AgdaPkt 2019-05-20 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 23 of 73 Section 4. Amendments to Section 4 of the Financing Agreement. (a) Sections 4(b) and (d) of the Financing Agreement are hereby amended and restated in their entirety as follows: "(b) the SBSA Bond Payments with a pledge of and first lien on Net Revenues and all payments of principal of and interest and premium (if any) on outstanding Parity Debt;" (d) the SBSA Bond Payments with a subordinate pledge of and second lien on Net Revenues." (b) The following is hereby added as subsection (e) of Section 4 of the Financing Agreement. "(e) any other lawful purposes of the Sewer Utility System, including, but not limited to payment of all payments of principal of and interest and premium (if any) on outstanding Subordinate Debt." (c) The last sentence of the last paragraph of Section 4 of the Financing Agreement is hereby amended and restated as follows: "So long as the City is not in default in the payment of the SBSA Bond Payments or the payment of principal of and interest and premium (if any) on outstanding Parity Debt and Subordinate Debt, the City may use and apply amounts in the Sewer Utility Fund for (i) the payment of any subordinate obligations or any unsecured obligations related to the Sewer Utility System, (ii) the acquisition and construction of improvements to the Sewer Utility System, (iii) the establishment of a rate stabilization fund related to the Sewer Utility System, or (iv) any other lawful purposes of the City." Section 5. Amendment to Section 6 of the Financing Agreement. The following shall be added as subsection (c) of Section 6 of the Financing Agreement: "(c) Treatment of Subordinate Debt for Rate Covenant Calculations. Debt service on Subordinate Debt and SBSA Bond Payments which have a subordinate pledge of and second lien on Net Revenues and any debt issued pursuant to Section 9 shall be included for purposes of the calculations set forth in Section 6(a). Debt service on Subordinate Debt and SBSA Bond Payments which have a subordinate pledge of and second lien on Net Revenues and any debt issued pursuant to Section 9 shall not be included in the calculations set forth in Section 6(b)." Section 6. Amendments to Section 8 of the Financing Agreement. (a) The first clause of Section 8 is hereby amended and restated in its entirety to read as follows: "Issuance of Parity Debt and Subordinate Debt. The City may issue Parity Debt upon satisfaction of the conditions set forth in subsections (a) through (c) below and may issue Subordinate Debt upon satisfaction of the conditions set forth in subsection (d) below:" A 537