Additional Bonds Test definition

Additional Bonds Test means, for each fiscal year or part of a fiscal year, as required in Section 11(b) of this resolution, Net Revenues at least equal to 1.0 times Maximum Annual Debt Service.
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Additional Bonds Test means, for each fiscal year or part of a fiscal year, as required in Section 5(b) of this resolution, Net Revenues at least equal to 1.25 times the average Annual Debt Service for the period during which the Bonds then proposed to be issued will remain Outstanding. For purposes of this test, Net Revenues generated from Pledged Amounts (fees levied on upon all students of the University and/or other amounts specifically pledged under any Series Resolution) may be computed on the basis of student population officially enrolled on the records of the University as of the Fall quarter during which Parity Bonds are to be issued (if Parity Bonds are being issued during a Fall quarter) or immediately preceding the date of issuance of Parity Bonds. Such calculation shall be made by multiplying the number of full-time
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Additional Bonds Test has the meaning ascribed to such term in Part D of Schedule I (WIFIA Loan Specific Terms).
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Examples of Additional Bonds Test in a sentence

  • The Master Revenue Bond Resolution limits the issuance of additional obligations payable from Net Operating Revenues, among other things, through the requirement that Metropolitan must meet an Additional Bonds Test, as defined in the Master Revenue Bond Resolution.

  • While the specific formulation of the Additional Bonds Test may vary depending on the type of Revenue Bonds being contemplated, the Agency will utilize an Additional Bonds which establishes a limitation on new issuances such that the Pledged Revenues are no less than one and a half times (1.5x) the maximum annual principal and interest and debt service for the aggregate outstanding senior lien Revenue Bonds including the debt service for the new issuance.

  • See Appendix B for a detailed discussion of the adjustments and associated schedule of Additional Bonds Test calculations relating to Senior Lien Obligations anticipated to be issued in October of 2009.

  • The Borrower shall not issue or incur any Additional Bonds except in accordance with all requirements and conditions set forth in the Additional Bonds Test.

  • The Debt Service Coverage & Additional Bonds Test Policy establishes minimum levels of excess revenue coverage requirements for different revenues pledged to secure the loans or bonds held within the PPRF and establishes tests under which borrowers are able to issue additional debt secured by revenues pledged to a PPRF loan.

  • The City does not anticipate additional debt to fund Project capital expenditures beyond the Series 2009A Loan and therefore the Additional Bonds Test contains information related solely to this debt issue; the Test is not applied for the balance of the study period.

  • To the extent the Agency is issuing Revenue Bonds as contemplated by this policy, the associated security documents must contain a well formulated Additional Bonds Test which limits the issuance of additional debt secured by the Pledged Revenues.

  • In particular, State debt should be structured with a focus on:• Rapid Debt Amortization.• Appropriate level of variable rate and derivative exposure.• Stringent Additional Bonds Test (revenue-backed debt).• Flow of funds (revenue-backed debt).

  • However, a port that just wants to finance some capital improvement program projects for existing facilities and/or refinance some outstanding debt might easily use historical audited operating and financial results and a historical revenue over maximum annual debt service Additional Bonds Test under an existing bond indenture to meet new money financing requirements.

  • If the Authority finds it necessary to sell revenue bonds to raise capital for such expansion, it shall never be required to do so unless the terms of the "Additional Bonds Test" of the Authority's Trust Indenture has been met.


More Definitions of Additional Bonds Test

Additional Bonds Test means, as of any date of calculation, (A) Pledged Revenues are not less than 105% of Debt Service for each Bond Year in which the Bonds are scheduled to be Outstanding, and (B) the Debt Service Reserve Fund Requirement is satisfied.
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Related to Additional Bonds Test

  • Additional Bonds means the debt instruments issued under a Tap Issue, including any Temporary Bonds.

  • Series 2021 Bonds means, collectively, the Series 2021A Bonds and the Series 2021B Bonds.

