Outstanding Bond Balance definition

Outstanding Bond Balance means, with respect to any Bond, as of any date of determination, the outstanding principal balance of such Bond as of the Date of Original Issue, as set forth in the Series Certificate Agreement (or in the case of a Substitute Bond, the outstanding principal balance of the Substitute Bond as of the Substitution Date), minus any payment of principal on such Bond received by the Administrator with respect to such Bond after the Date of Original Issue (or Substitution Date, if applicable) and on or before such date of determination.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Outstanding Bond Balance means, for any Class of Bonds as of any date of determination, the Initial Outstanding Bond Balance of such Class of Bonds less the sum of all scheduled and unscheduled Bond principal payments actually distributed to the Holders of such Class of Bonds on or before such date.

Outstanding Bond Balance. ' means, with respect to any Bond, as of any date of determination, the outstanding principal balance of such Bond as of the Date of Original Issue, as set forth in the Series CertiÑcate Agreement (or in the case of a Substitute Bond, the outstanding principal balance of the Substitute Bond as of the Substitution Date), minus any payment of principal on such Bond received by the Administrator with respect to such Bond after the Date of Original Issue (or Substitution Date, if applicable) and on or before such date of determination.

Examples of Outstanding Bond Balance in a sentence

When the Administrator receives amounts paid by ▇▇▇▇▇▇▇ Mac or the Sponsor in connection with a Release Event, the Administrator will promptly deposit an amount equal to the related Outstanding Bond Balance plus Hypothetical Gain Share, if applicable, into the Bond Payment Subaccount-Principal and an amount equal to accrued interest thereon into the Bond Payment Subaccount-Interest.
When the Administrator receives amounts paid by F▇▇▇▇▇▇ Mac or the Sponsor in connection with a Release Event, the Administrator will promptly deposit an amount equal to the related Outstanding Bond Balance plus Hypothetical Gain Share, if applicable, into the Bond Payment Subaccount-Principal and an amount equal to accrued interest thereon into the Bond Payment Subaccount-Interest.
Each of F▇▇▇▇▇▇ Mac and the Sponsor has the right to cause a Mandatory Tender of the Class A Certificates at any time after the Aggregate Outstanding Bond Balance is not more than 5% of the Aggregate Outstanding Bond Balance on the Date of Original Issue (a “Clean-Up Event”) in accordance with the following provisions.
If an Event of Default of the kind specified in clause (c) of Section 7.01 occurs, the Bonds shall automatically become immediately due and payable at the Aggregate Outstanding Bond Balance, plus all accrued and unpaid interest thereon, without notice, presentment or demand of any kind.
For the avoidance of doubt, the Issuer may not voluntarily prepay any Class B Bonds until the Outstanding Bond Balance of the Class A Bonds has been reduced to zero.

More Definitions of Outstanding Bond Balance

Outstanding Bond Balance means, on any date on which Industrial Revenue Bonds are outstanding, the outstanding principal balance of the Industrial Revenue Bonds.