Maximum Debt Service definition
Maximum Debt Service has the meaning set forth in Section 6.3.
Maximum Debt Service means, for any period of 6
Maximum Debt Service means the highest principal and interest requirements (to the extent not capitalized) on the Bonds then Outstanding during any Fiscal Year. With respect to any Series of Variable Rate Bonds, the following methods shall determine the interest rate to be used:
Examples of Maximum Debt Service in a sentence
Borrower acknowledges that Lender has no obligation to advance more than the remaining balance of the Maximum Debt Service Advance Amount if such amount is less than the full payment due or requested.
Notwithstanding the provision in this paragraph (b) for recalculation of any Revised Settlement Amount and its associated repayment schedule, in no event shall FPMC's debt service with respect to the Loans covered by this Agreement exceed nine hundred thousand dollars ($900,000) in any calendar year ("Maximum Debt Service").
Maintain on a Quarterly Basis: Minimum Quick Ratio 1.0:1.0 ____:1.0 Yes No Minimum Tangible Net Worth $2,500,000 $_______ Yes No Maximum Debt Service Coverage 1.50:1.0 ____:1.0 Yes No BANK USE ONLY COMMENTS REGARDING EXCEPTIONS: See Attached.
To the extent that it appears that a recalculation will cause FPMC's Maximum Debt Service to be exceeded, CMI agrees to consider FPMC's request for a reasonable extension of the Maturity Date.
More Definitions of Maximum Debt Service
Maximum Debt Service means the maximum amount payable by the City in any single Fiscal Year following the date of calculation as Debt Service on all Obligations (as defined in the Master Resolution) outstanding on the date of calculation, calculated as provided in the Master Resolution and the Agreement. During any time that this paragraph 3 is applicable, the Debt Service Coverage Ratio (“DSCR” in the table below) will be calculated by the City on the first Business Day of each April and October and upon such calculation the Commitment Fee and the Applicable Spread shall equal the number of basis points on the Level in the chart below that corresponds to the applicable Debt Service Coverage Ratio. In connection with calculating the Tax Exempt Rate, the Applicable Spread shall equal the relevant number of basis points (determined as provided in the preceding sentence) in the column below entitled TAX EXEMPT RATE multiplied by the Margin Rate Factor. 4826-3202-3753.6 APPLICABLE SPREAD LEVEL DSCR COMMITMENT FEE TAXABLE RATE TAX EXEMPT RATE 1 >2.0x 35.0 bps 110.0 bps 95.0 bps 2 >1.85x-≤2.0x 37.5 bps 117.5 bps 102.5 bps 3 >1.70x-≤1.85x 40.0 bps 125.0 bps 110.0 bps 4 >1.45-≤1.70x 42.5 bps 132.5 bps 117.5 bps 5 >1.25-≤1.45x 47.5 bps 147.5 bps 132.5 bps 6 ≥1.10x-≤1.25x 52.5 bps 162.5 bps 147.5 bps 7 <1.10x 157.5 bps If at any time an Event of Default shall occur and be continuing (whether or not such Event of Default is declared and whether or not waived by the Bank) under the Agreement, the Commitment Fee, computed as described in this Section, shall be immediately increased, without notice, to a Commitment Fee Rate equal to the Commitment Fee set forth on Level 7 above. If the DSCR falls to Level 7 the Notes shall bear the Default Rate.
Maximum Debt Service means the highest aggregate principal and interest requirements (to the extent not paid from the proceeds of Bonds or investment earnings thereon) on the Bonds then Outstanding during any then current or future Fiscal Year. In the case of determining the Maximum Debt Service for purposes of Section 3.3 of this Ordinance, interest on Variable Rate Indebtedness shall be calculated at the lesser of (a) the 25-Bond Revenue Index published by The Bond Buyer (or if no longer published, any reasonably equivalent nationally recognized index published for the periods in question selected by the Town) no more than one month prior to the date of calculation or (b) the maximum interest rate allowable on such Variable Rate Indebtedness.
Maximum Debt Service means, at any time, the maximum amount required in the then current or any future Fiscal Year (calculated in accordance with Section 3.06(e) with respect to Designated Maturity Debt) to pay (i) the proposed indebtedness of the County (A) which will be payable from Pledged Revenues, or (B) for which any Pledged Revenues will be pledged; and (ii) all Series 2017 Bonds Outstanding and any other outstanding bonds on a parity therewith which are payable from Pledged Revenues. In calculating Maximum Debt Service for the issuance of Additional Bonds under Section 3.9.B., interest payments on any bonds which are eligible to receive Federal Direct Payments shall be calculated net of expected receipt of such Federal Direct Payments. In the case of Variable Rate Bonds, interest on such Variable Rate Bonds shall be calculated on the same assumptions as set forth in the definition of Variable Rate Bonds.
Maximum Debt Service means the maximum amount payable by the City in any single Fiscal Year following the date of calculation as Debt Service on all Obligations (as defined in the Master Resolution) outstanding on the date of calculation, calculated as provided in the Master Resolution and the Agreement. 4820-4078-3180.6 ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ RCA Fee Letter During any time that this paragraph 2 is applicable, the Debt Service Coverage Ratio (“DSCR” in the table below) will be calculated by the City on the first Business Day of each April and October and upon such calculation the Commitment Fee and the Applicable Spread shall equal the number of basis points on the level in the chart below that corresponds to the applicable Debt Service Coverage Ratio. APPLICABLE SPREAD LEVEL DSCR COMMITMENT FEE TAXABLE RATE TAX EXEMPT RATE 1 >2.0x 25.0 bps 45.0 bps 35.0 bps 2 >1.85x-≤2.0x 27.5 bps 50.0 bps 40.0 bps 3 >1.70x-≤1.85x 30.0 bps 57.5 bps 47.5 bps 4 >1.45-≤1.70x 35.0 bps 67.5 bps 57.5 bps 5 >1.25-≤1.45x 40.0 bps 82.5 bps 72.5 bps 6 ≥1.10x-≤1.25x 55.0 bps 107.5 bps 97.5 bps 7 <1.10x 155.0 bps If at any time an Event of Default shall occur and be continuing (whether or not such Event of Default is declared and whether or not waived by the Bank) under the Agreement, the Commitment Fee, computed as described in this Section, shall be immediately increased, without notice, to a Commitment Fee Rate equal to the Commitment Fee set forth on ▇▇▇▇▇ ▇ above. If the DSCR falls to Level 7 the Notes shall bear the Default Rate.
Maximum Debt Service means the highest aggregate principal and interest requirements (to the extent not paid from the proceeds of Bonds or investment earnings thereon) on the Bonds then Outstanding during the then current or any future Fiscal Year. In the case of determining the Maximum Debt Service for purposes of Section 3.3 of this Ordinance, the provisions of items (b) through (d) in the definition of “Debt Service” shall apply, as applicable.