Qualified Obligations Sample Clauses

Qualified Obligations. (a) The City has not issued, incurred, assumed or guaranteed any Debt which is outstanding and is both (i) payable from Electric System Surplus Revenues, and (ii) senior, as to the priority of payment or security, to the Electric System Qualified Obligations. (b) The City has not issued, incurred, assumed or guaranteed any Debt which is outstanding and is both (i) payable from Water System Surplus Revenues, and (ii) senior, as to the priority of payment or security, to the Water System Qualified Obligations.