Debt Service Advance definition

Debt Service Advance means an advance made by the Servicer (or, if the Servicer fails to do so, the Trustee) on a Quarterly Payment Date in respect of the Senior Notes Quarterly Interest Shortfall Amount on any Quarterly Payment Date.

Debt Service Advance means the advance required to be made by the Servicer (to the extent so provided in Section 2.08) on the Business Day preceding each Payment Date in an amount equal to the excess of (i) the Monthly Payment Amount for such Payment Date over (ii) the amount of funds on deposit in the Collection Account available to pay such amount in accordance with the distribution priorities set forth in Section 5.01(a)(iv) of the Indenture on such date.

Debt Service Advance means the advance required to be made by the Servicer on the Business Day preceding each Payment Date in an amount equal to the excess of (i) the Monthly Payment Amount for such Payment Date over (ii) the amount of funds available to pay such amount in accordance with the distribution priorities set forth in Section 5.01(b) on such date.

Examples of Debt Service Advance in a sentence

• In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer.

• The Trustee may update or change its nonrecoverability determination at any time, and may decide that a requested Debt Service Advance or Collateral Protection Advance that was previously deemed to be a Nonrecoverable Advance shall have become recoverable.

• If a Monthly Interest Payment Advance is made with respect to the Trust Loan, then that Monthly Interest Payment Advance, together with interest on such Monthly Debt Service Advance, shall only be reimbursed out of future payments and collections on the Trust Loan, but not out of payments or other collections on the Companion Loans.

• If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance.

• The determination by the Trustee that it has made a Nonrecoverable Advance or that any proposed Debt Service Advance, if made, would constitute a Nonrecoverable Advance, shall be made by the Trustee in its reasonable good faith judgment.

More Definitions of Debt Service Advance

Debt Service Advance has the meaning assigned thereto in Section 4.03(a).

Debt Service Advance has the meaning set forth in the Servicing Agreement.

Debt Service Advance has the meaning set forth in Section 17.3.

Debt Service Advance has the meaning given that term in Section 3.

Debt Service Advance has the meaning provided in Section 2.01(c)(i) of this Loan Agreement.

Debt Service Advance means an advance made by the Servicer (or, if the Servicer fails to do so, the Trustee) on a Quarterly Payment Date in respect of the Senior Notes Quarterly Interest Shortfall Amount on any Quarterly Payment Date. “Default” means any Event of Default or any occurrence that with notice or the lapse of time or both would become an Event of Default. “Defeased Series” has the meaning set forth in Section 12.1(c) of the Base Indenture. “Definitive Notes” has the meaning set forth in Section 2.12(a) of the Base Indenture. “Depository Agreement” means, with respect to a Series or Class of a Series of Notes having Book-Entry Notes, the agreement among the Master Issuer, the Trustee and the Clearing Agency governing the deposit of such Notes with the Clearing Agency, or as otherwise provided in the applicable Series Supplement. “DSCR” means, as of any Quarterly Payment Date, an amount equal to (i) the Net Cash Flow over the four (4) immediately preceding Quarterly Collection Periods, divided by (ii) the

Debt Service Advance means an amount equal to the excess of (i) the Monthly Payment Amount due and payable on such Payment Date over (ii) the sum of (x) the amount of funds on deposit in the Debt Service Sub-Account on such day and (y) the amount on deposit in the Liquidity Reserve Sub-Accounts on such day, in each case available to pay such Monthly Payment Amount on such day.