Debt Payment Account definition

Debt Payment Account means an account for the deposit of funds from the Project Control Account for the payment of fees, interest on the Loans and principal of the Loans, together with Interest Rate Agreement payments, to be maintained with and under the sole dominion and control of the Administrative Agent.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Debt Payment Account has the meaning given in Section 2.1 of the Depositary Agreement.

Debt Payment Account means the account of such name maintained by the Company with the Depositary Agent in accordance with the Security Deposit Agreement.

Examples of Debt Payment Account in a sentence

• All outstanding Working Capital Loans shall be repaid on each Quarterly Date following the Last Completion Date to the extent of Account Funds available for such purpose in the Debt Payment Account on such Quarterly Date, after giving effect to transfers from the Applicable Revenue Account to the Debt Payment Account on such Quarterly Date; provided, however, that each Working Capital Loan shall be repaid in full on the Final Maturity Date.

• Subject to Section 11.20, all Project LC Loans shall be repaid on each Monthly Date to the extent of Account Funds available for such purpose in the Debt Payment Account on such Monthly Date, after giving effect to transfers from the Applicable Revenue Account to the Debt Payment Account on such Monthly Date; provided, however, that each Project LC Loan shall be repaid in full on the Final Maturity Date.

• Account Funds in the Debt Payment Account shall be used only to pay Scheduled Debt Service.

• All Project LC Loans shall be repaid on each Quarterly Date to the extent of Account Funds available for such purpose in the Debt Payment Account on such Quarterly Date, after giving effect to transfers from the Applicable Revenue Account to the Debt Payment Account on such Quarterly Date; provided, however, that each Project LC Loan shall be repaid in full on the Final Maturity Date.

• If on any Payment Date Monies on deposit in or credited to the DSR LOC Principal Sub-Account exceed the amount required to be on deposit therein or credited thereto after giving effect to the payments made on such Payment Date pursuant to clause (b) above, the Depositary Bank shall transfer such excess Monies from the DSR LOC Principal Sub-Account to the Debt Payment Account on such Payment Date.

More Definitions of Debt Payment Account

Debt Payment Account means the account of such name described on Schedule 1.1 established at the Collateral Agent's Office, or any other account at the Collateral Agent's Office designated by the Borrower with the consent of the Collateral Agent to serve as the Debt Payment Account.

Debt Payment Account means the Account of such name established pursuant to Section 2.2 of the Depositary Agreement and held under the following account number: C28710 B.

Debt Payment Account is defined in the Depositary Agreement.

Debt Payment Account has the meaning set forth in Section 2.2(e).

Debt Payment Account has the meaning provided in Section 2.01(a) (Establishment of Accounts).

Debt Payment Account has the meaning assigned to such term in the Disbursement Agreement.

Debt Payment Account means the account of such name created under the Depositary Agreement.