Common use of DEBT RESERVE ACCOUNT Clause in Contracts

DEBT RESERVE ACCOUNT. On and from the Conversion Date if, as of any date on which the payment of interest on or principal of the Loans becomes due and payable as certified by the Company to the Administrative Agent, the cash available in the Revenue Account and the Excess Revenue Account is insufficient to make such payment obligations on such date in accordance with Sections 8.12 and 8.20, the Administrative Agent shall transfer to the Administrative Agent, for the benefit of the Lenders an amount (to the extent cash is available in the Debt Reserve Account) to remedy any such insufficiency. Upon the occurrence and during the continuance of a Default or an Event of Default, funds in the Debt Reserve Account may be utilized to pay interest on and principal of the Loans.

DEBT RESERVE ACCOUNT. On and from the Conversion Date if, as of any date on which the payment of interest on or principal of the Loans becomes due and payable as certified by the Company to the Administrative Agent, the cash available in the Revenue Account and the Excess Revenue Account is insufficient to make such payment obligations on such date in accordance with Sections 8.12 8.11 and 8.208.19, the Administrative Agent shall is authorised to, and shall, transfer to from the Administrative Agent128 Debt Reserve Account, for the benefit of the Lenders an amount (to the extent cash is available in the Debt Reserve Account) to remedy any such insufficiency. Upon the occurrence and during the continuance of a Default or an Event of Default, funds in the Debt Reserve Account may be utilized to pay interest on and principal of the Loans.