Universal Cap definition

Universal Cap means the Value of all outstanding Bonds.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Universal Cap means, on any date, either (i) the present value of the Obligations determined by taking into account all unconditionally payable payments of principal, interest and fees for a Qualified Guarantee to be paid on or after that date, using the yield on the Obligations as the discount rate, or (ii) in the case of any Obligations which are Plain Par Bonds, the outstanding stated principal amount of such Obligations, plus accrued unpaid interest.

Universal Cap means the value of all then outstanding Series 2011A Certificates.

Examples of Universal Cap in a sentence

• To the extent that the Value of the Nonpurpose Investments allocable to the Gross Proceeds of an issue exceed the Value of all outstanding bonds of that issue, an issuer should seek the advice of Bond Counsel for the procedures necessary to comply with the Universal Cap.

• Amounts cease to be allocated to an issue as Proceeds only when those amounts (i) are allocated to an expenditure for a governmental purpose; (ii) are allocated to Transferred Proceeds of another issue of obligations; or (iii) cease to be allocated to that issue at retirement of the issue or under the Universal Cap.

• On each date of application of the Universal Cap, all Nonpurpose Investments shall be valued at their Value.

• Amounts cease to be allocated to an issue as Proceeds only when those amounts (i) are allocated to an expenditure for a governmental purpose; (ii) are allocated to transferred proceeds of another issue of obligations; or (iii) cease to be allocated to that issue at retirement of the issue or under the Universal Cap.

• To the extent that the Value of the Nonpurpose Investments allocable to the Gross Proceeds of the issue exceed the value of all outstanding bonds of that issue, the County should seek the advice of Bond Counsel for the procedures necessary to comply with the Universal Cap.

More Definitions of Universal Cap

Universal Cap means the value of all then outstanding Series 2009 Certificates.

Universal Cap means the value of all the outstanding Note.

Universal Cap means the value of all then outstanding Series 2008 Certificates.

Universal Cap means the value of all then outstanding Series 2016A Certificates.

Universal Cap with respect to any particular obligations means the Value of all such outstanding obligations pursuant to Section 1.148-6(b)(2) of the Regulations.

Universal Cap means the Value of all outstanding Series 2017 Bonds.

Universal Cap means the Value of all outstanding Series 2016 Bonds.