Agmt15 Raymond James and Assoc. Port of RWC sale of refunding bonds

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The Port hereby pledges and assigns to tbe Trustee and grants to the Trustee a lien on and security interest in all right,title and interest of the Port in and to all of the following and provides that such lien and security interest shall. except as otherwise provided herein with respect to Co�tracts and Perity Repayment Obligations, be prior in right to any other pledge, lien or security interest crcated by the Port in the followin�: (a)the Net Revenues. (b)all moneys and securities (excludin� moneys and securities on deposit in any Rebate Fund) held from time to time by the Trustee under this Indenture, (c)eamings on amounts included in provisions (a) and (b) of this Granting Clausc and(d)any and all other funds.assets, rights,property or interests thcrein, of every kind or description which may from time to time hereafier, by delivery or by writing of any kind, be so1d,transferred,conveyed,assigned, pledgcd, mortgaged, granted or delivered to or deposited with the Tcustee as additional security hereunder, for the equal and proportionate benefit and security of ell Bonds, all of which, regardless of the time or times of their authentication and delivery or maturity, shall, with respect to the security provided by this Granting Clause� be of equal rank without preference.prioriry or distineiion as ro any Bond over any other Bond or Bonds,except as to the timing of payment of the Bonds or as otherwisc provided herein or in a Supplemental Indenture. Any Parity Reserve Fund created by a Supplemental Indenture and any other security or credit facility provided for specific Bonds or a specific Series of Bonds may.as provided by Supplemental Indenture�secure only such specific Bonds or Series of Bonds and,therefore,shall not be included es security for all Bonds under this Indenture. Moneys and securities which are held exclusively to pay Bonds which arc deemed to have been paid under Article VI11 shall be held solely for the payment of such specific Bonds. � �►RTICLE t . DEFINITIONS; EQUAL SECURITY Section 1.1. Definitions. Unless the context otherwise requires, the terms defined in this Section 1.1 shall for al I purposes hereof and of the Bonds and of any certificate,opinion,report,request or other document herein or therein men�ioned have the meanings herein specified, the following definitions to be equally applicable to both the singular and plural forms of any of the terms defined herein: Annual Debt Service "Annual Debt Service"means, for any Fiscal Yter,the sum of(1)the interest accruing on all Outstanding 8onds during such Fiscal Year, assuming that al) Outstanding Serial Bonds are retired as scheduled and that all Outstanding Term Bonds are redeemed from the applicable Sinking Fund as scheduled, plus(2)the principal amount allocable to all Outstanding Serial $onds in such Fiscal Year,calculated as if such principal amounts were deemed to accrue daily during such Fiscal Year in equal amounts from, in each case,each Principal Payment Dete or the date of delivery of such Series of Donds (provided that principal shafl not be dcemed to accrue for greater than a 3G5-day period , prior to any Principal Payment Date), as the case msy be, to the next succeeding Principa) Payment Date, plus (3)the principal amount of all Outstanding Term B�nds all�cable to such Fiscal Year, calculated as if such principa)amounts were decmed to accrue daily during such Fiscal Year in equal amounts from, in each case,each Sinking Fund Payment Date or Principal Payment Date (provided that principal shall not be deemed to acerue for greater than a 365-day period prior to any Sinking i�ova.s�z9».000s 2