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 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

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.

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.

• Subject to delivery of a Cash Flow Statement, the Debt Service Reserve Account Requirement with respect to the 2020 Series I-2 Bonds may be amended on any Change Date with respect to all or a portion of the 2020 Series I-2 Bonds by delivery to the Trustee of a Certificate of an Authorized Officer of the Corporation.

• First, it shall deposit an amount to the credit of the Debt Service Reserve Account so that there is on deposit to the credit of that Account the Debt Service Reserve Account Requirement.

• The Commission, at its option, may provide a Reserve Account Insurance Policy in satisfaction of all or any portion of the Debt Service Reserve Account Requirement.

• Subject to delivery of a Cash Flow Statement, the Debt Service Reserve Account Requirement with respect to the 2022 Series C-2 Bonds may be amended on any Change Date with respect to all or a portion of the 2022 Series C-2 Bonds by delivery to the Trustee of a Certificate of an Authorized Officer of the Corporation.

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 2021 Series L Bonds, as of any date of calculation, an amount equal to three percent (3%) of the principal amount of the 2021 Series L Bonds Outstanding.

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

Debt Service Reserve Account Requirement an amount equal to the aggregate of all scheduled amounts of principal, interest and fees payable in respect of the Loan during the next six months required to be maintained in the Debt Service Reserve Account;

Debt Service Reserve Account Requirement means (a) with respect to the Series 2014A subaccount of the Debt Service Reserve Account, an amount equal to the lesser of

Debt Service Reserve Account Requirement means (i) prior to May 1, 2021,

Debt Service Reserve Account Requirement means Zero Dollars ($0.00), provided, however, that if at any time the Sales Tax Coverage Ratio is less than 5.0x, then “Debt Service Reserve Account Requirement” shall mean the least of: (a) 10% of the par amount of the Senior Bonds; (b) 100% of the Maximum Annual Debt Service on the Senior Bonds; or (c) 125% of the annual average adjusted Debt Service on the Senior Bonds, in each case determined by the Authority at the time of the required funding of the Debt Service Reserve Account. If at any time thereafter the Sales Tax Coverage Ratio exceeds 5.0x, then the Debt Service Reserve Requirement shall revert to Zero Dollars ($0.00). The Authority shall provide the Trustee with written notice of any change to the Debt Service Reserve Account Requirement.