Bond Covenants definition

Bond Covenants means those covenants of the Agency regarding the tax exempt financing of the Public Parking Facilities referenced in Article VI of the Parking Management Plan, and the advice of Agency’s bond counsel in the interpretation of applicable tax exempt covenants and restrictions.
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Bond Covenants means the covenants that are required in connection with the issuance of the Bonds.
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Bond Covenants means contractual obligations set forth in a bond contract. Covenants commonly made in connection with a bond issue may include covenants to charge fees sufficient to provide required pledged revenues (called a “rate covenant”); to maintain casualty insurance on the project; to complete, maintain and operate the project; not to sell or encumber the project; not to issue parity bonds or other indebtedness unless certain tests are met (“additional bonds” or “additional indebtedness” covenant); and not to take actions that would cause tax- exempt interest on the bonds to become taxable or otherwise become arbitrage bonds (“tax covenants”). A covenant whereby a party is affirmatively obligated to undertake a duty in order to protect the interests of bondholders (e.g., to maintain insurance) is referred to as an “affirmative” or “protective covenant.” A covenant whereby the issuer obligates itself to refrain from performing certain actions (e.g., not to sell the project) is referred to as a “negative covenant.”
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Examples of Bond Covenants in a sentence

  • Tenant agrees that it will not use the Premises or Transfer, assign or sublease the Premises, or take or omit to take any other action, in each case in any manner that breaches the Bond Covenants.

  • The Reserve Fund Deposits and Withdrawals shall consist of the annual sum required to create and maintain Reserve Fund Levels consistent with Bond Covenants requirements and the City Utility Financial Policy.

  • Trustor agrees that in the event of a breach or threatened breach of the Bond Covenants, Beneficiary or Trustee may seek to enforce such obligations and may have no adequate remedy in money damages and, accordingly, shall be entitled to an injunction against such breach or threatened breach, and Trustor hereby consents to an order permanently enjoining Trustor from violating the Bond Covenants during the term of this Deed of Trust.

  • The YMCA agrees not to use nor permit the use of the proceeds of the grant or the Tax-Exempt Facility in a manner which it knows or should know would result in their use either in an unrelated trade or business or in a manner which would otherwise violate the Bond Covenants.

  • The YMCA agrees not to use or permit the use of the Center in a manner which it knows or should know or has been informed that will result in a violation of the Bond Covenants or which would otherwise adversely affect the federal income tax status of the Tax-Exempt Bonds under Section 103 of the Code.

  • The Engineer may provide support services regarding tracking and reporting the various requirements that the Mobility Authority is required to meet from agreements such as Bond Covenants, Loan Agreements and TxDOT LGPP requirements.

  • Said arbitration shall take place in Spokane, Washington, and shall be binding upon both parties except that no decision of the arbitrators arising out of any dispute of ARTICLE 4 – ADJUSTMENT OF RENTS, FEES AND CHARGES, herein, shall be binding on the Board if such decision would cause the Board to be in violation of its obligations under Revenue Bond Covenants or the Joint Operating Agreement for the Airport between the City and County of Spokane.

  • Landlord agrees that it will comply with all Bond Covenants, including, without limitation, [the covenants contained in Section [5.05] of each of the Landlord resolutions authorizing the Bonds and in the third paragraph on page 1 of each of the Tax Exemption Certificate and Agreement for the Bonds].

  • As part of a Bond issue, the Airport makes certain representations with respect to the management, operation and financing of the Airport (official Statement) and undertakes certain responsibilities (Bond Covenants).

  • In connection with the issuance of the Tax-Exempt Bonds, the City has covenanted (the Bond Covenants) with the holders of the Tax-Exempt Bonds that the proceeds of such bonds and the Tax-Exempt Facilities will be used in a manner which assures that the Tax-Exempt Bonds will qualify as obligations within the meaning of section 103 of the Internal Revenue Code (the Code).


More Definitions of Bond Covenants

Bond Covenants. Trustor’s agreement, pursuant to the Bond Fund Contract, to complete the Project and maintain the Development in compliance with the following conditions: 1.8.1. All units in the Development shall be used to house Qualified Homeless Veterans for the “Affordability Period” for the individual unit. The Affordability Period for an Existing Unit shall be for a period of thirty (30) years from the date of the Bond Fund Contract. The Affordability Period for a New Unit shall be for a period of thirty (30) years from the date of first occupancy of that unit. The Affordability Period shall remain in full force and effect regardless of any change(s) in ownership of the Property.
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Related to Bond Covenants

  • Indenture Event of Default means an “Event of Default” as defined in the Indenture.

  • Suspended Covenants has the meaning assigned to such term in Section 4.19.

  • Tax Covenant means the covenant relating to Tax set out in Schedule 9;

  • Affirmative Covenants The following affirmative covenants, among others, if any, to be negotiated in the Senior Facilities Documentation, will apply (to be applicable to the Borrower and its restricted subsidiaries), subject to customary (consistent with the Documentation Precedent) and other baskets, exceptions and qualifications to be agreed upon: maintenance of corporate existence and rights; performance and payment of obligations; delivery of annual and quarterly consolidated financial statements (accompanied by customary management discussion and analysis and (annually) by an audit opinion from nationally recognized auditors that is not subject to any qualification as to scope of such audit or going concern) (other than solely with respect to, or resulting solely from an upcoming maturity date under any series of indebtedness occurring within one year from the time such opinion is delivered) (with extended time periods to be agreed for delivery of the first annual and certain quarterly financial statements to be delivered after the Closing Date) and an annual budget (it being understood that the public REIT reporting that includes the Borrower shall satisfy the Borrower’s reporting obligations so long as it includes a consolidating income statement and balance sheet for the Borrower); delivery of notices of default and material adverse litigation, ERISA events and material adverse change; maintenance of properties in good working order; maintenance of books and records; maintenance of customary insurance; commercially reasonable efforts to maintain ratings (but not a specific rating); compliance with laws; inspection of books and properties; environmental; additional guarantors and additional collateral (subject to limitations set forth under the captions “Guarantees” and “Security”); further assurances in respect of collateral matters; use of proceeds; and payment of taxes.

  • Covenants means the covenants set forth in Section 4 of this Agreement.