Income Available for Debt Service definition

Income Available for Debt Service means, in any fiscal year, the excess of Operating Revenues over Operating Expenses, but (i) including in Operating Revenues charitable contributions and interest and income on investments available for operations or debt service (exclusive of any unrealized gains or losses on investments) and including in Operating Revenues proceeds of casualty insurance received by the Corporation in connection with mortgaged property where the terms of the mortgage indebtedness permit prepayment thereof with such proceeds and where the Corporation has made a written election to apply such proceeds to such prepayment and proceeds of business interruption insurance, and (ii) excluding from Operating Expenses depreciation, amortization and interest expense.

Income Available for Debt Service means, for any period of calculation, the net change in fund balance of the governmental funds of the Purchaser, plus amounts deducted in arriving at such net change in fund balance for interest on Restricted Indebtedness.

Income Available for Debt Service means for any period, the excess of Revenues over Expenses of the Person or group of Persons involved.

Examples of Income Available for Debt Service in a sentence

• The Corporation shall fix, charge and collect, or cause to be fixed, charged and collected, subject to applicable requirements or restrictions imposed by law, such rates, fees and charges which, together with all other receipts and revenues of the Corporation and any other funds available therefor, are reasonably projected to be sufficient in each Fiscal Year to produce Net Income Available for Debt Service equal to at least 1.25 times Maximum Aggregate Annual Debt Service for such Fiscal Year.

• In addition, in no event shall the ratio of Net Income Available for Debt Service to the Maximum Aggregate Annual Debt Service fall below 100%.

• The Borrower shall produce Net Income Available for Debt Service of at least 120% of Maximum Aggregate Annual Debt Service for fiscal years of the Borrower ending 2016 and each fiscal year ending thereafter.

• If, with respect to any fiscal year of the Borrower, Income Available for Debt Service for such fiscal year has been less than 100% of its Total Principal and Interest Requirements, based on audited financial statements for the Borrower delivered in accordance with Section 6.02 hereof, there shall be deemed to have occurred an Event of Default hereunder, notwithstanding anything else set forth in this Section.

• The Corporation shall fix, charge an d collect, or cause to be fixed, charged and collected, subject to applicable requirements or re strictions imposed by law, such rates, fees and charges which, together with all other receipts and revenues of the Corporation and any other funds available therefor, are reason ably projected to be sufficient in each Fiscal Year to produce Net Income Available for Debt Service equal to at least 1.25 times Maximum Aggregate Annual Debt Service for such Fiscal Year.

More Definitions of Income Available for Debt Service

Income Available for Debt Service means, with respect to the Obligated Group, as to any Fiscal Year, the excess of revenues over expenses before depreciation, amortization and interest expense on Long-Term Indebtedness, as determined in accordance with generally accepted accounting principles consistently applied; provided, however, that no determination thereof shall take into account unrealized gains or losses on investments, including charges to income resultant from a determination of impared assets, market revaluations of Hedge Agreements, any gain or loss resulting from either the extinguishment of Indebtedness, revaluations of unfunded pension liabilities or the sale, exchange or other disposition of plant and equipment not made in the ordinary course of business; and provided further, however, that revenues shall not include income from the investment of funds held in a Qualified Escrow.

Income Available for Debt Service means, in any fiscal year, the excess of Operating Revenues over Operating Expenses, but (i) including in Operating Revenues: (a) charitable contributions and interest and income on investments available for operations or debt service (exclusive of any unrealized gains or losses on investments); (b) unrestricted equity transfers of cash or cash equivalents from commonly controlled affiliates; and (c) proceeds of casualty insurance received by the Borrower in connection with mortgaged property where the terms of the mortgage indebtedness permit prepayment thereof with such proceeds and where the Borrower has made a written election to apply such proceeds to such prepayment; and

Income Available for Debt Service means the Palo Verde Receipts and all Santa Xxxx Receipts.

Income Available for Debt Service means, as to any Fiscal Year or other specified period, (i) excess of revenues over expenses of the Company before depreciation, amortization and interest expense on Long-Term Indebtedness, as determined from the Audited Financial Statements or as otherwise herein provided, provided that unrealized gains and losses on investments will not be recognized in the calculation of Income Available for Debt Service, plus (ii) capitalized or funded interest available for and scheduled to be applied to interest obligations accrued during such period; provided, however, that (1) no determination thereof shall take into account any gain or loss resulting from either the extinguishment of Indebtedness or the sale, exchange or other disposition of capital assets not made in the ordinary course of business, and (2) revenues shall not include earnings from the investment of Escrowed Interest or earnings constituting Escrowed Interest.

Income Available for Debt Service means, for any period of 12 consecutive calendar months for which such determination is made, Net Revenues; provided, however, that no determination thereof shall take into account (a) a gain or loss resulting from the extinguishment of Bonds, (b) the sale, exchange or other disposition of capital assets not made in the ordinary course of business, (c) unrealized gains or losses, or (d) earnings on the Construction Fund.

Income Available for Debt Service means, for any period of time, the excess of Revenues over Expenses.

Income Available for Debt Service means, as to any period of time, the excess of Revenues over Expenses of the Borrower for such period.