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with all Bonds and Notes then outstanding and (ii) made with respect to any other bonds or other obligations of the Issuer payable from the Gross Revenues or any part thereof; and has not been in default as to any payments required to be made under this Instrument for a period of at least the next preceding 24 months, or if at such time the Bonds or Notes shall not h.7ve been outstanding for 24 months, then for the period that the Bonds or Notes shall have been outstanding. (c) The annual Net Revenues for the Fiscal Year next preceding the issuance of additional parity Bonds are certified by an independent certified public accountant not regularly employed by the Issuer, to have been equal to at leant 1.25 times the average Bond Service Requirement. (d) The estimated average annual Net Revenues of the facility or facilities to be constructed and acquired with the proceeds of such additional Bonds (and any other funds pledged and set aside for such purpose), when added to the estimated future average annual Net Revenues of the then existing System, shall be at least 1.25 times the average Bond Service Require- ment for all outstanding Bonds and the additional Bonds proposed to be issued. Estimates of future revenues and Operating Expenses shall be furnished by recognized independent consulting engineers and approved by the Board and by the Chairman thereof, and shall be forecast over a period of not exceeding 10 years from the date of the additional Bonds proposed to be issued. Provided, however, the conditions in this paragraph and in the next preceding paragraph (c) may be waived or modified by the written consent of the holders of 75% of the Bonds then outstanding. (4) The Issuer hereby covenants and agrees that in the event additional series of parity Bonds are issued, 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 Bond Service Requirement on the additional Bonds. (K) Disposal of Facilities. The Issuer covenants and agrees that it will maintain its corporate identity and existence and will not sell or otherwise dispose of any of the System faci- lities or any part thereof, and, except as provided for above, it will not create or perinit 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 and the Notes. Notwithstanding the foregoing, the Issuer may at any time permanently abandon use of, or sell at fair market value, any of its System facilities, pro- vided that: -15-