RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Utility System which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
Appears in 3 contracts
Samples: Drinking Water State Revolving Fund Planning, Design and Construction Loan Agreement, Drinking Water State Revolving Fund Design Loan Agreement, Drinking Water State Revolving Fund Construction Loan Agreement
RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Utility System Water and Sewer Systems which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
Appears in 2 contracts
Samples: Drinking Water State Revolving Fund Construction Loan Agreement, Drinking Water State Revolving Fund Construction Loan Agreement
RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Utility System which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
Appears in 1 contract
Samples: Drinking Water State Revolving Fund Planning and Design Loan Agreement
