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Mandatory Sinking Fund Redemption definition

Mandatory Sinking Fund Redemption means each, and “Mandatory Sinking Fund Redemptions” means all, of the mandatory sinking fund redemptions set forth in the Sinking Fund Bonds.
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Mandatory Sinking Fund Redemption means redemption in accordance with the
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Mandatory Sinking Fund Redemption means the scheduled redemption of part of the principal amount of the bonds required to occur at periodic intervals tied to the principal payment schedule of the bond issue. The amount scheduled to be redeemed must be a multiple of the minimum permitted denomination applicable to the bond issue. The outstanding bonds are treated as if the bonds are all broken down into the minimum denomination, and a random selection of such deemed minimum denomination bonds is made by the trustee or paying agent to determine the specific bonds or portions of bonds to be redeemed on the mandatory sinking fund redemption date. “Serial bonds” are sometimes collapsed into “term bonds.” For example, an underwriter sometimes might request that two separate serial bonds (one in the principal amount of $200,000 maturing July 1, 2020, and the second in the principal amount of $300,000 maturing July 1, 2021) be turned into term bonds in the aggregate principal amount of $500,000 all maturing on July 1, 2021, with $200,000 in principal to be randomly selected by the issuer for redemption on July 1, 2020. This is done when the underwriter believes that the total interest cost of two serial bonds will exceed the total interest cost of one term bond with one (quasi-blended) interest rate, with mandatory sinking fund requirements.
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Examples of Mandatory Sinking Fund Redemption in a sentence

  • If the certificate is not timely furnished to the Bond Registrar, the current Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) shall not be reduced.

  • If optional redemption of Term Bonds at a redemption price exceeding 100% of the principal amount to be redeemed is to take place as of any Mandatory Redemption Date applicable to those Term Bonds, the Term Bonds, or portions thereof, to be redeemed optionally shall be selected by lot prior to the selection by lot of the Term Bonds of the same maturity to be redeemed on the same date by operation of the Mandatory Sinking Fund Redemption Requirements.

  • The aggregate of the moneys to be deposited with the Bond Registrar for payment of principal of and interest on the Bonds on each Mandatory Redemption Date shall include an amount sufficient to redeem on that Date the principal amount of Term Bonds payable on that Date pursuant to Mandatory Sinking Fund Redemption Requirements (less the amount of any credit as hereinafter provided).

  • If the certificate is not timely furnished to the Bond Registrar, the then current Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) shall not be reduced.

  • The aggregate of the moneys to be deposited with the Bond Registrar for payment of principal of and interest on any Term Bonds on each Mandatory Redemption Date shall include an amount sufficient to redeem on that date the principal amount of Term Bonds payable on that date pursuant to Mandatory Sinking Fund Redemption Requirements (less the amount of any credit as hereinafter provided).

  • The City shall have the option to deliver to the Bond Registrar for cancellation Term Bonds in any aggregate principal amount and to receive a credit against the then current or any subsequent Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) of the City, as specified by the Fiscal Officer, for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so delivered.

  • The Bonds shall mature or be payable pursuant to Mandatory Sinking Fund Redemption Requirements (as hereinafter defined and described) on the Principal Payment Dates in principal amounts as shall be determined by the Fiscal Officer, subject to subsection (c) of this Section, in the Certificate of Award, consistent with the Fiscal Officer’s determination of the best interest of and financial advantages to the City.

  • Each Term Bond so delivered, or previously redeemed, or purchased and canceled, shall be credited by the Bond Registrar at 100% of the principal amount thereof against the then current or subsequent Mandatory Sinking Fund Redemption Requirements (and corresponding mandatory redemption obligations), as specified by the Fiscal Officer, for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so delivered, redeemed or purchased and canceled.

  • That option shall be exercised by the City on or before the 15th day preceding any Mandatory Redemption Date with respect to which the City wishes to obtain a credit, by furnishing the Bond Registrar a certificate, signed by the Fiscal Officer, setting forth the extent of the credit to be applied with respect to the then current or any subsequent Mandatory Sinking Fund Redemption Requirement for Term Bonds stated to mature on the same Principal Payment Date.

  • The County shall have the option to deliver to the Bond Registrar for cancellation Term Bonds in any aggregate principal amount and to receive a credit against the then current or any subsequent Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) of the County, as specified by the Fiscal Officer, for Term Bonds stated to mature on the same Principal Payment Date and bear interest at the same rate as the Term Bonds so delivered.


More Definitions of Mandatory Sinking Fund Redemption

Mandatory Sinking Fund Redemption means mandatory prior redemption of Term Bonds (or other term Bonds) pursuant to Mandatory Sinking Fund Requirements.
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Mandatory Sinking Fund Redemption means the schedule(s) of the mandatory redemption of Term Bonds set forth in the Final Terms Certificate.
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Mandatory Sinking Fund Redemption means redemption in accordance with the mandatory redemption requirements, if any, for the Series 2021 Bonds as determined in the Certificate of Award and as described in Section 2(d).
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Mandatory Sinking Fund Redemption has the meaning given such term in Section 5.1 hereof.
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Related to Mandatory Sinking Fund Redemption

  • mandatory sinking fund payment has the meaning specified in Section 12.1.

  • Interest and Sinking Fund means the interest and sinking fund established by Section 8.01(a).

  • optional sinking fund payment has the meaning specified in Section 12.1.

