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-5- <br />“Contract” means this contract, dated as of August 1, 2021, made and entered into by and between LAVWMA, Livermore, Pleasanton and the District. “Debt Service” means, for any period of computation (the “Computation Period”), the sum of (1) the interest accruing on all Bonds during such Computation Period, assuming that all Bonds are retired as scheduled, plus (2) the principal amount (including principal due as sinking fund installment payments) allocable to all Bonds in such Computation Period, calculated as if such principal amounts were deemed to accrue daily during such Computation Period in equal amounts from, in each case, each payment date for principal or the date of delivery of such Bonds (provided that principal shall not be deemed to accrue for greater than a 365-day period prior to any payment date), as the case may be, to the next succeeding payment date for principal; provided, that the following adjustments shall be made to the foregoing amounts in the calculation of Debt Service: (A) with respect to any such Bonds bearing or comprising interest at other than a fixed interest rate, the rate of interest used to calculate Debt Service shall be, for all purposes, assumed to bear interest at a fixed rate equal to the higher of: (i) the then current variable interest rate borne by such Bonds plus 1%, and (ii) if such Bonds have been outstanding for at least twelve months, the average rate over the twelve months immediately preceding the date of calculation, or if such Bonds have not been outstanding for the twelve prior months or are proposed to be issued, the average rate for such twelve-month period borne by reference to an index comparable to the index utilized in determining the interest rate for such Bonds; (B) with respect to any such Bonds having twenty-five percent (25%) or more of the aggregate principal amount thereof due in any one Computation Period, Debt Service shall be calculated for the Computation Period of determination as if the interest on and principal of such Bonds were being paid from the date of incurrence thereof in substantially equal annual amounts over a period of thirty (30) years from the date of such Bonds; provided, however, that the full amount of such Bonds shall be included in Debt Service if the date of calculation is within 24 months of the actual maturity of the payment; (C) with respect to any such Bonds or portions thereof bearing no interest but which are sold at a discount and which discount accretes with respect to such Bonds or portions thereof, such accreted discount shall be treated as due when scheduled to be paid; (D) Debt Service shall not include interest on Bonds which is to be paid from amounts constituting capitalized interest; and (E) if an interest rate swap agreement is in effect with respect to any Bonds to which it relates, no amounts payable under such interest rate swap in excess of debt service payable under such Parity Bonds Instrument shall be included in the calculation of Debt Service unless