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

Browse Search

No Special Facility Obligations shall be issued by the Port unlcss therc shall have been filed with the Trustee a Certificate of the Port stating that: (i) The estimated Special Facilities Revenue pledged to the payment of obligations relatin� to the Special Facility will be at least sufficient to pay thc principal of and in�erest on such Special Facility Obligations as and when the same become due and payablc, all costs of operating and maintainin� such Special Facility not paid for by the operator thereof or by a party other than the Port and all sinking fund, reserve or other payments required by the resolution suthorizin�the Special Facility Obligations as thc same become due;and (ii) With respect to the designation of any separately identifiable existin� Port Facility as a"Special Facility"or"Special Facilities",the estimated Net Revenues,calculated withoui includin� thc ncw Special Facilities Revenue and without including any operation and maintenance expenses of the Special Facility as Maintenanee and Operation Expenses of the Port,will be sufficient so that the Port will be in compliance with Section 4.8(a)and (b) of this Indenture;and (iii) No Event of Default then exists. To the extent Special Facilities Revenue rccei��ed by the Port during any Fiscal Year shall exceed ihe amounts required to be paid pursuant to claust (i) of the immediately preceding paragraph for such Fiscal Year, such cxcess Special Facili�ies Revenue, to the extent not otherwisc encumbered or restricted,shall constitute Revenues. Notwithstanding any other provision of this Section, at such time as ihe Specinl Facility Obligations issued for a Special Facility including Special Facifity Obli�ations issued to refinance Special Facility Obligations are fully paid o�• otherwise dischar�ed, ell revenues of the Port !'rom such facility shall be included as Revenues. • ARTICLE 1V ' COVENANTS OF THE PORT Section 4.1. �unetual PaYment. The Port will punctually pay the interest on and principal of and redemption premiums,if any,to become due with respect to thc Bonds in strict conformity with the terms hereof and ot the Bonds,accordin�to the true interest end meaning thereof,but only out at'Net Revenues and other assets pledged for such payments as provided herein,and will faithfully satisfy, observe and perform all agreements,conditions,covenants and terms hereof, of any Supplemental lndenture and of the Bonds. Section 4.2. Le�al Existence. The PoR will use all means legally aveilable to maintain its existence so long as any of the Bonds are Outstanding. Section4.3. A�aainst Encumbranceg. The Port will not mortgage or otherwisc encumber, pfedge or placc any charge upon any of the Net Revenues except as provided herein,and(except for the Bonds�the Contracts,and the Parity Repayment Obligations)will not issue any obligations secured 12094.9\2293 f.00OS 32