Examples of Senior Debt Service Reserve Account in a sentence
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.
Proceeds of the Term Loans may be used by the Borrower or the other Loan Parties solely to pay Project Costs, funding the Senior Debt Service Reserve Account, and to make Authorized Investments.
The Collateral Agent shall not release any of the Collateral held by the Collateral Agent for the benefit of such Secured Parties, except: (a) upon payment in full in cash of all of the Secured Obligations; or (b) with respect to amounts on deposit in any sub-account of the Senior Debt Service Account or the Senior Debt Service Reserve Account, upon the written direction of the Secured Party for which such sub-account has been established.
The Collateral Agent shall not be required to take any action with respect to investing the funds in the Senior Debt Service Reserve Account in the absence of written instructions by the Borrower or the Required Creditors (to the extent provided in accordance with the terms hereof).
As of December 31, 2018, approximately $47.2M, has been deposited into the Senior Debt Service Reserve Account.