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<br />7 <br />“Maximum Annual Debt Service” means so long as the installment payments payable by <br />the City under the 2015 Installment Purchase Contract and the installment payments under the <br />2017 Installment Purchase Contract have not been defeased as provided in Section 6.03 of the <br />2015 Installment Purchase Contract and Section 6.03 of the 2017 Installment Purchase <br />Contract, respectively, as of the date of any calculation, the maximum sum obtained for the <br />current or any future Bond Year so long as any of the Bonds remain Outstanding by totaling the <br />following amounts for such Bond Year: <br /> <br />(a) the principal amount of the Bonds and Parity Obligations coming due and <br />payable by their terms in such Bond Year, including the principal amount of any term <br />Bonds and term Parity Obligations which are subject to mandatory sinking fund <br />redemption in such Bond Year; and <br /> <br />(b) the amount of interest which would be due during such Bond Year on the <br />aggregate principal amount of the Bonds and Parity Obligations which would be <br />Outstanding in such Bond Year if such Bonds and Parity Obligations are retired as <br />scheduled. <br /> <br />“Maximum Annual Debt Service” means from and after the date on which the installment <br />payments under the 2015 Installment Purchase Contract and the installment payments under <br />the 2017 Installment Purchase Contract have been defeased as provided in Section 6.03 of the <br />2015 Installment Purchase Contract and Section 6.03 of the 2017 Installment Purchase <br />Contract, respectively, as of the date of any calculation, the greatest total Debt Service payable <br />in any Bond Year during the period commencing with the next ensuing Bond Year and <br />terminating with the Bond Year in which payments are due under the last Outstanding Parity <br />Obligations. <br /> <br />“Net Proceeds” means, when used with respect to any insurance or condemnation <br />award, the proceeds from such insurance or condemnation award remaining after payment of all <br />reasonable expenses (including attorneys’ fees) incurred in the collection of such proceeds. <br /> <br />“Net Revenues” means, for any period, all of the Gross Revenues during such period <br />less all of the Maintenance and Operation Costs during such period. <br /> <br />“Outstanding” means (i) with respect to the Installment Payments, that the Installment <br />Payments have not been defeased as described in Section 6.03 and (ii) with respect to any <br />Parity Obligation, that the Parity Obligation has not been discharged under the terms of the <br />Parity Instrument. <br /> <br />“Parity Instrument” means any indenture, trust agreement or other instrument or <br />agreement under a Parity Obligation is issued. <br /> <br />“Parity Obligations” means the 2015 Installment Purchase Contract, the 2017 Installment <br />Purchase Contract and all bonds, notes, loan agreements, installment sale agreements, leases <br />or other obligations of the City, payable from and secured by a pledge of and lien upon any of <br />the Net Revenues incurred on a parity with the payment of the Installment Payments pursuant <br />to Section 4.03. <br /> <br />“Project” means the capital facilities described under in Exhibit A hereto. <br /> <br />“Rate Stabilization Fund” means the Rate Stabilization Fund of the City. <br />8.A. - Page 175 of 255 <br />803