Debt Service Reserve Account Requirement definition

Debt Service Reserve Account Requirement means as of any date of calculation, the aggregate of the amounts specified as the Debt Service Reserve Account Requirement for each Series of Bonds in the Supplemental Resolution authorizing the issuance of a Series of Bonds; provided, however, that a Supplemental Resolution may provide that the Debt Service Reserve Account Requirement for the Series of Bonds authorized thereunder may be funded, in whole or in part, through Cash Equivalents and such method of funding shall be deemed to satisfy all provisions of the General Resolution with respect to the Debt Service Reserve Account Requirement and the amounts required to be on deposit in the Debt Service Reserve Account.

Debt Service Reserve Account Requirement means the maximum amount required to be on deposit from time to time to the credit of the Debt Service Reserve Account as established by the Resolution as supplemented by Parity Series Resolutions or other supplemental or amendatory resolutions.

Debt Service Reserve Account Requirement means as of any date of calculation, the aggregate of the amounts specified as the Debt Service Reserve Account Requirement for each Series of Bonds in the

Examples of Debt Service Reserve Account Requirement in a sentence

• Notwithstanding anything to the contrary contained in the General Resolution, the Corporation may, at any time, provide to the Trustee one or more Cash Equivalents for deposit in the Debt Service Reserve Account in an amount not exceeding the amount of the Debt Service Reserve Account Requirement specified in this Supplemental Resolution.

• If the Subordinate Bonds Debt Service Reserve Account contains less than the Subordinate Bonds Debt Service Reserve Account Requirement, the Trustee shall transfer into the Subordinate Bonds Debt Service Reserve Account, an amount equal to 1/60 of the Subordinate Bonds Debt Service Reserve Account Requirement or the amount needed to attain the Subordinate Bonds Debt Service Reserve Account Requirement, whichever is less.

• The transfers shall continue until the Senior Bonds Debt Service Reserve Account contains the Senior Bonds Debt Service Reserve Account Requirement.

• If the Senior Bonds Debt Service Reserve Account contains less than the Senior Bonds Debt Service Reserve Account Requirement, the Trustee shall transfer into the Senior Bonds Debt Service Reserve Account, an amount equal to 1/24 of the Senior Bonds Debt Service Reserve Account Requirement or the amount needed to attain the Senior Bonds Debt Service Reserve Account Requirement, whichever is less.

• All transfers shall continue until the Subordinate Bonds Debt Service Reserve Account contains the Subordinate Bonds Debt Service Reserve Account Requirement.

More Definitions of Debt Service Reserve Account Requirement

Debt Service Reserve Account Requirement means, on any date, an amount equal to the greater of 1% of the principal amount of all Bonds and Notes Outstanding or $500,000.

Debt Service Reserve Account Requirement means, with respect to the 2024 Series B-2 Bonds as of any date of calculation an amount equal to three percent (3%) of the principal amount of the 2024 Series B-2 Bonds Outstanding.

Debt Service Reserve Account Requirement means, with respect to the 2021 Series B Bonds, as of any date of calculation, an amount equal to [three] percent ([3]%) of the principal amount of the 2021 Series B Bonds Outstanding.

Debt Service Reserve Account Requirement means the maximum amount required to be on deposit from time to time to the credit of the Debt Service Reserve Account as established from time to time by the Ordinance.

Debt Service Reserve Account Requirement means an amount equal to the aggregate amounts for each Series established in the Supplemental Resolution authorizing such Series of Bonds. In evaluating compliance with the Debt Service Reserve Fund Requirement, there shall be taken into account any amount provided in a Supplemental Resolution to be deposited in the Debt Service Reserve Account from amounts on deposit in the Bond Proceeds Account.

Debt Service Reserve Account Requirement means, with respect to the 2008- 2018 Bonds, as of any date of calculation, an amount equal to [ ].

Debt Service Reserve Account Requirement means, as of any date of calculation, an amount equal to the lesser of (i) the maximum aggregate Debt Service in any Fiscal Year thereafter (or for the balance of the then current Fiscal Year) on all Outstanding 2007 Series A Bonds and 2015 Series A Bonds then Outstanding or (ii) the least of (A) 10% of the aggregate principal amount of Outstanding 2007 Series A Bonds and 2015 Series A Bonds upon original issuance, or, in the event of more than a de minimis amount of original issue discount or premium, 10% of the issue price (net of pre-issuance accrued interest) of the Outstanding 2007 Series A Bonds and 2015 Series A Bonds upon original issuance (determined based on Code principles), (B) as of the original issuance of the Outstanding 2007 Series A Bonds and 2015 Series A Bonds, the maximum aggregate Debt Service in any Fiscal Year (including the then current Fiscal Year) on all Outstanding 2007 Series A Bonds and 2015 Series A Bonds originally issued, or (C) as of the original issuance of the Outstanding 2007 Series A Bonds and 2015 Series A Bonds, 125% of the average of the Debt Service during any Fiscal Year (including the then current Fiscal Year) on all Outstanding 2007 Series A Bonds and 2015 Series A Bonds originally issued.