Parity Obligations Sample Clauses
Parity Obligations. The Authority further covenants that, except for obligations incurred to prepay or post a security deposit for the payment of the Bonds or Parity Obligations, the Authority may issue or incur Parity Obligations during the term of the Bonds if:
(i) The Authority is not in default under the terms of this Indenture unless such default shall be cured simultaneously with the issuance of such Parity Obligations; and
(ii) The Authority obtains or provides a certificate prepared by an Independent Accountant or Independent Financial Consultant showing that the Net Revenues as shown by the books of the Authority or City for any 12 consecutive calendar months during the 18 calendar month period ending prior to the incurring of such Parity Obligations, or the most recent audited financial statement available, shall have amounted to at least 120% of the Maximum Aggregate Annual Debt Service for all Bonds and Parity Obligations to be outstanding immediately after incurring such additional Parity Obligations. For purposes of this calculation, Net Revenues shall be calculated without regard to allocation of the City’s administrative overhead costs to the Enterprise. For purposes of preparing the certificate described in subsection (b)(ii) of this Section, as set forth above, the Independent Accountant or Independent Financial Consultant may rely upon financial statements prepared by the Authority or City, which have not been subject to audit by an independent certified public accountant if audited financial statements for the Fiscal Year or period are not available. For purposes of demonstrating compliance with the foregoing, Net Revenues may be adjusted (at the option of the Authority) to include the Additional Revenues. If interest on any Parity Obligation is reasonably anticipated to be reimbursed to or on behalf of the Authority by the United States of America, then interest payments with respect to such Parity Obligations shall be excluded by the amount of such interest reasonably anticipated to be paid or reimbursed by the United States of America, and such reimbursements will not be included as Revenues for purposes of the coverage calculations required in subsection (b)(ii) of this Section. The provisions of subsection (b)(ii) of this Section shall not apply to any Parity Obligations if all of the proceeds of which (other than proceeds applied to pay costs of issuing such Parity Obligations and to make a reserve fund deposit) shall be deposited in an irrevocable e...
Parity Obligations. The Lenders authorize the Agent to enter into (i) a collateral trust agreement or other arrangement on terms acceptable to the Agent and the Required Lenders to secure on an Equal and Ratable basis with the Loan Obligations, any Parity Obligations, and (ii) an intercreditor agreement on terms acceptable to the Agent and the Required Lenders with the holders of Parity Obligations.
Parity Obligations. (a) So long as any Installment Payments are due hereunder, the District shall not issue or incur any obligations payable from Net Revenues or the Revenue Fund senior or superior to the Installment Payments.
(b) The District may at any time issue Parity Obligations payable from Net Revenues on a parity with the Installment Payments to provide financing for the Enterprise in such principal amount as shall be determined by the District. The District may issue or incur any such Parity Obligations subject to the following specific conditions which are hereby made conditions precedent to the issuance and delivery of such Parity Obligations:
(1) No Event of Default shall have occurred and be continuing;
(2) The Net Revenues, calculated in accordance with Generally Accepted Accounting Principles, either (i) as shown by the books of the District for the latest Fiscal Year, as verified by a certificate of the District, or (ii) as shown by the books of the District for any more recent twelve (12) month period selected by the District, as verified by a certificate or opinion of an Independent Certified Public Accountant employed by the District, plus in either case (at the option of the District) the Additional Revenues, shall be at least equal to one hundred and twenty percent (120%) of the amount of Maximum Annual Debt Service. Notwithstanding the above, the District may incur debt payable from Net Revenues
(i) to cause a defeasance of the Installment Payments pursuant to Article VI hereof or a defeasance of any outstanding Parity Obligations, or (ii) which is payable on a basis which is subordinate to the payment of the Installment Payments. The District may at any time execute contracts or issue bonds or other indebtedness payable from Net Revenues or the Revenue Fund payable on a subordinated basis to the payment of the Installment Payments.
Parity Obligations. The Municipality certifies that the Loan is a Parity Obligation as defined in the WIFIA Credit Agreement and is a Parity Obligation as defined in the Outstanding Parity Bond Resolutions. The Municipality hereby represents and covenants that the Loan granted by this Loan Agreement is so granted in full compliance with the restrictions and conditions upon which the Municipality may issue Additional Obligations which stand on a parity of lien with the Net Revenues with the Parity Indebtedness heretofore issued and Outstanding, as set forth and contained in the Outstanding Parity Bond Resolution, and that the Loan herein directed to be granted is so issued in all respects on a parity and equality with the Parity Indebtedness heretofore issued and Outstanding. In case any one or more of the provisions of this Loan Agreement or of the Loan granted hereunder shall for any reason be inconsistent with the provisions of the Outstanding Parity Bond Resolutions or the Parity Indebtedness: (a) the provisions of any Outstanding Parity Bond Resolution adopted prior to this Loan Agreement shall prevail with respect to Parity Indebtedness issued prior in time, so long as such Parity Indebtedness is Outstanding; and (b) the provisions of this Loan Agreement shall prevail with respect to any Parity Bond Resolution adopted subsequent to this Loan Agreement, so long as any Parity Indebtedness issued under this Loan Agreement is Outstanding.
