Balloon Indebtedness definition

Balloon Indebtedness means Long-Term Indebtedness, 25% or more of the original principal amount of which becomes due (either by maturity or mandatory redemption) during any consecutive twelve-month period, if such principal amount becoming due is not required to be amortized below such percentage by mandatory redemption or prepayment prior to such twelve-month period.

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Balloon Indebtedness means any bonds, notes or other indebtedness, other than Short-Term Indebtedness, 25% or more of the initial principal amount of which matures (or must be redeemed at the option of the holder) during any twelve month period, if such 25% or more is not to be amortized to below 25% by mandatory redemption prior to the beginning of such twelve month period.

Balloon Indebtedness means, with respect to any Series of Qualified Obligations twenty-five percent (25%) or more of the principal of which matures on the same date or within a 12- month period (with sinking fund payments deemed to be payments of matured principal), that portion of such Series of Qualified Obligations which matures on such date or within such 12-month period; provided, however, that to constitute Balloon Indebtedness the amount of indebtedness maturing on a single date or over a 12-month period must equal or exceed 150% of the amount of such Series of Qualified Obligations which matures during any preceding 12-month period. For purposes of this definition, the principal amount maturing on any date shall be reduced by the amount of such indebtedness which is required, by the documents governing such indebtedness, to be amortized by prepayment or redemption prior to its stated maturity date.

Examples of Balloon Indebtedness in a sentence

• The Authority covenants not to issue bonds under the Trust Agreement which bonds shall be considered or fall within the category of Balloon Indebtedness.

• The City will not issue any TIF Bonds which qualify as Balloon Indebtedness, as defined in the following sentence.

• For purposes of the foregoing sentence, "Balloon Indebtedness" means Debt, 25% or more of the original principal of which matures during any one Fiscal Year.

• For the purpose of making the above calculations, (i) Balloon Indebtedness shall be assumed to amortize over a period not to exceed 20 years in substantially equal annual payments at the interest rate or rates pertaining thereto, and (ii) any put or tender rights of a holder or holders shall be ignored and such Bonds shall be assumed to mature as otherwise provided.

• Balloon Indebtedness shall mean any series of TIF Bonds, twenty-five percent (25%) or more of the original principal of which is to be paid during one fiscal year; provided such term excludes: (a) a series of TIF Bonds maturing within one year of its date of issue, or (b) a series of TIF Bonds which is payable over its term in approximately level amounts (i.e., not varying by more than 10% from highest to lowest) of principal and interest in each fiscal year.

More Definitions of Balloon Indebtedness

Balloon Indebtedness means Long-Term Indebtedness, 25% or more of the original principal amount of which becomes due (either by maturity or mandatory redemption) during any consecutive

Balloon Indebtedness means Long-Term Indebtedness, 25% or more of the principal of which (calculated as of the date of issuance) becomes due during any period of 12 consecutive months if such maturing principal amount is not required to be amortized below such percentage by mandatory redemption prior to such 12-month period, subject to adjustment as provided in the definition of “Maximum Annual Debt Service.”

Balloon Indebtedness means, with respect to any Obligations twenty-five percent (25%) or more of the principal or other similar amount of which matures or becomes due on the same date or within a 12-month period (with sinking fund payments deemed to be payments of matured principal), that portion of the principal or other similar amount of such Obligations which matures or becomes due on such date or within such 12-month period.

Balloon Indebtedness means Proposition A Indebtedness 25% or more of the principal of which matures on the same date and such amount is not required by the documents governing such Proposition A Indebtedness to be amortized by payment or redemption prior to such date. Commercial paper shall be treated as Balloon Indebtedness for the purposes of this definition. If any Indebtedness consists partially of Proposition A Indebtedness bearing interest at a fixed rate and partially of Variable Rate Indebtedness, the portion constituting Variable Rate Indebtedness and the portion bearing interest at a fixed rate shall be treated as separate issues for purposes of determining whether any such Proposition A Indebtedness constitutes Balloon Indebtedness.

Balloon Indebtedness means any series of Parity Bonds more than

Balloon Indebtedness means (i) a Series of Bonds with respect to which, upon the issuance thereof, 25% or more of the Principal Installments are due in the same Fiscal Year or (ii) any portion of a Series of Bonds which is so designated by the Authority pursuant to a certificate of an Authorized Officer stating that such portion shall be deemed to constitute a separate issue of Balloon Indebtedness.

Balloon Indebtedness means, with respect to any Series of Distribution System Parity Obligations twenty-five percent (25%) or more of the principal of which matures on the same date or within a 12-month period (with sinking fund payments deemed to be payments of matured principal), that portion of such Series of Distribution System Parity Obligations which matures on such date or within such 12-month period; provided, however, that to constitute Balloon Indebtedness the amount of indebtedness maturing on a single date or over a 12-month period must equal or exceed 150% of the amount of such Series of Distribution System Parity Obligations which matures during any preceding 12-month period. For purposes of this definition, the principal amount maturing on any date shall be reduced by the amount of such indebtedness which is required, by the documents governing such indebtedness, to be amortized by prepayment or redemption prior to its stated maturity date.