Maximum Annual Debt Service definition

Maximum Annual Debt Service means, as of the date of any calculation, the largest Annual Debt Service during the current or any future Bond Year.

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 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:

Examples of Maximum Annual Debt Service in a sentence

• Notwithstanding the foregoing, in the event that the Borrower’s Net Income Available for Debt Service is less than 1.0 times the Maximum Annual Debt Service on all Indebtedness then outstanding on any testing date, an Event of Default shall be deemed to have occurred hereunder.

• The Borrower shall maintain Net Income Available for Debt Service in an amount equal to at least 1.10 times Maximum Annual Debt Service on all Indebtedness then outstanding.

• So long as the Borrower is otherwise in full compliance with its obligations under this Loan Agreement, including following the recommendations of the Independent Consultant, it shall not constitute a default if the Borrower’s Net Income Available for Debt Service is less than 1.10 times (but greater than 1.0x) the Maximum Annual Debt Service on all Indebtedness then outstanding on any testing date as described above.

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. "Net Revenues" means, for any Fiscal Year, all Revenues received by the Recipient less the Operations and Maintenance Costs for such Fiscal Year.

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 at any point in time, with respect to the applicable Bonds then Outstanding, the maximum amount of principal (assuming sinking fund payments) and interest becoming due in the then current or any future Bond Year on such Bonds.

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.

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 Maximum Annual Debt Service as defined in Resolution No. 86R-490 of the City Council.