Terms of the creditors' proposal also called for $233 million in issuance proceeds to go into a debt service reserve, and for $23.3 million to pay issuance costs.
And Mr. Hevesi has said that current capital spending commitments will lead to a debt service obligation of $5.1 billion in the year 2005.
But for months the museum has been unable to make payments into a debt service fund as required under its agreement with New York City's Trust for Cultural Resources, the public benefit corporation that issued the tax-exempt bonds for the project.
We understand that the primary covenants are net debt to EBITDA of 2.5 times, and a debt service covenant of 1.1 times (pre interest post capex cash flow compared to all debt service costs including interest, finance lease repayments and dividends).
Mr. Lewis, who was not around when the decision to build was made, says it was well intentioned, but describes the result as "an operating model and a debt service that requires us to live beyond our means".
The grand total in 1795, at the beginning of the Batavian Republic, came to 760 million guilders; this imposed a debt service of 25 million guilders annually.
Bonds used by a government to finance major construction projects, to be paid by tax levies over a period of years, require a debt service fund to account for their repayment.
His own bank, Wachovia, wanted a debt-service coverage ratio — a formula to determine whether a borrower could meet debt obligations that divides these into cash flow — from 1.1 to 1.5.
More worrying was Hungary's smaller debt, with a debt-service ratio of 39.1%.In this section Backward, Christian soldier America loses its Afrophobia In memoriam FDR By flood and by fire Trial by data The Korean resurgence Rebuilding the ruins No gays, please, we're Carolinian The worker and the volunteer Reprints.
Focusing on the Ras Gas project, we relate its credit spreads as a measure of investor risk perceptions to firm-specific risk factors in the context of 25-year supply agreements, debt covenants, and a debt-service guarantee contingent on output prices.
