Debt Service Reserve Funds definition

Debt Service Reserve Funds shall have the meaning set forth in Section 6.6.1.

Debt Service Reserve Funds means the Debt Service Reserve Funds to be established with respect to the Approved Series of Bonds.

Debt Service Reserve Funds means the fund and accounts so designated and created pursuant to Article IV of this Indenture.

Examples of Debt Service Reserve Funds in a sentence

• All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.

• In the event that a Letter of Credit is delivered in lieu of any portion of the Debt Service Reserve Funds, Borrower shall be responsible for the direct payment of any Debt Service Shortfalls that would otherwise have been payable from such portion of the Debt Service Reserve Funds.

• Lender shall not draw on any Letter of Credit delivered in lieu of any portion of the Debt Service Reserve Funds unless (i) Borrower fails to pay any Debt Service Shortfall or (ii) an Event of Default has occurred and is continuing.

• The aggregate amount of any Letter of Credit and cash on deposit with respect to Debt Service Reserve Funds shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit in such Reserve Fund pursuant to this Agreement.

• In the event that Lender, upon the occurrence of any Event of Default or upon any other event for which this Agreement or the Loan Agreement permits withdrawal of Debt Service Reserve Funds, does cause to be withdrawn all or any part of the Debt Service Reserve Funds, then Borrower acknowledges that a substantial penalty and loss of interest otherwise accrued may be imposed upon Borrower as a result of such withdrawal prior to the maturity of the investment.

More Definitions of Debt Service Reserve Funds

Debt Service Reserve Funds shall have the meaning set forth in Section 9.7 hereof. Confidential Treatment Requested by BANA XXXX-Xxxx-00066

Debt Service Reserve Funds. Upon written request by Borrower (which may be by email) received by no later than the tenth day of a calendar month, Lender shall release funds to itself solely for the payment of Accrued Interest from the Debt Service Reserve Account in the amount that Lender determines is the Monthly Interest Deficiency for the prior calendar month; provided, however, that Lender shall have no such obligation if an Event of Default exists or if Borrower has failed to provide to Lender by the tenth day of the current calendar month a detailed calculation in form satisfactory to Lender of the Monthly Interest Deficiency for the prior calendar month. If Lender ever estimates that the amount in the Debt Service Reserve may be less than three (3) months of Accrued Interest, then Borrower, on five (5) days’ advance written notice from Lender, shall deposit into the Debt Service Reserve Account the amount estimated by Lender to be necessary so that at least three (3) months of the Accrued Interest shall be therein (but not more Accrued Interest than estimated by Lender to be payable through the Maturity Date).

Debt Service Reserve Funds and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Debt Service Reserve Account.”

Debt Service Reserve Funds and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Debt Service Reserve Account.” On the Closing Date, Borrower shall deposit with Lender an amount equal to Nine Million Twenty-Five Thousand and 00/100 Dollars ($9,025,000.00). In addition, from and after the date on which there are no remaining Debt Service Reserve Funds on deposit with Lender, if Lender reasonably determines that there will be any projected shortfalls in Debt Service through the Initial Maturity Date or the Extended Maturity Date, as applicable, (i) Borrower shall within five (5) Business Days after notice from Lender make a deposit into the Debt Service Reserve Account in an amount equal to the amount of any projected shortfalls in Debt Service through the Initial Maturity Date or the Extended Maturity Date, as applicable.

Debt Service Reserve Funds shall have the meaning set forth in Section 4.2 hereof. “Debt Service Subaccount” shall have the meaning set forth in the Cash Management Agreement. “Debt Yield” shall mean, as of the last day of the calendar month immediately preceding the applicable date of determination, the quotient obtained by dividing (1) Adjusted Net Cash Flow as of such date by (2) the outstanding principal amount of the Loan as of such date. Agent’s calculation of the Debt Yield (as verified by Xxxxxx) shall be conclusive and binding on Borrower absent manifest error. “Default” shall mean the occurrence of any event hereunder or under the Note or the other Loan Documents which, but for the giving of notice or passage of time, or both, would be an Event of Default. “Default Rate” shall mean, with respect to the Loan, a rate per annum equal to the lesser of (i) the Maximum Legal Rate, or (ii) the sum of (a) the Interest Rate and (b) five percent (5%). “Defined Benefit Plan” shall mean a plan, document, agreement, or arrangement currently or previously maintained or sponsored by Borrower, Pledgor or by any ERISA Affiliate or to which either Borrower, Pledgor or ERISA Affiliate currently makes, or previously made, contributions and which (i) provides or is expected to provide retirement benefits to employees or other workers and (ii) Borrower or Pledgor could reasonably be expected to have any liability (including liability attributable from an ERISA Affiliate). A Defined Benefit Plan shall include any plan that if it were terminated at any time, would result in Borrower, Pledgor or ERISA Affiliate being deemed to be a “contributing sponsor” (as defined in Section 4001(a)(13) of ERISA) of the terminated plan pursuant to ERISA Section 4069. A Defined Benefit Plan does not include a Multiemployer Plan. “Disclosure Document” shall have the meaning set forth in Section 13.2 hereof.

Debt Service Reserve Funds and the account in which such amounts are held shall hereinafter be referred to as the “Debt Service Reserve Account.” The Debt Service Reserve will be available for use by Borrower in the event that Net Cash Flow from the Property for any month shall be less than Debt Service for such month. In lieu of making any required deposits to the Debt Service Reserve Account, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is required to be deposited into the Debt Service Reserve Account. All earnings or interest on the Debt Service Reserve Fund shall be and become part of such Debt Service Reserve Fund and shall be disbursed as provided in this Section 7.5. In the event Net Cash Flow equals or exceeds $8,000,000.00 for the preceding twelve (12) consecutive month period, the Debt Service Reserve Funds will be released to Borrower following Borrower’s written request therefor.

Debt Service Reserve Funds and the account in which such amounts are held by Lender shall hereinafter be referred to as the "