Common use of INTEREST RESERVE ACCOUNT DISBURSEMENTS Clause in Contracts

INTEREST RESERVE ACCOUNT DISBURSEMENTS. (a) At least ten (10) Business Days prior to each Interest Payment Date during the Construction Period, the Issuer shall deliver to the Disbursement Agent a certificate in the form of EXHIBIT D certifying as to the amount required to be paid with respect to the Notes under the Indenture on such Interest Payment Date and the calculation of such amount. On each such Interest Payment Date, Disbursement Agent shall liquidate securities held in the Interest Reserve Account (to the extent required) and disburse to the Trustee the amounts due on such Interest Payment Date with respect to the Notes, as specified in such certificate, from the Interest Reserve Account. In the event that the Issuer fails to deliver the certificate required by the first sentence of this paragraph, the Trustee may direct the Disbursement Agent to liquidate such securities (to the extent required), and disburse to the Trustee the amounts necessary to pay the amounts due with respect to the Notes. In the event there are insufficient funds in the Interest Reserve Account to pay any amount due pursuant to a certificate or direction so given by the Issuer or the Trustee, the Issuer shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit in cash into the Interest Reserve Account an amount equal to such deficiency; PROVIDED, HOWEVER, that the Trustee shall direct the Disbursement Agent to disburse an amount equal to such deficiency, or the unsatisfied portion thereof, from the Construction Disbursement Account or the Construction Reserve Account, if there are not sufficient funds in the Construction Disbursement Account to make such payment, to the Interest Reserve Account in the event such amounts are not received from the Issuer prior to one (1) Business Day prior to the applicable Interest Payment Date. The Issuer acknowledges that any failure by the Issuer to provide notice or deposit funds referenced in this Section 4.4 shall not in any way exonerate or diminish its obligation to make all payments under the Indenture and the Notes as and when due.

Appears in 1 contract

Samples: Disbursement Agreement (Inn of the Mountain Gods Resorts & Casino)

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INTEREST RESERVE ACCOUNT DISBURSEMENTS. (a) At least ten five (105) Business Days prior to each Interest Payment Date during the Construction PeriodDate, the Issuer Borrower shall deliver to the Administrative Agent an Interest Reserve Disbursement Agent a certificate in the form of EXHIBIT D Certificate certifying as to the amount interest required to be paid with respect to the Notes Loans under the Indenture this Agreement on such Interest Payment Date and the calculation of such amount. On each such Interest Payment Date, Disbursement the Administrative Agent shall liquidate securities held in the Interest Reserve Account (to the extent required) and disburse pay over to the Trustee Lenders in accordance with Section 2.12 the amounts due on such Interest Payment Date with respect to the Notesinterest due, as specified in such certificate, from the Interest Reserve Account. In the event that the Issuer Borrower fails to deliver the certificate required by the first sentence of this paragraphparagraph (or sets forth in such certificate an incorrect calculation of the amount required to be paid under this Agreement on such Interest Payment Date or otherwise fails to pay interest due hereunder), the Trustee Administrative Agent may direct the Disbursement Agent to liquidate such securities (to the extent required), and disburse to the Trustee Lenders in accordance with Section 2.12 the amounts necessary to pay the amounts interest due with respect to the Noteshereunder. In the event there are insufficient funds in the Interest Reserve Account to pay any amount due pursuant to a such certificate or direction so given by the Issuer or the TrusteeAdministrative Agent, the Issuer Borrower shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit in cash into the Interest Reserve Account an amount equal to such deficiency; PROVIDEDprovided, HOWEVERhowever, that the Trustee Administrative Agent shall direct the Disbursement Agent to disburse an amount equal to such deficiency, or the unsatisfied portion thereof, deficiency from the Construction Disbursement Phase II Proceeds Account or the Construction Reserve Account, if there are not sufficient funds in the Construction Disbursement Account to make such payment, to the Interest Reserve Account in the event such amounts are not received from the Issuer prior to one (1) Business Day prior to the applicable Interest Payment DateBorrower on a timely basis. The Issuer Borrower acknowledges that any failure by the Issuer Borrower to provide notice or deposit funds referenced in this Section 4.4 shall not in any way exonerate or diminish its obligation to make all payments under the Indenture and the Notes this Agreement as and when due.

