Senior Debt Service definition

Senior Debt Service means, for any period with respect to the Borrowers, the sum of payments made or required to be made by Borrower during such period for (i) interest only payments due on the Revolving Loans facility, and (ii) interest and scheduled principal payments due on any and all other Indebtedness for Borrowed Money excluding the Subordinated Debt.

Senior Debt Service means the aggregate, for any period of calculation, of all scheduled repayments of principal and all interest and fees (other than fees payable in connection with the entering into of the Senior Loan Agreements) paid or due and owing in such period under or in respect of the Senior Loans.

Senior Debt Service means for any period of twelve consecutive months the sum of Bond Debt Service and Parity Debt Service during the period.

Examples of Senior Debt Service in a sentence

• Interest on and principal of the Fixed Rate Bonds are payable from Tax Revenues of the Authority subordinate to the payment of Senior Debt Service and operating expenses of the Authority.

• Interest on and principal of the Fixed Rate Bonds are payable from Tax Revenues, subordinate to payment of Senior Debt Service, including principal and interest on Senior Bonds Outstanding and to be issued and operating expenses of the Authority.

• The Fixed Rate Bonds, along with other series of bonds secured by Tax Revenues, are referred to herein as “Future Tax Secured Bonds.” Future Tax Secured Bonds, together with all other series of bonds heretofore or hereafter issued under the Indenture (defined herein), are collectively referred to as the “Bonds.” The Fixed Rate Bonds will be issued as Parity Debt subordinate to Senior Debt Service and operating expenses of the Authority.

• The facilities are subject to the following financial covenants for which the first measurement period is 31 December 2020: • Senior Debt Service Cover Ratio shall not fall below 1.2 times.• Interest Service Cover Ratio shall not fall below 2.5 times.• Senior Net Debt/EBITDA shall not exceed 2.5 times.

• Amounts in the Senior Debt Service Reserve Account shall be made available to ensure the timely payment of Senior Debt Service on the Senior Obligations and amounts in the TIFIA Debt Service Reserve Account shall be made available to ensure the timely payment of TIFIA Debt Service on the TIFIA Loan.

More Definitions of Senior Debt Service

Senior Debt Service means, for any period, as of any date of calculation, an amount equal to the sum of all Debt Service in respect of the Senior Obligations, accruing and payable during such period as set forth in the most recent Revised Financial Model (or in the Base Case Financial Model to the extent that no Revised Financial Model has been prepared). In determining the principal amount of Senior Obligations due in such period (unless a different subsection of the definition of “Debt Service” applies for purposes of determining principal maturities or amortization), payment shall be assumed to be made in accordance with any amortization schedule established for such Senior Obligations, including any scheduled redemption of Senior Obligations on the basis of Accreted Value and for such purpose the redemption payment shall be deemed a principal payment.

Senior Debt Service means, for the Testing Period, the sum of: (a) the expenses paid in cash of the Company and its Subsidiaries, on a consolidated basis, for the Testing Period for interest payable with respect to all Debt and all fees paid on account of or with respect thereto, minus the expenses paid in cash of the Company and its Subsidiaries, on a consolidated basis, for the Testing Period for interest payable with respect to all Subordinated Debt and all fees paid on account of or with respect thereto, in each case, determined in accordance with GAAP; plus (b) regularly scheduled principal amortization payments made or required to be made on account of Debt for the Testing Period (exclusive of pay-offs or pay-downs on account of such Debt), in each case determined in accordance with GAAP.

Senior Debt Service means Debt Service as such term is defined in the 1999 Installment Purchase Agreement, which definition is incorporated herein by reference.

Senior Debt Service means, for any Fiscal Year, the amounts required to be paid pursuant to any Senior Debt Instrument.

Senior Debt Service means, with respect to the Senior Secured Obligations, for any period, as of any date of calculation, an amount equal to the sum of all principal and interest and fees with respect to the Senior Secured Obligations accruing and payable in respect of such period, as set forth in the most recent Revised Financial Model. In determining the principal amount of Senior Secured Obligations due in such period, payment shall be assumed to be made in accordance with any amortization schedule established for such Senior Secured Obligations.

Senior Debt Service means, for any applicable period, the sum of (i) the aggregate amount of interest accrued by the Companies during such period in respect of the Senior Debt and (ii) the principal portion of the Senior Debt payable during such period, determined in accordance with GAAP.

Senior Debt Service means the sums incurred by THD Maritime (as borrower) in respect of the payment of principal of, and accrued interest pursuant to the Senior Facility Agreement from time to time;