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 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.

Examples of Maximum Annual Debt Service in a sentence

• When calculating the Long-Term Debt Service Coverage Ratio, (i) capitalized interest shall not be counted as income unless it will be available and applied in the same year as the Maximum Annual Debt Service will occur, and (ii) payments to be made in respect of principal and interest on any revolving credit or similar agreement secured solely by a pledge of accounts receivable and inventory shall not be included in determining Maximum Annual Debt Service.

• The Subsidiary Borrowers and Guarantors will maintain, as a consolidated group, as of the end of each fiscal quarter of such group for the 12-month period then ended, a Maximum Annual Debt Service and Lease Payment Coverage Ratio of at least 3.00 to 1.

• Only for purposes of this paragraph, the Maximum Annual Debt Service on Debt that bears an adjustable interest rate, the interest rate during the first fiscal year of Borrower during which the Debt is outstanding shall be deemed to be 110% of the initial interest rate, and for each fiscal year thereafter, 110% of the average interest rate on the Debt during the last preceding fiscal year.

More Definitions of Maximum Annual Debt Service

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:

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 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 an amount of money equal to the highest future principal and interest requirement of all Outstanding Bonds required by this ordinance in any Bond Year (i.e., each January 2 to the next January 1 period), including and subsequent to the Bond Year in which the computation is made; and any Outstanding Bonds required to be redeemed pursuant to mandatory redemption shall be treated as falling due on the date required to be redeemed (except in the case of failure to make any such mandatory redemption) and not on the stated maturity date of such Outstanding 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, 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 calculation, the largest Annual Debt Service for the current or any future Bond Year, including payments on any Parity Debt, as certified in writing by the Successor Agency to the Trustee.