Common use of Revenue Stabilization Fund Clause in Contracts

Revenue Stabilization Fund. (a) Except as provided below, the Trustee shall apply the balance in the Revenue Stabilization Fund ratably to cure deficiencies in the Debt Service Funds as provided in Section 8.2 before any amounts in the Debt Service Reserve Funds are used for such purpose. (b) Notwithstanding subsection (a), the Trustee shall apply amounts in the Revenue Stabilization Fund to pay the Rebate Amount with respect to any Series of Bonds if so directed in an Officer's Certificate and such other costs related to administering the Indenture and the Outstanding Bonds as may be specified in a Supplemental Indenture. (c) NVTC shall from time to time cause an NVTC Representative to assess the adequacy of the Revenue Stabilization Requirement under the then-current experience of the timeliness, frequency and amounts of the transfers of funds from the CROC Fund and the need to pay the Rebate Amount with respect to each Series of Bonds for which a Rebate Amount is or may be owed. If at any time such NVTC Representative determines in his or her judgment that the amount of the Revenue Stabilization Requirement should be changed, he or she will provide to the Trustee an Officer's Certificate setting forth the amount of the new Revenue Stabilization Requirement and the date on which the new Revenue Stabilization Requirement will take effect. If the Revenue Stabilization Requirement is to be reduced, the Officer's Certificate will also contain certifications to the effect that as of the date of the Officer's Certificate (i) all required deposits to the various Funds and Accounts established under this Master Indenture and the Supplemental Indentures have been made, (ii) the balance in each Debt Service Reserve Fund is at least equal to its respective DSRF Requirement, (iii) no Event of Default under this Master Indenture or any Series Supplement with respect to any Series of Bonds Outstanding has occurred and is continuing to the best of the knowledge of the signatory, and (iv) the reduction is not expected to materially impair NVTC's ability to make debt service payments on the Bonds or to pay the Rebate Amounts with respect thereto. (d) On each RSF Valuation Date, the Trustee shall determine if the balance in the Revenue Stabilization Fund is at least equal to the Revenue Stabilization Requirement. In making each such determination, investments in the Revenue Stabilization Fund shall be valued as provided in Section 11.3 below or as otherwise provided in a Supplemental Indenture. If on any RSF Valuation Date the amount in the Revenue Stabilization Fund (i) is less than the Revenue Stabilization Requirement, the Trustee shall promptly notify NVTC of such fact and the amount of the deficiency, or (ii) is greater than the Revenue Stabilization Requirement, the Trustee shall promptly notify NVTC of such fact and the amount of the surplus. (e) If the amount in the Revenue Stabilization Fund exceeds the Revenue Stabilization Requirement on any RSF Valuation Date, NVTC may direct the Trustee by an Officer's Certificate to transfer the surplus to the Residual Fund.

Revenue Stabilization Fund. (a) Except The Trustee shall apply amounts from the Revenue Stabilization Fund to the extent necessary to cure any deficiency in the Debt Service Account pursuant to Section 5.11. (b) Unless an Event of Default under this Trust Agreement has occurred and is continuing, and provided that the amounts on deposit in the Funds and Accounts set forth in clauses First through of Section 5.07(a) are then equal to the amounts required to be on deposit therein, upon receipt of a Request of the Commission in substantially the form attached to this Trust Agreement as provided belowExhibit I, Trustee shall apply amounts in the Revenue Stabilization Fund to pay any unpaid expenses or obligations incurred with respect to the Hotel or any unpaid expenses or obligations owed by the Commission to third parties that are not otherwise payable as Administrative Expenses, including any amounts the Commission is obligated to pay under the Management Agreement or any expenses or obligations which the Management Agreement provides will be paid out of the Revenue Stabilization Fund. (c) Unless the Management Agreement has been terminated, pursuant to the Management Agreement and the Cash Management Agreement, the Trustee shall apply the balance moneys on deposit in the Revenue Stabilization Fund ratably pursuant to cure deficiencies and in accordance with a Request of the Manager in substantially the form attached to this Trust Agreement as Exhibit I (i) to pay amounts reasonably determined by the Manager to be required to protect life, health or property from imminent danger or to comply with Applicable Laws, and (ii) not less than three Business Days after such Request, to pay Operating Expenses, Capital Expenses within the Capital Budget, Taxes and costs of insurance, or any other expenses upon prior written notice to the Commission and the Asset Manager, at any time during which such Operating Expenses, Capital Expenses and other expenses exceed Total Operating Revenues for such month plus the amount otherwise available in the Debt Service Funds as provided in Section 8.2 before any Lockbox Fund and the FF&E Reserve Fund (to the extent amounts in the Debt Service Reserve such Funds are authorized to be used for such purposepurposes); provided, that if the payment of such Operating Expenses, Capital Expenses or other expenses is not authorized under the Management Agreement or requires the consent or approval of the Authorized Commission Representative under the Management Agreement or the Cash Management Agreement, such Request shall be conditioned upon the prior written approval by the Commission and the Asset Manager. (bd) Notwithstanding subsection (a)Unless an Event of Default under this Trust Agreement has occurred and is continuing, and provided that the amounts on deposit in the Funds and Accounts set forth in clauses First through of Section 5.07(a) are then equal to the amounts required to be on deposit therein, upon receipt of a Request of the Commission in substantially the form attached to this Trust Agreement as Exhibit I, the Trustee shall apply amounts in the Revenue Stabilization Fund to pay the Rebate Amount any unpaid expenses or obligations incurred with respect to the Hotel or any Series of Bonds if so directed in an Officer's Certificate and such other costs related unpaid expenses or obligations owed by the Commission to administering third parties that are not otherwise payable as Administrative Expenses that the Indenture and Commission is obligated to pay under the Outstanding Bonds as may be specified in a Supplemental IndenturePre-Opening Services Agreement or the Design-Build Agreement. (ce) NVTC shall from time to time cause an NVTC Representative to assess the adequacy of the Revenue Stabilization Requirement under the then-current experience of the timeliness, frequency and amounts of the transfers of funds from the CROC Fund and the need to pay the Rebate Amount with respect to each Series of Bonds for which a Rebate Amount is or may be owed. If at any time such NVTC Representative determines in his or her judgment that the amount of the Revenue Stabilization Requirement should be changed, he or she will provide to the Trustee an Officer's Certificate setting forth the amount of the new Revenue Stabilization Requirement and the date on which the new Revenue Stabilization Requirement will take effect. If the Revenue Stabilization Requirement is to be reduced, the Officer's Certificate will also contain certifications to the effect that as of the date of the Officer's Certificate (i) all required deposits to the various Funds and Accounts established under this Master Indenture and the Supplemental Indentures have been made, (ii) the balance in each Debt Service Reserve Fund is at least equal to its respective DSRF Requirement, (iii) no Event of Default under this Master Indenture or any Series Supplement with respect to any Series of Bonds Outstanding has occurred and is continuing to the best of the knowledge of the signatory, and (iv) the reduction is not expected to materially impair NVTC's ability to make debt service payments on the Bonds or to pay the Rebate Amounts with respect thereto. (d) On each RSF Valuation Date, the The Trustee shall determine if the balance apply all amounts in the Revenue Stabilization Fund is Fund, together with amounts available for such purpose in the Funds and Accounts under the circumstances and as set forth in Section 5.14(c), at least equal the Direction of the Commission, to pay the Revenue Stabilization Requirement. In making each such determination, investments principal and Redemption Price of and interest on all Outstanding Bonds in the manner as set forth in Section 5.14(c). (f) Amounts on deposit in the Revenue Stabilization Fund shall be valued as provided in Section 11.3 below or as otherwise provided in a Supplemental Indenture. If on any RSF Valuation Date the amount in the Revenue Stabilization Fund (i) is less than the Revenue Stabilization Requirement, transferred by the Trustee shall promptly notify NVTC of such fact to the Commission for use by the Commission for any purpose whatsoever in Commission’s sole and absolute discretion, including the amount prepayment of the deficiency, or (ii) is greater than the Revenue Stabilization Requirement, the Trustee shall promptly notify NVTC of such fact and the amount of the surplusBonds pursuant to this Trust Agreement. (e) If the amount in the Revenue Stabilization Fund exceeds the Revenue Stabilization Requirement on any RSF Valuation Date, NVTC may direct the Trustee by an Officer's Certificate to transfer the surplus to the Residual Fund.

