Principal Requirement definition

Principal Requirement means an amount equal to the regularly scheduled principal that is due and payable on the Interest Payment Date next succeeding the date of determination, whether by maturity or by mandatory sinking fund redemption; provided that with respect to the Subordinate Bonds, Principal Requirement shall mean the respective principal amounts of such bonds.

Principal Requirement means for any Principal Payment Date, as applied to all Bonds or a portion thereof, the total of the principal regularly scheduled to become due on such Principal Payment Date. Principal payments shall be excluded from the definition of Principal Requirement to the extent that proceeds of any Bonds are held by the Trustee to pay such Principal.

Principal Requirement means for any Principal Payment Date, as applied to all Bonds or a portion thereof, the total of the principal regularly scheduled to become due on such Principal Payment Date. Principal payments shall be excluded from the definition of Principal Requirement to the extent that proceeds of any Bonds or other funds are held by the Trustee to pay such Principal.

Examples of Principal Requirement in a sentence

• Any excess balance remaining three (3) months after the applicable date of issuance of the respective Bonds in the Series 2021-2022 Costs of Issuance Account shall be transferred to the applicable subaccount of the Debt Service Fund for the Series of the Bonds to which such excess relates, and be applied to pay the Interest Requirement and/or Principal Requirement next due on such Bonds.

• Upon being so notified, the Subordinated Loan Provider may, in its sole discretion, make a Class A1 Principal Requirement Advance available to the Issuer prior to such immediately following Payment Date in any amount up to (and including) the Class A1 Principal Requirement Shortfall.

• Monthly to the Senior Bond Fund, (i) into the Principal Account amounts equal to one-twelfth of the next succeeding Principal Requirement (whether at maturity or pursuant to a sinking fund redemption requirement) on all Senior Lien Obligations, and (ii) into the Interest Account amounts equal to one-sixth of the next succeeding Interest Requirement, on all Senior Lien Obligations.

• If, upon any Business Districts Accounting, there are funds on deposit in and to the credit of a respective Principal and Interest Account in excess of such respective Principal Requirement and such respective Interest Requirement, such funds shall be transferred by the City Treasurer to the respective Extraordinary Mandatory Redemption Account as hereinbelow provided.

• Such situations are unusual and associated with major health or safety issues.

More Definitions of Principal Requirement

Principal Requirement means for any Bonds, Additional Bonds, or Junior Lien Bonds and for any Bond Year the aggregate principal amount of such Bonds, Additional Bonds, or Junior Lien Bonds having a Stated Maturity during such Bond Year.

Principal Requirement means, with respect to each Series of Bonds as of any date of calculation, an amount equal to: (1) the accrued portion of the Principal Payment coming due on or before the next succeeding Regular Payment Date. For such purposes, daily accrual of principal shall be computed on a straight-line basis over the period between scheduled payments of principal on the Series; or (2) the Redemption Price of any Bonds for which notice of Redemption has been issued (other than by operation of Mandatory Sinking Account Payments), but which have not been retired.

Principal Requirement for any Bond Year shall mean, as applied to the Bonds of a Series then outstanding, the total of the sums that would be deemed to accrue on such Bonds during such Bond Year if

Principal Requirement means, for any Fiscal Year, the aggregate principal amount of Bonds having a Stated Maturity on November 1 of such Fiscal Year and May 1 of the next Fiscal Year.

Principal Requirement means, as of any particular date of calculation, the amount of money equal to any unpaid Principal Installment then due with respect to each Series of Outstanding Bonds and the amount of the next succeeding Principal Installment divided by the number of Redemption Fund Deposit Days prior to the next Principal Installment Date with respect to each Series of Outstanding Bonds.

Principal Requirement means, as of any date of calculation and with respect to the Bonds Outstanding on said date of calculation, the amount of money equal to any unpaid Principal Installment that previously became due, plus the Principal Installment then due (if calculated on a Principal Installment Date) or to become due on the Bonds on the next succeeding Principal Installment Date.

Principal Requirement means, as of any date of calculation, the sum of (a) the principal amount of Senior Obligations or Subordinate Obligations, as applicable, falling due during the then current Fiscal Year plus (b) the amount of principal of Senior Obligations or Subordinate Obligations, as applicable, required to be redeemed pursuant to a mandatory redemption or prepayment feature during the then current Fiscal Year. In computing the Principal Requirement, an amount of Senior Obligations or Subordinate Obligations, as applicable, required to be redeemed pursuant to mandatory redemption or prepayment in each year shall be deemed to fall due in that year and (except in case of default in observing a mandatory redemption or prepayment requirement) shall be deducted from the amount of Senior Obligations or Subordinate Obligations, as applicable, maturing or due for payment on the scheduled maturity date or payment date. In the case of Senior Obligations or Subordinate Obligations, as applicable, supported by a Credit Facility, the Principal Requirements for such Senior Obligations or Subordinate Obligations shall be determined in accordance with the principal retirement schedule specified in the proceedings authorizing the issuance of such Senior Obligations or Subordinate Obligations, as applicable, rather than by any amortization schedule set forth in such Credit Facility. A Senior Obligation Agreement authorizing the issuance or providing for the sale of Senior Obligations, or Subordinate Obligation Agreement authorizing the issuance of or providing for the sale of Subordinate Obligations, as applicable, which are Compound Interest Bonds may amend the definition of “Principal Requirement” to include accreted interest on such a Compound Interest Bond. For purposes of calculating the Principal Requirement for any year, the City shall reduce the amount of the Principal Requirement in any year by the amount of any monies deposited by the City into a special fund for use to pay the Principal Requirement in any such year.