Examples of Completion Bonds in a sentence
The Lessee shall adopt an Annual Budget prior to the beginning of each Fiscal Year which demonstrates a Debt Service Coverage Ratio with respect to the Series A Bonds, and any Completion Bonds, Additional Bonds and Refunding Bonds if and when issued, of 1.25 for the next Fiscal Year, and Total Operating Revenues at least equal to Annual Operating Expenses.
Effective as of the date of delivery of the Bonds, the Lessee will not incur or permit to remain outstanding any Debt other than its obligations hereunder with respect to the Bonds and any Additional Bonds, Completion Bonds or Refunding Bonds as permitted by the Indenture, which is on a parity with the Bonds, unless such Debt is Subordinated Debt.
In all events, the Lessee shall adopt an Annual Budget for each Fiscal Year which provides a Debt Service Coverage Ratio in relation to the Series A Bonds, Completion Bonds, Additional Bonds and Refunding Bonds of 1.25 plus Total Operating Revenues equal to not less than 100% of anticipated and budgeted Annual Operating Expenses.
Prior to the incurrence of any Parity Debt, the Lessee will provide evidence satisfactory to the Trustee that each of the conditions mandated by the Indenture for the issuance of Additional Bonds, Completion Bonds and Refunding Bonds, as the case may be, has been satisfied and will deliver to the Trustee the instruments and documents required to demonstrate such compliance.