Parity Obligations. City further covenants that, except for financing obligations solely issued to fully or partially refund the Installment Payments or any other Parity Obligations and to pay related costs of issuance, the City shall not issue or incur any Parity Obligations unless: Agreement;
(i) The City is not in default under the terms of this Installment Sale
(ii) The City shall have delivered to the Authority a Certificate of the City demonstrating that Net Wastewater System Revenue, calculated on sound accounting principles, as shown by the books of City for the last audited Fiscal Year or twelve (12) calendar month period during the immediately preceding eighteen (18) calendar month period, plus, at the option of the City the additional allowance described below, shall have amounted to at least 1.20 times the sum of the Installment Payments and any other amount required to be paid hereunder coming due and payable in any future Fiscal Year and the maximum annual debt service for any future Fiscal Year on all Parity Obligations and Subordinate Obligations outstanding immediately subsequent to the incurring of such proposed Parity Obligations in the Fiscal Year in which such sum is the greatest; and Either or both of the following items may be added to such Net Wastewater System Revenue for the purpose of applying the restriction contained in this subsection (b)(ii):
(A) an allowance for Net Wastewater System Revenue from any additions to or improvements or extensions of the Wastewater System to be constructed or acquired with the proceeds of such additional obligations, and also for Net Wastewater System Revenue from any such additions, improvements or extensions which have been constructed or acquired from moneys from any source but which, during all or any part of such Fiscal Year or twelve (12) month period, were not in service, all in an amount equal to 90% of the estimated additional annual Net Wastewater System Revenue to be derived from such additions, improvements and extensions during the first full Fiscal Year following the completion thereof, all as shown by such Certificate of the City may be added to such Net Wastewater System Revenue for the purpose of applying the restriction contained in this subsection (b)(ii);
(B) an allowance for earnings arising from any increase in the rates, fees and charges fixed and prescribed for Wastewater Service which has become effective prior to the incurring of such proposed Parity Obligations but which, during all or any...
Parity Obligations. The Lenders authorize the Agent to enter into (i) a collateral trust agreement or other arrangement on terms acceptable to the Agent and the Required Lenders to secure on an Equal and Ratable basis with the Loan Obligations, any Parity Obligations, and (ii) an intercreditor agreement on terms acceptable to the Agent and the Required Lenders with the holders of Parity Obligations.
Parity Obligations. The Municipality certifies that the Loan is a Parity Obligation as defined in the WIFIA Credit Agreement and is a Parity Obligation as defined in the Outstanding Parity Bond Resolutions. The Municipality hereby represents and covenants that the Loan granted by this Loan Agreement is so granted in full compliance with the restrictions and conditions upon which the Municipality may issue Additional Obligations which stand on a parity of lien with the Net Revenues with the Parity Indebtedness heretofore issued and Outstanding, as set forth and contained in the Outstanding Parity Bond Resolution, and that the Loan herein directed to be granted is so issued in all respects on a parity and equality with the Parity Indebtedness heretofore issued and Outstanding. In case any one or more of the provisions of this Loan Agreement or of the Loan granted hereunder shall for any reason be inconsistent with the provisions of the Outstanding Parity Bond Resolutions or the Parity Indebtedness: (a) the provisions of any Outstanding Parity Bond Resolution adopted prior to this Loan Agreement shall prevail with respect to Parity Indebtedness issued prior in time, so long as such Parity Indebtedness is Outstanding; and (b) the provisions of this Loan Agreement shall prevail with respect to any Parity Bond Resolution adopted subsequent to this Loan Agreement, so long as any Parity Indebtedness issued under this Loan Agreement is Outstanding.
Parity Obligations. The Municipality agrees that it will not take any action that would result in the Loan no longer remaining at least a Parity Obligation as defined in the WIFIA Credit Agreement and a Parity Obligation as defined in the Parity Bond Resolutions.
Parity Obligations. (a) So long as the Loan is outstanding, the District shall not issue or incur any obligations payable from Revenues or Net Revenues senior or superior to the payment of Debt Service on the Loan. The District may, with the prior consent of the Bank (which will not unreasonably be withheld), at any time issue Parity Obligations payable from Net Revenues on a parity with Debt Service on the Loan to provide financing or refinancing for the Wastewater Enterprise in such principal amount as shall be determined by the District. The District may issue or incur any such Parity Obligations subject to the following specific conditions, which are hereby made conditions precedent to the issuance and delivery of such Parity Obligations:
(1) No Event of Default shall have occurred and be continuing;
(2) The Net Revenues (calculated without taking into account any amounts transferred into the Revenue Fund from the Rate Stabilization Fund pursuant to Section 5.3(d) hereof), calculated in accordance with Generally Accepted Accounting Principles, either (i) as shown by the books of the District for the latest Fiscal Year, as verified by a certificate of an Authorized Representative of the District, or (ii) as shown by the books of the District for any more recent twelve (12) month period selected by the District, as verified by a certificate or opinion of an Independent Certified Public Accountant employed by the District, plus in either case (at the option of the District) the Additional Revenues, shall be at least equal to one hundred twenty-five percent (125%) of the amount of Maximum Annual Debt Service on all outstanding Parity Obligations and the Parity Obligations to be issued; and
(3) Except with respect to the Loan, and at the District’s sole discretion, there shall be established from the proceeds of such Parity Obligations a reserve fund for the security of such Parity Obligations, in an amount equal to the lesser of (i) the maximum amount of debt service required to be paid by the District with respect to such Parity Obligations during any Fiscal Year and (ii) the maximum amount then permitted under the Code, in either event as certified in writing by the District. The provisions of subsection (2) of this Section shall not apply to any Parity Obligations if, and to the extent that (i) all of the proceeds of such Parity Obligations (other than proceeds applied to pay costs of issuing such Parity Obligations and to make the reserve fund deposit required pursuant to...
