Cash Collateral Subaccount. If a Cash Management Period shall have commenced, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Management Period, all Available Cash shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the "Cash Collateral Subaccount") as cash collateral for the Debt. Any funds in the Cash Collateral Account and not previously disbursed or applied shall be disbursed to Borrower upon the termination of such Cash Management Period. Lender shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion to apply all sums then on deposit in the Cash Collateral Subaccount to the Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of Principal (together which the applicable Yield Maintenance Premium applicable thereto). Additionally, Lender shall have the right, but not the obligation, at any time subsequent to the second Calculation Date following the commencement of a DSCR Cash Management Period (whether or not an Event of Default is then continuing), in its sole and absolute discretion to apply all sums then on deposit in the Cash Collateral Subaccount towards a partial Defeasance of the Loan (together with any Defeasance costs associated therewith), and Borrower shall execute such documents and take such other actions necessary to satisfy the Defeasance requirements set forth in Section 2.3.3 hereof (to the extent applicable to a partial involuntary Defeasance).
Cash Collateral Subaccount. If a Cash Sweep Period shall be continuing, all Available Cash (after payment of the Monthly Budgeted Amount and any Approved Extraordinary Expenses in accordance with Section 2.6.3) shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) to be held by Lender as cash collateral for the Debt. Amounts on deposit from time to time in the Cash Collateral Subaccount pursuant to this Section 6.6.1 are referred to as the “Cash Collateral Funds”. Lender shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion to apply any and all Cash Collateral Funds then on deposit in the Cash Collateral Subaccount to the Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of principal (together with the applicable Spread Maintenance Premium, Interest Shortfall and Breakage Costs, if any, applicable thereto) or any other amounts due hereunder.
Cash Collateral Subaccount. If a Cash Management Period shall have commenced, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Management Period, all Available Cash shall be paid to Lender as provided under Section 3.11(a) below, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) as cash collateral for the Debt. Any funds in the Cash Collateral Account and not previously disbursed or applied shall be disbursed to Borrower upon the termination of such Cash Management Period. Lender shall have the right, but not the obligation, at any time an Event of Default has occurred and is continuing, in its sole and absolute discretion to apply all sums then on deposit in the Cash Collateral Subaccount to the Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of Principal (together which the applicable Yield Maintenance Premium applicable thereto).
Cash Collateral Subaccount. 47 Section 5.14. Russian Bank Accounts.......................... 47 Section 5.15. Debt Service Coverage Ratios .................. 48 Section 5.16.
Cash Collateral Subaccount. 25 3.10 GRANT OF SECURITY INTEREST; APPLICATION OF FUNDS....................26 3.11 PROPERTY CASH FLOW ALLOCATION.......................................26
Cash Collateral Subaccount. At all times on and after the Project Completion Date, the Company shall maintain a balance in the Cash Collateral Subaccount equal to not less than the lesser of:
Cash Collateral Subaccount. Lender may with Manager's consent, from time to time on or before the Conversion Date, apply any or all amounts in the Cash Collateral Subaccount to repay the outstanding Principal and/or any other portion of the Debt then due and payable without any penalty or premium. Upon the request of Manager, on or before the Conversion Date, Lender shall apply any or all amounts in the Cash Collateral Subaccount to repay the outstanding Principal and/or any other portion of the Debt then due and payable without any penalty or premium. From and after the Substantial Completion Date until the Conversion Date, Manager may request that all excess cash flow in the Cash Collateral Subaccount be paid as directed by Manager, provided: i) no Default or Event of Default has occurred and is then continuing, ii) Manager makes a written request to Lender (no more than once per month) for the payment thereof at least ten (10) days prior to Payment Date on which or after which such funds are to be distributed as requested by Manager, and iii) Lender pays over such amounts as directed by Manager subject to the letter of credit conditions specified below. Lender may require, in its discretion, that Manager deliver to Lender, as beneficiary, one or more clean, irrevocable letters of credit, reasonably satisfactory to Lender in form and content and as to the bank or trust company which is the issuer (which issuer must have an S&P rating of "A" or better) equal in amount to the funds paid over to or as directed by Manager (unless and to the extent such funds are used to reduce the outstanding Principal as provided in this Section 3.6). Any such letter of credit shall have an expiration date not earlier than thirty (30) days after the Expected Conversion Date, provided that the expiration date may be one (1) year from its issuance if the letter of credit provides for a drawing by Lender of the full amount thereof at any time on or after the thirtieth (30th) day preceding its stated expiration date. Any letter of credit shall be held by Lender and may be drawn at any time within thirty (30) days prior to the expiration thereof, upon the occurrence and during the continuance of an Event of Default, or within thirty (30) days prior to the Expected Conversion Date, whereupon the proceeds of the letter of credit shall be deposited in the Cash Collateral Subaccount. On the Conversion Date, provided no Default or Event of Default exists (and all payments required to be made by Borrower and/or ...
Cash Collateral Subaccount. 28 3.10 Grant of Security Interest; Application of Funds...............29 3.11
Cash Collateral Subaccount. If a Cash Management Period shall have commenced, then on the immediately succeeding Payment Date and on each Payment Date thereafter during the continuance of such Cash Management Period, all Available Cash shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the "Cash Collateral Subaccount") as cash collateral for Borrower's obligations under the Loan Documents. At Lender's option, any funds that have been deposited into the Cash Collateral Subaccount may be transferred by Lender into the Rollover Reserve Subaccount, to be applied and disbursed in accordance with the provisions of Section 25(f) hereof. Any funds in the Cash Collateral Subaccount Account and not previously disbursed or applied shall be disbursed to Borrower upon the termination of such Cash Management Period. Lender shall have the right, but not the obligation, at any time whether or not an Event of Default has occurred and is continuing, in its sole and absolute discretion to apply all sums then on deposit in the Cash Collateral Subaccount to Borrower's obligations under the Loan Documents, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of Principal (together with Prepayment Consideration (as defined in the Note) applicable thereto).
Cash Collateral Subaccount. After receiving amendments to the Loan License from the CBR and the CBR's approval of the transactions contemplated hereby, the Company shall at all times maintain a balance in the Cash Collateral Subaccount equal to not less than $2,000,000. Amounts may be withdrawn by the Company from the Cash Collateral Subaccount only for the purpose of paying principal and interest under this Agreement or to transfer any amount in excess of the minimum balance set forth above to the Revenue Subaccount to the extent (and only to the extent) required by the authorization issued by the Central Bank of Russia for the establishment and operation of the Offshore Bank Account. The Company shall not withdraw funds from the Cash Collateral Subaccount for any other purpose without the prior written consent of the Bank.
