Tax Maximum definition
Tax Maximum means, for any Series of Bonds, the least of: the greatest amount of principal, interest and premium, if any, required to be paid in any Fiscal Year on such Series; 125% of average amount of principal, interest and premium, if any, required to be paid on such Series during all Fiscal Years in which such Series will be Outstanding, calculated as of the date of issuance of such Series; or, ten percent of the proceeds of such Series, as “proceeds” is defined for purposes of Section 148(d) of the Code.
Tax Maximum means, for any Series of Bonds, the lesser of: (a) the Maximum Annual Debt Service on the Outstanding Bonds of the Series, determined as of the date of calculation; (b) 125% of the average amount of principal, interest and premium, if any, required to be paid on that Series during all Fiscal Years in which that Series will be Outstanding, calculated as of the date of issuance of that Series; or, (c) ten percent of the proceeds of such Series, as “proceeds” is defined for purposes of Section 148(d) of the Code.
Tax Maximum means, for any Series of Senior Lien Borrowings, the lesser of: the Maximum Annual Debt Service on such Series; 125% of average Annual Debt Service on such Series during all Fiscal Years in which such Series will be Outstanding, calculated as of the date of issuance of such Series; or, ten percent of the proceeds of such Series, as “proceeds” is defined for purposes of Section 148(d) of the Code.
More Definitions of Tax Maximum
Tax Maximum means the maximum dollar amount permitted by the Code to be allocated to a debt service reserve account from bond proceeds of Tax-Exempt Bonds or Tax Credit Subsidy Bonds without requiring a balance to be invested at a restricted yield.
Tax Maximum means, for any Series of Bonds, the lesser of: the greatest amount of principal, interest and premium, if any, required to be paid in any Fiscal Year on such Series; 125% of average amount of principal, interest and premium, if any, required to be paid on such Series during all Fiscal Years in which such Series will be Outstanding, calculated as of the date of issuance of such Series; or, ten percent of the proceeds of such Series, as “proceeds” is defined for purposes of Section 148(d) of the Code. If a Series of Bonds is issued in the form of a loan agreement or another obligation other than a conventional bond, the Tax Maximum for that Series shall be calculated in the same manner as if the principal and interest payments due on that Series were principal and interest payments that are due on a conventional bond.
Tax Maximum means, for any Series of 2013 Series A Reserve Subaccount Bonds, the lesser of the following, calculated as of the date a Series of 2013 Series A Reserve Subaccount Bonds is issued: (a) the greatest amount of principal, interest and premium, if any, remaining to be paid in any Fiscal Year on that Series; (b) 125% of average amount of principal, interest and premium, if any, required to be paid on that Series during all Fiscal Years in which such Series will be Outstanding; or, (c) ten percent of the proceeds of that Series, as “proceeds” is defined for purposes of Section 148(d) of the Code.
Tax Maximum means the maximum dollar amount permitted by the Code to be allocated to a bond reserve account from bond proceeds without requiring a balance to be invested at a restricted yield.
Tax Maximum means, for any Series of Bonds, the least of: the greatest amount of principal, interest and premium, if any, required to be paid in any Fiscal Year on such Series; 125% of the