Coverage Requirement definition

Coverage Requirement means, in any calendar year, (1) an amount of Net Revenue at least equal to 1.25 times the Annual Debt Service in that year on Parity Bonds that are not Assessment Bonds; and (2) an amount of Net Revenue available after satisfying the Coverage Requirement on bonds that are not Assessment Bonds, plus ULID Assessments, which together are at least equal to 1.00 times the Annual Debt Service in that year on such Assessment Bonds. In calculating the Coverage Requirement, Annual Debt Service shall be adjusted for each calendar year by subtracting any amount scheduled to be received in that calendar year by the City as a Tax Credit Subsidy Payment in respect of any Parity Bonds issued as Tax Credit Subsidy Bonds.

Coverage Requirement means that, in any Fiscal Year, Adjusted Net Revenue must at least equal 1.25 times the Annual Debt Service due in that Fiscal Year on all Parity Bonds then outstanding.

Coverage Requirement means Net Revenues equal to or greater than 1.0 times Maximum Annual Debt Service.

Examples of Coverage Requirement in a sentence

• Minimum Coverage Requirement - the minimum amount of insurance coverage required to be maintained on a current basis by each of the Funds, such amount being based upon their respective gross assets and being determined as of the close of the most recent fiscal quarter in accordance with the table set forth in paragraph (d) of Rule 17g-1 as it may from time to time be amended by the Securities and Exchange Commission.

• Coverage Requirement: If “claims made,” retroactive date must precede or coincide with the contract effective date or the date of the Notice to Proceed.

• Broad Form Property Damage Coverage Requirement: This coverage shall cover the use of all equipment, hoists, and vehicles on the site/sites not covered by automobile liability under the contract.

• Height, Yard Setbacks and Lot Coverage Requirement The height, yard setbacks, and lot coverage requirement for the PARK District shall be those stated in Section 19.13A District Provisions and Dimensional Requirements.

• The Commission is firmly committed to reaching a harmonised Liquidity Coverage Requirement by 2015.

More Definitions of Coverage Requirement

Coverage Requirement means an amount of Coverage Revenue equal to 1.20 times the annual debt service due in a year for purposes of Section 10 and 1.20 times the average annual debt service due on the outstanding Bonds, the 2019A Bond, and Future Parity Bonds for purposes of Section 9. For calculating the Coverage Requirement for Future Parity Bonds that bear interest at a variable rate, such Future Parity Bonds shall be assumed to bear interest at a fixed rate equal to the rate published by the Bond Buyer as the index for municipal revenue bonds within the 30-day period prior to the date of calculation. If such index is no longer published, another nationally recognized index for municipal revenue bonds maturing in approximately 20 years shall be used.

Coverage Requirement means that the Net Earnings for the preceding 24 month period is an amount not less than 1.30 times the preceding 24 month Debt Service.

Coverage Requirement means that Adjusted Net Revenue in each calendar year must be equal to at least 1.25 times the Average Annual Debt Service on all then-outstanding Senior Lien Bonds and Parity Obligations.

Coverage Requirement means, for any Fiscal Year or twelve (12) calendar month period: (1) an amount of Adjusted Annual Net Revenues equal in each case to at least (i) one hundred twenty-five percent (125%) of the Annual Debt Service for such Fiscal Year or twelve (12) calendar month period, (ii) one hundred five percent (105%) of the sum of the Annual Debt Service plus the Subordinate Annual Debt Service for such Fiscal Year or twelve (12) calendar month period, and (iii) one hundred percent (100%) of all obligations of the District which are charges, liens or encumbrances upon or payable from the Utility Fund and/or the Bond Fund in such Fiscal Year or twelve (12) calendar month period; and (2) an amount of Net Revenues equal to at least one hundred percent (100%) of all obligations of the District which are charges, liens or encumbrances upon or payable from the Utility Fund and/or the Bond Fund in such Fiscal Year or twelve (12) calendar month period (including all amounts owed to any issuer of a Financial Guaranty then in effect in a reserve fund or a reserve account under the terms of such Financial Guaranty); provided, that for purposes of determining compliance with the Coverage Requirement, the following provisions shall apply:

Coverage Requirement means Net Revenues equal to or greater than 125% of Aggregate Annual Debt Service.

Coverage Requirement means the average amount of Net Revenue of the System for the three most recent fiscal years, together with Assessments, at least equal to the sum of 1.1 times the Average Annual Debt Service on that portion of the Outstanding Junior Lien Debt.

Coverage Requirement means, for any Fiscal Year, an amount of System Net Revenues equal, in each case, to at least (1) 120% of the Debt Service on all Outstanding Bonds and Parity Obligations for such Fiscal Year, (2) 110% of the Debt Service on all Outstanding Bonds, Parity Obligations, and Subordinate Obligations for such Fiscal Year, and (3) 100% of all obligations of the City payable from System Net Revenues in such Fiscal Year.