Debt Service Reserve Deficiency definition

Debt Service Reserve Deficiency means at any time from and after the Commercial Operation Date, the amount, if any, by which the then current outstanding credit balance of the Debt Service Reserve Account is less than the Debt Service Reserve Requirement at such time.
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Debt Service Reserve Deficiency means, on any date of determination, the amount, if any. by which the collected credit balance of the Debt Service Reserve Account is less than the Debt Service Reserve Requirement for such date of determination.
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Debt Service Reserve Deficiency means at any time from and after Completion, the amount, if any, by which the Debt Service Reserve Requirement exceeds the sum of (a) the balance in the Debt Service Reserve Account plus (b) amounts available to be drawn under Debt Service Reserve Letters of Credit.
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Examples of Debt Service Reserve Deficiency in a sentence

  • On each Monthly Funding Date, there shall be deposited in the Term Loan Debt Service Reserve Deficiency Account the amounts required pursuant to Section 3.2(c) of this Agreement.

  • The Collateral Trustee hereby establishes or confirms that it has established an account, in the name of the Collateral Trustee on behalf of the Company and solely for the benefit of the holders of the Indebtedness under the Bonds, entitled “Montana Renewables, LLC Project Bond Debt Service Reserve Deficiency Account” and numbered 162217-011 (the “Bond Debt Service Reserve Deficiency Account”).

  • The Term Loan Debt Service Reserve Deficiency Account shall be used solely for the purpose of providing for the payment of Indebtedness under the Term Loan Facility.

  • On each Monthly Funding Date, there shall be deposited in the Bond Debt Service Reserve Deficiency Account the amounts required pursuant to Section 3.2(c) of this Agreement.

  • At any time after Completion, (i) a Debt Service Reserve Deficiency shall remain unsatisfied for more than 90 consecutive days or (ii) an Operating Reserve Deficiency shall remain unsatisfied for more than 60 consecutive days.

  • The Bond Debt Service Reserve Deficiency Account shall be used solely for the purpose of providing for the payment of Indebtedness under the Bonds.

  • LESSEE accepts the premises in an “as is” condition and understands and agrees that hunting is a dangerous activity and that there may be hidden hazards, such as holes, fence wires, animals, wells, swamps, ponds, harmful plants, other hunters, or other risks that may injure or cause the death of the LESSEE.

  • The Collateral Trustee shall disburse funds from the Term Loan Debt Service Reserve Deficiency Account in the manner provided for in Section 3.5(d).

  • The Collateral Trustee hereby establishes or confirms that it has established an account, in the name of the Collateral Trustee on behalf of the Company and solely for the benefit of the Term Lenders, entitled “Montana Renewables, LLC Project Term Loan Debt Service Reserve Deficiency Account” and numbered 162217-012 (the “Term Loan Debt Service Reserve Deficiency Account”).

  • If --------------- a Debt Service Reserve Deficiency arises and is not cured by the end of the immediately following Calculation Period, then the Company shall make a call pursuant to the Contingent Equity Contribution Agreement to the extent of such Debt Service Reserve Deficiency.


More Definitions of Debt Service Reserve Deficiency

Debt Service Reserve Deficiency means the excess, if any, of the Debt Service Reserve Requirement over the amount on deposit in the Debt Service Reserve Fund.]
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Debt Service Reserve Deficiency shall have the meaning ascribed thereto in Section 4.5 of the Indenture.
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Debt Service Reserve Deficiency shall exist if at any time the amount of ------------------------------- funds on deposit in the Debt Service Reserve Accounts is less than an amount equal to the sum of the projected aggregate Debt Service (including amounts required to be deposited in the Sinking Fund Accounts and assuming that the aggregate outstanding principal amount of W/C Loans will be (a) during the first two Calculation Periods after the Initial Funding Date, $5,000,000 borrowed at an interest rate of 6-1/2 per cent per annum and (b) thereafter, equal to the average aggregate outstanding principal amount of W/C Loans for the immediately preceding two Calculation Periods) for the next six months (using the applicable interest rates in effect as of the date of calculation and assuming fees payable under the Remarketing Agreement will be the amount of the most recent fees paid thereunder).
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Related to Debt Service Reserve Deficiency

