Debt Service Account. (a) During the term of the Loan, Borrower shall establish and maintain a segregated Eligible Account (the “Debt Service Account”) to be held by Agent in trust and for the benefit of Lender, which Debt Service Account shall be under the sole dominion and control of Lender. The Debt Service Account shall be entitled as set forth in the Cash Management Agreement. Borrower hereby grants to Lender a first priority security interest in the Debt Service Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Debt Service Account, including, without limitation, executing and filing UCC 1 Financing Statements and continuations thereof. Borrower will not alter or modify the Debt Service Account and will notify Lender of the account number thereof. Borrower shall not cause or permit Mortgage Borrower or Operating Lessee to in any way alter or modify the Debt Service Account or the Cash Management Agreement without the prior written consent of Lender. Lender and Servicer shall have the sole right to make withdrawals from the Debt Service Account and all costs and expenses for establishing and maintaining the Debt Service Account shall be paid by Borrower.
(b) The insufficiency of funds on deposit in the Debt Service Account shall not relieve Borrower from the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever.
(c) All funds on deposit in the Debt Service Account following the occurrence and during the continuance of an Event of Default may be applied by Lender in such order and priority as Lender shall determine. Provided no Event of Default shall have occurred and be continuing all funds on deposit in the Debt Service Account shall be applied by Lender in accordance with the Cash Management Agreement and this Agreement.
Debt Service Account. Each month, immediately after the transfer to the Operation and Maintenance Account provided for in section 6, or after it is determined. that no such transfer is called for, any balance remaining in the General Fund Account, or so much thereof as may be necessary, shall be transferred to the Debt Service Account until the amount in the Debt Service Account equals the amount of the next installment due on the loan. Funds in the Debt Service Account shall be used only for payments on the loan obligations and, until I so used, shall be held by Borrower in trust for the Government as security therefor.
Debt Service Account. The Borrower shall at all times maintain and operate the Debt Service Account strictly in accordance with the provisions in Schedule 8 (Debt Service Account) notwithstanding any other terms upon which monies have been deposited in the Debt Service Account.
Debt Service Account. Evidence of the Debt Service Account having been opened and maintained in accordance with Clause 1 of Schedule 8 (Debt Service Account).
Debt Service Account. The Administrative Agent shall designate and establish the Debt Service Account for the deposit by the Borrowers of payment of principal, interest, fees and other amounts due Administrative Agent, the Collateral Agent and/or any other Secured Parties under this Agreement and the other Loan Documents, including any Debt Yield Deficiency Payment, DSCR Deficiency Payment or Adjusted DSCR Deficiency Payment made pursuant to Section 2.05(b)(i)(2), Section 2.05(b)(ii)(2) or Section 2.05(b)(v)(2) (collectively, the “Deficiency Payments”). The Paying Agent shall distribute amounts from the Debt Service Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution; provided, however, that the amounts constituting the Deficiency Payments shall remain in the Debt Service Account and shall not be distributed until after an occurrence of an Event of Default. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, instruct the Paying Agent to withdraw all or any portion of the Deficiency Payments from the Debt Service Account and apply such funds to the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender.
Debt Service Account. The Administrative Agent shall designate and establish the Debt Service Account for the deposit by the Borrowers of payments of interest, fees and, except as otherwise provided in this Agreement, other amounts due Administrative Agent, the Collateral Agent and/or any other Secured Parties under this Agreement and the other Loan Documents. The Paying Agent shall distribute amounts from the Debt Service Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution.
Debt Service Account. (a) The Grantor has established, for the benefit of the Secured Parties, the Debt Service Account into which the Debt Service Reserve Amount, the Labor Contingency Reserve Amount and any other amounts required to be deposited therein by the Grantor pursuant to Section 2.19 of the Credit Agreement shall be deposited. The Debt Service Account is, and shall remain, under the sole dominion and control of the Collateral Agent.
(b) Subject to the NHL Consent Letter, whenever any amount of principal of or interest on any Loans under the Credit Agreement, or any other amounts owed by the Grantor are due and payable under the Credit Agreement, unless such principal, interest or other amount is paid when due by the Grantor, the Collateral Agent shall, and is hereby authorized and directed by the Grantor to, utilize any funds then in the Debt Service Account to make payment of such principal, interest or other amount (and to convert any Eligible Investments in any such account to cash for purposes of making any such payment), in each case without the necessity of any further approval or authorization of the Grantor. The Collateral Agent shall promptly notify the Grantor of any such payment effected pursuant to the immediately preceding sentence.
