System Debt definition

System Debt means Debt incurred to acquire, construct, extend, improve, add to or otherwise pay expenses of or related to the System, without regard to whether the source of payment or security for such Debt constitutes general obligation or revenue Debt.

System Debt shall have the same meaning as in the Power Sales Contract and includes bonds, commercial paper notes and other obligations for borrowed money (but not capitalized leases or other agreements that are payable thereunder as an Operating and Maintenance Expense), which are secured by payments made by the Cities hereunder and in existence as of the date of execution of this Agreement. However, as used herein, from and after September 1, 2018, “System Debt” does not include Transmission Debt.

System Debt means Debt of the Borrower.

Examples of System Debt in a sentence

• There shall be charged rates for each fiscal year which shall ensure that its Net Revenues Available for Debt Service will equal at least 110% of its System Debt Service for such fiscal year.

• In each fiscal year, or as soon as practicable, and in any event by the date of the delivery of the unaudited financial statements required in the Loan Agreement, the City shall (a) calculate its Net Revenues Available for Debt Service and System Debt Service for the fiscal year, and (b) certify such figures to the South Dakota Conservancy District.

• The Debt Securities will be issued in bearer form (“Bearer Bonds”), registered form (“Registered Bonds”) or, in the case of VS System Debt Securities, uncertificated book entry form, as specified in the applicable Final Terms, and, in the case of Definitive Bonds, in the Specified Currency and the Specified Denomination(s) and (other than VS System Debt Securities) serially numbered.

• Payments of principal and interest in respect of VS System Debt Securities will be made to the Debt Security Holders shown in the relevant records of the NCSD, VP LUX, Clearstream or Euroclear (as the case may be) in accordance with and subject to the rules and regulations from time to time governing the NCSD, VP LUX, Euroclear or Clearstream (as the case may be).

• All notices regarding VS System Debt Securities will be valid if published in a manner which complies with the rules and regulations of the relevant act which apply to publicly listed securities and/or any stock exchange and/or any other relevant authority on which the VS System Debt Securities are for the time being listed or by which they have been admitted to trading.

• The NCSD System Debt Securities will be governed by, and construed in accordance with Icelandic law.

• The Courts of England are to have jurisdiction to settle any disputes that may arise out of or in connection with any Debt Securities, Coupons or Talons (other than NCSD System Debt Securities) and accordingly any legal action or proceedings arising out of or in connection with any Debt Securities, Receipts or Coupons or Talons (other than NCSD System Debt Securities) (“Proceedings”) may be brought in such courts.

• The Debt Securities, Receipts and Coupons (other than NCSD System Debt Securities) will become void unless claims in respect of principal and/or interest are made within a period of 10 years (in the case of principal) and 5 years (in the case of interest) after the Relevant Date (as defined in Condition 8 (Taxation)).

• Whereas, in a high-tech environment in the Global North, setting up the require- ments for a new ICT service platform can be considered a well documented business-as-usual task, in which technical specifications are balanced against costs and expected revenues, this is less straightforward for platform design that targets low resource environments such as e.g. rural Africa.

• Contracting Jurisdiction’s estimated proportional share of Common To All Toledo Water System Debt and estimated contribution to Common to All Costs chargeable to the Wholesale Rate, based on the Contracting Jurisdiction’s water usage up to the point of termination, for the balance of term of this Agreement to the Expiration Date as specified in Section 12(B).

More Definitions of System Debt

System Debt means Debt of the Borrower secured by a Lien over Revenues, including Net Revenues.

System Debt means all Senior Debt and any other notes, warrants or other securities payable from and secured by a pledge of Net System Revenues.

System Debt means the Project Debt and any bond, note or other evidence of indebtedness secured by Revenues and/or amounts held in any fund or account and pledged under the Trust Agreement.