Parity Obligations. The Municipality agrees that it will not take any action that would result in the Loan no longer remaining at least a Parity Obligation as defined in the WIFIA Credit Agreement and a Parity Obligation as defined in the Parity Bond Resolutions.
Parity Obligations. Issuer shall not be permitted to create or permit the creation of indebtedness payable from the Revenues on an equal and parity basis with the lien of this Indenture, except, with respect to Additional Debentures issued in strict compliance with this Indenture or other permissible forms of debt as set forth below (collectively, the “Permissible Parity Debt”). Before any Permissible Parity Debt is issued or incurred, there shall be delivered to Trustee the items required for the issuance of Debentures by Section 2.08 of this Indenture, plus a statement by a Qualified Accountant reciting the opinion, based upon necessary investigation, (i) that the Net Revenues of Issuer for the two (2) Fiscal Years immediately preceding the Fiscal Year in which such Permissible Parity Debt are to be issued or incurred were not less than three hundred percent (300%) of the average Annual Debt Service on all then-Outstanding Debentures, the Operating Line of Credit, any Parity Debt and Subordinate Obligations, plus the Permissible Parity Debt then proposed to be issued or incurred, or (ii) in the event that the proceeds of the Permissible Parity Debt will be used to fund the acquisition, in whole or in part of an additional business, that the Net Revenues of Issuer, together with the audited Net Revenues of the business to be acquired, restated on a combined basis in accordance with GAAP procedures, for the two (2) Fiscal Years immediately preceding the Fiscal Year in which such Permissible Parity Debt are to be issued or incurred were not less than three hundred percent (300%) of the average Annual Debt Service on all then-Outstanding Debentures, the Operating Line of Credit, any Parity Debt and Subordinate Obligations, plus the Permissible Parity Debt then proposed to be issued or incurred. No Permissible Parity Debt shall be issued or incurred unless there is no default at the time of issuance under this Indenture or Operating Line of Credit.
Parity Obligations. Notwithstanding anything to the contrary in this Loan Agreement, the Borrower shall have the right to issue bonds or incur other obligations (the “Parity Obligations”) which shall be secured by a first pledge of, and lien on, all the Gross Revenues and which shall be payable on a parity with the Loan and the Loan Repayments under this Loan Agreement, but such Parity Obligations shall be issued or incurred solely for the purpose of refinancing the Miscellaneous Plan in order to achieve cost savings with respect to the Miscellaneous Plan
Parity Obligations. Notwithstanding anything to the contrary in this Loan Agreement, the Borrower shall have the right to issue bonds or incur other obligations (the “Parity Obligations”) which shall be secured by a first pledge of, and lien on, all the Gross Revenues and which shall be payable on a parity with the Loan and the Loan Repayments under this Loan Agreement, but (i) such Parity Obligations shall be issued or incurred solely for the purpose of refinancing the Miscellaneous Plan in order to achieve cost savings with respect to the Miscellaneous Plan and (ii) in the event of the issuance or incurrence of such Parity Obligations, the ratio set forth in Section 5.08(b) shall be increased from 1.10:1 to 1.25:1, unless otherwise agreed to in writing by the Lender.
Parity Obligations. So long as no event of default has occurred and is continuing the Corporation may issue or incur Parity Obligations to provide financing or refinancing for
Parity Obligations. (a) So long as any Installment Payments are due hereunder, the District shall not issue or incur any obligations payable from Net Revenues or the Revenue Fund senior or superior to the Installment Payments. The District may at any time issue Parity Obligations payable from Net Revenues on a parity with the Installment Payments to provide financing for the Enterprise in such principal amount as shall be determined by the District. Except for obligations incurred to prepay or post a security deposit for the Installment Payments hereunder or with respect to Parity Obligations, the District may not issue or incur any Parity Obligations unless:
(a) The District is not then in default under the terms of this Installment Purchase Contract; and
(b) Either (i) the Net Revenues, calculated in accordance with Generally Accepted Accounting Principles, as shown by the books of the District for the latest Fiscal Year for which audited financial information is available or as shown by the books of the District for any more recent 12-month period selected by the District in its sole discretion, in either case verified by a certificate or opinion of an independent certified public accountant acceptable to the Lender in its sole discretion, plus, at the option of the District, any or all of the items described in the following subsection (c), at least equal 120% of the amount of Maximum Annual Debt Service; or