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.?,,. <br />?m <br />? <br />? <br />"Le?ault Rate" means G rate t%;o ;vercent (2%) per annum in <br />excess of the interest rate payaale ori the Bonci. <br />„ ., <br />r 1 ig ible Investrr:Pnts" rnAarls, ( i) o`Dliqations i.ssued or_ <br />unconditionally guarantoed by the t)nitf-a States or a.zy pe-son <br />contralled or supervisad by, and actii.q as -in instruiuentali'ty <br />ot, the United States pur.suant to zuthoYi.cy gtanted by Congress; <br />( ii) obliga'-i:ons issued or gLiararitf,ed by any state or poli; ical. <br />SUbG1J1s1UC7 -tr1P_x"`Uf dI1d Y'i1t2d ti Or i71_q'('.LY 'Dy :'IUrJdy's 111VECstOri <br />SeI`V1Ct, IriC. OZ' Stc3i"1d,3rd & k'oQCis rUt??!.)L'?i.lOT?, k_xocn Oi NeW <br />Yorx, iJew York, or their successo:r:;; (iii) commeLcial or finan:e <br />paper wiiich i5 rated eichor P-1 or A-1 ar an eqtzivalent by <br />Moedy`S IC1V"stors Serviee, Ine. or Stand,-?r.c1 ,,, Poor.'s <br />Cor,poracion, bui_h oL tVew York, Ne,v Ya?-•l;, or ti-izir succosscr::; <br />( iv) bankers' acceptances clrawn un. and accepted by com:?ercial <br />ban?s; (v) certificates of depcs?'- of ban;?s, trust companies or_ <br />savings and loan associations (?r:clciding t:he Es±:r.ow Agent) <br />arganized ur.der the laws of the United Scate:; olf America or any <br />sL-ate thereoE and having a reporte::l capital and surplus of at <br />7.east ?10r000?000 in dollars of the- Lnited States o:E America; <br />and (vi) repurchase agreements fully secured by obligatioris of <br />the type spacifir-d in (i) abov2; previded tkiat any sucn <br />investment or depos:it is iio` prollibi.t.e1 'oy applicable law. <br />"Escrow ACJP_Ilt" means Ccntrzl National 3ank, Clevelar.c?, <br />Ohio, as !E'scrow Agent under the r;SC"r0w :Agtieein?nt9 <br />"Escrow Agree.nent" means the i,:;cro,? ?greement for the <br />escrow4.ng oT the Constr.uc:tion Fund dated as °oF Deceinber 15, <br />1980, amony the Escraw agent, the Coinpany, the Holder and the <br />Issuer. <br />"Executive" means the Mayor of the Issuer. <br />"Financial Institution" means ariy life or casualty <br />insurance company or any scate-or f2derally-r.hartered commercial <br />bank, savings and loan associat-ion or mutual savings assaciation <br />i.nsur.ed by either the r^ederal Deposit Insurance Corporation or <br />the Federal Savings and Loan Insurance Corporation. <br />"Fiscal Officer" means i:he Finar7Ge Di.rertor of the Iscuf>r. <br />"HoZder" :neans the Uriginal Purchaser as the initial hoider <br />or the Pro;ect Bond and the tiortgage Find as holaer of the h1c>tt <br />pursuanc to th? Assiy?-irlent, o??, :in the evenL of transfer and <br />assignment of the Project isond, the Fi^uncial Institution at the <br />tiir,e holdir.g the Pr_oject hond, the mr,rc,jaye aric3 the Nove. <br />TI1Sl.IY'aCi:_E' ACCGIIrtt" i11Eu:.S tl".?2 -":1SUr-,.^.CE.' ACCOUT1t created fJj' <br />Section 5 hercot. <br />3