Common use of Investment of Certain Funds Clause in Contracts

Investment of Certain Funds. Amounts held in the accounts and subaccounts created pursuant to this Agreement shall be invested and reinvested by the Collateral Trustee in Authorized Investments as directed in writing (i) by Citizens or (ii) if a Notice of Default Distribution is effective, jointly by all Bank Agents or, if no Credit Agreement is in effect, by the Indenture Trustee. If, at any time, the Collateral Trustee does not receive such directions, then the Collateral Trustee shall invest and reinvest all such amounts in securities of the type described in clause (iv) of the definition of “Authorized Investments”; provided that such securities represent an interest or interests in money market funds that invest solely in direct obligations of, or obligations the timely payment of the principal and interest on which are unconditionally guaranteed by, the United States of America. Earnings from any Collateral Account (other than the Suspense Account) shall be either retained in such Collateral Account or, at the option of Citizens (or, if a Notice of Default Distribution is effective, pursuant to the joint instructions of all Bank Agents or, if no Credit Agreement is in effect, the Indenture Trustee), transferred to one or more other Collateral Accounts (including any separate account established for such purpose with the Collateral Trustee for the benefit of the Secured Parties) and, in either case, applied in accordance with Section 11. Earnings from the Suspense Account shall be retained in the Suspense Account and shall be credited to the appropriate earnings account, if any, or other Collateral Account or remitted to Citizens, as the case may be, upon a determination pursuant to Section 8 of the appropriate application of the underlying amounts in the Suspense Account that gave rise to such earnings. In directing the Collateral Trustee to make investments hereunder, Citizens shall select investments such that such investments shall mature on such dates as are necessary to make distributions hereunder as and when required hereby; it being understood and agreed that, at any time of a distribution hereunder, the Collateral Trustee may liquidate investments prior to maturity to the extent necessary do make such distribution and the Collateral Trustee shall not be responsible for any losses incurred as a result of any such liquidation.

Investment of Certain Funds. Amounts held (a) Pursuant to Direction by the Issuer to invest or deposit funds hereunder in the accounts and subaccounts created pursuant to this Agreement Permitted Investments, moneys in any Account shall be continuously invested and reinvested or deposited and redeposited by the Collateral Trustee. The Issuer shall direct the Trustee in Authorized Investments as directed in writing by Direction (i) by Citizens or (ii) if a Notice of Default Distribution is effective, jointly by all Bank Agents or, if no Credit Agreement is in effecttime does not permit, by the Indenture Trustee. Iforal direction of an Authorized Officer, at any time, the Collateral Trustee does not receive such directions, then the Collateral Trustee shall promptly confirmed in writing) to invest and reinvest all such amounts the moneys in securities any Account in Permitted Investments so that the maturity date or date of the type described in clause (iv) of the definition of “Authorized Investments”; provided that such securities represent an interest or interests in money market funds that invest solely in direct obligations of, or obligations the timely payment of the principal and interest on which are unconditionally guaranteed by, the United States of America. Earnings from any Collateral Account (other redemption at not less than the Suspense Account) shall be either retained in such Collateral Account or, par at the option of Citizens (or, if a Notice the owner thereof shall be no later than the date as of Default Distribution is effective, pursuant which moneys are needed to be expended; provided that amounts held in the joint instructions of all Bank Agents or, if no Credit Agreement is in effect, the Indenture Trustee), transferred to one or more other Collateral Accounts (including any separate account established for such purpose with the Collateral Trustee for the benefit of the Secured Parties) and, in either case, applied in accordance with Section 11. Earnings from the Suspense Non-Pledged Account shall be retained invested as directed by the Issuer in any investments specified by such Direction, without regard to any other provision hereof. In the Suspense Account absence of Direction from the Issuer, the Trustee shall make reasonable effort to invest the otherwise uninvested moneys in available overnight investments permissible under this Indenture and shall be credited to the appropriate earnings account, if any, or other Collateral Account or remitted to Citizens, as the case may be, upon a determination pursuant to Section 8 previously directed in