Debt Service Reserve. On or before July 1, 2011, a portion of the unused Term Revolving Loan Commitment (in an amount equal to three monthly payments of principal and interest due under the Term Loan) shall be restricted for use as set forth in this Section 2.22, which amount may vary from time to time due to changes in monthly principal and interest payments due on the Term Loan, but shall at no time be less than the next three monthly payments of principal and interest due on the Term Loan (the “Required Debt Service Reserve Amount”). If at any time during the term of this Agreement, the amount of the Term Revolving Loan Commitment restricted for use as the Required Debt Service Reserve Amount is less than the next three monthly payments of principal and interest due under the Term Loan, the Borrowers shall: (A) no later than five (5) Business Days after such non-compliance occurs, prepay the Term Revolving Loan in an amount equal to the amount by which the sum of the Required Debt Service Reserve Amount and all outstanding Term Revolving Loan Advances exceed the Term Revolving Loan Commitment, (B) during the period Borrower has not fulfilled (A) above, make no Distributions, including Distributions or payments otherwise permitted under Sections 5.02(b), 5.02(k) or 5.02(l), and (C) make no other payments to its Affiliates, including accounts payable or other amounts. As and when any Obligation is past due, after any applicable grace or cure periods have expired, the Agent in its sole discretion, may make one or more Advances on the Term Revolving Loan for credit to its own account to be held for the benefit of the Banks in the amount of the then past due Obligation. Notwithstanding the foregoing, Agent shall have no obligation to make any such Advance: (i) if an Event of Default has occurred and is continuing, or (ii) for any purpose other than that for which the Debt Service Reserve was established; provided, however, that if an Event of Default has occurred and is continuing, the Agent in its sole discretion may make Advances on the Term Revolving Loan for the payment of any Obligation then past due in such order and manner as is consistent with the Agent’s obligations set forth in this Agreement. Advances made on the Term Revolving Loan by the Agent under this Section 2.22, may be made without the requirement of any consent by or notice to the Borrowers. Borrowers recognize and acknowledges that its obligation to pay required Obligations are absolute and unconditional and ...
Debt Service Reserve. The Company shall not permit the balance in the Debt Service Reserve Account to, at any time, be less than the amount of the Debt Service Reserve. The Company shall provide written notice to the Trustee if the balance in the Debt Service Reserve Account is less than the amount of the Debt Service Reserve.
Debt Service Reserve. On the Closing Date, Prior Owner deposited with Lender the amount of $1,000,000.00, which amount so deposited with Lender, together with any additional deposits with Lender pursuant to Section 2.5.2(b)(vi)(A) hereof, shall be held by Lender in accordance with Section 7.5 hereof. As of the Assumption Date, the amount held in the Debt Service Reserve Fund is $88.55. Amounts so deposited shall hereinafter be referred to as Borrower’s “Debt Service Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Debt Service Reserve Account”. Provided no Event of Default exists and is continuing, in the event on any Payment Date the funds available in the Cash Management Account for application on such Payment Date pursuant to Section 2.5.2(b)(ii) are not sufficient to fund the Monthly Debt Service Amount on such Payment Date in full (the amount of insufficiency being herein referred to as the “Payment Date Deficiency” for such Payment Date), then to the extent of funds available in the Debt Service Reserve Account, Lender shall authorize the transfer on such Payment Date from the Debt Service Reserve Account to the Cash Management Account, for application on such Payment Date pursuant to Section 2.5.2(b)(ii) to satisfy the Payment Date Deficiency. To the extent sufficient amounts are available in the Debt Service Reserve Account in accordance with this Section 7.4.3 and Lender is required hereunder to so authorize a transfer on such Payment Date of funds from the Debt Service Reserve Account to the Cash Management Account to satisfy the Payment Date Deficiency but Lender fails to so authorize the same, it shall not be a default or an Event of Default if such Payment Date Deficiency is not paid due to such failure by Lender and, accordingly, no late charges or default interest shall be payable by Borrower. When the Property shall have achieved the Debt Service Coverage Ratio Threshold, then provided no Event of Default exists and is continuing, the balance of the Debt Service Reserve Fund shall be disbursed to Borrower. The Debt Service Coverage Ratio shall be determined as of the end of each calendar quarter upon receipt by Lender from Borrower of such information and documentation concerning operating results at the Property as Lender may reasonably require to determine the same.
Debt Service Reserve. Maintain and have available a debt service reserve in the Debt Service Reserve Account in an amount equal to the Debt Service Reserve Required Amount (the “Debt Service Reserve Requirement”) to be funded and maintained as set forth in the Depositary Agreement (it being understood that, after the Closing Date, if the Borrower and its Subsidiaries have insufficient amounts available to them to fund the Debt Service Reserve Account as required by the Depositary Agreement or fail to maintain a balance in the Debt Service Reserve Account that meets the Debt Service Reserve Requirement, the failure to so fund the Debt Service Reserve Account or maintain the Debt Service Reserve Requirement shall not be deemed a Default or an Event of Default hereunder).
Debt Service Reserve. The Debt Service Reserve Account shall have been fully funded (or Reserve Letters of Credit shall have been posted in lieu thereof).
Debt Service Reserve. The Borrowers shall ensure that the Debt Service Reserve Account is fully funded to the required amount within one (1) year following the Conversion Date.
Debt Service Reserve. The Company will create a Debt Service Reserve (the “DSR”) for the benefit of the holders of these Notes. The DSR will be funded with cash flow received by the Company from OTE BM Ltd. Monies deposited in the DSR can only be used for any Payment Amount. The DSR shall not exceed an amount equal to the outstanding Payment Amounts.
Debt Service Reserve. As a condition to making the Loan, Lender has required Borrower to establish the Debt Service Reserve to ensure that adequate funds are available for, among other things, payment of any Projected Deficit.
Debt Service Reserve. 55 6.4 Terra Nova UK Interest Reserve........................................................................ 55 6.5 Statutory Capital and Surplus......................................................................... 55 ARTICLE VII NEGATIVE COVENANTS
Debt Service Reserve. The Borrower and Holdings will not permit, as of -------------------- any date on or after the Closing Date, the Liquid Assets of the Borrower as of such date (plus, if the aggregate principal amount of Indebtedness outstanding ---- under the Terra Nova Senior Notes as of such date is less than $50,000,000, the Liquid Assets of Holdings as of such date) to be less than (i) two (2) times ----- (ii) Debt Service reasonably determined by the Parent (and as set forth in the relevant Covenant Compliance Worksheet) to be required to be paid or accrued by the Parent or its Subsidiaries during the period of four consecutive fiscal quarters immediately following such date, based upon the amount of the Loans and other Indebtedness of the Parent and its Subsidiaries outstanding at the beginning of such period and assuming that the interest rates in effect at the beginning of such period, taking into account the benefit and costs of any Interest Rate Agreement with respect to the Loans, will remain in effect throughout such period; provided, however, that, as of any date of -------- ------- determination, (x) clause (ii) above shall not take into account the Debt Service of any Excluded Subsidiary, and (y) if the Parent is in compliance with Section 6.4 as of such date, clause (ii) above shall not take into account the Interest Expense of Terra Nova UK with respect to the Terra Nova Senior Notes.
