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thereunder shall be assumed to be the rate assumed for Variable Rate Indebtedness <br />described in subsection (v). <br />"Maximum Rate" means, on any day, the maximum interest rate allowed by law. <br />"Moody's" means Moody's Investors Service, Inc., a corporation organized and existing <br />under the laws of the state of Delaware, and its successors and assigns, and, if such entity shall for <br />any reason no longer perform the functions of a securities rating agency, "Moody's" shall be <br />deemed to refer to any other nationally recognized securities rating agency (other than S&P) <br />designated by the City. <br />"Net Proceeds" means, when used with respect to any insurance, self insurance or <br />condemnation award, the proceeds from such award remaining after payment of all expenses <br />(including attorneys' fees) incurred in the collection of such proceeds. <br />"Net System Revenues" means, for any Fiscal Year, the System Revenues for such Fiscal <br />Year less the Maintenance and Operation Costs for such Fiscal Year. <br />"Obligations" means (i) obligations of the City for money borrowed (such as bonds, notes <br />or other evidences of indebtedness) or as installment purchase payments under any contract <br />(including Installment Payments), or as lease payments under any financing lease (determined to <br />be such in accordance with generally accepted accounting principles), the principal and interest on <br />which are payable from Net System Revenues; (ii) obligations to replenish any debt service reserve <br />funds with respect to such obligations of the City; (iii) obligations secured by or payable from any <br />of such obligations of the City; and (iv) obligations of the City payable from Net System Revenues <br />under (a) any contract providing for payments based on levels of, or changes in, interest rates, <br />currency exchange rates, stock or other indices, (b) any contract to exchange cash flows or a series <br />of payments, or (c) any contract to hedge payment, currency, rate spread or similar exposure, <br />including but not limited to interest rate swap agreements and interest rate cap agreements. <br />"Outstanding," when used as of any particular time with respect to Obligations, means all <br />Obligations theretofore or thereupon executed, authenticated and delivered by the City or any <br />trustee or other fiduciary, except (i) Obligations theretofore cancelled or surrendered for <br />cancellation; (ii) Obligations paid or deemed to be paid within the meaning of any defeasance <br />provisions thereof; (iii) Obligations owned by the City or the Authority; and (iv) Obligations in <br />lieu of or in substitution for which other Obligations have been executed and delivered. <br />"Owner" means any person who shall be the registered owner of any outstanding <br />Obligation certificate or other evidence of a right to receive Installment Payments directly or as <br />security for payment of the Obligation. <br />"Parity Installment Obligation" means Obligations consisting of or payable from <br />Installment Payments which are not subordinated in right of payment to other Installment <br />Payments. <br />"Parity Obligations" means (i) Parity Installment Obligations, (ii) Obligations the principal <br />and interest of which are payable on a parity with Parity Installment Obligations, and (iii) Qualified <br />Swap Agreements. Notwithstanding the foregoing, any amounts payable with respect to a <br />55394.00068\42092413.3 <br />