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reserve account or fund, the BORROWER shall deposit an amount equal to one-tenth of an <br /> annual payment into its debt service reserve account or fund on the due date of its first <br /> annual loan payment and annually thereafter for the first ten years of repayment of this loan. <br /> In the event that the BORROWER applies funds from this account to repayment of the loan, <br /> the BORROWER shall replenish the account within ninety (90) days of withdrawal of the <br /> funds. The debt service reserve account or fund requirement is in effect until the loan is <br /> paid in full. <br /> d. Additional Debts or Bonds. The BORROWER shall not issue any indebtedness payable <br /> from the REVENUE and having a lien thereon which is superior to the lien of this loan. The <br /> BORROWER may issue additional Parity Bonds only with the prior written approval of the <br /> CWCB and consent will be provided only if the following occurs: <br /> i. The BORROWER is currently and at the time of the issuance of the Parity Bonds in <br /> substantial compliance with all of the obligations of this CONTRACT, including, but not <br /> limited to, being current on the annual payments due under this CONTRACT and in the <br /> accumulation of all amounts then required to be accumulated in the BORROWER'S debt <br /> service reserve fund; <br /> ii. The BORROWER provides to the CWCB a Parity Certificate from an independent certified <br /> public accountant certifying that the debt service requirements on the Borrower's General <br /> Obligation Bonds, Series 2006A and its General Obligation Refunding Bonds, Series 2012 <br /> (the "Parity Bonds"), when combined with the repayment costs required under each Loan, <br /> does not exceed the maximum annual and total repayment cost parameters approved by <br /> the voters of the Borrower at an election held on November 1, 2005. Upon the proposed <br /> issuance of any additional Parity Bonds or obligations payable from a general ad valorem <br /> property tax which were authorized by the voters at the same election, the Borrower shall <br /> provide the CWCB with a certificate from an independent certified public accountant <br /> certifying that the combined debt service requirements of the Parity Bonds, the Loans, and <br /> any proposed additional Parity Bonds do not exceed the maximum annual and total <br /> repayment cost parameters approved at the November 1, 2005 election. <br /> e. Annual Statement of Debt Coverage. Each year during the term of this CONTRACT, the <br /> BORROWER shall submit to the CWCB an annual financial statement. <br /> 9. Pledged Revenues During Loan Repayment. The BORROWER shall not sell, convey, assign, <br /> grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the PLEDGED REVENUES, so <br /> long as any of the principal, accrued interest, and late charges, if any, on this loan remain unpaid, <br /> without the prior written concurrence of the CWCB. <br /> 10.Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire principal, all <br /> accrued interest, and late charges, if any, as specified in the PROMISSORY NOTE, the CWCB agrees <br /> to release and terminate any and all of the CWCB's right, title, and interest in and to the PLEDGED <br /> REVENUES. <br /> 11.Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and by its <br /> representations herein, the BORROWER shall be estopped from asserting for any reason that <br /> Loan Contract C150409D <br /> Page 4 of 12 <br />