Second Lien Qualified Obligations definition

Second Lien Qualified Obligations means any obligations of the City payable from Net Surplus Revenues.
View Source
Second Lien Qualified Obligations means, without duplication, (i) the 2024-A Purchase Payments, (ii) additional 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, and (iii) unpaid Second Lien Reimbursement Obligations, excluding Second Lien Paired Obligations.
View Source

Examples of Second Lien Qualified Obligations in a sentence

  • 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 2022 Bonds are the only Qualified Obligations Outstanding, such account shall be closed on the date that no 2022 Bonds remain Outstanding and no obligations payable from such account remain outstanding.

  • The City shall make deposits to and payments from the Second Lien Qualified Obligations Account in accordance with the terms of this Installment Purchase Agreement; provided, however, that if 2015-A Bonds are the only Qualified Obligations and Second Lien Qualified Obligations Outstanding, such account shall be closed on the earlier of (i) the Crossover Date and (ii) the date that no 2015-A Bonds or obligations payable from such account remain outstanding.

  • This Installment Purchase Agreement shall be deemed and construed to be a “net contract,” and the City shall pay absolutely net the 2015-A Purchase Payments (Second Lien Qualified Obligations), Additional Purchase Payments and all other payments required hereunder, regardless of any rights of set-off, recoupment, abatement or counterclaim that the City might otherwise have against the Authority or the Trustee or any other party or parties.

  • Notwithstanding the foregoing, the 2015-A Purchase Payments (Second Lien Qualified Obligations) shall be made from any other moneys transferred to or deposited in the 2015-A Purchase Payment Fund pursuant to the Indenture.

  • 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 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.

  • The City shall have the right to satisfy all or any part of any 2015-A Purchase Payment (Second Lien Qualified Obligations) due on a Purchase Payment Date by delivering, or causing to be delivered, to the Trustee (not less than 45 days in advance of the date on which such 2015-A Purchase Payment (Second Lien Qualified Obligations) was due) Outstanding 2015-A Bonds maturing on such Purchase Payment Date, purchased or optionally redeemed by the Authority.

  • 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.

  • The Treasurer shall continue to maintain the WRAN 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.