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

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Fund Payment Date), as thc casc may be, to the next succeeding Sinking Fund Payment Date, plus (4)that portion of the Contract Payments required to be made at the times provided in all the Contracts that would have accrucd durinb such Fisca) Year it such Contract Payments were deemed to accrue daily in equal amounts from. in each case, the next preceding Contract Payment Date or the date of the pertinent Contrxct, as the case may be, plus (5)Parity Repayment Obligations scheduled to become due during such Fiscel Year;prnvided, that the following adjustments sfia11 be made to the foregoing amounts in the calculation of Annual Debt Service: (A) with respect to any such Bonds or Contracts bearing or comprising interest at other than a fixed interest rate, the rate of interest used to calculate Annual Debt Service shall be(i)with respect to such Bonds or Contracts then outstanding.one hundred ten per cent(I 10°h)of the greater or(1)thc daily avcrage interest rate on such Bonds or Contracts durin� the twelve (12) calendar months next preceding tbe date of such calculation (or the portion of the then current Fiscal Year tbat such [3onds or Contracts have bome interest) or (2)the most recent e}'fective interest rate on such Bonds or Controcts prior to the date of such calculation or (ii)with respect t� such Bonds or Contracts then proposed to be issued,the Index Rate; (B) witli respect to any such Bonds or Contracts having twenty-live pc:r cent (25%) or more of the aggre�ate principal amount thereof due in any one Fiscal Year, Annual Debt Service shall be calculated for the Fiscal Year of determination as if the interest on and principal of such Bonds or Contracts were being paid from the date of incurrence thereof in substantially equal annunl arnounts over a period o}'twenty-five(25)years from the date of such Bonds or Contracts; (C) with respect to any such Bonds or Contracts or portions thereof bearing no interest but which are sold at a discount and which discount aceretes with respect to such Bonds or Contracts or portions tl�ereof,such accreted discount shall be treated as d�e when scheduled to be paid; (D) Annual Debt Service shall not include interest on Bonds or Contracts which is to be paid from amounts constitutin� capitaliaed interest and on deposit in any Interest Fund or Principal Fund created by a Supplemental lndenture; (E) if an interest rete swap agreement is in effect with respect to, and is payable on a parity with, any Bonds or Contract to which it relates, no amounts payable under such interest rate swap agreement shall be included in the calculation of Annual Debt Service unless the sum of(i)the interest payable on such Bonds or Contract, plus (ii)the amounts payable by the Port under such interest rate swap agreement, less (iii)�he amounts receivable by the Port undcr such intcrest rete swap agreement, are greater than the interest payable on such Bonds or Contract, in which case the amount of such payments to be made that exceed the interest to be paid on such Bonds or Contract shall be included in such calculation, and for this purpose, the variable amount under any such interest rate swap agreement shall be determined in accordence with the procedure set forth in subparagraph(A)of this definition; (F) if any Bonds or Contracts are Paired Obligations, the interest rate on such Bonds or Contracts shall be the resulting fixed interest rate to be paid by the Aort with respect to such Paired Obligations;und 12094.912291I.000S 3