Mandatory Sinking Fund Redemption definition

Mandatory Sinking Fund Redemption means the scheduled redemption of part of the principal amount of the bonds required to occur at periodic intervals tied to the principal payment schedule of the bond issue. The amount scheduled to be redeemed must be a multiple of the minimum permitted denomination applicable to the bond issue. The outstanding bonds are treated as if the bonds are all broken down into the minimum denomination, and a random selection of such deemed minimum denomination bonds is made by the trustee or paying agent to determine the specific bonds or portions of bonds to be redeemed on the mandatory sinking fund redemption date. “Serial bonds” are sometimes collapsed into “term bonds.” For example, an underwriter sometimes might request that two separate serial bonds (one in the principal amount of $200,000 maturing July 1, 2020, and the second in the principal amount of $300,000 maturing July 1, 2021) be turned into term bonds in the aggregate principal amount of $500,000 all maturing on July 1, 2021, with $200,000 in principal to be randomly selected by the issuer for redemption on July 1, 2020. This is done when the underwriter believes that the total interest cost of two serial bonds will exceed the total interest cost of one term bond with one (quasi-blended) interest rate, with mandatory sinking fund requirements.
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Mandatory Sinking Fund Redemption means mandatory prior redemption of Term Bonds (or other term Bonds) pursuant to Mandatory Sinking Fund Requirements.
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Mandatory Sinking Fund Redemption means the schedule(s) of the mandatory redemption of Term Bonds set forth in the Final Terms Certificate.
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Examples of Mandatory Sinking Fund Redemption in a sentence

  • Moneys on deposit in the Bond Sinking Fund, other than income earned thereon which is to be transferred to other funds created under this Bond Indenture, shall be applied by the Bond Trustee to pay principal on the Series 2007A Bonds as it becomes due whether at maturity or by Mandatory Sinking Fund Redemption.

  • If a Note is redeemed (including in respect of a Mandatory Sinking Fund Redemption) or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the Redemption Date or Mandatory Sinking Fund Payment Date, as applicable, or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date.

  • After any partial redemption of the Debentures which leaves the Debentures Outstanding in a principal amount of less than $25,000, Trustee shall apply the next prepayment of principal (whether by Extraordinary Optional Redemption, Optional Redemption, or Mandatory Sinking Fund Redemption pursuant to Section 3.08, 3.09, 3.10 or 3.12 hereof) to the Debentures until the principal of the Debentures shall be paid in full.

  • The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed (including in respect of a Mandatory Sinking Fund Redemption) or purchased.

  • In the event of partial redemption (including in respect of a Mandatory Sinking Fund Redemption) or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to the Redemption Date or Mandatory Sinking Fund Payment Date, as applicable, by the Trustee from the outstanding Notes not previously called for redemption (including in respect of a Mandatory Sinking Fund Redemption) or purchase.

  • In the event of (i) prepayment by or on behalf of the Borrower of amounts payable on the Loan Agreement or (ii) deposits with the Bond Trustee by the Borrower or the Issuer of moneys from any other source for redeeming Series 2007A Bonds (other than a Mandatory Sinking Fund Redemption), except as otherwise provided in this Bond Indenture, such moneys shall be deposited in the Redemption Fund.

  • Outstanding Obligations shall be paid in full, together with all interest accrued thereon to such date (a "Mandatory Sinking Fund Redemption").

  • On or before each Quarterly Payment Date, commencing March 31, 2015, after making the required deposits into the Interest Fund, the Bond Trustee shall deposit in the Bond Sinking Fund, from amounts on deposit in the Revenue Fund, an amount which is not less than one-fourth of the principal of the Series 2007A Bonds next to become due, whether at maturity or by Mandatory Sinking Fund Redemption.

  • Subject to Section 3.05, on and after the Redemption Date or the Mandatory Sinking Fund Payment Date, as applicable, interest ceases to accrue on Notes or portions thereof called for redemption (including in respect of a Mandatory Sinking Fund Redemption).

  • Notes redeemed (including in respect of a Mandatory Sinking Fund Redemption) in part shall be redeemed only in integral multiples of $1,000, and no Notes of $2,000 or less shall be redeemed in part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed.


More Definitions of Mandatory Sinking Fund Redemption

Mandatory Sinking Fund Redemption has the meaning given such term in Section 5.1 hereof.
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Mandatory Sinking Fund Redemption means redemption in accordance with the
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Mandatory Sinking Fund Redemption means each, and “Mandatory Sinking Fund Redemptions” means all, of the mandatory sinking fund redemptions set forth in the Sinking Fund Bonds.
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Related to Mandatory Sinking Fund Redemption

  • mandatory sinking fund payment has the meaning specified in Section 12.1.

  • Interest and Sinking Fund means the interest and sinking fund established by Section 8.01(a).

  • Sinking Fund Redemption Date Has the meaning specified in Section 6.06 of the Indenture.

  • optional sinking fund payment has the meaning specified in Section 12.1.

  • Sinking Fund means each Sinking Fund Subaccount under the Indenture. To the extent necessary for compliance with the Authority’s tax covenants and other provisions of the Indenture and the Act, the Authorized Officers of the Authority may subdivide each such subaccount in respect of separate categories or issues of Sinking Fund Bonds.

