Bond Service definition

Bond Service means, for any period or payable at any time, the principal of, premium, if any, on and interest on the Bonds for that period or payable at the time whether due on an Interest Payment Date, at maturity or upon acceleration or redemption.

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Bond Service means as of any date and with respect to any series, an amount equal to the sum of:

Bond Service for any period means, as of any date of calculation and with respect to the Outstanding Bonds, an amount equal to the sum of (i) the interest accruing during such period on such Bonds except to the extent such interest is to be paid from deposits made from Bond proceeds into the Bond Service Fund, and (ii) that portion of each Principal Installment that would accrue during such period if such Principal Installment were deemed to accrue daily in equal amounts from the next preceding Principal Installment due date or, if there should be no preceding Principal Installment due date, from a date one year (or such lesser period as shall be appropriate if Principal Installments shall become due more frequently than annually) preceding the due date of such Principal Installment or from the date of issuance of the Bonds, whichever is later. Such interest and Principal Installments for such Series shall be calculated on the assumption that no Bonds Outstanding at the date of calculation will cease to be Outstanding except by reason of the payment of each Principal Installment on the due date thereof. The calculations in the preceding sentence shall be made on the basis of 30-day months and a 360- day year.

Examples of Bond Service in a sentence

• Amounts received upon a drawing by the Trustee under the Letter of Credit for the payment of Bond Service shall be credited against the Loan Payments otherwise payable by the Borrower corresponding to such Bond Service; provided that the Bank has been fully reimbursed for such drawing by the Borrower.

• It is the intention of the Issuer and the Borrower that, notwithstanding any other provision of this Agreement, the Trustee, as assignee of the Issuer, shall receive funds from or on behalf of the Borrower (taking into account such credits for amounts drawn on the Letter of Credit) in such amounts and at such times as will enable the Issuer to pay when due all of its Bond Service on the Bonds and any obligations arising under Section 4.3 and any such obligations surviving the payment of the Bonds.

• In consideration of and in repayment of the Loan, the Borrower shall make, as Loan Payments, payments which correspond, as to amounts and due dates, to the Bond Service on the Bonds; provided that, except to the extent that the Bank shall otherwise stipulate by written notice delivered to the Issuer and the Trustee, such payments shall be made in advance as set forth below in this Section.

• To secure the payment of, first, the Bond Service, and second, the Borrower’s obligations under the Reimbursement Agreement, the Issuer shall pledge and assign to the Trustee all the Issuer’s rights in, to and under this Agreement (except for the Unassigned Issuer’s Rights), the Revenues and the other property comprising the Trust Estate.

More Definitions of Bond Service

Bond Service means, for any period or payable at any time, the principal of, premium, if any, on and interest on the Bonds for that period or payable at that time whether due at maturity, or on an Interest Payment Date, or upon acceleration or redemption.

Bond Service means as of any date and with respect to any Series, an amount equal to the sum of (i) interest due and payable on such date on Bonds of such Series, (ii) the Principal Installment, if any, due and payable on such date for such Series and (iii) any principal of and interest on Bonds of such Series previously due and not yet paid as of such date.

Bond Service means, as of any date of calculation and with respect to any period for any Series of Bonds, an amount equal to the sum of: (a) the interest accruing during such period on the Bonds of such Series, except to the extent that such interest is to be paid from deposits in the Construction Interest Account of the Bond Fund or deposits in the Bond Service Account received on the date of delivery from Bond proceeds, or accrued interest, and (b) that portion of each Principal Installment for the