for the Variable Rate Bonds of such Series set forth in the Supplemental Resolution authorizing such Series.

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Interest Reserve Account As defined in Section 3.4(d).

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Debt Service means, with respect to any particular period of time, scheduled principal and interest payments under the Note.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Debt Service Reduction Mortgage Loan Any Mortgage Loan that became the subject of a Debt Service Reduction.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Debt Service Reduction With respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of competent jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction resulting from a Deficient Valuation.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.