Disbursements from the Debt Service Reserve Account Sample Clauses

Disbursements from the Debt Service Reserve Account. Account Funds in the Debt Service Reserve Account shall be used only to pay Scheduled Debt Service (other than amounts described in clause (e) of the definition of Scheduled Debt Service). If on any Scheduled Payment Date there are not sufficient Account Funds in the Debt Payment Account to pay the Scheduled Debt Service (other than amounts described in clause (e) of the definition of Scheduled Debt Service) due and payable on such Scheduled Payment Date (after giving effect to transfers from the Post-Completion Revenue Account to the Debt Payment Account on such Scheduled Payment Date), the Administrative Agent shall direct the Depositary Agent to transfer Account Funds from the Debt Service Reserve Account to the Debt Payment Account in an amount sufficient to make up the deficiency in the Debt Payment Account. If at any time the amount of Account Funds in the Debt Service Reserve Account exceeds the then current DSR Required Balance, the Administrative Agent shall direct the Depositary Agent to transfer an amount of Account Funds equal to such excess from the Debt Service Reserve Account to the Post-Completion Revenue Account. Account Funds in the Debt Service Reserve Account that are not disbursed in accordance with this Section 4.6.2 shall remain in the Debt Service Reserve Account."
Sample 1Sample 2
AutoNDA by SimpleDocs
Disbursements from the Debt Service Reserve Account. Account Funds in the Debt Service Reserve Account shall be used either (i) to pay Scheduled Debt Service or (ii) to purchase the Spare Parts. If on any Annual Scheduled Payment Date there are insufficient Account Funds in the Debt Payment Account to pay the Scheduled Debt Service due and payable on such Annual Scheduled Payment Date (after giving effect to funding priority set forth in Section 4.2.3 on such Annual Scheduled Payment Date), the Collateral Agent shall direct the Depositary Agent to transfer Account Funds from the Debt Service Reserve Account to the Debt Payment Account in an amount sufficient to make up the deficiency in the Debt Payment Account (after making any drawings on an applicable Acceptable Letter of Credit in accordance with Section 5.2). At any time on or before the third anniversary of the Closing Date, the Issuer may request disbursements to purchase any of the Spare Parts from the Debt Service Reserve Account by submitting a Spare Parts Disbursement Request for such purpose to the Collateral Agent (with a copy to the Depositary Agent) at least 5 Business Days prior to the requested date for such disbursements. Upon receipt of a Spare Parts Disbursement Request and if no Issuer Event of Default has occurred and is continuing at the time the disbursements are made (unless otherwise directed by XLCA (if XLCA is the Controlling Party) pursuant to the Common Agreement), the Collateral Agent shall provide a copy of such Spare Parts Disbursement Request to the Depositary Agent and direct the Depositary Agent to make the disbursements in accordance with such Spare Parts Disbursement Request. If on any Scheduled Payment Date or LOC Substitution Date the aggregate of all Available Debt Service Reserve Funds exceeds the then current Debt Service Reserve Amount, the Collateral Agent shall direct the Depositary Agent to transfer an amount of immediately available funds in Dollars equal to such excess from the Debt Service Reserve Account to the Distribution Account. Account Funds in the Debt Service Reserve Account that are not disbursed in accordance with this Section 4.3.2 shall remain in the Debt Service Reserve Account. 4.4 Intentionally Omitted 4.5 Acquisition Indemnity/Performance LD Reserve Account. 4.5.1 Deposits into the Acquisition Indemnity/Performance LD Reserve Account. All (a) Performance Liquidated Damages (including amounts paid under Section 3.14 of the Common Agreement by the Project Companies to the extent the Rockford II ...
Sample 1
Disbursements from the Debt Service Reserve Account. Administrative Agent shall disburse funds on deposit in the Debt Service Reserve Account to Administrative Agent and/or the Lenders, as applicable, on each Payment Date for the payment of the Monthly Debt Service Amount, any interest accruing at the Default Rate then due and payable, and any costs, fees and expenses due and payable to Administrative Agent and/or the Lenders pursuant to the Loan Documents.
Sample 1
Disbursements from the Debt Service Reserve Account. Lender shall disburse on each Payment Due Date amounts from the Debt Service Reserve Account to pay, in full, the installment of interest due under Section 2.03(b) from Borrower on such Payment Due Date in accordance with this Agreement.
Sample 1

Related to Disbursements from the 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.

  • 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).

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • 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 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 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.

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!