Capital Reserve Requirement definition

Capital Reserve Requirement means, for the Project as a whole, the target amount of capital reserves to be established for Sea Level Rise Improvements, which shall be $250 million in Fiscal Year 2016-17 dollars, escalating, on July 1, 2017 and on each July 1 thereafter, by the Escalator.
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Capital Reserve Requirement means an annual amount to be deposited in the Capital Reserve Account that is no less than 0.25% of Revenues received in a fiscal year (to be funded in accordance with Section 4 hereof) or such other amount that is determined by the board of the Lessee to be sufficient as a reserve for major repairs or replacements of the Project.
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Capital Reserve Requirement means, with respect to the Outstanding Bonds as of any date of calculation, the greater of (i) an amount equal to the aggregate with respect to all Series of the amounts, if any, specified as Capital Reserve Requirement for each Series in the respective Series Resolution authorizing such Series or (ii) an amount equal to three percent (3%) of the then current balance of all Mortgage Loans (but not Program Securities) as such amount shall be set forth in an Officer's Certificate; provided, however, the amount deposited in the Capital Reserve Fund from the proceeds of sale of each Series of Bonds shall be no less than the amount required to be deposited by the Act, if any.
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Examples of Capital Reserve Requirement in a sentence

  • On the date of issuance of the Series Bonds, there shall be deposited by the Trustee into such Accounts, as the case may be, the Capital Reserve Requirement for the respective Series Bonds, from the respective Clearing Accounts as directed in an Officer’s Certificate delivered upon the Issue Date.

  • The Capital Reserve Requirement with respect to the Series Bonds is determined to be 3% of the aggregate Capital Value of the Series Bonds from time to time Outstanding and the Mortgage Reserve Requirement with respect to the Series Bonds shall be 2% of the Mortgage Loans then outstanding, or (in each case) any lesser amount determined by an Authorized Officer so long as the same does not adversely affect the ratings on the Bonds.

  • Upon issuance, sale and delivery of the Series Bonds, there shall be deposited in the appropriate Account(s) for the Series Bonds in the Capital Reserve Fund or the Mortgage Reserve Fund, as the case may be, from the sources, or by transfer from other Accounts therein, the amounts, as directed in an Officer’s Certificate delivered upon the Issue Date, which is equal to the Capital Reserve Requirement and the Mortgage Reserve Requirement for such Series Bonds.

  • The Capital Reserve Requirement with respect to the Series Bonds is determined to be 3% of the aggregate Capital Value of the Series Bonds from time to time Outstanding or any lesser amount determined by an Authorized Officer so long as the same does not adversely affect the ratings on the Bonds.

  • That the amount to be deposited in the Capital Reserve Fund is sufficient to increase the amount in that Fund to the Capital Reserve Requirement effective after the issuance of the Series Bonds then being issued, as computed by the Trustee.

  • The Public Utilities Board is accounted for as a proprietary fund.

  • Upon issuance, sale and delivery of the Series Bonds, there shall be deposited in the appropriate Account(s) for the Series Bonds in the Capital Reserve Fund or the Mortgage Reserve Fund, as the case may be, from the sources, or by transfer from other Accounts therein, the amounts, as directed in an Officer’s Certificate delivered upon the Issue Date, which is equal to the Capital Reserve Requirement and the Mortgage Reserve Requirement for such Series Bonds.Section 1.02.

  • On the date of issuance of the Series D Bonds and the Series E Bonds, respectively, there shall be deposited by the Trustee into the 2015 Series D Account and the 2015 Series E Account in the Capital Reserve Fund, as the case may be, the Capital Reserve Requirement for the respective Series Bonds, from the 2015 Series D and the 2015 Series E Clearing Accounts as directed in an Officer’s Certificate delivered upon the Issue Date.

  • Upon issuance, sale and delivery of the Series Bonds, there shall be deposited in the appropriate Account(s) for the Series Bonds in the Capital Reserve Fund from the sources set forth in paragraph (b) ofSection 2.02 of Article II hereof, or by transfer from other Accounts therein, the amount, as directed in an Officer’s Certificate delivered upon the Issue Date, which is equal to the Capital Reserve Requirement for such Series Bonds.

  • Between July 1 and July 15 of each year, MaineHousing must certify to the Treasurer of the State the amount necessary and sufficient to meet MaineHousing’s debt service obligation, including amounts necessary to replenish the Capital Reserve Fund to the Capital Reserve Requirement.