System Debt definition

System Debt means Debt incurred to acquire, construct, extend, improve, add to or otherwise pay expenses of or related to the Borrower’s System, without regard to whether the source of payment or security for such Debt constitutes general obligation or revenue Debt.

System Debt shall have the same meaning as in the Power Sales Contract and includes bonds, commercial paper notes and other obligations for borrowed money (but not capitalized leases or other agreements that are payable thereunder as an Operating and Maintenance Expense), which are secured by payments made by the Cities hereunder and in existence as of the date of execution of this Agreement. However, as used herein, from and after September 1, 2018, “System Debt” does not include Transmission Debt.

System Debt means the Project Debt and any bond, note or other evidence of indebtedness secured by Revenues and/or amounts held in any fund or account and pledged under the Trust Agreement.

Examples of System Debt in a sentence

• The Borrower has not granted and shall not grant any lien on the System Revenues without the express prior written consent of the District, except as provided in this section, and except for liens securing System Debt outstanding on the date of this Loan Agreement which has been disclosed in Appendix F hereto.

• The Borrower shall ensure that in each fiscal year its Net Revenues Available for Debt Service equal at least 110% of System Debt Service for such fiscal year, and shall as soon as practicable, and in any event by the date it is required to deliver unaudited financial statements to the District pursuant to Section 2.2(f), (a) calculate its Net Revenues Available for Debt Service and System Debt Service for such fiscal year and the coverage ratio, and (b) certify such figures to the District.

More Definitions of System Debt

System Debt means Debt of the Borrower secured by a Lien over Revenues, including Net Revenues.

System Debt means all Senior Debt and any other notes, warrants or other securities payable from and secured by a pledge of Net System Revenues.