Senior Lien Reserve Account definition

Senior Lien Reserve Account means the account of that name in the Senior Lien Account described in Section 4.3.
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Senior Lien Reserve Account means the Senior Lien Reserve Account established pursuant to Section 3 of this Master Resolution.
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Examples of Senior Lien Reserve Account in a sentence

  • If any Senior Lien Borrowings are secured by a subaccount in the Senior Lien Reserve Account, the Agency shall transfer the remaining deficiency from that subaccount to the Senior Lien Debt Service Account and apply it solely to pay Senior Lien Borrowings that are secured by that subaccount.

  • The Agency shall not create any subaccounts in the Senior Lien Reserve Account for any purpose except securing Senior Lien Borrowings in accordance with this Master Borrowing Declaration.

  • Earnings on each subaccount in the Senior Lien Reserve Account shall be credited to that subaccount whenever the balance in that subaccount is less than that subaccount’s Reserve Funding Requirement.

  • As of the date of Closing of the Parity Senior Lien Indebtedness, there is no deficiency in the Senior Lien Debt Service Account, and all required deposits to all subaccounts in the Senior Lien Reserve Account have been made.

  • The Agency shall create the Senior Lien Reserve Account, and may create subaccounts in that account to secure Senior Lien Borrowings; however, the Agency is not obligated to create any subaccounts in the Senior Lien Reserve Account, and is not obligated to secure any Series of Senior Lien Borrowings with a subaccount in the Senior Lien Reserve Account.

  • The Tax Increment Account shall contain the following funds: the Senior Lien Account and the Subordinate Lien Account.The Senior Lien Account shall contain the Senior Lien Debt Service Account and may contain the Senior Lien Reserve Account.

  • The provision for any subaccount of the Senior Lien Reserve Account related to a Series of Senior Lien Obligations shall be set out in the Supplemental Agreement related thereto, including any reserve requirement, to make up any deficiency in such account and disposition of any excess moneys and investments therein.

  • Transfers to the Senior Lien Reserve Account shall be allocated among deficient Reserve Subaccounts pro rata based on the measured deficiencies in those Reserve Subaccounts on the most recent Senior Lien Reserve Valuation Date.

  • Amounts credited to the 1997 Series One Reserve Subaccount shall be used only to pay Second Lien Parity Obligations that are secured by the 1997 Series One Reserve Subaccount, and only if Net Revenues (other than amounts in the Senior Lien Account, the Senior Lien Reserve Account and the Second Lien Reserve Account) are insufficient.

  • Whenever the District values amounts credited to a Reserve Subaccount in the Senior Lien Reserve Account the District shall subtract from the value of the Permitted Investments and cash in that subaccount all amounts then owed under Reserve Credit Facilities that are credited to that subaccount, including any principal, interest, fees and penalties associated with all unpaid draws under those Reserve Credit Facilities.

Related to Senior Lien Reserve Account

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.