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I <br />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 />17 <br />1L1_ P120287_CMWt20287 9RC 01/02/13 <br />