Additional Bonds Test definition
Additional Bonds Test means, for each fiscal year or part of a fiscal year, as required in Section 11(b) of this resolution, Net Revenues at least equal to 1.0 times Maximum Annual Debt Service.
Additional Bonds Test means, for each fiscal year or part of a fiscal year, as required in Section 5(b) of this resolution, Net Revenues at least equal to 1.25 times the average Annual Debt Service for the period during which the Bonds then proposed to be issued will remain Outstanding. For purposes of this test, Net Revenues generated from Pledged Amounts (fees levied on upon all students of the University and/or other amounts specifically pledged under any Series Resolution) may be computed on the basis of student population officially enrolled on the records of the University as of the Fall quarter during which Parity Bonds are to be issued (if Parity Bonds are being issued during a Fall quarter) or immediately preceding the date of issuance of Parity Bonds. Such calculation shall be made by multiplying the number of full-time
Additional Bonds Test has the meaning ascribed to such term in Part D of Schedule I (WIFIA Loan Specific Terms).
Examples of Additional Bonds Test in a sentence
The Borrower shall not issue or incur any Additional Bonds except in accordance with all requirements and conditions set forth in the Additional Bonds Test.
He reviewed and provided final approval on the T&R forecast, Bringdown Letter, Additional Bonds Test, and Closing Certificates needed for the re-financing.
So long as the Loan remains outstanding, in the event the Issuer desires to issue Additional Bonds under the Indenture, the Issuer shall provide to the Lender evidence of compliance with the Additional Bonds Test.
More Definitions of Additional Bonds Test
Additional Bonds Test means, as of any date of calculation, (A) Pledged Revenues are not less than 105% of Debt Service for each Bond Year in which the Bonds are scheduled to be Outstanding, and (B) the Debt Service Reserve Fund Requirement is satisfied.