RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Water and Sewer Systems which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
Appears in 2 contracts
Samples: Construction Loan Agreement, Construction Loan Agreement
RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Water and Sewer Systems System which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
Appears in 1 contract
Samples: Fund Construction Loan Agreement
RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Water and Sewer Systems which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt Obligations and Parity Debt parity debt obligations.
Appears in 1 contract
Samples: Construction Loan Agreement
RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Water and Sewer Systems which together with Connection Fees will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
Appears in 1 contract
Samples: Construction Loan Agreement