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City of Santa Ana <br />Agreement No.: D2202006 <br /> Project No.: 3010038-002C <br />Page 4 of 49 <br /> <br /> <br />DWSRF 18v2022 <br /> <br />or by mandatory redemption), together with any Charge In Lieu of Interest on this Obligation or other <br />System Obligations to the State Water Board, calculated with the following assumptions: <br />a. Principal payments (unless a different subdivision of this definition applies for purposes of <br />determining principal maturities or amortization) are made in accordance with any amortization schedule <br />published for such principal, including any minimum sinking fund payments; <br />b. Interest on a variable rate System Obligation that is not subject to a swap agreement and that is <br />issued or will be issued as a tax-exempt obligation under federal law, is the average of the SIFMA <br />Municipal Swap Index, or its successor index, during the 24 months preceding the date of such <br />calculation; <br />c. Interest on a variable rate System Obligation that is not subject to a swap agreement and that is <br />issued or will be issued as a taxable obligation under federal law, is the average of SOFR, or its <br />successor index, during the 24 months preceding the date of such calculation; <br />d. Interest on a variable rate System Obligation that is subject to a swap agreement is the fixed <br />swap rate or cap strike rate, as appropriate, if the variable rate has been swapped to a fixed rate or <br />capped pursuant to an interest rate cap agreement or similar agreement; <br />e. Interest on a fixed rate System Obligation that is subject to a swap agreement such that all or a <br />portion of the interest has been swapped to a variable rate shall be treated as variable rate debt under <br />subdivisions (b) or (c) of this definition of Debt Service; <br />f. Payments of principal and interest on a System Obligation are excluded from the calculation of <br />Debt Service to the extent such payments are to be paid from amounts then currently on deposit with a <br />trustee or other fiduciary and restricted for the defeasance of such System Obligations; <br />g. If 25% or more of the principal of a System Obligation is not due until its final stated maturity, then <br />principal and interest on that System Obligation may be projected to amortize over the lesser of 30 years <br />or the Useful Life of the financed asset, and interest may be calculated according to subdivisions (b)-(e) <br />of this definition of Debt Service, as appropriate. <br />“Deputy Director” means the Deputy Director of the Division. <br />“District Office” means District Office of the Division of Drinking Water of the State Water Board. <br />"Division" means the Division of Financial Assistance of the State Water Board or any other segment of <br />the State Water Board authorized to administer this Agreement. <br />“Division of Drinking Water” means the Division of Drinking Water of the State Water Board. <br />“Eligible Construction Start Date” means the date set forth on the Cover Page of this Agreement, <br />establishing the date on or after which construction costs may be incurred and eligible for reimbursement <br />hereunder. <br />“Eligible Work Start Date” means the date set forth on the Cover Page of this Agreement, establishing the <br />date on or after which any non-construction costs may be incurred and eligible for reimbursement <br />hereunder. <br />“Enterprise Fund” means the enterprise fund of the Recipient in which Revenues are deposited. <br />“Event of Default” means the occurrence of any of the following events: