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

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(iv) All paymcnts to meet any other obligations of the Port which are charges,liens or encumbrances upon,or payable from,the Net Revenues. (b) In addition to the requirements of the foregoing subsection (a)of this Section 4.8,the Port will.at all timcs whilc any of the Bonds remain Outstanding,to the maximum extent permitted by law,fix,prescribe and collect rates,fees and charges and manage the operation of the Enterprise for each Fiscal Year so as to yield Net Revenues during such Fiscal Year equal to at least one hundred twenry(I 20%)per cent of the Annual Debt Service in such Fiscal Year. The Port may make or permit to be made adjustments from time to time in such rates, fees and charges and may make or permit to be made such classification thereof as it deems necessary, but shaU not reduce or permit to be reduced such rates, fees and charges below those then in effcct unless the Revenues t�om such reduced rates, fees and charges will at all timcs be sufficient to meet the requirements of this Section 4.8. Section 4.9. Enforcement of and Performance Under Conuacts. The Port shall enforce all material provisionsof any contracts to which it is a party,an assi�nee,successor in interest to a party or .��i��d-party beneficiary, in any case where such contracts provide for payments or services to be rendered to the Port. Further, the Port will comply with, keep, observe pnd perform all material agreements, conditions, covenants and terms, express or implied, required to be performed by it, contained in all contracts af�'ecting or involving the Enterprise,to the extent that the Poit is a parry thereto. Section4.10. Collection of Char�es.Fees and Rates. The Port will have in effect at all times rules and regulations providing for the billing of fees and charges and for a due date and a delinquency datc for each bill. ln each case where such bill remains unpaid in whole or in part after it becomes delinquent,the Port will enforce the collection procedurescontained in such rules and regulations. Section 4.11. Pavment of Claims. The Port will pay and discharge any and aU lawful claims for labor,materials or supplies which,if unpaid,might become e lien or charge upon the Enterprise or upon the Net Revenues or any part thereof,or upon any funds held by the 'Trustee,or which might impair the security of the Bonds;provided, that nothing herein contained shal!require the Port to make any such payments so long as the Pon in good f'aith shall contest the validity of any such claims and such nonpayment will not materially adversely affect the PorPs ability to perform its obligations hereunder. Section4.l2. Books of Record and Accounts; Financial Statements. The Port will keep proper books of record and accounts, prepared in accordance with Generally Accepted Accounting Principles, in which complete and correct entries shall be made of all transactions relatin� to the Enterprise and the Revenue Fund,and upon reyuest will provide information concerning such books of record and accounts to the Trustee or the Owners of not less than five per cent(5%)of the aggregate principal amount of the Bonds then Outstandingor their representativesauthorized in writing. The Port will prepare annually, not later than two hundred ten(210) days alter the close of each Fiscal Year,so long as any Bonds are Outstanding, an sudited financial statement of the Port relating to Enterprise and the Revenue i'und for the preceding fiscal Year audited by an Independent Certified Public Accountant. Upon written request, the Port will furnish a copy of such audited 12094.9122931.00Q5 35