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(3) The Issuer hereby covenants and agrees that in the event additional series of parity Bonds are issued, it will pro- vide that such parity Bonds shall mature according to a schedule which most closely approximates equal annual installments of com- bined principal and interest payments for such parity Bonds and all other Bonds payable from the revenues of the System; it will adjust the required deposits into and the maximum amount to be maintained in the Sinking Fund, including the Reserve Account therein, on the same basis as hereinabove prescribed, to reflect the average annual debt service on the additional Bonds; and it will make such additional Bonds payable as to principal on September 1 of each year in which principal falls due and the coupons attached thereto payable on September'l of each year. If in any subsequently issued series of Bonds secured by a parity lien on the revenues of the System it is provided that excess revenues shall be used to redeem Bonds in advance of scheduled maturity, or if the Issuer at its option undertakes to redeem outstanding Bonds in advance of scheduled maturity, the Issuer covenants that calls of Bonds will be applied to each series of Bonds on an equal pro rata basis (reflecting the proportion that the amount originally issued of each series bears to the amount originally issued of each of the other series) to the extent that this may be accomplished in accordance with the call provisions of the respective Bond series, but the Issuer shall have the right to call any or all outstanding Bonds which may be called at par prior to calling any Bonds that are callable at a premium. (I) Disposal of Facilities. The Issuer covenants and agrees that, so long as any of the Bonds are outstanding, it will maintain its corporate identity and existence and will not sell or otherwise dispose of any of the System facilities or any part thereof, and, except as provided for above, it will not create or permit to be created any charge or lien on the revenues thereof ranking equal or prior to the charge or lien of the holders of the Bonds. Notwithstanding the foregoing, the Issuer may at any time permanently abandon use of, or sell at fair market value, any of its System facilities, provided that: (a) It is in compliance with all covenants and under- takings in connection with all of its Bonds then outstanding, and the debt service reserve for such Bonds has been fully established; (b) It will, in the event of sale, apply the proceeds to either (1) redemption of outstanding Bonds in accordance with the provisions governing repayment of Bonds in advance of maturity, or (2) replacement of the facility so disposed of by another facility the revenues of which shall be incorporated into the System as hereinbefore provided; -26- s JUN 2 5 1980BOOK'. �4�� ;,