  • Series 2020 Bonds means the West Virginia Hospital Finance Authority Refunding Revenue Bonds (Thomas Health System, Inc.), Series 2020 A to be issued as a combination of tax-exempt and taxable non-rated fixed rate bonds by the Issuer, subject to its authority and discretion, in the aggregate principal amount of $60,100,000, to (i) refund and retire the Series 2008 Bonds at a discount to the current par amount outstanding, (ii) fund a debt service reserve fund for the Series 2020 Bonds, (iii) fund the Operating Reserve Fund, if necessary, as described in Article IV.C.1 of the Plan and (iv) finance costs of issuance of the Series 2020 Bonds.

  • Series 2017 Bonds means, collectively, the Series 2017A Bonds and the Series 2017B Bonds.

  • Initial Bonds means the Bonds issued on the First Issue Date.

  • Additional Series Equipment Notes means Equipment Notes issued under the Indenture and designated as a Series (other than “Series AA” or “Series A”) thereunder in the principal amounts and maturities and bearing interest as specified in Schedule I to the Indenture amended at the time of original issuance of such Additional Series under the heading for such Series.

  • Covered Bonds means any and all the covered bonds (obbligazioni bancarie garantite) issued or to be issued by the Issuer pursuant to the terms and subject to the conditions of the Programme Agreement.

  • Existing Bonds means the following obligations of Seller:

  • Completion Bonds means Bonds issued pursuant to a Supplemental Indenture ranking on parity with the Series of Bonds issued under such Supplemental Indenture, the proceeds of which are to be used to complete the Project.

  • Outstanding Parity Bonds means the Outstanding Series 2010B Bonds, Series 2011A Bonds, Series 2012A Bonds, Series 2014 Bonds, Series 2015 Bonds, Series 2016 Bonds, Series 2017 Bonds, and Series 2019A Bonds.

  • Parity Bonds means bonds payable from the revenues of the System other than the Bonds but issued on a parity and equality with the Bonds pursuant to the restrictive provisions of Section 11 of this Resolution;

  • Transition bonds means bonds, notes, certificates of

  • Refunding Bonds means Bonds issued pursuant to provisions of this Master Indenture, the proceeds of which are used to refund one or more Series of Outstanding Bonds.

  • Additional Secured Debt Designation means a notice in substantially the form of Exhibit A.

  • First Mortgage Bonds means bonds issued by the Company pursuant to the Indenture.

  • 2019 Notes has the meaning set forth in the definition of “2018 Exchange Offers”.

  • Outstanding Bonds means any Bonds not redeemed or otherwise discharged.

  • Additional Senior Debt Facility means each indenture or other governing agreement with respect to any Additional Senior Debt.

  • Additional Series or “Additional Series Equipment Notes” means Equipment Notes issued under the Indenture and designated as a Series (other than “Series AA” or “Series A”) thereunder in the principal amounts and maturities and bearing interest as specified in Schedule I to the Indenture amended at the time of original issuance of such Additional Series under the heading for such Series.

  • Senior Bonds means all Bonds issued as Senior Bonds in compliance with the provisions of the Indenture.

  • Initial Additional Notes means Additional Notes issued in an offering not registered under the Securities Act and any Notes issued in replacement thereof, but not including any Exchange Notes issued in exchange therefor.

  • Replacement Bonds means Bonds issued to the Beneficial Owners of the Bonds in accordance with Section 210 hereof.

  • Additional Obligor means an Additional Borrower or an Additional Guarantor.

  • Subsequent Bonds means any Bonds issued after the First Issue Date on one or more occasions.

  • Previously Issued Bonds means all Bonds that have been issued by CFD No. 2001-1 prior to the date of prepayment.

  • Additional Senior Debt Obligations means, with respect to any series, issue or class of Additional Senior Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Additional Senior Debt, (b) all other amounts payable to the related Additional Senior Debt Parties under the related Additional Senior Debt Documents and (c) any renewals or extensions of the foregoing.