Debt Service Revenue Requirement (DSRR) Sample Clauses

Debt Service Revenue Requirement (DSRR). The Settling Parties agree that PWW shall include in its overall revenue requirement a “Debt Service Revenue Requirement” amount (“DSRR”), the total of which shall generally be equal to 1.1 times the pro forma annual principal and interest payments on PWW’s outstanding long-term debt as of the end of the pro forma test year. The Settling Parties agree that the proposed DSRR essentially replaces both return on rate base as well as depreciation expense which are traditionally key components of utility rate-making before this Commission. However, the Settling Parties are in agreement that, given PWW’s current complete reliance on debt capital, as stated above, a rate structure based on debt service (i.e. total annual principal and interest) is critical to enabling PWW to access the lowest cost debt financing it can obtain, in order to provide safe and reliable service to its customers at the lowest possible rates. The Settling Parties agree that the DSRR shall be segregated into two revenue components. The first shall be equal to 100% of the pro forma debt service payments for the test year, and shall be referred to as “DSRR-1.0.” The second component shall be equal to 10% of the pro forma debt service payments for the test year, and shall be referred to as the “DSRR-0.1”. The establishment of the DSRR-1.0 relates to the use and replenishment of the DSRR-1.0 RSF which is explained below. The intended purposes for the establishment of the DSRR-0.1 are 1) to allow for the collection of revenues sufficient to satisfy the debt service coverage ratio requirements of PWW’s bond financings and Penn Corp’s covenant requirements for its line of credit, which is used by Penn Corp and its subsidiaries as a “back stop” for short-term capital needs; and 2) to allow PWW to collect revenues over-and- above its actual debt service in order to comply with cash flow coverage requirements which are typical for such financings as well as to meet obligations on new debt incurred between rate filings. The Settling Parties agree that any accumulated DSRR-0.1 revenues at the end of a given fiscal year will be utilized as the first funding source for capital expenditures incurred during the first months of the succeeding fiscal year, leading up to an annual bonding or financing event in support of capital expenditures for that succeeding year. The Settling Parties further agree that once approved by the Commission within the context of a rate proceeding, PWW’s DSRR-1.0 and DSRR-0.1 a...
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Debt Service Revenue Requirement (DSRR). The Settling Parties agree that PAC shall include in its overall revenue requirement a Debt Service Revenue Requirement (DSRR) amount, the total of which shall be equal to 1.1 times the pro forma annual principal and interest payments on PAC’s outstanding long-term debt as of the end of the pro forma test year. The Settling Parties agree that the proposed DSRR replaces both the return on rate base as well as depreciation expense, which are traditionally key components of utility rate-making before the Commission. However, the Settling Parties agree that, given PAC’s current complete reliance on debt capital, as stated above, a rate structure based on debt service (i.e., total annual principal and interest payments) is critical to enabling PAC to access the lowest cost debt obtainable, in order to provide safe and reliable service to its customers at the lowest possible rates. The Settling Parties agree that the DSRR shall be segregated into two further revenue components, as follows:
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Related to Debt Service Revenue Requirement (DSRR)

  • Debt Service The provisions of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner.

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