ADDITIONAL DEBT OBLIGATIONS. The Project Sponsor may issue additional debt obligations on a parity with, or senior to, the lien of the Department on the Pledged Revenues provided the Department’s written consent is obtained. Such consent may be granted if the Project Sponsor demonstrates at the time of such issuance that the Pledged Revenues, which may take into account reasonable projections of growth of the Utility System and revenue increases, plus revenues to be pledged to the additional proposed debt obligations will, during the period of time Semiannual Loan Payments are to be made under this Agreement, equal or exceed 1.15 times the annual combined debt service requirements of this Agreement and the obligations proposed to be issued by the Project Sponsor and will satisfy the coverage requirements of all other debt obligations secured by the Pledged Revenues.
ADDITIONAL DEBT OBLIGATIONS. The Local Government may issue additional debt obligations on a parity with, or senior to, the lien of the Department on the Pledged Revenues provided the Department’s written consent is obtained. Such consent may be granted if the Local Government demonstrates at the time of such issuance that the Pledged Revenues, which may take into account reasonable projections of growth of the Water and Sewer Systems and revenue increases, plus revenues to be pledged to the additional proposed debt obligations will, during the period of time Semiannual Loan Payments are to be made under this Agreement, equal or exceed 1.15 times the annual combined debt service requirements of this Agreement and the obligations proposed to be issued by the Local Government and will satisfy the coverage requirements of all other debt obligations secured by the Pledged Revenues.
ADDITIONAL DEBT OBLIGATIONS. The Agency may not issue additional debt obligations on a parity with, or senior to, the lien of the Department on the Pledged Revenues.
ADDITIONAL DEBT OBLIGATIONS. (1) The Borrower may not issue debt obligations with a lien superior to that of the Department on the Pledged Revenues, or any part thereof.
(2) The Borrower may not issue additional Parity Obligations except in accordance with the provisions of Article VI of the Master Resolution and this section 6.02(2), and may not issue such additional Parity Obligations if there exists any uncured event of default of this Agreement or any uncured default of any existing Parity Obligation. Notwithstanding any subsequent amendment of the Master Resolution, the Borrower may not issue additional Parity Obligations unless the amount of Sales Tax Revenues which have been received by the Borrower during any twelve (12) consecutive months selected by the Borrower of the twenty four (24) months immediately preceding the issuance of such additional debt equal at least 1.25 times the maximum annual debt service in the current Borrower fiscal year and any future Borrower fiscal year for the Loan, the outstanding Parity Obligations and the proposed additional Parity Obligation. At least fifteen (15) days prior to the issuance of an additional Parity Obligation, the Borrower shall provide the Department a certificate of an independent financial consultant acceptable to the Department demonstrating compliance with the requirements of this Section 6.02(2) (such certificate shall identify the proposed new debt and the proposed repayment schedule and the Borrower shall provide copies of the instruments under which the proposed new debt will be created) and a copy of the certificates required by Section 6.02 of the Master Resolution. DRAFT If the proposed additional Parity Obligation is being issued to refund an outstanding Parity Obligation, at least fifteen (15) days prior to the issuance, the Borrower shall provide the Department a certificate of an independent financial consultant acceptable to the Department demonstrating that the debt service payments on such refunding obligation shall not exceed the debt service payments that would have been due on the refunded obligation (but for the refunding) in the current Borrower fiscal year or any subsequent Borrower fiscal years during the term of the Loan (such certificate shall identify the proposed new debt and the proposed repayment schedule and the Borrower shall provide copies of the instruments under which the proposed new debt will be created).
(3) The Borrower shall comply with the terms of the Master Resolution in issuing any de...
ADDITIONAL DEBT OBLIGATIONS. Guarantor may issue additional debt obligations on a parity with, or senior to, the lien of DEP on the Collateral provided that the revenues, which may take into account reasonable projections of growth of the Water and Sewer Systems and revenue increases, plus revenues to be pledged to the additional proposed debt obligations will equal or exceed 1.15 times the annual combined debt service of the Guaranteed Amount (assuming that Guarantor would be responsible for Guarantor’s percentage portion of the regularly scheduled payments on the Loan) and the obligations proposed to be issued by Guarantor and will satisfy the coverage requirements of all other debt obligations secured by the Collateral. Senior debt is described in Exhibit 3, which is incorporated herein, if applicable.
