Bond Reserve Requirement definition

Bond Reserve Requirement means, collectively, the bond reserve requirement for each series of Outstanding Parity Bonds, the Series 2019B Bond Reserve Requirement and any bond reserve requirement for any subsequent series of Parity Bonds.

Bond Reserve Requirement means the total of any Bond Reserve Requirements for the Project Bonds, as set forth in the Project Indentures.

Bond Reserve Requirement means, as of the date of computation, the amount of money required to be on deposit in the Bond Reserve Fund for any or all Series of Bonds, as determined by Supplemental Resolution of the Authority or by a Certificate of Authority Officer relating to the Bonds. All or any part of the Bond Reserve Requirement may be satisfied by depositing funds in the Bond Reserve Fund or by obtaining a Bond Reserve Credit Facility.

Examples of Bond Reserve Requirement in a sentence

• The City shall reimburse draws upon any letter of credit, insurance policy, or surety bond that satisfies the Bond Reserve Requirement in whole or in part in accordance with the terms of this Agreement and any insurance agreement or reimbursement agreement between the City and the provider of such security instruments.

• The Fiscal Agent shall transfer any amounts in the Bond Reserve Fund in excess of the Bond Reserve Requirement on March 1 and September 1 of each year, in accordance with instructions from the City, either to the City for deposit into the Community Facilities Fund or to the Rebate Fund; provided that such amounts shall be transferred only from the portion of the Bond Reserve Fund held in the form of cash or Investment Securities.

• On or before each Interest Payment Date, the Fiscal Agent shall deposit in the Bond Reserve Fund, except as otherwise provided in Section 6.7 (Funding and Application of Bond Reserve Fund), the amount required to restore the balance in the Bond Reserve Fund to an amount equal to the Bond Reserve Requirement.

• If an amount equal to the Bond Reserve Requirement as of the date following the expiration of the letter of credit is not on deposit in the Bond Reserve Fund one week prior to the expiration date of the letter of credit (excluding from such determination the letter of credit), the Fiscal Agent shall draw on the letter of credit to fund the deficiency resulting therefrom in the Bond Reserve Fund.

• As of the date of delivery of the Series 2014 Bonds and in exchange for the payment of a premium by the City to the Insurer, the Insurer has delivered the Surety Bond to the Trustee for deposit into the Bond Reserve Fund in satisfaction of the Bond Reserve Requirement for the Bonds.

More Definitions of Bond Reserve Requirement

Bond Reserve Requirement means, collectively or individually, as the context requires, the bond reserve requirement for each series of Outstanding Parity Bonds and any bond reserve requirement for any subsequent series of Parity Bonds, as applicable; provided that there shall be no bond reserve requirement for the WIFIA Bond and the WIFIA Credit Provider shall have no Lien on the Bond Reserve Account or any bond reserve subaccount established in connection with the issuance of other Parity Indebtedness.

Bond Reserve Requirement means the reserve requirement established for a Series of 2017 Authorization Bonds under the terms of the Sales Documents or Trust Agreement with respect to such Series and pursuant to the terms of Section 3.04 hereof.

Bond Reserve Requirement means an amount equal to Maximum Annual Debt

Bond Reserve Requirement means an amount equal to Maximum Annual Debt Service attributable to the Parity Bonds, provided, however, that the Bond Reserve Requirement may not exceed the lesser of (a) 125% of the average annual Debt Service Requirements for the Parity Bonds over the term of all such bonds, (b) the aggregate of 10% of the original stated principal amount of each Series of Parity Bonds or (c) the Maximum Annual Debt Service for all Parity Bonds during any Fiscal Year. If the aggregate initial offering price of any series of Bonds to the public is less than 98% or more than 102% of par, such offering price shall be used in clause (a) in lieu of the stated principal amount. When calculating the Bond Reserve Requirement in conjunction with the issuance of the Bonds described in Section 906 hereof, the debt service of refunded and defeased Bonds shall be deducted and disregarded in said calculations.

Bond Reserve Requirement means the balance required by the Trust Agreement to be maintained in the Bond Reserve Fund for the Bonds.

Bond Reserve Requirement means at the time of the issuance of the Series 2007 Bonds, the least of (i) 10% of the stated principal amount of the Series 2006 Bonds, the Series 2007 Bonds and any Additional Bonds; (ii) Maximum Annual Debt Service on the Series 2006 Bonds, the Series 2007 Bonds and any Additional Bonds; and (iii) 125% of the average annual debt service on the Series 2006 Bonds, the Series 2007 Bonds and any Additional Bonds.

Bond Reserve Requirement or “Required Reserve” means as to any series of Bonds, an amount, if any, determined by the Fiscal Officer, in consultation with the Financial Advisor, to be financially advantageous to and in the best interest of the University to set aside as a reserve to secure a series of Bonds, which amount shall be set forth in the Certificate of Award for the related series of Bonds; provided that such Bond Reserve Requirement shall be subject to any applicable requirements of the Code.