Issuance of Additional Bonds Clause Samples
The Issuance of Additional Bonds clause defines the conditions under which an issuer may release new bonds beyond those originally issued. Typically, this clause outlines requirements such as maintaining certain financial ratios, obtaining consent from existing bondholders, or adhering to specific covenants before additional bonds can be issued. Its core function is to protect the interests of current bondholders by preventing the issuer from taking on excessive debt that could jeopardize their investment or dilute their claims.
Issuance of Additional Bonds. To the extent the Issuer issues additional bonds ("Additional Bonds") that rank on a parity basis to the Bonds and are subject to a pledge of TIF Revenues, the pledge of TIF Revenues and the use of Taxpayer Direct Payments to the payment of the Bonds and any such additional parity bonds shall be applied on a pro-rata basis, based on the principal amount of the Bonds outstanding supported by the TIF Revenues and Taxpayer Payments and such additional parity bonds outstanding. While the Series 2024 Bonds are owned by the Purchaser, no additional bonds ranking on a parity with the Series 2024 Bonds as to the pledge of TIF Revenues may be issued without the prior written consent of the Purchaser. Prior to the delivery by the Issuer of any such Additional Bonds there shall be filed with the Trustee:
(i) A supplement to this Indenture executed by the Issuer and the Trustee authorizing the issuance of such Additional Bonds, specifying the terms thereof and providing for the disposition of the proceeds of the sale thereof.
(ii) The supplement or amendment to the Financing Agreement and the other instruments, documents, certificates, and opinions referred to in Article IX of this Indenture.
(iii) A copy, duly certified by the Director of Finance and Records of the Issuer, of the Bond Ordinance theretofore adopted and approved by the Issuer authorizing the execution and delivery of such supplemental indenture and such supplement to the Financing Agreement and the issuance of such Additional Bonds.
(iv) A written request of the Issuer to the Trustee to authenticate and deliver such Additional Bonds.
(v) In the case of Additional Bonds, a certificate showing the requirements for such Additional Bonds contained in the resolution pledging TIF Revenues shall have been met.
(vi) Written consent of the Purchaser of the Series 2024 Bonds. Any Additional Bonds issued in accordance with the terms of this Section 2.8. shall be secured by this Indenture, but such Additional Bonds may bear such date or dates, such interest rate or rates, and with such maturities, redemption dates and premiums as may be agreed upon by the Issuer, at the direction of the Company, and the purchaser of such Additional Bonds.
Issuance of Additional Bonds. At the request of an Authorized Representative of the Company, the Issuer shall, to the extent permitted by law, authorize the issuance of Additional Bonds upon the terms and conditions provided herein and in Section 2.14 of the Indenture. Additional Bonds may be issued to provide funds to pay (i) the costs of refunding any Outstanding Bonds and (ii) the costs of the issuance and sale of the Additional Bonds and capitalized interest and other costs reasonably related to the financing, PROVIDED THAT (1) such Additional Bonds shall be authorized by the Act or other successor or comparable legislation of the State; (2) in the unqualified opinion of Bond Counsel, satisfactory to the Trustee, interest on such Additional Bonds will be excludable from the gross income of the holders thereof for federal income tax purposes and such Additional Bonds and income therefrom will be exempt from taxation by the State except inheritance, estate and transfer taxes; (3) the terms of such Additional Bonds, the purchase price to be paid therefor and the manner in which the proceeds therefrom are to be disbursed shall have been approved in writing by the Company; (4) the Issuer is not in Default under the Indenture and the Company is not in Default under this Agreement; (5) the issuance of Additional Bonds will not constitute a Default under this Agreement or cause any violation of the covenants or representations of the Company in this Agreement; (6) this Agreement is amended (to the extent required) to provide for such increase in the loan payments to be made by the Company to the Issuer as shall be necessary to pay the principal of, premium, if any, and interest on the Additional Bonds and for
Issuance of Additional Bonds. So long as there shall not have occurred and be continuing an event of default hereunder or under the Indenture, the Board shall, from time to time at the request of the Company, use its best efforts to issue Additional Bonds in aggregate principal amounts as requested by the Company under the terms and conditions provided herein and in the Indenture, but in no event shall the Board be liable for not issuing Additional Bonds. Additional Bonds may be issued to finance the (a) payment of outstanding Notes, (b) refunding all of the Bonds of any one or more series then outstanding, (c) payment of costs of the Project or (d) any combination of the foregoing; provided, in any case, that either prior to or contemporaneously with the issuance of Additional Bonds (i) the terms, conditions, manner of issuance, purchase price, delivery and contemplated disposition of the proceeds of the sale of such Additional Bonds shall have been approved in writing by the President or any Vice President of the Company, and (ii) the conditions specified in Article IV of the Indenture with respect to the issuance of such Additional Bonds shall have been satisfied.
