Maximum Annual Debt Service Requirement definition

Maximum Annual Debt Service Requirement means, at any given time of determination, the greatest amount of principal, interest and Amortization Installments coming due in any current or future Bond Year with regard to the Series of Bonds for which such calculation is made; provided, the amount of interest coming due in any Bond Year shall be reduced to the extent moneys derived from the proceeds of Bonds are used to pay interest in such Bond Year.

Maximum Annual Debt Service Requirement means the maximum annual Debt Service Requirement for any Fiscal Year.

Maximum Annual Debt Service Requirement means the maximum total Debt Service (including any Repayment Obligations) for any one Bond Fund Year (or other specific period) on all Series of Bonds Outstanding.

Examples of Maximum Annual Debt Service Requirement in a sentence

• The Town shall not incur any Included Debt unless the amount of Legally Available Non-Ad Valorem Revenues during the Fiscal Year of the Town most recently concluded prior to the incurrence of such Included Debt and for which audited financial statements of the Town are available, adjusted as hereinafter provided, equals or exceeds 125% of the Maximum Annual Debt Service Requirement on all Included Debt, including the proposed debt.

• Regardless of whether payable solely from Pledged Revenues or payable from Pledged Revenues and Additional Pledged Revenues, and except as otherwise provided in Section 21 hereof, such bonds or other obligations may be issued only if for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of Net Sales Tax Revenues in such Fiscal Year equaled or exceeded 125% of the Maximum Annual Debt Service Requirement on the Bonds (including the Additional Bonds proposed to be issued).

• The Borrower will maintain a ratio of Funds Available for Debt Service to the Maximum Annual Debt Service Requirement of at least to 1.00.

• At the time of the issuance of any Additional Bonds or other increase of the Maximum Annual Debt Service Requirement (occasioned by entering into a credit enhancer obligation or interest rate exchange transaction), the Bond Reserve Account shall be immediately funded to the fullest extent as may be both (1) permitted by Illinois law at the time and (2) if the Additional Bonds so issued are tax-exempt, as may be limited by the provisions for funding under the Internal Revenue Code.

• Regardless of whether payable solely from the Pledged Revenue or from the Pledged Revenue and Additional Pledged Revenue, such bonds or other obligations may be issued only if for the Fiscal Year immediately preceding the issuance of any Additional Bonds, the amount of the Pledged Revenue in such Fiscal Year equaled or exceeded 125% of the Maximum Annual Debt Service Requirement on the Bonds (including the Additional Bonds proposed to be issued).

More Definitions of Maximum Annual Debt Service Requirement

Maximum Annual Debt Service Requirement means, with respect to any Long-Term Indebtedness, the maximum Debt Service Requirement for any one Fiscal Year during the remaining life of such Long-Term Indebtedness.

Maximum Annual Debt Service Requirement means the maximum Annual Debt Service Requirement in the then current or any succeeding Fiscal Year.

Maximum Annual Debt Service Requirement means the highest Debt Service Requirement for the then current or any succeeding Fiscal Year.

Maximum Annual Debt Service Requirement means, at any given time of determination with respect to the Bonds, or any series thereof, an amount equal to the maximum Annual Debt Service Requirement coming due thereon for the then current or any future Fiscal Year.

Maximum Annual Debt Service Requirement means, at any time, the highest Annual Debt Service Requirement occurring in the current or any succeeding Fiscal Year.

Maximum Annual Debt Service Requirement means the largest total Debt Service Requirements for the then current or any succeeding Fiscal Year.

Maximum Annual Debt Service Requirement means the highest Annual Debt Service Requirement becoming due and payable in any Fiscal Year including the Fiscal Year in which the calculation is made or any subsequent Fiscal Year; provided that for the purposes of computing Maximum Annual Debt Service Requirement: