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

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extent necessary to rcimburse the provider of such instrument for payments made under such draw plus its expenses in connection therewith. In the event there are insufficient Revenues to make all such transfers,then such Revenues as are available shall be allocated among the Reserve Fund,the Parity Reserve Funds, and the debt service reserve funds related to Contracts and Parity Repayment Obligations ratably in proportion to the outstanding principal amount of the�3onds,Contracts,or Parity Repayment Obligations sec ured thereby. If on any June t or December I the amount on deposit in the Reserve Fund is in excess of the Reserve Fund Requirement as of such datc, then the Trustee shall so notify the Port and the Trustee shall,upon the Written Request of the Port,transfer the amount of such excess to such Project Funds as shall be selected by the Port or ratably 2mong the Interest Funds related to such Series of the Bonds as are then secured by the Reserve Fund. (d) Subordinated Obli,gation AaYment Fund. lf provided for in a Supplemental Indenture,there shal! be established hereunder a special fund to be held by the Trustee to be known as the "Port of Redwood City Subordinated Obli�ation Payment Fund;" referred t� herein as the '"Subordinated Obli�ation Payment Fund." There may be created within the SubordinatedObligation f'ayment Fund such accounts and subaccounts as may be deemed necessary or desirable in connection with the execution and detivery by the Port of Subordinated Obligations. The Port shall deposit in the Subordinated Obligation Payment Fund for receipt on or before each payment date for Suboldinated Obligations, beginning on the datc designated in the agreement establishing such Subordinated Oblisations,an amount of money from the Revenue Fund which,togetherwith any money containcd in the Subordinated Ubliga�ion Payment Fund�is equal t�the a��regate amount of interest and principal due and payable on such payment dnte on all SubordinateObligotions. (e) Subordinated Obli,�`tion Reserve Fund. If provided for in a Supplemental lndenture,there shall be established hereunder a special fund to be hcld by thc Trustee to be known as the "Port of Redwood City Subordinated Obligation Reserve Fund;" referred to herein as the "Subordinated Obligation Reserve Fund." There may be created within the Subordinated Obli�ption Reserve Fund such aceounts and subaccounts as mey be deemed neeessary or desirable in connection with the execution and delivery by the Port of Subordinated Obligations. Thc Port shall deposit in the Subordinated Obligation Reserve Fund such amounts at such times and for such purposes as shall be designated in the agreementestablishingsuch SubordinateclObligations. (e) Citv Pavments. The Purt shall, from moneys in the Revenue Fund not necessary to make the deposits set foith abovc,transfer to the City all City Payments as they become due and payable. (� Remainin.,g Monev. All money remaining in the Revenue Fund after makin� the aforesaid payments may be withdrawn from the Revenue Fund by the Port and used by the Port for any lawful purpose; provided, however,that no money shall be released from the Revenue Fund in any Fiscal Year unless as of the date of such withdrawal(i)all payments for such Fiscal Year with respect to the I3onds, the Contracts, the Parity Repayment Obligations, and the Subordinate Obligations shaU have been made,or amounts sufficient to make•such payments shalt be or deposii with the Trustee in the appropriate Fund, and (ii)the Reserve Fund, any Parity Reserve Fund, any debt service reserve fund created pursuant to Cantracts or Parity Repayment Obligations;and the 12094,9�22931.0005 Z9