Issuance of Additional Bonds. Additional Bonds may be issued by the Authority in accordance with the provisions of Section 3.10 of the Master Resolution.
Issuance of Additional Bonds. The Agency and the Lessee recognize that under the provisions of and subject to the conditions set forth in the Indenture, the Agency may in its sole discretion authorize the entering into a Supplemental Indenture and issue one or more series of Additional Bonds on a parity with the Series 2003A Bonds for the purpose of (i) providing funds in excess of the Net Proceeds of insurance or eminent domain to repair, relocate, replace, rebuild or restore the Facility in the event of damage, destruction or taking by eminent domain, (ii) providing extensions, additions or improvements to the Facility, or (iii) refunding Outstanding Bonds. If the Lessee is not in default hereunder, the Agency will consider the issuance of Additional Bonds in a principal amount as is specified in a written request in accordance with the applicable provisions set forth in the Indenture. Any such completion, repair, relocation, replacement, rebuilding, restoration, additions, extensions or improvements shall become a part of the Facility and shall be included under this Agreement to the same extent as if originally included hereunder.
Issuance of Additional Bonds. The Authority shall not issue any Additional Bonds except in accordance with the terms of the Indenture.
Issuance of Additional Bonds. The Port shall have the right to issue Additional Bonds: (i) as refunding bonds which are used to achieve debt service savings or to achieve terms more beneficial than the terms of the Bonds being refunded, (ii) to pay any part of the Costs of the Project not fully funded or provided for out of the proceeds of the Initial Bonds, (iii) to pay the Costs of the Additional Special Facilities for any Additional Special Facilities, subject to the Port’s covenant to the Operators in Section 6.2.5.1 of this Lease Agreement, (iv) to pay the costs associated with the purchase of additional buses for fleet expansion or replacement of any buses required for the Common Transportation System, (v) to pay any costs of the Major Maintenance or BMF Major Maintenance, and (vi) subject to any restriction under Sections 6.2.5 and 12.3.5 regarding the use of the Customer Facility Charge and applicable law, to fund any other obligation imposed on the Port under this Lease Agreement. In the event that the Port determines that it is necessary or advisable to issue Additional Bonds, the Port will deliver to Operators a financial forecast and updates associated with each such Additional Bonds offering as provided in Section 3.1.2 and 3.1.
Issuance of Additional Bonds. At the request of the Borrower, the Issuer may issue Additional Bonds from time to time for any purpose permitted by the Act. Those Additional Bonds shall be on a parity with the Project Bonds and any Additional Bonds theretofore or thereafter issued and outstanding as to the assignment to the Trustee of the Issuer’s right, title and interest in the Agreement, the Project Fund and the Bond Fund and the moneys and investments therein to provide for payment of principal of, and premium, if any, and interest on the Project Bonds; provided, that nothing herein shall prevent payment of principal of, and premium, if any, and interest on any series of Additional Bonds from (i) being otherwise secured and protected from sources or by property or instruments not applicable to the Project Bonds and any one or more series of Additional Bonds, or (ii) not being secured or protected from sources or by property or instruments applicable to the Project Bonds or one or more series of Additional Bonds. Each series of Additional Bonds shall be given a separate designation to distinguish it from any other series of Bonds issued hereunder, and any Supplemental Indenture entered into in connection with a series of Additional Bonds shall establish a separate Reimbursement Account with respect to that series, in which shall be deposited the proceeds of the drawings on the additional letter of credit securing such series, and which Reimbursement Account shall not be pledged to or constitute part of the security for the payment of principal of, and premium, if any, and interest on any other series of Bonds.
Issuance of Additional Bonds. If the Company is not in default hereunder, the Issuer may by the adoption of an appropriate resolution or resolutions, at the request of the Company, authorize the issuance of Additional Bonds upon the terms and conditions provided herein and in Section 2.2 of the Indenture, but in no event shall the Issuer be liable for not issuing such Additional Bonds.
Issuance of Additional Bonds. If a Series of Additional Bonds is to be issued pursuant to the Indenture, the Issuer and the Institution shall enter into an amendment to this Agreement, and the Institution shall execute and deliver a new Promissory Note, in each case providing, among other things, for the payment by the Institution of such additional loan payments as are necessary in order to amortize in full the principal of and interest on such Series of Additional Bonds and any other costs in connection therewith. Any such completion, repair, relocation, replacement, rebuilding, restoration, additions, extensions or improvements shall become a part of the Facility and shall be included under this Agreement to the same extent as if originally included hereunder.