Mandatory Sinking Fund Redemption definition

Mandatory Sinking Fund Redemption means redemption in accordance with the
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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 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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Examples of Mandatory Sinking Fund Redemption in a sentence

  • Any such proportional redemption shall be confirmed in writing by the Trustee to the Bondholder Representative and a new Mandatory Sinking Fund Redemption Schedule shall be provided by the Bondholder Representative to the Trustee.

  • The Series 2019 Bonds maturing on December 15, 2039 (the “2039 Term Bonds”) are subject to Mandatory Sinking Fund Redemption in part by lot pursuant to the terms of the Mandatory Sinking Fund Requirements of the Bond Legislation.

  • The Bonds shall be subject to redemption in part on each Bond Payment Date in the amounts and on the dates set forth in the Mandatory Sinking Fund Redemption Schedule attached to the Note, without notice, at a redemption price equal to the principal amount of the Bonds to be redeemed plus accrued but unpaid interest to the date of redemption, from amounts paid by the Borrower as principal under the Note without regard to Authorized Denomination.

  • If the certificate is not timely furnished to the Bond Registrar, the current Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) shall not be reduced.

  • In addition, on the date set forth in the revised debt service schedule and replacement Exhibit B (Mandatory Sinking Fund Redemption Schedule) provided by DNR pursuant to Section 3.4(b) of the Purchase Agreement, which shall be the first day of the month that is not more than 20 years after the Initiation of Operations (as certified pursuant to Section 3.4 of the Purchase Agreement), all remaining amounts in the Principal Account of the Repayment Fund will be transferred to the Debt Service Fund.

  • The $ Term Bond maturing on August 1, 20 , is also subject to mandatory sinking fund redemption on each Mandatory Sinking Fund Redemption Date and in the respective principal amounts as set forth in the following schedule, at a redemption price equal to 100% of the principal amount thereof to be redeemed (without premium), together with interest accrued thereon to the date fixed for redemption: Mandatory Sinking Fund Redemption Date (August 1) Principal Amount To be Redeemed † Maturity.

  • A revised Mandatory Sinking Fund Redemption Schedule, calculated so as to maintain level payments of debt service on the Bonds, may be delivered to the Trustee at any time by agreement of the Borrower and the Bondholder Representative, accompanied by a Bond Counsel No Adverse Effect Opinion.

  • Notice of any redemption , (excluding in respect of a Mandatory Sinking Fund Redemption), whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction.

  • The $ Term Current Interest Bonds maturing on August 1, 20 , are also subject to mandatory sinking fund redemption on August 1 in each of the years and in the respective principal amounts as set forth in the following schedule, at a redemption price equal to 100% of the principal amount thereof to be redeemed (without premium), together with interest accrued thereon to the date fixed for redemption: Mandatory Sinking Fund Redemption Date (August 1) Principal Amount to be Redeemed † † Maturity.

  • Mandatory Sinking Fund Redemption Date (September 1) Sinking Fund Redemption Amount Mandatory Sinking Fund Redemption Date (September 1) Sinking Fund Redemption Amount 2019 2032 2020 2033 2021 2034 2022 2035 2023 2036 2024 2037 2025 2038 2026 2039 2027 2040 2028 2041 2029 2042 2030 2043† 2031 † Maturity If this Bond is called for redemption and payment is duly provided therefor as specified in the Indenture, interest shall cease to accrue hereon from and after the date fixed for redemption.


More Definitions of Mandatory Sinking Fund Redemption

Mandatory Sinking Fund Redemption means redemption in accordance with the mandatory redemption requirements, if any, for the Series 2021 Bonds as determined in the Certificate of Award and as described in Section 2(d).
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Mandatory Sinking Fund Redemption has the meaning given such term in Section 5.1 hereof.
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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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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).

  • 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 Requirement means each annual scheduled contribution to a Sinking Fund for the redemption, at or prior to maturity, of Sinking Fund Bonds of a Series. The Authority may apply or credit against any Sinking Fund Requirement the principal amount of any Bonds to which that Sinking Fund Requirement applies (or, to the extent permitted by Series Resolution, other Bonds) that have been purchased or redeemed and not previously so applied or credited.