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insurance companies) which insurance company or companies, as of the time of issuance of such <br /> policy or surety bond, are currently rated in one of the two highest Rating Categories by any <br /> Rating Agency. <br /> Qualified Letter of Credit means any irrevocable letter of credit issued by a financial <br /> institution for the account of the City on behalf of registered owners of Parity Bonds, which <br /> institution maintains an office, agency or branch in the United States and as of the time of <br /> issuance of such letter of credit, is currently rated in one of the two highest Rating Categories by <br /> any Rating Agency. <br /> Rate Covenant means Net Revenue in each fiscal year at least equal to 125% of the <br /> amounts required in such fiscal year to be paid as scheduled debt service (principal and interest) <br /> on all Parity Bonds, subtracting from scheduled debt service the amount of ULID Assessments <br /> collected in such year. Furthermore, in determining compliance with the Rate Covenant, Net <br /> Revenues are subject to adjustment to reflect the following: (1) Revenue and Costs of <br /> Maintenance and Operation may be adjusted, regardless of then applicable generally accepted <br /> accounting principles, for certain items (e.g., to omit unrealized gains or losses in investments)to <br /> more fairly reflect the System's annual operating performance, and (2)from and after the <br /> New Date, (absent a written election by a Designated Representative to the contrary) scheduled <br /> debt service shall be calculated net of any federal subsidy legally available to pay the principal of <br /> or interest on Parity Bonds in the year of calculation and thereafter, such federal subsidy shall no <br /> longer be included in the definition of Revenue of the System. Scheduled debt service shall <br /> exclude the payments required to be made with respect to revenue bond anticipation notes to the <br /> extent that the ordinance authorizing their issuance provides that the bond anticipation notes will <br /> be funded with the proceeds of Future Parity Bonds. <br /> Rating Agency means Moody's, S&P or Fitch. <br /> -14- P120287_CM1M20287_9RC 01/02/13 <br /> 21 <br />