Parity Obligations. In addition to the Existing Parity Debt and this Installment Sale Agreement, the District may, by Parity Obligation Instrument, issue Parity Obligations (including any Water Parity Obligations or Sewer Parity Obligations) to provide financing for the System, subject to satisfaction of the following specific conditions precedent to the issuance and delivery of such Parity Obligations:
(1) The District provides the Seller at least 30 days prior written notice and the District is in full compliance with all of the covenants and undertakings in connection with all debt and other obligations of the District then outstanding and payable from Revenues, including but not limited to all covenants set forth in this Installment Sale Agreement and each other Parity Obligation Instrument (including, but not limited to, covenants relating to the issuance of Parity Obligations taking into account such proposed Parity Obligations).
(2) The issuance of the Parity Obligations shall have been duly authorized including, but only to the extent required by law, at an election held pursuant to applicable law.
Parity Obligations. So long as no event of default has occurred and is continuing the Corporation may issue or incur Parity Obligations to provide financing or refinancing for
Parity Obligations. Notwithstanding anything to the contrary in this Loan Agreement, the Borrower shall have the right to issue bonds or incur other obligations (the “Parity Obligations”) which shall be secured by a first pledge of, and lien on, all the Gross Revenues and which shall be payable on a parity with the Loan and the Loan Repayments under this Loan Agreement, but such Parity Obligations shall be issued or incurred solely for the purpose of refinancing the Miscellaneous Plan in order to achieve cost savings with respect to the Miscellaneous Plan
Parity Obligations. Prior to the incurrence of any Parity Obligations, the State will provide evidence satisfactory to the Trustee that each of the following conditions has been satisfied and will deliver to the Trustee the following instruments and documents:
(a) any instrument or document evidencing the Parity Obligation, which shall include:
(i) a cross default provision with respect to this Indenture,
(ii) provisions (which may be contained in a separate agreement to which the Trustee is a party) to the effect that, prior to exercising any remedies upon a default or event of default by the State under any instrument or document relating to the Parity Obligation, the holders of the Parity Obligation (or a trustee representing their interests) shall cooperate with the Trustee to the end that the interests of those holders and the Holders of the Parity Bonds shall be protected equally and ratably with respect to the Pledged Revenues,
(iii) any additional provisions which are deemed by the Trustee to be necessary or advisable to provide for cooperation between those holders (or that trustee) and the Holders of the Bonds or the Trustee in view of the parity nature of Parity Bonds and the Parity Obligation with respect to any payment from Pledged Revenues, and
(iv) a provision that all Parity Obligations and Parity Bonds shall be payable from the Pledged Revenues secured equally and ratably by all security provided for either or both, except that Parity Obligations shall not be protected or secured by the Debt Service Fund or the Debt Service Reserve Fund; and
(b) due authorization for the incurrence by the State of the Parity Obligation; and
(c) evidence of satisfaction of the requirements of Section 12.01(c) above. If the Trustee shall determine that all of the foregoing conditions have been satisfied, it shall certify in writing to the State that the proposed indebtedness, liability or obligation is a Parity Obligation for purposes of this Indenture. Upon that certification, the indebtedness, liability or obligation shall be so deemed. The State will take all actions (including without limitation, amending or supplementing the Indenture and any other collateral instrument or document) and will execute, deliver, file and record all instruments and documents of security which are required by this Indenture, which relate to the Parity Obligation, which are required by law, or which the Trustee determines to be necessary or advisable, upon the advice of bond counsel, to make or ...
Parity Obligations. (a) So long as any Installment Payments are due hereunder, the District shall not issue or incur any obligations payable from Net Revenues or the Revenue Fund senior or superior to the Installment Payments. The District may at any time issue Parity Obligations payable from Net Revenues on a parity with the Installment Payments to provide financing for the Enterprise in such principal amount as shall be determined by the District. Except for obligations incurred to prepay or post a security deposit for the Installment Payments hereunder or with respect to Parity Obligations, the District may not issue or incur any Parity Obligations unless:
(a) The District is not then in default under the terms of this Installment Purchase Contract; and
(b) Either (i) the Net Revenues, calculated in accordance with Generally Accepted Accounting Principles, as shown by the books of the District for the latest Fiscal Year for which audited financial information is available or as shown by the books of the District for any more recent 12-month period selected by the District in its sole discretion, in either case verified by a certificate or opinion of an independent certified public accountant acceptable to the Lender in its sole discretion, plus, at the option of the District, any or all of the items described in the following subsection (c), at least equal 120% of the amount of Maximum Annual Debt Service; or
