Debt Service Reserve Funds Sample Clauses

Debt Service Reserve Funds. The authorizing documents for many revenue bond issues require that a separate fund be established (the “Reserve Fund”) into which either bond proceeds or revenues are deposited in an amount equal to some designated level, such as average annual debt service on all parity bonds. This Reserve Fund is established for the benefit of the bondholders as additional security for payment on the debt. In most cases, the balance in the Reserve Fund remains stable throughout the life of the bond issue. Reserve Funds, whether funded with bond proceeds or revenues, must be included in all rebate calculations.
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Debt Service Reserve Funds. (a) Except as specifically provided below, the amount in each Debt Service Reserve Fund shall be used solely to cure deficiencies in the amount on deposit in the Related Debt Service Fund that may exist after amounts in the Revenue Stabilization Fund have been exhausted. If there are insufficient funds in a Debt Service Fund to pay the principal of and interest on the Related Series of Bonds when due, then the Trustee shall transfer to such Fund the amount of deficiency first from the Revenue Stabilization Fund as provided in Section 8.3 above and then from the Related Debt Service Reserve Fund.
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Debt Service Reserve Funds. (a) On the Closing Date, Borrower shall deposit with Lender an amount equal to $11,797,746.00 (the “Debt Service Reserve Deposit”), which is the amount of Debt Service Shortfalls projected by Lender through the end of calendar year 2009 and which shall be held and disbursed by Lender in accordance with the applicable provisions of this Section 7.4. Amounts so deposited hereunder shall hereinafter be referred to as the “Debt Service Reserve Funds”.
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Debt Service Reserve Funds. Borrower shall deposit with Lender on the Closing Date the sum of $118,900.00 (the “Debt Service Reserve”). Amounts so deposited shall hereinafter be referred to as the “Debt Service Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Debt Service Reserve Account.” The Debt Service Reserve will be available for use by Borrower in the event that Net Cash Flow from the Property for any month shall be less than Debt Service for such month. In lieu of making any required deposits to the Debt Service Reserve Account, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is required to be deposited into the Debt Service Reserve Account. All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.
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Debt Service Reserve Funds. (a) Except as specifically provided below, the amount in each Debt Service Reserve Fund shall be used solely to cure deficiencies in the amount on deposit in the Related Bond Debt Service Fund and only with respect to the Related Series of Bonds. If there are insufficient funds in the Related Bond Debt Service Fund to pay the principal of and interest on a particular Series of Bonds when due, then the Trustee shall transfer the amount of deficiency from the amount, if any, on deposit in the Related Debt Service Reserve Fund to such Bond Debt Service Fund. The Trustee promptly shall notify HRTAC of the transfer.
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Debt Service Reserve Funds. 63 Section 6.8
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Debt Service Reserve Funds. On the Closing Date, Borrower shall deposit with Agent the amount of Seven Million Two Hundred Five Thousand Three Hundred Thirty Three and 43/100 Dollars ($7,205,333.43) (the "Debt Service Reserve Funds"). On each anniversary of the Closing Date, the amount of funds required to be on deposit in the Debt Service Reserve Account (as defined in the Cash Management Agreement) shall be adjusted so that the amount on deposit in the Debt Service Reserve shall equal the product of (a) the cumulative total of the next following twelve (12) months of Debt Service assuming an interest rate equal to LIBOR as determined in accordance with the terms of this Agreement on such anniversary date plus five hundred (500) basis points, subject to a maximum rate of 8.75%, and (b) 33.33% (the "Required Debt Service Reserve Deposit"). If the amount of Debt Service Reserve Funds on deposit in the Debt Service Reserve Account on any such anniversary of the Closing Date shall be less than the amount of the Required Debt Service Reserve Deposit, Borrower shall deposit any such shortfall in the Debt Service Reserve Account within three (3) Business Days of such date. If the amount of Debt Service Reserve Funds on deposit in the Debt Service Reserve Account on any such anniversary of the Closing Date shall be greater than the amount of the Required Debt Service Reserve Deposit, Lender shall direct Agent to disburse such excess amount to or as directed by the Borrower within three (3) Business Days of such date.
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Debt Service Reserve Funds. (a) On or before the Closing Date for a Series with respect to which a Debt Service Reserve Fund is required to be established and maintained, the Issuer shall open, at the Corporate Trust Office, one or more trust accounts which shall collectively be the "Debt Service Reserve Fund" for such Series. Any and all moneys received by the Trustee pursuant to Section 2.12(h) or section 2.12(i) (including any Eligible Investments delivered to the Trustee pursuant to said Section 2.12(h) or Section 2.12(i) in lieu of cash), or transferred from the related Collection Account pursuant to Section 8.02(d), together with any Eligible Investments in which such moneys are or will be invested or reinvested during the term of the Indenture, shall be held by the Trustee in the Debt Service Reserve Fund for the related Series as part of the Trust Estate Granted to secure the Bonds of such Series, subject to disbursement and withdrawal as herein provided.
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Debt Service Reserve Funds 
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Related to Debt Service Reserve Funds

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Debt Service Reserve Reserved.

  • Reserve Funds Section 7.1.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Monthly Debt Service Payments Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan for the initial Accrual Period and (b) on September 1, 2010, and on each Payment Date thereafter up to and including the Maturity Date, the Monthly Debt Service Payment Amount, which payments shall be applied first to accrued and unpaid interest and the balance to principal.

  • 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.

  • Debt Service The provisions of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner.

  • 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;

  • 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.

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