Common use of Crossover Date Clause in Contracts

Crossover Date. On the date that each of the following conditions is satisfied (the “Crossover Date”), the 2009-A Purchase Payments will no longer be secured by any pledge of Surplus Revenues or amounts on deposit in the Qualified Obligations Account, but instead will be secured solely by a prior pledge of Distribution System Net Revenues: (i) The Distribution System has been operated as an enterprise separate and distinct from the rest of the Electric System for at least one full Fiscal Year, and Distribution System assets, liabilities, revenues and expenses have been determined and reported in accordance with sound accounting principles; (ii) No Senior Bonds remain outstanding; (iii) No Qualified Obligations (other than the Distribution System Crossover Obligations) remain Outstanding; (iv) No Notes or other obligations secured by the Remaining Surplus Account remain outstanding; (v) The pro forma ratio of Distribution System Net Revenues to Maximum Annual Distribution System Service for the prior two Fiscal Years is not less than 1.10 to 1.00; (vi) The City receives written notice from ▇▇▇▇▇’▇, S&P and Fitch that no change will occur in the unenhanced rating on Distribution System Crossover Obligations immediately after the Crossover Date; and (vii) Any bond insurer with respect to any Distribution System Crossover Obligations (including the 2007-A Purchase Payments, the 2004 Purchase Payments, the 2003-A Purchase Payments, the 2002-A Purchase Payments and the 1999 Purchase Payments) consents to the transfer of source of payment and security from Surplus Revenues to Distribution System Net Revenues.

Crossover Date. On the date that each of the following conditions is satisfied (the “Crossover Date”), the 20092015-A Purchase Payments (Second Lien Qualified Obligations) will no longer be secured by any pledge of Net Surplus Revenues or amounts on deposit in the Second Lien Qualified Obligations Account, but instead will be secured solely by a prior pledge of Distribution System Net Revenues: (i) The Distribution System has been operated as an enterprise separate and distinct from the rest of the Electric System for at least one full Fiscal Year, and Distribution System assets, liabilities, revenues and expenses have been determined and reported in accordance with sound accounting principles; (ii) No Senior Bonds remain outstanding; (iii) No Qualified Obligations (other than the Distribution System Crossover Obligations) remain Outstanding; (iv) No Second Lien Qualified Obligations (other than the 2015-A Purchase Payments (Second Lien Qualified Obligations) and any such obligations secured by a similar crossover pledge of Distribution System Net Revenues) remain Outstanding; (v) No Notes or other obligations secured by the Remaining Surplus Account remain outstanding; (vvi) The pro forma ratio of Distribution System Net Revenues to Maximum Annual Distribution System Service for the prior two Fiscal Years is not less than 1.10 to 1.00; (vivii) The City receives written notice from ▇▇▇▇▇’▇, S&P and Fitch that no change will occur in the unenhanced rating on Distribution System Crossover Obligations immediately after the Crossover Date; and (viiviii) Any bond insurer with respect to any Distribution System Crossover Obligations (including the 2007-A Purchase Payments, the 2004 Purchase Payments, the 2003-A Purchase Payments, the 2002-A Purchase Payments and the 1999 Purchase Payments) consents to the transfer of source of payment and security from Surplus Revenues to Distribution System Net Revenues.