SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. From and after the effective date of this Agreement, the Department shall have a lien on the Pledged Revenues, which along with any other Department State Revolving Fund liens on the Pledged Revenues, of equal priority, will be prior and superior to any other lien, pledge or assignment with the following exception. All obligations of the Project Sponsor under this Agreement shall be junior, inferior, and subordinate in all respects in right of payment and security to the Senior Revenue Debt defined in Section 1.01 of this Agreement and to any additional senior obligations issued with the Department’s consent pursuant to Section 7.02. The Department may release its lien on such Pledged Revenues in favor of the Department if the Department makes a determination in its sole discretion, based upon facts deemed sufficient by the Department, that the remaining Pledged Revenues will, in each Fiscal Year, equal or exceed
SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. From and after the effective date of this Agreement, the Department shall have a lien on the Pledged Revenues, which along with any other Department State Revolving Fund liens on the Pledged Revenues, of equal priority, will be prior and superior to any other lien, pledge or assignment with the following exception. All obligations of the Local Government under this Agreement shall be junior, inferior, and subordinate in all respects in right of payment and security to any additional senior obligations issued with the Department’s consent pursuant to Section 7.02. The Department may release its lien on such Pledged Revenues in favor of the Department if the Department makes a determination in its sole discretion, based upon facts deemed sufficient by the Department, that the remaining Pledged Revenues will, in each Fiscal Year, equal or exceed 1.15 times the debt service coming due in each Fiscal Year under the terms of this Agreement.
SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. From and after the Agreement Date, subject to the Subordination Agreement and the SIB Security Agreement, the Department shall have a lien on the Collateral, which will be prior and superior to any other lien, pledge or assignment.
SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. From and after the Agreement Date, the Department shall have a lien on the Pledged Revenues, which along with any other Department liens on the Pledged Revenues, will be prior and superior to any other lien, pledge or assignment with the following exception. All obligations of the Agency under this Agreement shall be junior, inferior and subordinate in all respects in right of payment and security to [*If applicable] the Senior Revenue Obligations defined in Section 1.01 of this Agreement and to any additional senior obligations issued with the Department’s consent pursuant to Section 7.02. [*If applicable] The BBB or higher bond rating (from a nationally recognized bond rating agency) on the existing Senior Revenue Obligations is attached hereto as Exhibit . Any of the Pledged Revenues may be released from the lien on such Pledged Revenues in favor of the Department if the Department makes a determination, based upon facts deemed sufficient by the Department, that the remaining Pledged Revenues will, in each Fiscal Year, equal or exceed times the debt service coming due in each Fiscal Year under the terms of this Agreement.
SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. From and after the Agreement Date, the Department shall have a lien on the Pledged Revenues, which along with any other Department liens on the Pledged Revenues, will be prior and superior to any other lien, pledge or assignment. The District agrees to allocate Pledged Revenues for repayment of the Loan through the Department's Work Program. In the event such Pledged Revenues are unavailable, the Department may allocate previously appropriated state funds for use for repayment.
SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. From and after the effective date of this Agreement, the Department shall have a lien on the Pledged Revenues, which along with any other Department State Revolving Fund liens on the Pledged Revenues, on equal priority, will be prior and superior to any other lien, pledge or assignment with the following exception. All obligations of the Project Sponsor under this Agreement shall be junior, inferior, and subordinate in all respects in right of payment and security to the Senior Revenue Obligations defined in Section 1.01 of this Agreement and to any additional senior obligations issued with the Department’s consent pursuant to Section 7.02. Any of the Pledged Revenues may be released from the lien on such Pledged Revenues in favor of the Department if the Department makes a determination, based upon facts deemed sufficient by the Department, that the remaining Pledged Revenues will, in each Fiscal Year, equal or exceed 1.15 times the debt service coming due in each Fiscal Year under the terms of this Agreement.
