Debt Service Payment Date definition
Examples of Debt Service Payment Date in a sentence
The record date for payment of interest on this bond is the fifteenth (15th) day of the month preceding each Debt Service Payment Date, or, if such fifteenth day is not a Business Day, the next preceding Business Day, provided that, with respect to overdue interest or interest payable on this bond other than on a Debt Service Payment Date or interest on any overdue amount, the Master Trustee may establish a special record date.
If on any Debt Service Payment Date for a Series of Senior Bonds the amount accumulated in the Senior Debt Service Fund for any of the purposes specified above calculated with respect to all Senior Bonds then Outstanding exceeds the amount required therefor, the amount of such excess shall thereupon be transferred to the Revenue Fund.
In addition, on the Optional Prepayment Date and each Debt Service Payment Date thereafter, the Note may be prepaid, at the option of the Borrower, in full or in part, without penalty or premium.
All cash from interest and principal payments paid on the Total Defeasance Collateral or Partial Defeasance Collateral shall be paid over to Lender on each Debt Service Payment Date and applied first to accrued and unpaid interest and then to principal.
If on any Debt Service Payment Date for a Series of Subordinate Bonds the amount accumulated in the Subordinate Debt Service Fund for any of the purposes specified above calculated with respect to all Subordinate Bonds then Outstanding exceeds the amount required therefor, the amount of such excess shall thereupon be transferred to the Revenue Fund.