writing by an Authorized Officer of the appropriate application of the underlying amounts in the Suspense Account that gave rise to Issuer for such earningspurposes. In directing the Collateral Trustee to make investments hereunder, Citizens shall select investments such that such investments shall mature on such dates as are necessary to make distributions hereunder as and when required hereby; it being understood and agreed that, at any time of a distribution hereunder, the Collateral Trustee may liquidate investments prior to maturity to the extent necessary do make such distribution and the Collateral The Trustee shall not be responsible for any losses incurred as a result determining the legality of any investment or for any loss on investments provided the Trustee shall have followed the Directions of the Issuer and the provisions of this Indenture. The Permitted Investments purchased shall be held by the Trustee in trust for the benefit of the Owners and shall be deemed at all times to be part of the appropriate Account, except as provided in subsection (b) hereof, and the Trustee shall keep the Issuer advised as to the details of all such liquidationinvestments. The Issuer acknowledges that to the extent the regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Issuer the right to receive brokerage confirmations of security transactions, the Issuer waives receipt of such confirmations. The Issuer shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any Permitted Investments held hereunder, and, in general, to exercise each and every other power or right with respect to such Permitted Investments as individuals generally have and enjoy with respect to their own assets and investments, including power to vote upon any matter relating to holders of such Permitted Investments. (b) Permitted Investments purchased as an investment of moneys in any Account held by the Trustee under the provisions of this Indenture shall be deemed at all times to be a part of such Account but the income or earnings and gains realized in excess of losses suffered by an Account due to the investment thereof shall be deposited in the applicable account of the Revenue Account or shall be credited as Revenues to the applicable account of the Revenue Account from time to time and reinvested; provided, (c) The Trustee, pursuant to a Direction of the Issuer, shall sell at the best price reasonably obtainable, or present for redemption or exchange, or make a withdrawal under, any Permitted Investment purchased by it pursuant to this Indenture in accordance with its terms whenever it shall be necessary in order to provide moneys to meet any payment. Any Permitted Investment may be credited on a pro rata basis to more than one Account and need not be sold in order to provide for the transfer of amounts from one Account to another. The Trustee shall advise the Issuer in writing, on or before the tenth day of each calendar month, of all investments held for the credit of each Account in its custody under the provisions of this Indenture as of the end of the preceding month.

Investment of Certain Funds. Amounts held (A) The Authority shall direct the Trustee from time to time in writing as to the investment of amounts in the accounts Accounts. The Authority shall direct the Trustee to invest and subaccounts created pursuant reinvest the moneys in any Account in Investment Securities so that the maturity date or date of redemption at the option of the holder thereof shall coincide as nearly as practicable, but in any case shall not extend beyond, the Business Day prior to the times at which moneys are required to be so expended in accordance with this Agreement Indenture or any Supplemental Indenture. The Investment Securities purchased shall be invested and reinvested held by the Collateral Trustee, or by such other Depository as permitted by this Indenture, and shall be accounted for at all times as part of such Account, and the Trustee, or such other Depository, shall, upon written request, keep the Authority advised as to the details of all such investments. The foregoing notwithstanding, to the extent permitted by applicable law, the Authority may direct the Trustee to commingle moneys in Authorized Investments as directed the various Accounts for investment purposes and the Trustee may transfer Investment Securities from Account to Account on the books kept for such purpose without selling such Investment Securities; provided, however, that moneys in writing the Rebate Fund and the Excess Yield Fund shall not be so commingled. Absent written direction from the Authority, amounts in the Accounts shall remain uninvested. The Authority acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of permitted investments or Trustee’s receipt of a broker’s confirmation. The Authority agrees that such notifications shall not be provided by Trustee hereunder, and Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made available for any fund/account if no activity has occurred in such fund/account during