Maximum Annual Debt Service definition

Maximum Annual Debt Service means the largest Annual Debt Service for any Bond Year after the calculation is made through the final maturity date of any Outstanding Bonds.

Maximum Annual Debt Service in respect of any Bond Year means the largest of the sums obtained for that or any succeeding Bond Year after totaling the following for each such Bond Year:

Maximum Annual Debt Service means, for any Fiscal Year, the greatest Annual Debt Service for the then-current or any succeeding Fiscal Year.

Examples of Maximum Annual Debt Service in a sentence

• Annually, this would total $1.32 billion, which corresponds to the cost of debt service on $12 billion of Authority debt outstanding at an interest rate of 9% (the “Covenanted Maximum Annual Debt Service for Senior Bonds”).

• Reserve Requirement, which is defined as the amount, as of any date of calculation, equal the lowest of (i) 10% of the initial principal amount of the Bonds, less original issue discount, if any, plus original issue premium, if any, or; (ii) the Maximum Annual Debt Service on the Bonds, or (iii) one hundred twenty-five percent (125%) of average annual debt service on the Bonds (the Reserve Requirement).

• Additionally, Senior Lien Obligations may be issued for refunding purposes without compliance with any of the foregoing financial tests if Maximum Annual Debt Service immediately after issuance of the refunding obligations is not greater than 110% of Maximum Annual Debt Service immediately prior to such issuance.

• Effective July 1, 2015, HRSD adopted GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date.For purposes of the Senior Trust Agreement, the Liquidity Ratio is the resulting dividend of unrestricted cash divided by the Maximum Annual Debt Service on Senior Obligations.

• The Net Pledged Revenues for any 12 consecutive months out of the 18 months preceding the month in which such proposed Parity Bonds are to be issued are at least equal to the sum of 125% of the Combined Maximum Annual Debt Service Requirements of the Outstanding Bonds, all Outstanding Parity Bonds and such additional Parity Bonds proposed to be issued.

More Definitions of Maximum Annual Debt Service

Maximum Annual Debt Service means as of any date of calculation the highest principal and interest payment requirements with respect to all Outstanding Bonds for any succeeding Bond Year except the Bond Year in which the Bonds mature and the year in which any mandatory tender for purchase of the Bonds occurs.

Maximum Annual Debt Service means the maximum amount of Debt Service due on System Obligations in a Fiscal Year during the period commencing with the Fiscal Year for which such calculation is made and within the next five years in which Debt Service for any System Obligations will become due.

Maximum Annual Debt Service means, as of the date of calculation, the largest Annual Debt Service for the current or any future Bond Year, including payments on any Parity Debt, as certified in writing by the Successor Agency to the Trustee.

Maximum Annual Debt Service means the greatest amount of principal and interest becoming due and payable on all Senior Lien Debt, the Bank Note, all Parity Debt and, with respect to the 130% coverage test described in Section 8.13(i) hereof and the related certification, all Subordinate Obligations in the Fiscal Year in which the calculation is made or any subsequent Fiscal Year, calculated using the principles and assumptions set forth under the definition of Annual Debt Service.

Maximum Annual Debt Service means the maximum sum obtained for any Bond Year prior to the final maturity of the Bonds and any Parity Bonds by adding the following for each Bond Year:

Maximum Annual Debt Service means, as of the date of determination, the maximum annual Debt Service, as computed for the then current or any future Fiscal Year.

Maximum Annual Debt Service means, as of the date of calculation, the highest aggregate annual debt service requirements and debt service payable on the Bonds during the current or any succeeding Fiscal Year over the remaining term of the Bonds.