  • Sinking Fund Installment means, as of any particular date of calculation, the amount required, as of such date of calculation, to be paid by the Authority on a future date for the retirement of Outstanding Bonds which are stated to mature subsequent to such future date, but does not include any amount payable by the Authority by reason only of the maturity of a Bond.

  • Sinking Fund Account means the sinking fund account established and held by the Treasurer of Charleston County designed to provide for the payment of the principal of, premium, if any, and interest on the Bonds, as the same respectively fall due.

  • Sinking Fund Payment means, with respect to a particular Series, as of any particular date of calculation, the amount required to be paid in all events by the Corporation on a single future date for the retirement of Outstanding Bonds which mature after said future date, but does not include any amount payable by the Corporation by reason of the maturity of a Bond or by call for redemption at the election of the Corporation.

  • Redemption Proceeds means any proceeds in any applicable currency from a redemption in respect of the Charged Assets in accordance with the terms and conditions of such Charged Assets.

  • Optional Redemption Price means $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) to the date fixed for redemption and excluding Additional Dividends plus any applicable redemption premium attributable to the designation of a Premium Call Period.

  • Optional Redemption Premium means, with respect to any Series, the premium (expressed as a percentage of the Liquidation Preference of the shares of such Series) payable by the Fund upon the redemption of MuniFund Term Preferred Shares of such Series at the option of the Fund, as set forth in the Appendix for such Series.

  • Sinking Fund Provisions [No sinking fund provisions] [The Designated Securities are entitled to the benefit of a sinking fund to retire $ principal amount of Designated Securities on in each of the years through at 100% of their principal amount plus accrued interest] [, together with [cumulative] [non-cumulative] redemptions at the option of the Company to retire an additional $ principal amount of Designated Securities in the years through at 100% of their principal amount plus accrued interest.] [If Designated Securities are Extendable Debt Securities, insert-- Extendable Provisions: The Designated Securities are repayable on , at the option of the holder, at their principal amount with accrued interest. The initial annual interest rate will be %, and thereafter the annual interest rate will be adjusted on , , and to a rate not less than % of the effective annual interest rate on obligations with year maturities as of the [interest date 15 days prior to maturity date] prior to such [insert maturity date].] [If Designated Securities are Floating Rate Debt Securities, insert-- Floating Rate Provisions: The initial annual interest rate will be % through [and thereafter will be adjusted [monthly] [on each , , and ] [to an annual rate of % above the average rate for -year [-month] [securities] [certificates of deposit] by and [insert names of banks].] [and the annual interest rate [thereafter] [from through ] will be the interest yield equivalent of the weekly average per annum market discount rate for -month Treasury bills plus % of the Interest Differential (the excess, if any, of (i) the then-current weekly average per annum secondary market yield for -month certificates of deposit over (ii) the then-current interest yield equivalent of the weekly average per annum market discount rate for -month Treasury bills); [from and thereafter the rate will be the then-current interest yield equivalent plus % of the Interest Differential].] 23

  • Maturity Redemption Payment means an amount per Deposit to which you are entitled on the Maturity Date based on the performance of the Reference Portfolio which is equal to your Principal Amount x (1 + Variable Return).

  • Optional Redemption shall have the meaning set forth in Section 6(a).

  • Indenture Redemption Price has the meaning specified in Section 4.2(c).

  • Monthly Redemption means the redemption of this Debenture pursuant to Section 6(b) hereof.

  • Tax Event Redemption Price means an amount equal to the unpaid principal amount of this Note to be redeemed, which shall be determined by multiplying (1) the Outstanding Principal Amount of this Note by (2) the quotient derived by dividing (A) the outstanding principal amount to be redeemed by Principal Life of the Funding Agreement by (B) the outstanding principal amount of the Funding Agreement.

  • Redemption Fund means the fund by that name established pursuant to Section 5.04.

  • Optional Redemption Amount means the sum of (a) 120% of the then outstanding principal amount of the Debenture, (b) accrued but unpaid interest on the Debenture and (c) all liquidated damages and other amounts due in respect of the Debenture.

  • Mandatory Redemption Price means $25,000 per share of AMPS plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) to the date fixed for redemption and excluding Additional Dividends.

  • Tax Redemption The meaning specified in Section 9.3(a) hereof.

  • Series A Redemption Price has the meaning set forth in Section 16.6(a).

  • Minimum Redemption means, in relation to the Euro Non-RDR ‘Retail’ Unhedged Distribution Shares, a minimum redemption of €250 or such lesser amount as may be agreed by the Directors;

  • Optional means a requirement not considered essential, but for which preference may be given.

  • Compulsory Redemption with respect to a Fund Share means the compulsory redemption or transfer of the relevant Fund Shares, as described in the relevant Memorandum.

  • Redemption Amount means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the Optional Redemption Amount (Call), the Optional Redemption Amount (Put), the Early Termination Amount or such other amount in the nature of a redemption amount as may be specified in, or determined in accordance with the provisions of, the relevant Final Terms;