Debt Service Reserve Account; Restricted Payments Escrow Account Sample Clauses

Debt Service Reserve Account; Restricted Payments Escrow Account. Commencing on the Initial Funding Date, Borrower shall maintain a special depository account (the "Debt Service Reserve Account") (Account No. 376620-03) (and such account shall be titled appropriately so as to identify the nature of such account). On the Additional Funding Date the balance in the Debt Service Reserve Account shall be $5 million (represented by the undrawn portion of the Debt Service Reserve Line of Credit Facility Commitment). After the Additional Funding Date, to the extent the balance in the Debt Service Reserve Account is less than the Debt Service Required Balance, and, if applicable, the Additional Debt Service Required Balance, the Debt Service Reserve Account shall be funded as set forth in Section 5.1(c)(vi) on each Repayment Date in an amount up to the Debt Service Required Balance and, if applicable, the Additional Debt Service Required Balance. During the Availability Period the Debt Service Reserve Account will be deemed to be funded to the extent of the undrawn portion of the Debt Service Reserve Line of Credit Facility Commitment plus the actual amounts on deposit in the Debt Service Reserve Account. Lenders shall be entitled to use the balance in the Debt Service Reserve Account to satisfy payment obligations of Borrower under this Agreement and the other Loan Instruments. So long as no Event of Default has occurred and is continuing, on each Repayment Date, Agent shall withdraw any amount in the Debt Service Reserve Account in excess of the sum of (A) the Debt Service Required Balance and (B) the Additional Debt Service Required Balance (if required to be funded) for deposit in the Project Account. Commencing on the Initial Funding Date, Borrower shall maintain a special depository account (the "Restricted 66
Sample 1
AutoNDA by SimpleDocs

Related to Debt Service Reserve Account; Restricted Payments Escrow Account

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Debt Service Reserve Reserved.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • RECONCILIATION OF RESERVE ACCOUNT Beginning Reserve Account Balance Reserve Account Deposits Made Reserve Account Draw Amount Ending Reserve Account Balance Change in Reserve Account Balance Specified Reserve Balance

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

Time is Money Join Law Insider Premium to draft better contracts faster.