Debt Service Reserve LC definition

Debt Service Reserve LC means the letter of credit to be issued pursuant to Section 2.2(a)(ii) of the Financing Agreement.
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Debt Service Reserve LC. ’ means a letter of credit issued for the account of ROSBANK in relation to any Class of Notes by a Qualified Bank in a face amount (denominated and payable in Dollars) at least equal to the applicable Required Reserve Amount; and provided further that if the bank issuing the relevant Debt Service Reserve LC ceases to be a Qualified Bank, ROSBANK shall substitute such bank with a Qualified Bank within 30 days of the earlier of: (a) the Issuer’s or ROSBANK’s obtaining knowledge of such bank’s ceasing to be a Qualified Bank (it being understood that the Issuer shall notify ROSBANK promptly after obtaining such knowledge); and (b) the delivery to the Issuer and ROSBANK by the Trustee or any Secured Creditor of written notice of such bank’s ceasing to be a Qualified Bank. Each Debt Service Reserve LC shall have an initial term of 364 days or more, name the Trustee or the Issuer as the beneficiary thereof and if the Issuer is named as beneficiary then either: (i) contain an acknowledgment that the Issuer’s rights thereunder are enforceable by the Trustee or (ii) name the Trustee as a separate beneficiary thereof. The Trustee shall maintain possession of each Debt Service Reserve LC, any replacement thereof and any confirmations relating thereto. Each Debt Service Reserve LC (and any confirmation thereof) shall be irrevocable and governed by the laws of the State of New York or England and Wales.
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Debt Service Reserve LC means the debt service reserve letter of credit delivered by the Issuer to the Bond Trustee pursuant to Schedule 7 (Documentary Conditions Precedent) of the Intercreditor Deed or a letter of credit in substantially the same form with an initial duration of not less than 12 months, or otherwise in form and substance acceptable to the Bond Trustee, issued on behalf of EME by banks or financial institutions with an Acceptable Credit Rating and acceptable to the Bond Trustee.
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Examples of Debt Service Reserve LC in a sentence

  • Borrower shall pay interest on the unpaid amount of the Debt Service Reserve LC Loan calculated from the date of such Debt Service Reserve LC Loan until such Debt Service Reserve LC Loan is repaid in full at a rate per annum equal to the Base Rate plus the Applicable Base Rate Margin.

  • Unless an Event of Default exists and is continuing, Administrative Agent, as beneficiary under the Debt Service Reserve LC, shall make a draw under the Debt Service Reserve LC to the to the extent necessary in the event that the amounts on deposit in the Revenue Account are at any applicable time insufficient for the purpose set forth in Sections 6(b)(3) and (4).

  • Each Debt Service Reserve LC Loan, if any, shall be due and payable in full on the LC Loan Maturity Date.

  • All proceeds of Drawing Payments in respect of the Debt Service Reserve LC shall be deposited in the Debt Service Reserve Account.

  • Subject to the terms and conditions contained in this Financing Agreement, Issuing Bank irrevocably agrees to issue on the Closing Date, the Debt Service Reserve LC for the account of Borrower and in favor of the Administrative Agent (on behalf of the Lenders) as beneficiary in support of the Debt Service Reserve Requirement.

  • The Debt Service Reserve LC shall be in an initial Stated Amount equal to $6,630,000 and shall be substantially in the form attached hereto as Exhibit P.

  • The maximum Stated Amount of the Debt Service Reserve LC outstanding at any time and the Stated Amount of any requested but not yet issued Debt Service Reserve LC shall not exceed $6,630,000.

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  • Prior to the Effective Date, the Debt Service Reserve L/C shall remain in place until the Agent has received evidence that the Debt Service Reserve Account has been fully funded to the Required DSRA Balance in accordance with the provisions of the Senior Facility Agreement and the Account Agreement from funds standing to the credit of the Distributions Account and/or unconditional payments by Century or either of the Immediate Shareholders and/or as otherwise agreed by the Majority Banks.

  • Any reference in these Conditions to the balance or moneys standing to the credit of one of the Accounts will be deemed to include a reference to the Authorised Investments in which all or part of such balance is for the time being invested and, in the case of the Debt Service Reserve Account, to include the undrawn and uncancelled amount of the Debt Service Reserve LC.

Related to Debt Service Reserve LC

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

  • 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.

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

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

  • 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.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • 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.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

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

  • 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.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Interest Reserve Account As defined in Section 3.4(d).

  • Annual Debt Service as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries, excluding amortization of debt discounts and deferred financing costs.

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

  • Cash Flow Available for Debt Service for any period, means (i) Cash Flow received during such period minus (ii) (A) all O&M Costs paid during such period and (B) if an Equity Cure has been made in any fiscal quarter during the period for which Cash Flow Available for Debt Service is calculated, the lesser of the aggregate amount of (x) such Equity Cure during such period and (y) the aggregate amount of cash distributions paid by the Company during such period.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Debt Service Charges means for any Measurement Period, the sum of (a) Consolidated Interest Charges required to be paid for such Measurement Period, plus (b) regularly scheduled principal payments required to be made on account of Indebtedness (excluding the Obligations and any Synthetic Lease Obligations and Capital Lease Obligations) for such Measurement Period, in each case determined on a Consolidated basis in accordance with GAAP.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.