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from the earnings thereon, shall be disregarded and not included in calculating Debt Service; (vi) the amount on deposit in a debt service reserve fund on any date of calculation of Debt Service shall be deducted from the amount of principal due at the final maturity of the Obligations for which such debt service reserve fund was established and in each preceding year until such amount is exhausted; and (vii) with respect to Contract Payments, that are not comprised of separate payments of interest and principal but which, rather, are required pursuant to the instrument under which they arise to be paid in amounts sufficient to pay principal and interest on bonds, notes, or other obligations of an entity other than the City, for purposes of calculating Debt Service, interest payments and principal payments (whether at maturity or by redemption or prepayment) with respect to such bonds, notes, or other obligations shall be deemed to be interest payments and principal payments with respect to such Contract Payments; provided, however, that for purposes of such calculation, the Contract Payment Dates applicable to such Contract Payments shall be used, whether or not such Contract Payment Dates coincide with the dates on which such Contract Payments are to be applied to the payment of interest and principal with respect to such bonds, notes, or other obligations. "Debt Service Fund" means the fund by that name established and held by the Trustee pursuant to Section 4.03. "Defeasance Obligations" means (a) cash, (b) non -callable Federal Securities described in paragraph (a) of the definition thereof ("Treasuries"), (c) evidences of ownership of proportionate interests in future interest and principal payments on Treasuries held by a bank or trust company as custodian, under which the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor and the underlying Treasuries are not available to any person claiming through the custodian or to whom the custodian may be obligated or (d) pre -refunded municipal obligations rated "AA" and "Aa" by S&P or Moody's, respectively (or any combination thereof). "Depository" means (a) initially, DTC, and (b) any other securities depositories acting as Depository pursuant to Section 2.10. "Depository System Participant" means any participant in the Depository's book -entry system. "DTC" means The Depository Trust Company, New York, New York, and its successors and assigns. "Escrow Bank" means The Bank of New York Mellon Trust Company, N.A., acting as Escrow Bank under the Escrow Deposit and Trust Agreement. "Escrow Deposit and Trust Agreement" means the Escrow Deposit and Trust Agreement, dated as of December 1, 2019, by and among the City, the Authority and the Escrow Bank. 55394.00055\32329348.3 55A-21