RE-BID ITB # 23-10-01 JOINT PROCUREMENT CENTRAL ISLAND

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such reorganization, consolidation or merger as shall have been reasonably requested by the WIFIA Lender. (h)No Defeasance. Notwithstanding anything to the contrary in any Bond Authorization Document or document related thereto, the WIFIA Loan shall not be subject to defeasance and no amounts in respect of the WIFIA Loan shall be considered or deemed to have been paid until the WIFIA Lender shall have received irrevocable payment in immediately available funds in accordance with the requirements for payment set forth in this Agreement. (i)Hedging. Other than interest rate hedging transactions expressly permitted hereunder, the Borrower shall not enter into any swap or hedging transaction in connection with the System or the System Revenues, including inflation indexed swap transactions, “cap” or “collar” transactions, futures, or any other hedging transaction in connection with the System or the System Revenues without the prior written consent of the WIFIA Lender. Section 16.Reporting Requirements. (a)Updated Financial Model. (i)The Borrower shall provide to the WIFIA Lender not later than ninety (90) days after the beginning of each Borrower Fiscal Year, an updated Base Case Financial Model reflecting the then-current and the projected conditions for a period not less than the next five (5) succeeding Borrower Fiscal Years. (ii)The Updated Financial Model shall demonstrate to the satisfaction of the WIFIA Lender that the Borrower has developed and identified adequate revenues to implement a plan for operating, maintaining and repairing the Project over its useful life, and shall include: (A) the Borrower’s capital improvement plan, major maintenance plan, projected rates and charges, projected debt outstanding and annual debt service, and projected Operating Expenses; (B) evidence of compliance with the Rate Covenant for the most recent Borrower Fiscal Year and the projected Rate Covenant coverages through the next five (5) succeeding Borrower Fiscal Years; (C) a written narrative identifying any material changes to the underlying assumptions from the previous Updated Financial Model and (D) a certificate signed by the Borrower’s Authorized Representative, certifying that (1) the Updated Financial Model, including the assumptions and supporting documentation, as of its date, is accurate and reasonable to the best of the Borrower’s knowledge and belief, (2) the annual projected Net Revenues will be sufficient to meet the Loan Amortization Schedule and to satisfy the Rate Covenant through the Final Maturity Date, and (3) the Borrower is in compliance with its obligations in respect of the Rate Covenant pursuant to Section 14(a) (Affirmative Covenants – Rate Covenant). (iii)The Borrower represents and warrants that the Updated Financial Model reflects the Borrower’s reasonable expectations, using assumptions that the Borrower believes to be reasonable, of the System’s expected operations, including capital costs, capital spending schedule, rates and revenues or charges (if applicable), System Revenues, Operating Expenses, major maintenance costs, financing structure and other 45