Second Lien Qualified Obligations definition

Second Lien Qualified Obligations means any obligations of the City payable from Net Surplus Revenues.

Second Lien Qualified Obligations means, without duplication, (i) the 2015-A Purchase Payments (Second Lien Qualified Obligations) and (ii) additional Bonds and Obligations payable from Net Surplus Revenues on a parity with such payments which at the time of initial delivery thereof satisfy the requirements set forth in this Installment Purchase Agreement for the issuance of additional Second Lien Qualified Obligations.

Examples of Second Lien Qualified Obligations in a sentence

• Notwithstanding Section 5.07 hereof, the provisions of this Article shall survive payment in full of the 2015-A Purchase Payments (Second Lien Qualified Obligations) and the 2015-A Bonds, the termination of the Indenture and the termination of this Installment Purchase Agreement and the resignation or removal of the Trustee.

• The City has not issued, incurred, assumed or guaranteed any Debt which is outstanding and is both (i) payable from Net Surplus Revenues in the Second Lien Qualified Obligations Account of the Water System Surplus Revenue Fund, and (ii) senior, as to the priority of payment or security, to the Qualified Obligations.

• The Treasurer shall continue to maintain the Second Lien Qualified Obligations Account, heretofore created under the 2004 Resolution, so long as any Qualified Obligations remain Outstanding; provided, however, that if 2016 Bonds are the only Qualified Obligations Outstanding, such account shall be closed on the earlier of (i) the Crossover Date and (ii) the date that no 2016 Bonds or obligations payable from such account remain outstanding.

• The Treasurer shall continue to maintain the Second Lien Qualified Obligations Account, heretofore created under the 2004 Resolution, so long as any Qualified Obligations remain Outstanding; provided, however, that if 2020 Bonds are the only Qualified Obligations Outstanding, such account shall be closed on the earlier of (i) the Crossover Date and (ii) the date that no 2020 Bonds or obligations payable from such account remain outstanding.

• The Treasurer shall continue to maintain the Second Lien Qualified Obligations Account, heretofore created under the 2004 Resolution, so long as any Qualified Obligations remain Outstanding; provided, however, that if 2014-A Bonds are the only Qualified Obligations Outstanding, such account shall be closed on the earlier of (i) the Crossover Date and (ii) the date that no 2014-A Bonds or obligations payable from such account remain outstanding.

• The Treasurer shall continue to maintain the Second Lien Qualified Obligations Account, heretofore created under the 2004 Resolution, so long as any Qualified Obligations remain Outstanding; provided, however, that if 2024-A Bonds are the only Qualified Obligations Outstanding, such account shall be closed on the date that no 2024-A Bonds remain Outstanding and no obligations payable from such account remain outstanding.

• The Authority shall not be obligated to pay 2015-A Purchase Payments (Second Lien Qualified Obligations).

• The Net Surplus Revenues in the Second Lien Qualified Obligations Account shall be held in trust by the Treasurer of the City for the benefit of the holders of the 2024-A Bonds and any other Second Lien Qualified Obligations and the bank or financial institution to which Second Lien Other Bank Obligations are payable.

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• The Treasurer shall continue to maintain the Remaining Surplus Account, heretofore created under Ordinance No. 5376 of the City Council, so long as any of the Qualified Obligations or Second Lien Qualified Obligations remain Outstanding.