(c) The Collateral Agent shall, at the direction of the Grantor and at the Grantor’s sole risk and expense, invest any deposits held in the Debt Service Account in Eligible Investments (other than money market deposit accounts) as determined by the Grantor in its sole discretion. In the absence of any written direction from the Grantor, the Collateral Agent shall invest amounts held in the Debt Service Account in a demand deposit account administered by, and maintained with and in the name of, the Collateral Agent. Any profits or other amounts earned on such Eligible Investments shall be for the account of the Grantor, and shall, in the absence of an Event of Default, be distributed to the Grantor upon request. The Collateral Agent shall, and is hereby authorized and directed by the Grantor to, liquidate any such investments to provide cash funds as and when required, after application of all other cash in such accounts, to make any payments required pursuant to clause (b) above or Section 2.19 of the Credit Agreement.
(d) The Collateral Agent shall also release funds in the Debt Service Reserve Amount to the extent permitted under the Credit Agreement, including releasing funds to the Grantor as provided in Section 2.19 of t...
Debt Service Account. (a) Funds shall be deposited in each Borrower’s Debt Service Account in accordance with Clause 26.5(b)(ii).
(b) Subject to Clause 26.2, on each date on which Senior Debt Service is due and payable (including each Repayment Date), the Accounts Bank shall, and each Borrower hereby irrevocably gives the Accounts Bank permission to, debit the relevant Borrower’s Debt Service Account and credit the designated account of the Intercreditor Agent in accordance with Clause 5.2 in order to pay Senior Debt Service then due and payable plus amounts then due and payable under the Interest Hedging Instruments applicable to such Borrower’s Senior Debt or Other Hedging Instruments approved by the Lenders in accordance with this Agreement (together the “Senior Debt Payments”), such payments to be made in the following order:
(i) first, in or towards payment of any accrued fees and premiums comprised in such Senior Debt Payments;
(ii) second, in or towards payment of any interest comprised in such Senior Debt Payments and net scheduled payments due in respect of any Interest Hedging Instrument or Other Hedging Instruments approved by the Lenders in accordance with this Agreement (excluding any liquidation or breakage costs and any termination costs in respect of any such Interest Hedging Instrument or Other Hedging Instruments approved by the Lenders in accordance with this Agreement);
(iii) third, in or towards payment of any principal (excluding mandatory prepayments) and termination costs in respect of any Interest Hedging Instrument or Other Hedging Instruments approved by the Lenders in accordance with this Agreement comprised in such Senior Debt Payments to the extent payment thereof is permitted in accordance with the Intercreditor Agreement; and
(iv) fourth, in or towards payment of any other sums (excluding mandatory prepayments) comprised in such Senior Debt Payments.
(c) If, on a date on which Senior Debt Service is due and payable by any Borrower (including each Repayment Date), following payment in accordance with Clause 26.6(b), there remain any funds standing to the credit of such Borrower’s Debt Service Account, such Borrower shall transfer such funds to its Collection Account.
Debt Service Account. Until the ratio of EBITDA to Interest Expense equals 2.00 to 1.00 for three consecutive months (the "Debt Service Release Date"), Borrower shall maintain a reserve for debt service on the Loans at a bank mutually acceptable to Borrower and the Lender (the "Debt Service Account"). The Debt Service Amount shall be funded from the Initial Loan Amount into the Debt Service Account at Closing. To the extent that Borrower reasonably determines that it is unable to pay interest due to Lender on any Interest Payment Date, so long as no Default or Event of Default is then in existence, Borrower may request that the Lender release, and the Lender may agree to so release, a portion of the Debt Service Amount so that such amount can be applied on such Interest Payment Date against interest accrued on the Note through such date. In the event that any amount has been released from the Debt Service Account prior to the Debt Service Release Date and Borrower's EBITDA for any month is less than $55,000 for such month, Borrower shall promptly deposit sufficient funds into the Debt Service Account to restore it to the Debt Service Amount. Notwithstanding anything contained herein to the contrary, Borrower shall remain fully liable for payment of interest under the Note regardless of whether or not sufficient funds are maintained in the Debt Service Account. The Debt Service Account shall be maintained as provided on Appendix I and pledged to the Lender under the Security Documents.
Debt Service Account. The Administrative Agent shall designate and establish the Debt Service Account for the deposit by the Borrowers of payment of principal, interest, fees and other amounts due Administrative Agent, the Collateral Agent and/or any other Secured Parties under this Agreement and the other Loan Documents, including any Debt Yield Deficiency Payment or DSCR Deficiency Payment made pursuant to Section 2.05(b)(i)(2) or 2.05(b)(ii)(2) (collectively, the “Deficiency Payments”). The Paying Agent shall distribute amounts from the Debt Service Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution; provided, however, that the amounts constituting the Deficiency Payments shall remain in the Debt Service Account and shall not be distributed until after an occurrence of an Event of Default. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, instruct the Paying Agent to withdraw all or any portion of the Deficiency Payments from the Debt Service Account and apply such funds to the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender.
