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“Operation and Maintenance Fund” has the meaning provided in the Master Resolution. <br />“Organizational Documents” means: (a) the constitutional and statutory provisions that <br />are the basis for the existence and authority of the Borrower, including any enabling statutes, <br />ordinances or public charters and any other organic laws establishing the Borrower and (b) the <br />resolutions, bylaws, code of regulations, operating procedures or other organizational documents <br />(including any amendments, modifications or supplements thereto) of or adopted by the Borrower <br />by which the Borrower, its powers, operations or procedures or its securities, bonds, notes or other <br />obligations are governed or from which such powers are derived. <br />“Outstanding” has the meaning provided in the Master Resolution. <br />“Outstanding WIFIA Loan Balance” means the sum of (i) the aggregate principal <br />amount of the WIFIA Loan drawn by the Borrower minus (ii) the aggregate principal amount of <br />the WIFIA Loan repaid by the Borrower, as determined in accordance with Section 8(e) (Payment <br />of Principal and Interest – Adjustments to Loan Amortization Schedule). <br />“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate <br />Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended, and all regulations <br />promulgated thereunder. <br />“Payment Date” means each Interest Payment Date and each Principal Payment Date. <br />“Payment Default” has the meaning provided in Section 17(a)(i) (Events of Default and <br />Remedies – Payment Default). <br />“Permitted Debt” means: <br />(a)Existing Indebtedness; <br />(b)the WIFIA Loan; <br />(c)Additional Bonds that satisfy the requirements of Section 15(a) (Negative <br />Covenants – Indebtedness) and the Master Resolution; <br />(d)Additional Subordinated Obligations that satisfy the requirements of <br />Section 15(a) (Negative Covenants – Indebtedness) and the Master Resolution; and <br />(e)indebtedness incurred in respect of Qualified Hedges. <br />“Permitted Hedging Termination” means the early termination, in whole or in part, of <br />any Qualified Hedge (a) at the request of the Borrower as a result of a determination by the <br />Borrower that such (or any part of such) Qualified Hedge is no longer necessary or required under <br />the terms of this Agreement, (b) pursuant to the terms of any Hedging Agreement evidencing such <br />Qualified Hedge that provides for the notional amount of such Qualified Hedge to amortize or <br />otherwise be reduced from time to time or (c) as may be permitted pursuant to Section 14(k)(iii) <br />(Affirmative Covenants – Variable Interest Rate Obligations). <br />11 <br /> <br />