Senior Lien Interest Account definition

Senior Lien Interest Account means the account of that name established within the Senior Lien Debt Service Fund pursuant to Section 7.05 hereof.

Senior Lien Interest Account an account in the Senior Lien Debt Service Fund created by Section 503. "Senior Lien Obligations" – Obligation or obligations, including any Senior Lien Credit Agreement, issued, incurred or entered into pursuant to Section 207 as Senior Lien Obligations, or all of the foregoing, as the case may be, authorized by law and issued under and secured by the provisions of this Master Trust Agreement and any Supplemental Agreement. "Senior Lien Payment Obligations" – unless otherwise specifically stated in a Supplemental Agreement, all amounts payable by the Corporation under a Senior Lien Credit Agreement less any amounts of Principal or interest payable with respect to any Senior Lien Obligations pledged under a Senior Lien Credit Agreement as collateral for the amounts due thereunder and any payment obligations evidenced by a Senior Lien Obligation; and all such Senior Lien Payment Obligation payments shall be deemed to constitute Principal payments of Senior Lien Obligations, and shall be paid from the Senior Lien Principal/Redemption Account as provided in Section 507(a); provided, however, that, if so provided in a Senior Lien Credit Agreement or in the proceedings approved by the Corporation in connection therewith, some or all of the amounts payable under a Senior Lien Credit Agreement may be designated to be Subordinate Lien Payment Obligations. "Senior Lien Principal/Redemption Account" – an account in the Senior Lien Debt Service Fund created by Section 503. "Senior Lien Reserve Account" – an account in the Senior Lien Debt Service Fund created by Section 503. "Series" – one or more Obligations issued at the same time and having the same parity insofar as the lien of the Trust Estate is concerned and any Obligations thereafter authenticated and delivered in lieu of or in substitution for such Obligations, or sharing some other common term or characteristic, and designated as a separate Series of Obligations. "Short-Term Indebtedness" – all Obligations that mature in less than 365 days and are issued as Short-Term Indebtedness. In the event a Credit Provider has extended a line of credit or the Corporation has undertaken a commercial paper, one year or less revolving note or similar programs, only amounts actually borrowed under such line of credit or program and repayable in less than 365 days shall be considered Short-Term Indebtedness and the full amount of such commitment or program shall not be treated as Short-Term Indebtedness to the extent that ...

Senior Lien Interest Account means the account in the Senior Lien Debt Service Fund created and so designated pursuant to Section 4.2.

Examples of Senior Lien Interest Account in a sentence

• Notwithstanding the foregoing, however, if there shall be insufficient Revenues on deposit in the Senior Lien Debt Service Fund to make the foregoing deposits, such Revenues shall be allocated first, to the Senior Lien Interest Account and second, to the Senior Lien Principal Account.

• Earnings on all other amounts in the Series 2017 Subaccount of the Senior Lien Interest Account shall be retained in such Subaccount.

• The Trustee shall establish separate subaccounts in the Series 2017 Subaccount of the Senior Lien Interest Account for each source of deposit (including any investment income thereon) made into the Series 2017 Subaccount of the Senior Lien Interest Account so that the Trustee may at all times ascertain the date of deposit, the amounts, and the source of the funds in each subaccount.

• Should amounts in either the Senior Lien Interest Account or the Senior Lien Principal Account be insufficient to make payments when due, such amounts shall be allocated pro rata between the Senior Lien Debt based on the amount [due and payable] on such Senior Lien Debt.

• A separate Subaccount to be held by the Trustee is hereby created within the Senior Lien Interest Account of the Senior Lien Debt Service Fund to be designated as the “Series 2017 Subaccount of the Senior Lien Interest Account.” Amounts in the Series 2017 Subaccount of the Senior Lien Interest Account shall be disbursed to pay interest on the Series 2017 Bonds pursuant to the Indenture and this First Supplemental Indenture.

• The moneys in the Senior Lien Interest Account and Senior Lien Principal Account shall be under the control of the Trustee in trust for the benefit of the Senior Lien Bonds, to the extent the foregoing are payable from such accounts, and, to said extent and pending application, shall be subject to a lien and charge in favor of the Secured Owners of the Senior Lien Bonds until paid out or transferred as hereinafter provided.

• There shall be paid from the Senior Lien Interest Account and the Senior Lien Principal Account from time to time, the interest on and the principal of and premium on the Senior Lien Obligations as the same shall become due, except to the extent such interest, principal or premium are payable from a fund or account other than the Senior Lien Debt Service Fund as provided in any Supplemental Indenture.

More Definitions of Senior Lien Interest Account

Senior Lien Interest Account means the account so established within the Debt Service Fund for Senior Xxxx Xxxxx of the District by Section 501.