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<br /> 10 <br /> <br />(i) All other administrative, general and commercial expenses <br />pertaining to the System and all other current expenses pertaining to the System which <br />are properly classified as operation and maintenance expenses under generally accepted <br />accounting principles; but <br />(i) Excluding any allowance for depreciation; <br />(ii) Excluding any costs of Capital Improvements (or any <br />combination thereof); <br />(iii) Excluding any reserves for major capital replacements <br />(other than normal repairs); <br />(iv) Excluding any reserves for operation, maintenance or repair <br />of the System; <br />(v) Excluding any allowance for the redemption of any Bond <br />or other security evidencing a loan or other obligation, or the payment of any interest thereon, or <br />any prior redemption premium due in connection therewith, or any reserve therefor; <br />(vi) Excluding any liabilities for Financial Products Payments; <br />(vii) Excluding any liabilities incurred in the acquisition or <br />improvement of any properties comprising any project or any existing facilities (or any <br />combination thereof) incorporated into the System, or otherwise; and <br />(viii) Excluding any liabilities incurred by the City as the result <br />of its negligence in the operation of the System or any other ground of legal liability not based on <br />contract. <br />“Outstanding” when used with reference to the Bonds, Parity Bonds, or <br />any other designated securities and as of any particular date means all the Bonds, Parity Bonds, <br />or any such other securities payable from the Net Revenues or otherwise pertaining to the <br />System, as the case may be, in any manner theretofore and thereupon being executed and <br />delivered: <br />(a) Except any Bond or other security canceled by the City, by any <br />paying agent, or otherwise on the City’s behalf, at or before such date; <br />(b) Except any Bond or other security deemed to be paid as provided <br />in Section 1201 hereof or any similar provision of the ordinance authorizing the issuance <br />of such other security; <br />(c) Except any Bond or other security in lieu of or in substitution for <br />which another Bond or other security shall have been executed and delivered pursuant to <br />16