Examples of Required Debt Service Reserve Amount in a sentence
The Required Debt Service Reserve Amount shall have been, or shall concurrently be, deposited in the Debt Service Reserve Account.
Term Revolving Loan Advances borrowed, repaid or prepaid may be reborrowed at any time prior to the Term Revolving Loan Termination Date; provided that at no time shall the amounts restricted for use as the Required Debt Service Reserve Amount plus all outstanding Term Revolving Loan Advances exceed the Term Revolving Loan Commitment amount.
Subject to the terms and conditions set forth in this Amendment, the Banks, by and through the Agent, hereby waive any default or Event of Default that has occurred or could be deemed to have occurred under Section 2.22 of the Credit Agreement as a result of Borrowers failing to fund the Required Debt Service Reserve Amount in accordance with the terms of section 2.22 of the Credit Agreement prior to the effectiveness of this Amendment.
Interest earnings, if any, on investments made of money in the Debt Service Reserve Account, to the extent that such earnings result in a balance in the Debt Service Reserve Account in excess of the Required Debt Service Reserve Amount, (1) may, at the Port’s option, be transferred on each valuation date for such investments to the Project Fund; otherwise (2) shall be transferred on each valuation date for such investments to the Debt Service Account.
Except during a Default Period, on any Quarterly Distribution Date on which the funds on deposit in the Debt Service Reserve Account (after giving effect to transfers by the Security Agent from the Debt Service Reserve Account, if any, on such date pursuant to this Section 5.6) exceed the Required Debt Service Reserve Amount as of such date, the Security Agent shall, on such date, transfer from the Debt Service Reserve Account to the Project Control Account an amount equal to such excess.