Debt Service Reserve Fund. (a) If amounts on deposit in the Bond Fund are insufficient to make payments of principal of or interest on the Bonds when due, the Trustee will transfer money from the Debt Service Reserve Fund to the Bond Fund to the extent necessary to pay principal (including sinking fund installments) of and interest on the Bonds when due. If the amount on deposit in the Debt Service Reserve Fund is less than the Debt Service Reserve Requirement, the Trustee will transfer funds from the Revenue Fund, but only from the Delinquent Payments Account, to the Debt Service Reserve Fund to restore the Debt Service Reserve Requirement, to the extent and in the manner provided in Section 7.2(c).
(b) Within 10 days after each Principal Payment Date and Interest Payment Date and at such other times as the Authority may request in writing, the Trustee will determine if the balance on deposit in the Debt Service Reserve Fund is at least equal to the Debt Service Reserve Requirement. In making such determination, (i) the Trustee may take into account any reduction in the Debt Service Reserve Requirement that will result from any principal payment to be made on such Principal Payment Date or Interest Payment Date and (ii) securities in which money in the Debt Service Reserve Fund is invested will be valued in the manner set forth in Section 8.2. If a deficit exists in the Debt Service Reserve Fund, the Trustee will promptly notify the Authority of the deficit. If the amount on deposit in the Debt Service Reserve Fund exceeds the Debt Service Reserve Requirement, the Trustee will transfer the excess to the Interest Account of the Bond Fund, or upon the written request of the Authorized Authority Representative to the Administrative Expense Fund, within five Business Days after such determination, provided that before the end of the Capitalized Interest Period the Trustee will transfer the excess to the Capitalized Interest Account within five Business Days after such determination.
(c) Whenever a Prepayment is made and the Series 2022 Bonds are redeemed with the proceeds of such Prepayment pursuant to Section 4.3(a) hereof, a proportionate amount in the Debt Service Reserve Fund (determined by the Administrator and accepted by the Trustee on the basis of the principal of the Series 2022 Bonds to be redeemed and the original principal of the Series 2022 Bonds), shall be transferred to the 2022 Prepayment Subaccount of the Redemption Account to be applied to the special mandatory redemp...
Debt Service Reserve Fund. Pursuant to the Debt Service Reserve Fund Agreement, establish and maintain a debt service reserve fund with Lender equal to approximately three (3) months of debt service payments with respect to the Note as reasonably estimated by Lender, rounded upward to the nearest One Thousand Dollars ($1,000).
Debt Service Reserve Fund. No reserve or replacement fund has been established for the Bonds.
Debt Service Reserve Fund. Pursuant to the Debt Service Reserve Agreement, establish and maintain a debt service reserve fund with Lender equal to approximately three (3) months of debt service payments with respect to the Note as reasonably estimated by Lender, rounded upward to the nearest One Thousand Dollars ($1,000).
Debt Service Reserve Fund. If provided for on Schedule I, Borrower shall pay to Lender on the Closing Date an amount equal to the Debt Service Reserve Deposit which shall be deposited into an account which shall be referred to as a “
Debt Service Reserve Fund. On the date of delivery of the Series 2024 Bonds, Xxxx proceeds shall be deposited into the herein created Debt Service Reserve Fund ("Reserve Fund") on deposit with the Issuer. The Issuer shall be responsible for monitoring and maintaining the Reserve Requirement as set forth below. The initial deposit or the balance accumulated in the Reserve Fund shall equal the maximum annual principal and interest due on the Bonds ($ ) ("Reserve Requirement"). If the initial deposit into the Reserve Fund does not equal the Reserve Requirement or if no deposit is made, an amount of TIF Revenues shall be credited to the Reserve Fund on each February 1 and August 1 (after providing for the requirements set forth in Section 4.2 hereof) until the balance therein equals the Reserve Requirement. The semiannual deposits shall be equal in amount and sufficient to accumulate the Reserve Requirement within five (5) years of the date of delivery of the Bonds. If, at any time, the balance is less than the Reserve Requirement, the shortfall will be made up from TIF Revenues after making the deposits to the Bond Fund. Moneys deposited and maintained in the Reserve Fund shall be applied to the payment of the principal of and interest on the Bonds to the extent that amounts in the Bond Fund are insufficient to pay debt service when due and payable. If moneys in the Reserve Fund are transferred to the Bond Fund to pay debt service on the Bonds, the depletion of the balance on the Reserve Fund shall be made up from the next available TIF Revenues, after the required deposits to the Bond Fund are made. Any moneys in the Reserve Requirement shall be deposited in the Bond Fund and applied as set forth in Section 4.2 hereof. The Issuer, upon the advice of its municipal advisor, hereby finds that funding the Reserve Fund is reasonably required and that the Reserve Requirement is no larger than necessary to market the Bonds. The Issuer further finds that the Reserve Requirement is directly related to the Project because the Bonds could not be issued to fund the Project without the Reserve Fund. The debt service reserve requirement, if any, for any parity obligations shall be set forth in the resolution authorizing the party obligations.
Debt Service Reserve Fund. (a) (1) The Trustee shall deposit to the credit of the Debt Service Reserve Fund such proceeds of the sale of Bonds, if any, as shall be prescribed in the Supplemental Indenture authorizing the issuance of such Series of Bonds. If at any time the amount in the Debt Service Reserve Fund is not at least equal to the Debt Service Reserve Fund Requirement, the Corporation shall have no obligation to maintain or restore the Debt Service Reserve Fund to the Debt Service Reserve Fund Requirement other than as expressly provided in this Indenture.
Debt Service Reserve Fund. MRWPCA and MPWMD agree to equally fund the debt service reserve fund required for the SRF loan. MRWPCA agrees to invest the debt reserve fund in an interest-bearing account agreeable to both parties. MRWPCA agrees to remit to MPWMD one half of the interest earned on an annual basis through the final maturity of the SRF loan. Upon maturity of the SRF loan, MRWPCA agrees to remit to MPWMD one half of the debt reserve fund.
Debt Service Reserve Fund. In the event an Agency fails to pay any obligation required to be paid to Washoe County under this Agreement in excess of 90 days from the date the obligation was required to be paid, that Agency shall be deemed to be in default under this Agreement.
14.2.1. At the end of the 90-day period, if payment from the defaulting Agency’s arrearage has not been received, Washoe County shall use any funds available in the Debt Service Reserve Fund in an amount equivalent to the arrearage. Any Agency in default shall repay any monies required to be withdrawn from the Debt Service Reserve Fund in addition to any and all other monies owed.
14.2.1.1. At any time after an Agency’s payment under Section 13 is 30-days past due, Washoe County may withdraw from the Debt Reserve Fund the amount necessary to cover the Agency’s payment.
14.2.2. If the Debt Service Reserve Fund does not have sufficient funds to meet the arrearage of any defaulting Agency, Washoe County may elect to pay the defaulting agency’s arrearage.
Debt Service Reserve Fund. (a) The Borrower hereby agrees to establish and maintain, so long as the Loan remains unpaid, a debt service reserve account with the Lead Lender (the “Debt Service Reserve Fund”) in an amount equal to the Debt Service Reserve Fund Requirement to be applied as hereinafter set forth.
(b) The Lead Lender shall retain from the Loan Proceeds, an amount equal to the Debt Service Reserve Requirement upon the closing of the Loan.