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Debt Service Reserve Requirement means, as of any date of calculation, and for any Fiscal Year, the amount equal to the maximum Adjusted Aggregate Debt Service on Bonds in the current or any future Fiscal Year on all Bonds Outstanding; provided, however, that if, upon the issuance of a Series of Bonds, such amount would require moneys, in an amount in excess of the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, to be deposited therein, the Debt Service Reserve Requirement shall mean an amount equal to the sum of the Debt Service Reserve Requirement immediately preceding issuance of such Bonds and the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, as certified by an Authorized Representative of the Authority; provided, further, that, if (i) the payment of the Principal Installments of or interest on any Series of Bonds or portion thereof is secured by a Special Credit Facility, (ii) the payment of the Tender Option Price of any Option Bond of a Series is secured by a Special Credit Facility or (iii) the Authority has determined in a Supplemental Resolution authorizing the issuance of a Series of Bonds that such Series of Bonds will not be secured by the Common Account in the Debt Service Reserve Fund, the Supplemental Resolution authorizing such Series may specify the Debt Service Reserve Requirement, if any, for the Bonds of such Series: provided, further, that if, as a result of the expiration or termination of a Financial Guaranty, a deficiency shall be created in the Debt Service Reserve Fund, the Debt Service Reserve Requirement shall be calculated so as to exclude the amount of such deficiency and the Debt Service Reserve Requirement shall be increased in each of the five Fiscal Years after the date such deficiency was created by an amount equal twenty per centum (20%) of the aforesaid deficiency.For the purpose of calculating the Debt Service Reserve Requirement for any Variable Rate Bonds of a Series, the maximum Adjusted Debt Service on such Series shall be determined by reference to the Pro Forma Bond Issue for the Variable Rate Bonds of such Series set forth in the Supplemental Resolution authorizing such Series.

  • Debt Service Reserve Fund Requirement means, with respect to the 2023 Series B Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2023 Series B Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • 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 Account shall have the meaning given to it in the Depository Agreement.

  • Borrowing Base Deficiency means, as of any date of determination, the positive amount, if any, by which (i) the aggregate Loans Outstanding exceeds (ii) the Borrowing Base.

  • Debt Service Reduction With respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of competent jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction resulting from a Deficient Valuation.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Collateral Deficiency Amount With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum of (in the case of a Loan Combination, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided, that in the case of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the Special Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination. The Certificate Administrator, the Master Servicer and the Operating Advisor (other than with respect to any Collateral Deficiency Amount calculations that the Operating Advisor is required to review, recalculate and/or verify pursuant to Section 3.29) shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.

  • Overcollateralization Deficiency For any Distribution Date will be equal to the amount, if any, by which (x) the Targeted Overcollateralization Amount for such Distribution Date exceeds (y) the Overcollateralization Amount for such Distribution Date, calculated for this purpose after giving effect to the reduction on such Distribution Date of the aggregate Class Principal Balance of the Certificates resulting from the payment of the Principal Payment Amount on such Distribution Date, but prior to allocation of any Applied Loss Amount on such Distribution Date.

  • Required Reserve Factor Floor means, for any Calculation Period, the sum (expressed as a percentage) of (a) 12.5% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the most recent Cut-Off Date.

  • Overcollateralization Deficiency Amount With respect to any Distribution Date, the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralized Amount on such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal distribution on such Distribution Date).

  • Debt Service means, with respect to any particular period of time, scheduled principal and interest payments under the Note.

  • Debt Service Ratio means for any period the Modified Cash NOI for all consolidated and unconsolidated properties of the Operating Partnership based on its share (determined on a proportional ownership basis based upon the Operating Partnership’s ownership (direct or indirect) in each of its Subsidiaries and Joint Ventures) divided by Debt Service.

  • Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Debt Service Requirement means the sum of (i) interest expense (whether paid or accrued and including interest attributable to Capital Leases), (ii) scheduled principal payments on borrowed money, and (iii) capitalized lease expenditures, all determined without duplication and in accordance with GAAP.

  • Debt Service Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

  • Debt Service Reduction Mortgage Loan Any Mortgage Loan that became the subject of a Debt Service Reduction.

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Accumulation Reserve Funding Period shall not apply if the Calculation Agent on behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the earlier to occur of:

  • DSCR means debt service coverage ratio.