Target Balance Clause Samples
The Target Balance clause sets a specific minimum or target amount that must be maintained in a designated account, such as a reserve or operating account, throughout the term of an agreement. Typically, this clause outlines how and when the balance should be replenished if it falls below the required level, and may specify the consequences of failing to maintain the target balance, such as triggering default or additional fees. Its core practical function is to ensure that sufficient funds are always available to meet ongoing obligations, thereby reducing financial risk for the parties involved.
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Target Balance. The target balance to be maintained on the Debt Service Reserve Account prior to the First Repayment Date is EUR 57 million and thereafter such amount as is sufficient to service the amounts due and payable under the Facility during the following twelve (12) months, taking into consideration any amounts held in USD in accordance with Clause 11.5 (Currency) (the “Target Balance”). Any balance on the Equity Reserve Account from time to time will count towards the Target Balance. The Debt Service Reserve Account will be funded through
(a) a drawdown under Tranche C,
(b) the amount determined in accordance with Clause 2.6.2 (iii) of the Shareholders’ Undertaking Agreement,
(c) out of the Proceeds Account taking into consideration Clause 9.4.3(a) (Priority of Payments). When determining the twelve (12) months debt service, the Agent will estimate the costs of interest on the basis of the interest rates then currently payable on outstanding Advances (taking into consideration the Hedging Agreements entered into for the hedging of the interest risks and the hedging of the currency rate risk related to the debt service of the Borrower) and that repayments are made only according to Clauses 6.1 (General) to 6.3 (Repayments other than First Repayment). The Agent will notify the Borrower of the Target Balance at the latest two (2) Business Days before the 30 September 2005 and each subsequent Repayment Date following the notification on such date pursuant to Clause 4.4 (Notification).
Target Balance. The Target Balance shall designated by Customer.
Target Balance. As used herein “Target balance” means the collected balance amount designated by Customer from time to time as a threshold balance to remain in Customer’s Account(s) , and which shall not be invested in any of the Commercial Sweep Services investment options.
Target Balance. The target balance to be maintained on the Debt Service Reserve Account prior to the First Repayment Date is EUR 57 million and thereafter such amount as is sufficient to service the amounts due and payable under the Facility during the following twelve (12) months, taking into consideration any amounts held in USD in accordance with Clause 11.5 (Currency) (the “Target Balance”). Any balance on the Equity Reserve Account from time to time will count towards the Target Balance. The Debt Service Reserve Account will be funded through
(a) a drawdown under Tranche C,
(b) the amount determined in accordance with Clause 2.6.2 (iii) of the Shareholders’ Undertaking Agreement,
(c) out of the Proceeds Account taking into consideration Clause 9.4.3(a) (Priority of Payments).
Target Balance. The target balance to be maintained on the Debt Service Reserve Account prior to the First Repayment Date is EUR 57 million and thereafter such amount as is sufficient to service the amounts due and payable under the Facility during the following twelve (12) months, taking into consideration any amounts held in USD in accordance with Clause 11.5 (Currency) (the “Target Balance”). Any balance on the Equity Reserve Account from time to time will count towards the Target Balance. The Debt Service Reserve Account will be funded through
(a) a drawdown under Tranche C,
(b) the amount determined in accordance with Clause 2.6.2 (iii) of the Shareholders’ Undertaking Agreement,
(c) out of the Proceeds Account taking into consideration Clause 9.4.3(a) (Priority of Payments). When determining the twelve (12) months debt service, the Agent will estimate the costs of interest on the basis of the interest rates then currently payable on outstanding Advances (taking into consideration the Hedging Agreements entered into for the hedging of the interest risks and the hedging of the currency
Target Balance. For purposes of this Agreement, the “Target Balance” shall mean a collected balance in the Account, of which the amount shall be listed on the Application, after the posting of all debits and credits to Company’s Account at the end of any Banking Day. The Target Balance may be modified by subsequent agreement between the parties from time to time and such modified amount shall thereafter be deemed to be the Target Balance.
Target Balance. The target balance to be maintained on the Debt Service Reserve Account prior to the First Repayment Date is EUR 57 million and on each Repayment Date thereafter such amount as is sufficient to service the amounts due and payable under the Facility and the Blue Mill Facility during the following twelve (12) months, taking into consideration any amounts held in USD in accordance with Clause 11.7 (Currency) (the “Target Balance”). Any balance on the Equity Reserve Account from time to time will count towards the Target Balance. The Debt Service Reserve Account will be funded through
(a) a drawdown under Tranche C,
(b) the amount determined in accordance with Clause 2.4.2 (b) (iii) of the Shareholders’ Undertaking Agreement,
(c) out of the Proceeds Account taking into consideration Clause 9.4.3(a) (Priority of Payments). When determining the twelve (12) months debt service, the Agent will estimate the costs of interest on the basis of the interest rates then currently payable on outstanding Advances (taking into consideration the Hedging Agreements entered into for the hedging of the interest risks and the hedging of the currency rate risk related to the debt service of the Borrower) and that repayments are
Target Balance. The target balance to be maintained on the Debt Service Reserve Account prior to the First Repayment Date is EUR 57 million and thereafter such amount as is sufficient to service the amounts due and payable under the Facility during the
(a) a drawdown under Tranche C,
(b) the amount determined in accordance with Clause 2.6.2 (iii) of the Shareholders' Undertaking Agreement,
(c) out of the Proceeds Account taking into consideration Clause 9.4.3 (a) (Priority of Payments). When determining the twelve (12) months debt service, the Agent will estimate the costs of interest on the basis of the interest rates then currently payable on outstanding Advances and that repayments are made only according to Clauses 6.1 (General) to 6.3 (Repayments other than First Repayment). The Agent will notify the Borrower of the Target Balance at the latest two (2) Business Days before Acceptance and each subsequent Repayment Date following the notification on such date pursuant to Clause 4.4 (Notification).
Target Balance. Customer has designated a specific Collected Balance in the Main Operating Account (“Target Balance”). Subject to Provident’s approval, Customer may change the Target Balance upon submission of proper documentation and acceptance by Provident.