  • Sinking Fund means each Sinking Fund Subaccount under the Indenture. To the extent necessary for compliance with the Authority’s tax covenants and other provisions of the Indenture and the Act, the Authorized Officers of the Authority may subdivide each such subaccount in respect of separate categories or issues of Sinking Fund Bonds.

  • Sinking Fund Installment means, as of any particular date of calculation, the amount required, as of such date of calculation, to be paid by the Authority on a future date for the retirement of Outstanding Bonds which are stated to mature subsequent to such future date, but does not include any amount payable by the Authority by reason only of the maturity of a Bond.

  • Sinking Fund Account means the sinking fund account established and held by the Treasurer of Charleston County designed to provide for the payment of the principal of, premium, if any, and interest on the Bonds, as the same respectively fall due.

  • Sinking Fund Payment means, with respect to a particular Group of 2024 Series A Bonds, as of any particular date of calculation, the amount required to be paid at all events by the Corporation on a single future date for the retirement of Outstanding 2024 Series A Bonds of such Group which mature after said future date, but does not include any amount payable by the Corporation by reason of the maturity of a 2024 Series A Bond of such Group or by call for redemption at the election of the Corporation.

  • Redemption Proceeds means any proceeds in any applicable currency from a redemption in respect of the Charged Assets in accordance with the terms and conditions of such Charged Assets.

  • Optional Redemption Price shall have the meaning set forth in Section 3.2.

  • Optional Redemption Premium means, with respect to any Series, the premium (expressed as a percentage of the Liquidation Preference of the shares of such Series) payable by the Fund upon the redemption of MuniFund Term Preferred Shares of such Series at the option of the Fund, as set forth in the Appendix for such Series.

  • Sinking Fund Provisions [No sinking fund provisions] [The Designated Securities are entitled to the benefit of a sinking fund to retire $ principal amount of Designated Securities on in each of the years through at 100% of their principal amount plus accrued interest] [, together with [cumulative] [non-cumulative] redemptions at the option of the Company to retire an additional $ principal amount of Designated Securities in the years through at 100% of their principal amount plus accrued interest.] [If Designated Securities are Extendable Debt Securities, insert-- Extendable Provisions: The Designated Securities are repayable on , at the option of the holder, at their principal amount with accrued interest. The initial annual interest rate will be %, and thereafter the annual interest rate will be adjusted on , , and to a rate not less than % of the effective annual interest rate on obligations with year maturities as of the [interest date 15 days prior to maturity date] prior to such [insert maturity date].] [If Designated Securities are Floating Rate Debt Securities, insert-- Floating Rate Provisions: The initial annual interest rate will be % through [and thereafter will be adjusted [monthly] [on each , , and ] [to an annual rate of % above the average rate for -year [-month] [securities] [certificates of deposit] by and [insert names of banks].] [and the annual interest rate [thereafter] [from through ] will be the interest yield equivalent of the weekly average per annum market discount rate for -month Treasury bills plus % of the Interest Differential (the excess, if any, of (i) the then-current weekly average per annum secondary market yield for -month certificates of deposit over (ii) the then-current interest yield equivalent of the weekly average per annum market discount rate for -month Treasury bills); [from and thereafter the rate will be the then-current interest yield equivalent plus % of the Interest Differential].] 23

  • Maturity Redemption Payment means an amount per Deposit to which you are entitled on the Maturity Date based on the performance of the Reference Portfolio which is equal to your Principal Amount x (1 + Variable Return).

  • Optional Redemption shall have the meaning set forth in Section 6(a).

  • Monthly Redemption means the redemption of this Debenture pursuant to Section 6(b) hereof.

  • Tax Event Redemption Price means an amount equal to the unpaid principal amount of this Note to be redeemed, which shall be determined by multiplying (1) the Outstanding Principal Amount of this Note by (2) the quotient derived by dividing (A) the outstanding principal amount to be redeemed by Principal Life of the Funding Agreement by (B) the outstanding principal amount of the Funding Agreement.

  • Redemption Fund means the Redemption Fund for Refunded Notes created pursuant to Section 501 hereof.

  • Optional Redemption Amount means the sum of (a) 120% of the then outstanding principal amount of the Debenture, (b) accrued but unpaid interest and (c) all liquidated damages and other amounts due in respect of the Debenture.

  • Mandatory Redemption Price means $25,000 per share of AMPS plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) to the date fixed for redemption and excluding Additional Dividends.

  • Tax Redemption The meaning specified in Section 9.3(a) hereof.

  • Series A Redemption Price has the meaning set forth in Section 16.6(a).

  • Minimum Redemption means, in relation to the Euro RDR ‘Retail’ Unhedged Distribution Shares, a minimum redemption of €250 or such lesser amount as may be agreed by the Directors;

  • Optional means a requirement not considered essential, but for which preference may be given.

  • Redemption Amount means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the Optional Redemption Amount (Call), the Optional Redemption Amount (Put), the Early Termination Amount or such other amount in the nature of a redemption amount as may be specified in, or determined in accordance with the provisions of, the relevant Final Terms;

  • Optional Redemption Amount (Put) means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, the relevant Final Terms;

  • Optional Redemption Pricing Date means a Valuation Date on which a Redemption Order is determined to be valid and accepted by or on behalf of the Issuer in accordance with the terms of the LS Operating Procedures Agreement.

  • Mandatory Redemption Amount means an amount per ETP Security calculated by the Determination Agent equal to the greater of:

Most Referenced Clauses

Most Referenced Definitions