such period. Notwithstanding anything herein to the contrary, (i) the Depository shall be a financial institution with such rating as may be required from time to time by Citizens or any Rating Agency providing a rating on Bonds. If the Depository is downgraded below the rating requirements of any Rating Agency, the Authority shall, within sixty (ii60) if days of such downgrade replace the Depository with a Notice of Default Distribution is effective, jointly by all Bank Agents or, if no Credit Agreement is financial institution meeting any Rating Agency rating requirement then in effect. (B) Except as otherwise provided herein or in a Supplemental Indenture, Investment Securities purchased as an investment of moneys in any Account held by the Trustee under the provisions of this Indenture Trustee. If, shall be deemed at any time, all times to be a part of such Account but the Collateral Trustee does not receive such directions, then income or interest earned and gains realized in excess of losses suffered by an Account due to the Collateral Trustee shall invest and reinvest all such amounts in securities of the type described in clause (iv) of the definition of “Authorized Investments”; provided that such securities represent an interest or interests in money market funds that invest solely in direct obligations of, or obligations the timely payment of the principal and interest on which are unconditionally guaranteed by, the United States of America. Earnings from any Collateral Account investment thereof (other than the Suspense Account) Rebate Fund and the Excess Yield Fund), subject to the provisions of the Tax Agreement, and subject in addition in the case of the Debt Service Reserve Fund to Section 5.7 hereof, shall be either retained in such Collateral Account or, at the option of Citizens (or, if a Notice of Default Distribution is effective, pursuant to the joint instructions of all Bank Agents or, if no Credit Agreement is in effect, the Indenture Trustee), transferred to one or more other Collateral Accounts (including any separate account established for such purpose with the Collateral Trustee for the benefit of the Secured Parties) and, in either case, applied in accordance with Section 11. Earnings from the Suspense Account shall be retained deposited in the Suspense Account and Revenue Fund or shall be credited as Revenues to the appropriate earnings account, if any, or other Collateral Account or remitted Revenue Fund from time to Citizens, as the case may be, upon a determination pursuant to Section 8 of the appropriate application of the underlying amounts time and reinvested. Earnings and income derived from Investment Securities held in the Suspense Account that gave rise to such earnings. In directing the Collateral Trustee to make investments hereunder, Citizens shall select investments such that such investments shall mature on such dates as are necessary to make distributions hereunder as and when required hereby; it being understood and agreed that, at any time of a distribution hereunder, the Collateral Trustee may liquidate investments prior to maturity to the extent necessary do make such distribution Rebate Fund and the Collateral Trustee Excess Yield Fund shall not be responsible for any losses incurred credited as provided in the Tax Agreement or as otherwise provided by a result of any such liquidationSupplemental Indenture.

Investment of Certain Funds. Amounts held (A) Subject to the right of the Agency to direct the investment or deposit of funds hereunder, moneys in the accounts and subaccounts created pursuant to this Agreement any Fund or Account shall be continuously invested and reinvested and/or deposited and redeposited by the Collateral Trustee in Authorized Investments the highest yield Investment Securities that may be reasonably known to the Trustee, with a view toward maximizing yield (with proper preservation of principal) and minimizing the instances of uninvested funds. The Agency shall consult with the Trustee from time to time as directed to the investment of amounts in writing (i) the Fund and Accounts established or confirmed by Citizens or (ii) if a Notice of Default Distribution is effectivethis Indenture. Except as otherwise provided herein, jointly by all Bank Agents the Agency may direct the Trustee to or, if no Credit Agreement is in effect, by the Indenture Trustee. If, at any timeabsence of direction, the Collateral Trustee does not receive such directions, then the Collateral Trustee shall invest and reinvest all such amounts the moneys in securities said Fund or any Account in Investment Securities so that the maturity date or date of the type described in clause (iv) of the definition of “Authorized Investments”; provided that such securities represent an interest or interests in money market funds that invest solely in direct obligations of, or obligations the timely payment of the principal and interest on which are unconditionally guaranteed by, the United States of America. Earnings from any Collateral