Debt Service Reserve definition

Debt Service Reserve means the reserve for payment of principal and interest on the Bonds, created and established by Sections 502 and 506 of the General Trust Indenture.

Debt Service Reserve shall have the meaning set forth in Section 7.5.1 hereof.

Debt Service Reserve means the amount estimated by the Agent (following consultation with the Borrower) and notified to the Borrower as the amount as shall be necessary to provide for the Borrower to meet its payment obligations under this Agreement and under the Swap Contracts during the following six Months (taking account of Swap Payments receivable by the Borrower under the Swap Contracts);

Examples of Debt Service Reserve in a sentence

• Payments made to Washoe County by a defaulting Agency of amounts owed under this Agreement shall be credited (a) first, to interest and late charges then owing, (b) second, to the amounts then due and owing to Washoe County and (c) third, to the amounts then due and owing to the Debt Service Reserve Fund.

• If the amount on deposit in the Debt Service Reserve Fund is less than the Debt Service Reserve Requirement, the Trustee will transfer funds from the Revenue Fund, but only from the Delinquent Payments Account, to the Debt Service Reserve Fund to restore the Debt Service Reserve Requirement, to the extent and in the manner provided in Section 7.2(c).

• In accordance with Section 4.11 of the Agreement, neither a deposit to the Reserve Fund nor to a Debt Service Reserve Fund shall be required with respect to the Series 2022-A Bonds, and the Series 2022-A Bonds shall not be secured by the Reserve Fund or a Debt Service Reserve Fund.

• When the balances on deposit in the Bond Fund and the Debt Service Reserve Fund are sufficient to pay or redeem all the Bonds then Outstanding, the Authority may direct the Trustee in writing to transfer the balances in such Funds to a special account in the Bond Fund to be held by the Trustee for the payment or redemption of Bonds at the earliest practicable date and for no other purpose.

• The parties hereto agree that the proceeds of the Series 2023B Bonds will be used to pay the costs of the Project, [fund the Series 2023B Debt Service Reserve Account] and to pay for costs of issuance of the Series 2023B Bonds.

More Definitions of Debt Service Reserve

Debt Service Reserve means the monies standing to the credit of the Debt Service Reserve Account at any given time.

Debt Service Reserve means the portion of the Bond Fund in excess of the aggregate principal, interest, and Bond Fund Charges of Outstanding Bonds for the ensuing year, which excess portion shall constitute the "Debt Service Reserve" created and provided for in Section 4.05(3) of the Basic Resolution.

Debt Service Reserve means the total of (i) the Initial Debt Service Reserve Deposit, and (ii) all Monthly Debt Service Reserve Deposits.

Debt Service Reserve means, as of any date of determination, an amount equal to the sum of (a) the amount required to be applied to a mandatory redemption of the Securities on the next scheduled interest payment date in accordance with Section 3.09(a) plus (b) all interest that is scheduled to be paid by the Company under this Indenture during the immediately succeeding six months; provided, that such amount shall be increased to (i) 1.5 times the amount required to be applied to a mandatory redemption of the Securities on the next scheduled interest payment date in accordance with Section 3.09(a) plus (ii) all interest that is scheduled to be paid by the Company under this Indenture during the immediately succeeding nine months if (x) there is a casualty event (other than an Event of Loss) with respect to the Collateral Rig in excess of $50,000,000, until such time as the Collateral Rig is repaired and operational under the applicable Drilling Contract, or (y) CVX (or any other entity that is the counterparty under the Drilling Contract) is more than 90 days late with respect to the making of payments under the Drilling Contract in an aggregate amount in excess of $30,000,000.

Debt Service Reserve means, as of any date of determination, an amount equal to the sum of (a) $30,000,000 plus (b) all interest that is scheduled to be paid by the Company under this Indenture during the immediately succeeding six months; provided, that such amount shall be increased to (i) $45,000,000 plus (ii) all interest that is scheduled to be paid by the Company under this Indenture during the immediately succeeding nine months if (x) there is a casualty event (other than an Event of Loss) with respect to the Collateral Rig in excess of $50,000,000, until such time as the Collateral Rig is repaired and operational under the applicable Drilling Contract, or (y) Shell (or any other entity that is the counterparty under the Drilling Contract) is more than 90 days late with respect to the making of payments under the Drilling Contract in an aggregate amount in excess of $30,000,000.

Debt Service Reserve. As defined in Section 6.17 of the Common Agreement.

Debt Service Reserve. Fund shall mean the fund created by the Trust Agreement for maintaining a balance equal to the maximum annual Debt Service on all outstanding Bonds.