Average Annual Debt Service Requirements definition

Average Annual Debt Service Requirements means that number computed by adding all of the principal and interest due when computed to the absolute maturity of the bonds for which such computation is required and dividing by the number of years remaining that the longest bond of any issue for which such computation is required has to run to maturity. In making such computation, the principal of any bonds for which mandatory redemptions are scheduled shall be treated as maturing in accordance with such schedule of mandatory redemptions.

Average Annual Debt Service Requirements means that average amount which, at the time of computation, will be required to pay the Annual Debt Service Requirements when due (either at Stated Maturity or mandatory redemption) and derived by dividing the total of such Annual Debt Service Requirements by the number of Fiscal Years then remaining before Stated Maturity of such Parity Obligations. For the purposes of this definition, a fractional period of a Fiscal Year shall be treated as an entire Fiscal Year. Capitalized interest payments provided from bond proceeds, accrued interest on any Debt, and interest earnings thereon shall be excluded in making such computation.

Average Annual Debt Service Requirements means the quotient obtained by dividing

Examples of Average Annual Debt Service Requirements in a sentence

• The term Average Annual Debt Service Requirements shall mean that average amount which, at the time of computation, will be required to pay the Debt Service Requirements on all outstanding Bonds Similarly Secured when due (either at Stated Maturity or mandatory redemption) and derived by dividing the total of such Debt Service Requirement by the number of Fiscal Years then remaining before Stated Maturity of such Bonds Similarly Secured.

• The most significant condition to be met is that the Net Pledged Revenues of the Additional Facilities to be constructed or financed with the proceeds of the Additional Bonds, when added to the estimated annual Net Pledged Revenue of the then existing Student Housing System Facilities then under construction, shall equal at least 1.20 times the combined Average Annual Debt Service Requirements for all Parity Bonds the outstanding and the Additional Bonds proposed to be issued.

• For purposes of this Section 7B(2), when computing the Average Annual Debt Service Requirements for any issue of Parity Securities bearing interest at a variable, adjustable, convertible or other similar rate that is not fixed for the entire term thereof, the rate of interest on such securities shall be assumed to be a rate equal to the average per annum rate of interest on such securities during the preceding twelve month period, plus 100 basis points.

• Each Installment of SRF Bonds shall be treated as a separate series of SRF Bonds for all purposes of the Master Resolution and the related Supplemental Resolution, including without limitation, for purposes of calculating Average Annual Debt Service Requirements.

• In any ordinance authorizing Additional Bonds, the City may (but is not required to) make provision for the creation of an additional separate sub-account in the Combined Utilities Bond Reserve Account for each such issue of Additional Bonds provided that the required balance to be set for any such issue shall not exceed 1.25 times the Average Annual Debt Service Requirements for any such issue of Additional Bonds.

More Definitions of Average Annual Debt Service Requirements

Average Annual Debt Service Requirements means the average of the Debt Service Requirements as computed for the then current and all future fiscal years; provided that the Debt Service Requirements in the final Stated Maturity of any series of Parity Bonds shall be reduced by the value of cash and Permitted Investments on deposit in the applicable debt service reserve account, so long as such debt service reserve account is maintained at the applicable Debt Service Reserve Requirement.

Average Annual Debt Service Requirements means that sum determined by adding all of the principal and interest which become due when computed to the absolute maturity of the Bonds and any Additional Bonds and dividing such total by the number of years that the longest bond of any issue has to run to maturity;

Average Annual Debt Service Requirements means the aggregate of all Debt Service Requirements (excluding any redemption premiums) due on the Securities for which the computation is being made for all Bond Years beginning with the Bond Year in which Debt Service Requirements of such Securities or any portion thereof are first payable after the computation date and ending with the Bond Year in which the last of the Debt Service Requirements are payable, divided by the whole number of such years.

Average Annual Debt Service Requirements means the aggregate of all Debt Service Requirements (excluding any redemption premiums) due on the Bonds or any other given issue of Parity Securities or any portion thereof for all Bond Years beginning with the Bond Year in which Debt Service Requirements of the Bonds or such Parity Securities or any portion thereof are first payable after the computation date and ending with the Bond Year in which the last of the Debt Service Requirements are payable divided by the whole number of such years.

Average Annual Debt Service Requirements means the sum of the principal of and interest on a security or securities to be paid during each Fiscal Year for the period beginning with the year in which such computation is made and ending with the year in which such security last becomes due at maturity or on a redemption date on which any security thereafter maturing is called for prior redemption, whichever time is later (but excluding any reserve requirement to secure such payments unless otherwise expressly provided), divided by the number of full years during the period beginning with the year in which such computation is made and ending with the year in which such security last becomes due at maturity or on a redemption date on which any security thereafter maturing is called for prior redemption, whichever time is later.

Average Annual Debt Service Requirements means that average amount which, at the time of computation, will be required to pay the Debt Service Requirements on the Bonds Similarly

Average Annual Debt Service Requirements means the quotient obtained by dividing (i) the sum of the Debt Service of the particular Parity Obligations for which computation is being made which, on the date of such computation, are Outstanding within the meaning of the Ordinance from the date of computation to the date such Parity Obligations are to be paid by (ii) the number of years (or fractions thereof) from the interest payment date next preceding the date of computation to the date of final maturity of such Parity Obligations.