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operating performance. Scheduled debt service shall exclude the payments required to be made <br /> with respect to revenue bond anticipation notes to the extent that the ordinance authorizing their <br /> issuance provides that the bond anticipation notes will be funded with the proceeds of Future <br /> Parity Bonds. <br /> Rating Agency means Moody's, S&P or Fitch. <br /> Rating Category means the generic rating categories of the Rating Agency, without <br /> regard to any refinement or gradation of such rating category by a numerical modifier or <br /> otherwise. <br /> Registered Owner means the person in whose name the Bond is registered on the Bond <br /> Register. For so long as the Bonds are held in book-entry only form, DTC shall be deemed to be <br /> the sole Registered Owner. <br /> Registrar means the fiscal agency of the State of Washington for the purposes of <br /> registering and authenticating the Bonds, maintaining the Bond Register, effecting transfer of <br /> ownership of the Bonds, and paying the principal of,premium, if any, and interest on the Bonds. <br /> Reserve Account means common Reserve Account maintained pursuant to Section 8(b) <br /> of this ordinance. <br /> Reserve Requirement, prior to the New Covenant Date, means the least of(a) Maximum <br /> Annual Debt Service on all outstanding Parity Bonds, (b) 1.25 times Average Annual Debt <br /> Service on all outstanding Parity Bonds, or (c) 10% of the net proceeds of all outstanding Parity <br /> Bonds. From and after the New Covenant Date, the Reserve Requirement is the dollar amount <br /> to be calculated with respect to all Covered Bonds and separately with respect to other Parity <br /> Bonds. <br /> -15- P:\20287_CMW120287_960 02/07/11 <br />