2014A, 2015A, and 2015B Bond Refinancings Sample Clauses

2014A, 2015A, and 2015B Bond Refinancings. The largest portion of the overall financing request relates to the refinancing of a combined principal amount of $56,650,000 of PWW’s currently outstanding Series 2014A tax- exempt bonds (remaining outstanding principal balance of $36,695,000), Series 2015A tax- exempt bonds (outstanding remaining principal balance of $18,330,000) and Series 2015B taxable bonds (outstanding remaining principal balance of $1,625,000). The refinancing is anticipated to allow the Company to reduce the cost of this existing debt with lower interest bonds as well as to extend the term to maturity of the debt, resulting in a direct benefit to existing customers. Specifically, PWW anticipates that it would refinance these debt obligations with taxable bonds at more favorable interest rates currently estimated to be approximately 3.67% as opposed to the current interest rate on the debt of 4.271%. The repayment term of the new bonds of 35 years will effectively extend the amortization period of the refinanced debt to 41 and 40 years, respectively, for the 2014 and 2015, enabling that debt to be more closely aligned with the useful lives of their associated financed assets, thereby mitigating issues related to generational inequity. Combined, the anticipated lower interest rate and extended term on the bonds would lower the Company’s annual Debt Service Revenue Requirement (DSRR) component of its overall revenue requirement. The precise redemption value of the bonds, however, will not be realized until the date of closing. PWW will not be issuing the bonds, if the annual debt service for the new bonds yields no savings on annual debt service as compared to current debt service for the refinanced debt obligations. Based upon the current requirements relative to refinancing these obligations, the 2014A and 2015A/B bonds are subject to early refunding/redemption provisions if that occurs prior to their future “call dates” in 2024 and 2025. Pursuant to those requirements, the Company must provide an escrow deposit that is calculated as of the date of the pricing of the new bonds. That escrow deposit then is to be invested in US Treasury Instruments (State and Local Government Series debt securities). The currently estimated amount of the required escrow is $6,973,050. However, the estimated interest savings to be realized on the refinanced debt is anticipated to exceed the present value of the required escrow deposit by the third year of the serialized offering.4 Based on the above, t...
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Related to 2014A, 2015A, and 2015B Bond Refinancings

  • Refinancing Substantially simultaneously with the funding of the Initial Term Loans, the Closing Date Refinancing shall be consummated.

  • Funding Arrangements Minimum amounts/increments for Japan Local Currency Borrowings, repayments and prepayments: Same as Credit Agreement.

  • REPLACEMENT OF NOTES, COUPONS AND TALONS Should any Note, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Agent upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Notes, Coupons or Talons must be surrendered before replacements will be issued.

  • Financing Arrangements (a) The Owner will obtain the Project Loan which shall be sufficient, together with the Owner's equity contributions, to pay the full amount of the costs to construct the Project in accordance with the development budget. The Owner and the Developer also contemplate that the Property and the Project, together with all fixtures, furnishing, equipment, and articles of personal property now owned or hereafter acquired by the Owner which are or may be attached to or used in connection with the Property or the Project, together with any and all replacements thereto and substitutions therefor, and all proceeds thereof; and all present and future rents, issues, leases, and profits of the Property and the Project will serve as security for the payment obligations to any lenders relating to the Project Loan or otherwise, and that the Owner will be the principal obligor for the repayment of all financial obligations thereunder after the transfer of title to the Owner. The Owner therefore, agrees to execute and deliver all commitments, promissory notes, mortgages, collateral assignments, documents, certificates, affidavits, and other writings required to be executed by any lender in connection with such financing.

  • Payments in Respect of Notes Payments of principal and interest in respect of each Note will be made against presentation and surrender (or, in the case of part payment only, endorsement) of the Note, except that payments of interest due on an Interest Payment Date will be made against presentation and surrender (or, in the case of part payment only, endorsement) of the relevant Coupon, in each case at the specified office outside the United States of any of the Paying Agents.

  • Land Acquisition and Resettlement 8. The Borrower shall cause NHA to ensure that all land acquisition and resettlement proceed in accordance with applicable laws, and ADB’s Policy on Involuntary Resettlement, as well as in accordance with the framework set out in the agreed upon resettlement plan.

  • Commitment of Current Revenues Only In the event that, during any term hereof, the Commissioners Court does not appropriate sufficient funds to meet the obligations of County under this Agreement, County may terminate this Agreement upon ninety (90) days written notice to Company. County agrees, however, to use reasonable efforts to secure funds necessary for the continued performance of this Agreement. The parties intend this provision to be a continuing right to terminate this Agreement at the expiration of each budget period of County. Agreements for the acquisition, including lease of real or personal property under Tex. Loc. Govt. Code §271.903: In the event that, during any term hereof, the Commissioner’s Court does not appropriate sufficient funds to meet the obligations of County under this Agreement, County may terminate this Agreement upon ninety (90) days written notice to Company, County agrees, however, to use a best efforts attempt to obtain and appropriate funds for payment of the Agreement. The parties intend this provision, if applicable, to be a continuing right to terminate this at the expiration of each budget period of County in accordance with Tex. Loc. Govt. Code §271.903 (Xxxxxx Supp. 1996).

  • Pre-financing Pre-financing is intended to provide the beneficiary with a float. Where required by the provisions of Article I.4 on pre-financing, the beneficiary shall furnish a financial guarantee from a bank or an approved financial institution established in one of the Member States of the European Union. The guarantor shall stand as first call guarantor and shall not require the Commission to have recourse against the principal debtor (the beneficiary). The financial guarantee shall remain in force until final payments by the Commission match the proportion of the total grant accounted for by pre-financing. The Commission undertakes to release the guarantee within 30 days following that date.

  • ISSUE OF REPLACEMENT NOTES, COUPONS AND TALONS 13.1 The Issuer will cause a sufficient quantity of additional forms of Notes, Coupons and Talons to be available, upon request, to the Agent at its specified office for the purpose of issuing replacement Notes, Coupons and Talons as provided below.

  • Repayment of Loans; Evidence of Debt (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date.

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