Rate Covenant. The Borrower/Grantee covenants that it will at all times fix, charge and collect such rates and charges as shall be required in order that in each Fiscal Year in which the Loan is outstanding the Gross Revenues shall at least equal the Operation and Maintenance Expenses of the System for the Fiscal year, plus one hundred percent (100%) of the maximum annual principal and interest payments due on all outstanding obligations payable from the Pledged Revenues.
Appears in 5 contracts
Samples: Loan/Grant Agreement, Loan/Grant Agreement, Loan/Grant Agreement
Rate Covenant. The Borrower/Grantee Governmental Unit covenants that it will at all times fix, charge and collect such rates and charges as shall be required in order that in each Fiscal Year in which the Loan is outstanding the Gross Revenues shall at least equal the Operation and Maintenance Expenses of the System for the Fiscal yearYear, plus one hundred twenty percent (100120%) of the maximum annual principal and interest payments due on all outstanding obligations payable from the Pledged RevenuesParity Obligations.
Appears in 1 contract
Samples: Loan and Subsidy Agreement