Account (other than the Suspense Account) shall be either retained in such Collateral Account or, redemption at the option of Citizens (orthe holder thereof shall coincide as nearly as practicable with the times at which moneys are needed by the Agency to be so expended. The Investment Securities purchased shall be held by the Trustee in its own facilities or in a segregated account with a Depositary and shall be deemed at all times to be part of such Fund or Account, if a Notice of Default Distribution is effective, pursuant and the Trustee shall keep the Agency advised as to the joint instructions details of all Bank Agents or, if no Credit Agreement is in effectsuch investments. Except as otherwise provided herein, the Trustee shall sell at the best price obtainable, or present for redemption, any Investment Securities purchased by it as an investment whenever it shall be necessary in order to meet any payment from such Fund or Account. (B) Except as otherwise provided herein, Investment Securities purchased as an investment of moneys in any Fund or Account held by the Trustee under the provisions of this Indenture Trustee), transferred shall be deemed at all times to one be a part of such Fund or more other Collateral Accounts (including any separate account established for such purpose with Account but the Collateral Trustee for income or interest earned and gains realized in excess of losses suffered by a Fund or Account due to the benefit of investment thereof shall be deposited in the Secured Parties) and, in either case, applied Revenue Account in accordance with Section 11. Earnings 507 hereof. (C) Except as otherwise provided herein, the Trustee shall sell at the best price obtainable, or present for redemption or exchange, any Investment Security purchased by it pursuant to this Indenture whenever it shall be necessary in order to provide moneys to meet any payment or transfer from the Suspense Fund or Account for which such investment was made. The Trustee shall be retained advise the Agency in writing, on or before the Suspense twentieth day of each calendar month, of all investments held for the credit of each Fund and Account and shall be credited to in its custody under the appropriate earnings account, if any, or other Collateral Account or remitted to Citizens, provisions of this Indenture as the case may be, upon a determination pursuant to Section 8 of the appropriate application end of the underlying amounts in the Suspense Account that gave rise to such earnings. In directing the Collateral Trustee to make investments hereunder, Citizens shall select investments such that such investments shall mature on such dates as are necessary to make distributions hereunder as and when required hereby; it being understood and agreed that, at any time of a distribution hereunder, the Collateral Trustee may liquidate investments prior to maturity to the extent necessary do make such distribution and the Collateral Trustee shall not be responsible for any losses incurred as a result of any such liquidationpreceding month.

Investment of Certain Funds. Amounts held (A) Monies in the accounts and subaccounts created any Account that are pledged pursuant to this Agreement Indenture shall be continuously invested and reinvested by the Collateral Trustee, in the highest yield Investment Securities that may be reasonably known to the Trustee, with a view toward maximizing yield (with proper preservation of principal) and minimizing the instances of uninvested funds. The Agency shall consult with the Trustee from time to time as to the investment of amounts in Authorized Investments as directed the Accounts established or confirmed by this Indenture or any Supplemental Indenture. The Agency may direct the Trustee to, or in writing (i) by Citizens or (ii) if a Notice the absence of Default Distribution is effective, jointly by all Bank Agents or, if no Credit Agreement is in effect, by the Indenture Trustee. If, at any timedirection, the Collateral Trustee does not receive such directionsshall, then the Collateral Trustee shall invest and reinvest all such amounts the monies in securities any Account in Investment Securities so that the maturity date or date of the type described in clause (iv) of the definition of “Authorized Investments”; provided that such securities represent an interest or interests in money market funds that invest solely in direct obligations of, or obligations the timely payment of the principal and interest on which are unconditionally guaranteed by, the United States of America. Earnings from any Collateral Account (other than the Suspense Account) shall be either retained in such Collateral Account or, redemption at the option of Citizens the owner thereof shall coincide as nearly as practicable with (orbut in no event later than) the times at which monies are needed to be expended; provided, however, that with respect to monies in an Account established by a Supplemental Indenture that are not pledged pursuant to this Indenture, the