Electric Light and Power System has the meaning set forth in the Ordinance.
Electric Light and Power System. Rating” of such Rating Agency) and (y) the long-term credit rating assigned by such Rating Agency to the City’s Separate Lien Obligations payable solely from the Net Revenues of the Waterworks and Sewer System (without regard to any bond insurance or other credit enhancement) (the “Waterworks and Sewer System Rating” of such Rating Agency). If both Electric Light and Power System Ratings and Waterworks and Sewer System Ratings are assigned by all three Rating Agencies, then the Facility Fee Rate shall be based upon the Level in which the Applicable Ratings appear; provided that if there is a split in the Applicable Ratings of the Rating Agencies (i.e., the Applicable Rating of one Rating Agency is at a different Level than the Applicable Rating of any other Rating Agency), then, (i) if two of the Applicable Ratings are equivalent, the Facility Fee Rate shall be based upon the Level in which the two equivalent Applicable Ratings appear, and (ii) if no two Applicable Ratings are equivalent, the Facility Fee Rate shall be based upon the Level in which the middle Applicable Rating appears. If fewer than all three Rating Agencies provide both Electric Light and Power System Ratings and Waterworks and Sewer System Ratings, then the Facility Fee Rate shall be based upon the Level in which the lowest Applicable Rating appears. Any change in the Facility Fee Rate resulting from a change in an Applicable Rating shall be and become effective as of and on the date of the public announcement of the change in such Applicable Rating. References to the ratings above are references to rating categories as presently determined by the Rating Agencies and in the event of adoption of any new or changed rating system by any such Rating Agency, including, without limitation, any recalibration of the applicable rating in connection with the adoption of a “global” rating scale, the rating from the Rating Agency in question referred to above shall be deemed to refer to the rating category under the new rating system which most closely approximates the applicable rating category as currently in effect. The City acknowledges, and the Bank agrees, that as of the date hereof the Facility Fee Rate is that specified above for Level I. Upon the occurrence and during the continuance of an Event of Default, the Facility Fee Rate shall automatically, immediately and without notice be increased from the rate then in effect by an additional one percent (1.00%). The Facility Fees shall accrue i...
Examples of Electric Light and Power System in a sentence
The City shall provide notice to the Bank prior to the creation by the City of an independent board to govern the Electric Light and Power System and shall provide to the Bank such information in connection therewith as the Bank may reasonably request.