Semi-Annual Payment definition

Semi-Annual Payment shall have the meaning set out in Section 5.4 of this Agreement.

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Semi-Annual Payment means the amount equal to the Project Participation Principal Amount multiplied by the Participation Rate. An estimate of the Semi-Annual Payment based on the Principal Amount and the Participation Rate is specified on Exhibit 1, beneath the Principal Amount.

Semi-Annual Payment means an amount equal to the product of (i) the Benchmark Portfolio NAV and (ii) the Semi-Annual Payment Rate.

Examples of Semi-Annual Payment in a sentence

• On each Semi-Annual Payment Date occurring during the Level Payment Period, the Borrower shall make level payments of principal and interest (each a “Fixed Level Payment”), each of which payments shall be approximately equal in amount.

• The Borrower agrees to pay the principal of and interest on the TIFIA Loan by making payments in accordance with the provisions of this Agreement and the other TIFIA Loan Documents on each Semi-Annual Payment Date, beginning on the Debt Service Payment Commencement Date, and on each other date (including the Final Maturity Date) on which payment thereof is required to be made hereunder.

• Notwithstanding the foregoing, following the occurrence of a TIFIA Reserve Event, in the event that, on any Ratio Calculation Date, the Debt Service Coverage Ratio for the preceding Calculation Period falls below 1.25 to 1.00, the amount of the TIFIA Reserve Account Requirement not yet funded, if any, shall be funded by no later than the next Semi-Annual Payment Date following such occurrence.

• On each May 1 and November 1 occurring during the Capitalized Interest Period (and on the Semi-Annual Payment Date immediately following the end of the Capitalized Interest Period), interest accrued on the TIFIA Loan in the six (6)-month period ending immediately prior to such date shall be capitalized and added to the Outstanding TIFIA Loan Balance.

• If any funds on deposit in the TIFIA Reserve Account are drawn upon to pay TIFIA Debt Service due on any Semi-Annual Payment Date, the Borrower shall restore such funds on deposit in the TIFIA Reserve Account to the TIFIA Reserve Account Requirement no later than the next succeeding Semi-Annual Payment Date.

• Following the occurrence of a Revenue Sharing Trigger Event, on each Semi-Annual Payment Date while the Revenue Sharing Trigger Event remains in effect, the Borrower shall prepay the TIFIA Loan, in whole or in part, without penalty or premium, from amounts then on deposit in the Revenue Sharing Account.

• For the avoidance of doubt, each of the Semi-Annual Payment Dates set forth in Exhibit F (TIFIA Debt Service) shall be adjusted automatically to the extent the actual first Semi-Annual Payment Date to occur on or after the Debt Service Commencement Date is earlier than the date set forth in Exhibit F (TIFIA Debt Service).

• Payments under this Agreement and the TIFIA Bond shall be made by wire transfer on or before each Semi-Annual Payment Date in immediately available funds in accordance with payment instructions provided by the ▇▇▇▇▇ ▇▇▇▇▇▇’s Authorized Representative pursuant to Section 26 (▇▇▇▇▇ ▇▇▇▇▇▇’s Authorized Representative), as modified in writing from time to time by the ▇▇▇▇▇ ▇▇▇▇▇▇’s Authorized Representative.

• Payments under this Agreement and the TIFIA Bond shall be made by wire transfer on or before each Semi-Annual Payment Date in immediately available funds in accordance with payment instructions provided by the TIFIA Lender pursuant to Section 37 (Notices; Payment Instructions), as modified in writing from time-to-time by the TIFIA Lender.

• On each Semi-Annual Payment Date occurring on or after the Debt Service Payment Commencement Date and prior to the Level Payment Commencement Date, the Borrower shall pay TIFIA Mandatory Debt Service in the amounts set forth in respect of such Semi-Annual Payment Date on Exhibit G, as the same may be revised as provided in Section 7 (Outstanding TIFIA Loan Balance; Revisions to Exhibit G and Loan Amortization Schedule), which payments shall be made in accordance with Section 9(g) (Manner of Payment).

More Definitions of Semi-Annual Payment

Semi-Annual Payment means a payment made by the Disbursing Agent pursuant to the Plan on or about the last Business Day of every June and December;

Semi-Annual Payment means the amount equal to the Project Participation Principal Amount multiplied by the Participation Rate. An estimate of the Semi-Annual Payment based on the Principal Amount and the Participation Rate is specified on Exhibit 1, beneath the Principal Amount. If the Contract Period of Years commences prior to the final determination of the Project Participation Principal Amount, the Semi-Annual Payment shall be based upon the best figures available at the time the computation of each Semi-Annual Payment is required to be made. When such final costs are known, the Semi-Annual Payment shall be recomputed and the next following Semi-Annual Payment shall be either increased or decreased by a factor sufficient to correct for any overpayment or underpayment through the date of such recomputation so that the total amount received by OWDA over the Contract Period of Years will be the same amount as would have been received had the final Project Participation Principal Amount been used in computing the Semi-Annual Payment at the commencement of the Contract Period of Years. The interest during construction computed at the Contract Interest Rate shall, however, be computed based on the then existing cost allocations at the time of such computation and shall not be recomputed.

Semi-Annual Payment means the amount equal to the Project Participation Principal Amount multiplied by the Participation Rate. An estimate of the Semi-Annual Payment based on the Principal Amount and the Participation Rate is specified on Exhibit 1 beneath the Principal Amount. A portion of Semi-Annual Payment will be deposited into an account to offset Ohio EPA administrative expenses. If the Contract Period of Years commences prior to the final determination of the Project Participation Principal Amount, the Semi-Annual Payment shall be based upon the best figures available at the time the computation of each semi-annual payment is required to be made. When such final costs are known, the Semi-Annual Payment shall be recomputed and the next following semi-annual payment shall be either increased or decreased by a factor sufficient to correct for any overpayment or underpayment through the date of such recomputation so that the total amount received by OWDA over the Contract Period of Years will be the same amount as would have been received had the final Project Participation Principal Amount been used in computing the Semi-Annual Payment at the commencement of the Contract Period of Years. The interest during construction computed at the Contract Interest Rate shall, however, be computed based on the then existing cost allocations at the time of such computation and shall not be recomputed.