Annual Debt Service Requirement definition

Annual Debt Service Requirement means the total amount of principal and interest due in any Fiscal Year on the Bonds and Parity Bonds.

Annual Debt Service Requirement means, at any given time of determination, the maximum amount of Principal Installments and interest coming due on all Bonds Outstanding in any Fiscal Year; provided, however, if the terms of any Bonds are such that interest thereon for any future period of time is to be calculated at a variable rate, then interest on such Bonds for such period will be computed by assuming that the rate of interest applicable to such period is equal to the rate of interest (calculated in the manner in which the rate of interest for such period is to be calculated) which is the greater of (i) the average interest rate that would have been in effect for the 12 months immediately preceding the date of calculation or (ii) the average interest rate for the ten year period immediately preceding the date of calculation; provided further that if more than 25% of the Principal Installments of any Series of Bonds comes due in any year, the Annual Debt Service Requirement for such Bonds will be calculated as if such Series of Bonds were amortized on the basis of approximate level debt service over the term of such Bonds.

Annual Debt Service Requirement means the total amount of principal and interest due on the Prior Issues, the Bonds and Parity Bonds in any Bond Year.

Examples of Annual Debt Service Requirement in a sentence

• The Pledged Revenues (giving credit for any increase in Pledged Revenues which has received final approval of the Governing Body and become effective) from the Fiscal Year immediately preceding the Closing Date were equal to or exceeded, and, on an ongoing basis during each year of the Loan Agreement Term, are reasonably expected to equal or exceed, one hundred twenty-five percent (125%) of the maximum Aggregate Annual Debt Service Requirement.

• TABLE 7 - Tax Supported Debt Service Requirements Plus: The Bonds Fiscal Year Ending 06/30 Outstanding Debt Service Average Annual Debt Service Requirement $517,025Maximum Debt Service Requirement $545,700 TABLE 8 – Authorized but Unissued BondsNone.

• The Toll Covenant requires the Authority to set Toll Rates so that Net System Revenues shall be sufficient to pay 130% of the Annual Debt Service Requirement and sufficient enough to pay 100% of the total OM&A budget and other required deposits.

• There shall be charged against users, rates and amounts which shall be increased from time to time, if necessary, and which shall produce Gross Revenues sufficient to pay the annual Operation and Maintenance Expenses and one hundred thirty percent (130%) of the Aggregate Annual Debt Service Requirement payable during the then current Fiscal Year.

• The Town shall not incur any Included Debt unless the amount of Legally Available Non-Ad Valorem Revenues during the Fiscal Year of the Town most recently concluded prior to the incurrence of such Included Debt and for which audited financial statements of the Town are available, adjusted as hereinafter provided, equals or exceeds 125% of the Maximum Annual Debt Service Requirement on all Included Debt, including the proposed debt.

More Definitions of Annual Debt Service Requirement

Annual Debt Service Requirement means for a given Fiscal Year the aggregate amount required to pay the principal and interest coming due on the Note and any Additional Debt during that Fiscal Year.

Annual Debt Service Requirement means the Debt Service Requirement for any Fiscal Year.

Annual Debt Service Requirement means, with respect to any Bond Year, the aggregate of the Interest Requirement and the Principal Requirement for such Bond Year.

Annual Debt Service Requirement means, with respect to each Fiscal Year,

Annual Debt Service Requirement means the amount of principal of and interest on the Bonds coming due in a Bond Year upon mandatory sinking fund redemption or at maturity (after giving effect to the mandatory sinking fund redemption requirements specified herein).

Annual Debt Service Requirement means the total amount of principal and interest due on the Outstanding Bonds, the Bonds or any Parity Bonds in any Bond Year;

Annual Debt Service Requirement means for any Fiscal Year, the sum of the following with respect to all Bonds Outstanding: (a) all amounts required to pay principal (at maturity or upon mandatory redemption other than mandatory sinking fund redemption payments), (b) the amount of any mandatory sinking fund requirement (including for the Fiscal Year in which such Bonds shall be redeemed from the sinking fund only such amount as was not required to be funded prior to such Fiscal Year), and (c) interest due on all Bonds Outstanding.