Deposits into Debt Service Reserve Account Sample Clauses

Deposits into Debt Service Reserve Account. On the Closing Date, the Borrower shall deposit funds in the Debt Service Reserve Account in an aggregate amount, together with any other funds then on deposit in the Debt Service Reserve Account, equal to the Debt Service Reserve Requirement as of the Closing Date. Thereafter, if, on any Credit Date prior to the satisfaction of the Full DSRA Funding Condition, the aggregate funds then on deposit in or credited to the Debt Service Reserve Account is less than the Debt Service Reserve Requirement at such time (a “DSRA Shortfall”) the Debt Service Reserve Account shall be funded with cash from the proceeds of the applicable Credit Extension in an amount equal to the DSRA Shortfall.
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Deposits into Debt Service Reserve Account. There shall be deposited into the appropriate Debt Service Reserve Account: (A) proceeds of any Series of Bonds as provided in the Supplemental Indenture pursuant to which such Series of Bonds is issued; (B) moneys transferred to such Debt Service Reserve Account from the Pledged Revenues Account pursuant to Section 3.03(c) hereof; and (C) any other moneys received by the Trustee that are accompanied by written directions that such moneys are to be deposited into the Bond Proceeds Subaccount.
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Deposits into Debt Service Reserve Account. On the Closing Date, the Borrower shall fund the Debt Service Reserve Account in an amount equal to the Debt Service Reserve Requirement as of the Closing Date with DSR Letters of Credit or with cash. Thereafter, funds shall be deposited into the Debt Service Reserve Account in accordance with priority EIGHTH of Section 3.2(b) and as otherwise specified in this Agreement.
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Deposits into Debt Service Reserve Account. (a) In the sole discretion of the Limited Partner (and without any obligation of the Partnership or the General Partner) and in lieu of establishing and maintaining the Senior Debt Service Reserve Letter of Credit in favor of the Senior Tranche Agent for the ratable benefit of the Tranche A Lenders as required pursuant to Section 3.1(b) of the Loan Agreement, the Limited Partner may cause to be deposited into the Debt Service Reserve Account, an amount equal to the Required Debt Service Reserve Amount.
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Deposits into Debt Service Reserve Account. In addition to the deposits described in Section 4.08, deposits into the Debt Service Reserve Account shall be made as provided in clause "eighth" of Section 4.03(b) or, at the option of SRT, through equity investments or Subordinated Indebtedness or, at the option of the Borrower, as provided in Section 4.06(b)(ii).
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Deposits into Debt Service Reserve Account. There shall be deposited into the appropriate Debt Service Reserve Account not later than the applicable Substantial Completion Date: (i) proceeds of any Series of Bonds as provided in the applicable Supplemental Indenture pursuant to which such Series of Bonds is issued; (ii) proceeds of any TIFIA Loan transferred from the TIFIA Loans Subaccount of the Construction Account, as set forth in the TIFIA Loan Agreement; (iii) moneys transferred to such Debt Service Reserve Account from the Pledged Revenues Account pursuant to Section 3.02(c) hereof; (iv) moneys transferred to the Debt Service Reserve Accounts from the Surplus Account pursuant to Section 3.14 hereof; and (v) any other moneys received by the Trustee that are accompanied by written directions that such moneys are to be deposited into such Debt Service Reserve Account.
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Related to Deposits into Debt Service Reserve Account

  • 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.

  • 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;

  • 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 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.

  • 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 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).

  • 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.

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