Examples of Current Debt Service in a sentence
The amount required in the Current Debt Service Reserve Account as of the Closing Date may, at Lender’s election, be deposited on Borrowers’ behalf by Lender’s funding said amount out of the Loan proceeds.
All accounts maintained hereunder, including the Mezzanine Loan Deposit Account and the Current Debt Service Reserve Account, shall, at Lender’s election, be Eligible Accounts.
The insufficiency of any balance in the Current Debt Service Reserve Account shall not relieve any Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.
Notwithstanding the terms hereof, in no event shall Lender have any obligation to disburse funds from the Mezzanine Loan Deposit Account, the Mezzanine Loan Holding Account or the Current Debt Service Reserve Account for so long as an Event of Default shall have occurred and be continuing.
In addition to the rights of Borrowers to have informational computer access to the Mezzanine Loan Deposit Account, the Mezzanine Loan Holding Account and the Current Debt Service Reserve Account, Lender shall, upon the written request of Borrowers, not more often than monthly, provide such information as it has in its possession regarding the records maintained in accordance with the first sentence hereof and information regarding funds on deposit in the Mezzanine Loan Holding Account.
Funds in the Current Debt Service Reserve Account shall not be commingled with any other monies.
Borrowers shall pay the costs of establishing and maintaining the Current Debt Service Reserve Account and shall pay the costs to maintain and shall maintain the Current Debt Service Reserve Account throughout the term of the Loan.
Each of the Mezzanine Loan Deposit Account, the Mezzanine Loan Holding Account and the Current Debt Service Reserve Account shall be in the name of and under the sole dominion and control of Lender, subject only to Lender’s obligations hereunder to advance funds or otherwise disburse or apply funds therefrom in accordance with this Agreement, and no Borrower shall have the authority or power to make withdrawals from the Current Debt Service Reserve Account.
On each Payment Date, funds on deposit in the Current Debt Service Reserve Account shall be applied by Agent to pay the items set forth in preceding clauses (i) through (iv).
On each Payment Date, funds on deposit in the Current Debt Service Reserve Account shall be applied by Lender to pay the items set forth in preceding clauses (i) through (iv).