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

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8.A. - Page 24 of 73 (b) Subsection (c) of Section 8 of the Financing Agreement is hereby amended and restated as follows: "(c) The City shall comply with all conditions to the issuance of Parity Debt as set forth in the Parity Debt Documents." (c) The following is hereby added as Subsection (d) of Section 8 of the Financing Agreement: "(d) The City may issue Subordinate Debt, which is payable from and secured by a subordinate pledge of and second lien on the Net Revenues, upon satisfaction of the following conditions: (a) the City is not then in default in the payment of any SBSA Bond Payments or in the payment of principal of or interest and premium (if any) on any Parity Debt or any Subordinate Debt; (b) the amount of Net Revenues, calculated in accordance with sound accounting principles, as shown by the books of the City for the latest Fiscal Year for which audited financial statements are available, or as shown by the books of the City for any more recent 12 -month period selected by the City, after taking into account any adjustments set forth in Section 8(b)(i) and (ii) above, and after the payment of all SBSA Bond Payments which have a first lien on Net Revenues and payments in respect of Parity Debt, are at least equal to 110% of the amount of Maximum Annual Debt Service on outstanding Subordinate Debt and any debt issued as permitted by Section 9; and (c) the City shall comply with all conditions to the issuance of Subordinate Debt as set forth in the Subordinate Debt Documents." Section 7. Amendment to Section 9 of the Financing Agreement. Section 9 of the Financing Agreement is hereby amended and restated in its entirety to read as follows: "Issuance of Debt Subordinate to the Lien of this Agreement and Unsecured Debt. Nothing in Section 7, Section 8 or Section 9 limits or affects the ability of the City to issue or incur obligations of the Sewer Utility System which are unsecured or which are secured by an interest which is junior and subordinate to the pledge of and lien upon the Net Revenues established hereunder with respect to the SBSA Bond Payments for the 2019 Notes." Section 8. Amendment to Section 14 of the Financing Agreement. Section 14 of the Financing Agreement is hereby amended by adding the following sentence as the last sentence thereof: "This Agreement may only be amended by a written instrument duly authorized and executed by the Authority and the City." Section 9. Amendment to Section 16 of the Financing Agreement. Section 16 of the Financing Agreement is amended and restated as follows: "Binding Effect. This Agreement inures to the benefit of and is binding upon the Authority, the City and their respective successors and assigns." Section 10. Provisions of the Financing Agreement in Effect. Except as expressly modified herein, all of the provisions of the Financing Agreement shall remain in full force and effect. 7 538