Agency may, if a Notice so provided in such Supplemental Indenture, designate another party as authorized to direct the investment of Default Distribution is effectivemonies in such Account. The Investment Securities purchased shall be held by the Trustee, pursuant or for its account as Trustee and shall be deemed at all times to be part of such Account, and the Trustee shall keep the‌ Agency advised as to the joint instructions details of all Bank Agents orsuch investments. Subject to the provisions of Section 11.2, the Trustee shall not be liable or responsible for any loss resulting from such investments. (B) Investment Securities purchased as an investment of monies in any Account held by the Trustee under the provisions of this Indenture or any Supplemental Indenture shall be deemed at all times to be a part of such Account but the income or interest earned and gains realized in excess of losses suffered by an Account due to the investment thereof shall be deposited in the Revenue Account or shall be credited as Revenues to the Revenue Account from time to time and reinvested, except as otherwise provided in Section 5.1(D) hereof or in a Supplemental Indenture with respect to an Account established thereunder and except for interest income representing a recovery of the premium and accrued interest, if no Credit Agreement is any, included in effectthe purchase price of any Investment Security, the Indenture Trustee), transferred to one or more other Collateral Accounts (including any separate account established for such purpose with the Collateral Trustee for the benefit of the Secured Parties) and, in either case, applied in accordance with Section 11. Earnings from the Suspense Account which shall be retained in the Suspense particular Account for which the Investment Security was purchased. (C) To the extent permitted by law, the Trustee may commingle any amounts on deposit in the Accounts held under this Indenture for the purpose of purchasing Investment Securities. However, the Trustee shall maintain and keep separate accounts of such Accounts at all times. (D) The Trustee shall sell at the best price obtainable, or present for redemption or exchange, any Investment Security purchased by it pursuant to this Indenture or any Supplemental Indenture whenever it shall be credited necessary in order to provide monies to meet any payment or transfer from the appropriate earnings accountAccount for which such investment was made. The Trustee shall advise the Agency in writing, if anyon or before the twentieth day of each calendar month, of all investments held for the credit of each Account in its custody under the provisions of this Indenture or other Collateral Account any Supplemental Indenture as of the end of the preceding month. (E) Unless an Event of Default has occurred hereunder, monies held in trust by the Trustee under this Indenture shall be invested by the Trustee, and Investment Securities shall be sold by the Trustee, only upon direction from the Agency, given or remitted confirmed in writing, instructing the Trustee to Citizenspurchase or sell, as the case may be, upon a determination specified Investment Securities. (F) Upon receipt of written instructions from an Authorized Officer of the Agency, the Trustee shall exchange any coin or currency of the United States of America or Investment Securities held by it pursuant to Section 8 the Indenture or any Supplemental Indenture for any other coin or currency of the appropriate application United States of America or Investment Securities of like amount. (G) Notwithstanding anything to the contrary contained herein, any Investment Securities purchased by the Trustee with funds that are pledged pursuant to this Indenture must, as of the underlying amounts date of such purchase, be rated by at least one nationally recognized rating agency in a category at least equivalent to the Suspense Account rating category of the Rated Bonds (without regard to any Credit Facility securing such Rated Bonds) (or “A-1” or “P-1”, as applicable if the Investment Security has a remaining term at the time it is provided not exceeding one year); provided, however, that gave rise to such earnings. In directing the Collateral Trustee to make investments hereunder, Citizens shall select investments such that such investments shall mature on such dates as are necessary to make distributions hereunder as and when required hereby; it being understood and agreed that, at any time of a distribution hereunder, the Collateral Trustee may liquidate investments prior to maturity purchase Investment Securities that are rated lower than that set forth above, so long as the purchase of such Investment Securities does not, as of the date of such purchase, in and of itself, result in a reduction or withdrawal of the then existing rating assigned to the extent necessary do make such distribution and Rated Bonds by any of the Collateral Trustee shall not be responsible for any losses incurred as a result of any such liquidationRating Agencies.