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Section 4.02. Reserve Fund. If amounts on deposit in the Reserve Fund or an account therein shall, at any time, be less than the Reserve Requirement, such deficiency shall be made up by the City from the first available Net Revenues after required payment of Installment Payments over a twelve(12) month period, in twelve (12)substantially equal payments. No deposit need be made in the Reserve Fund if the amount a�railable and contained therein (valued from time to time in accordance with the Indenture) is at least equal to the Reserve Requirement. Section 4.03. Parity Obligations. (a) So long as any Bonds are Outstanding, the City shall not issue or incur any obligations payable from Net Revenues senior or superior to the Installment Payments. The City may at any time issue Parity Obligations payable from Net Revenues on a parity with the Instaltment Payments to provide financing for the Enterprise in such principal amount as shall be determined by the City. The City may issue or incur any such Parity Obligations subject to the following specific conditions which are hereby made conditions precedent to the issuance and delivery of such Parity Obligations: , (1) No Event of Default sha11 have occurred and be continuing; (2) The Net Revenues, calculated in accordance with Generally Accepted Accounting Principles, either (i) as shown by the books of the City for the latest Fiscal Year, as verified by a certificate of a Finance Officer, or(ii) as shown by the books of the City for any more recent twelve (12) month period selected by the City, as verified by a certificate or opinion of an Independent Certified Public Accountant employed by the City, plus in either case (at the option of the City) the Additional Revenues, shall be at least equal to one hundred twenty percent(120%) of the amount of Maximum Annual Debt Service; and (3) Except with respect to Governmental Loans, there shall be deposited in the Reserve Fund, or there shall be established from the proceeds of such Parity Obligations a reserve fund separate from the Reserve Fund for the security of such Parity Obligations, in an amount equal to the lesser of(i)the maximum amount of debt service required to be paid by the City with respect to such Parity Obligations during any Fiscal Year, or (ii)the maximum amount then permitted �nder the Code, in either event as certified in writing by the City; provided, that in the event the requirement of the Reserve Fund for the Bonds has been terminated as provided in Section 3.06 of the Indenture, no such reserve fund shall be required for Parity Obligations. With respect to Governmental Loans, the City may, in its sole discretion, establish a reserve fund in�an amount not to exceed the limits set forth herein. The provisions of subsection (2) of this Section shall not apply to any Parity Obligations if(i)all of the proceeds of which (other than proceeds applied to pay costs of issuing 11 338529_I.DOC