Revenue Stabilization Fund. (a) Except as provided below, the Trustee shall apply the balance in the Revenue Stabilization Fund ratably to cure deficiencies in the Debt Service Funds as provided in Section 8.2 before any amounts in the Debt Service Reserve Funds are used for such purpose. (b) Notwithstanding subsection (a), the Trustee shall apply amounts in the Revenue Stabilization Fund to pay the Rebate Amount with respect to any Series of Bonds if so as directed in an Officer's Certificate and such Certificate. [Are there any other costs related to administering "working capital" uses that might be appropriate for the Indenture and the Outstanding Bonds as may be specified in a Supplemental Indenture.Revenue Stabilization Fund?] (c) NVTC shall from time to time cause an NVTC Representative to assess the adequacy of the Revenue Stabilization Requirement under the then-current experience of the timeliness, frequency and amounts of the transfers of funds from the CROC Fund and the need to pay the Rebate Amount with respect to each Series of Bonds for which a Rebate Amount is or may be owed. If at any time time, such NVTC Representative determines in his or her judgment that the amount of the Revenue Stabilization Requirement should be changed, he or she will provide to the Trustee an Officer's Certificate setting forth the amount of the new Revenue Stabilization Requirement and the date on which the Requirement. The new Revenue Stabilization Requirement will take effect. If effect on the Revenue Stabilization Requirement is to be reduced, date specified in the Officer's Certificate will also contain certifications to the effect that as of the date of the Officer's Certificate (i) all required deposits to the various Funds and Accounts established under this Master Indenture and the Supplemental Indentures have been made, (ii) the balance in each Debt Service Reserve Fund is at least equal to its respective DSRF Requirement, (iii) no Event of Default under this Master Indenture or any Series Supplement with respect to any Series of Bonds Outstanding has occurred and is continuing to the best of the knowledge of the signatory, and (iv) the reduction is not expected to materially impair NVTC's ability to make debt service payments on the Bonds or to pay the Rebate Amounts with respect theretoCertificate. (d) On each RSF Valuation Date, the Trustee shall determine if the balance in the Revenue Stabilization Fund is at least equal to the Revenue Stabilization Requirement. In making each such determination, investments in the Revenue Stabilization Fund shall be valued as provided in Section 11.3 below or as otherwise provided in a Supplemental Indenture. If on any RSF Valuation Date the amount in the Revenue Stabilization Fund (i) is less than the Revenue Stabilization Requirement, the Trustee shall promptly notify NVTC of such fact and the amount of the deficiency, or (ii) is greater than the Revenue Stabilization Requirement, the Trustee shall promptly notify NVTC of such fact and the amount of the surplus. (e) If the amount in the Revenue Stabilization Fund exceeds the Revenue Stabilization Requirement on any RSF Valuation Datevaluation date, NVTC may direct the Trustee by an Officer's Certificate to transfer the surplus excess to the Residual Fund.