Appears in 1 contract

Samples: Credit Agreement (Wynn Resorts LTD)

INTEREST RESERVE ACCOUNT DISBURSEMENTS. (a) At least ten (10) two Business Days prior to each Interest Payment Date during the Construction Period, the Issuer Authority shall deliver to the Disbursement Agent a certificate in the form of EXHIBIT D Exhibit C-4 (with an attached certification by the Manager in the form of Exhibit 1 thereto) certifying as to the amount required to be paid with respect to the Senior Notes under the Indenture on such Interest Payment Date and the calculation of such amount. On each such Interest Payment Date, Disbursement Agent shall liquidate securities held in the Interest Reserve Account (to the extent required) and disburse pay over to the Trustee the amounts due on such Interest Payment Date with respect to the Senior Notes, as specified in such certificate, from the Interest Reserve Account. In the event that the Issuer Authority fails to deliver the certificate required by the first sentence of this paragraph, the Trustee may direct the Disbursement Agent to liquidate such securities (to the extent required), and disburse to the Trustee the amounts necessary to pay the amounts due with respect to the Senior Notes. In the event there are insufficient funds in the Interest Reserve Account to pay any amount due pursuant to a such certificate or direction so given by the Issuer or the Trustee, the Issuer Authority shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit in cash into the Interest Reserve Account an amount equal to such deficiency; PROVIDEDprovided, HOWEVERhowever, that the Trustee shall direct the Disbursement Agent to disburse an amount equal to such deficiency, or the unsatisfied portion thereof, deficiency from the Construction Disbursement Account or the Construction Reserve Account, if there are not sufficient funds in the Construction Disbursement Account to make such payment, to the Interest Reserve Account in the event such amounts are not received from the Issuer prior to one (1) Business Day prior to the applicable Interest Payment DateAuthority on a timely basis. The Issuer Authority acknowledges that any failure by the Issuer Authority to provide notice or deposit funds referenced in this Section 4.4 shall not in any way exonerate or diminish its obligation to make all payments under the Indenture and the Notes as and when due.

Appears in 1 contract

Samples: Collateral and Disbursement Agreement (Chukchansi Economic Development Authority)

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INTEREST RESERVE ACCOUNT DISBURSEMENTS. (a) At least ten five (105) Business Days prior to each Interest Payment Date during the Construction Period, the Issuer shall deliver to the Disbursement Agent a certificate in the form of EXHIBIT D C-4 certifying as to the amount required to be paid with respect to the First Mortgage Notes under the Indenture on such Interest Payment Date and the calculation of such amount. On each such Interest Payment Date, Disbursement Agent shall liquidate securities held in the Interest Reserve Account (to the extent required) and disburse pay over to the Trustee the amounts due on such Interest Payment Date with respect to the First Mortgage Notes, as specified in such certificate, from the Interest Reserve Account. In the event that the Issuer fails to deliver the certificate required by the first sentence of this paragraphparagraph (or sets forth in such certificate an incorrect calculation of the amount required to be paid with respect to the First Mortgage Notes under the Indenture on such Interest Payment Date), the Trustee may direct the Disbursement Agent to liquidate such securities (to the extent required), and disburse to the Trustee the amounts necessary to pay the amounts due with respect to the First Mortgage Notes. In the event there are insufficient funds in the Interest Reserve Account to pay any amount due pursuant to a such certificate or direction so given by the Issuer or the Trustee, the Issuer shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit in cash into the Interest Reserve Account an amount equal to such deficiency; PROVIDED, HOWEVER, that the Trustee shall direct the Disbursement Agent to disburse an amount equal to such deficiency, or the unsatisfied portion thereof, deficiency from the Construction Disbursement Account or the Construction Reserve Account, if there are not sufficient funds in the Construction Disbursement Account to make such payment, to the Interest Reserve Account in the event such amounts are not received from the Issuer prior to one (1) Business Day prior to the applicable Interest Payment Dateon a timely basis. The Issuer acknowledges that any failure by the Issuer to provide notice or deposit funds referenced in this Section 4.4 SECTION 4.4(a) shall not in any way exonerate or diminish its obligation to make all payments under the Indenture and the Notes as and when due.

Appears in 1 contract

Samples: Collateral and Disbursement Agreement (Premier Finance Biloxi Corp)

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