Common use of Investment of Funds and Accounts Clause in Contracts

Investment of Funds and Accounts. (a) Amounts in any fund or account established under this Loan and Trust Agreement may, if and to the extent then permitted by law, be invested only in Qualified Investments. For the purposes of this Section, investments shall be considered as maturing on the date on which they are redeemable without penalty at the option of the holder or the date on which the Trustee may require their repurchase pursuant to a repurchase agreement qualifying as a Qualified Investment. Any investment herein authorized is subject to the condition that no portion of the proceeds derived from the sale of the Bonds shall be used, directly or indirectly, in such manner as to cause any Bond to be an “arbitrage bond” within the meaning of Section 148 of the Code. In particular, unexpended Bond Proceeds transferred from the Project Fund (or from the Earnings Fund with respect to amounts deposited therein from the Project Costs Account) to the Redemption Account pursuant to Section 3.03(d) may not be invested at a Yield (as defined in the Tax Regulatory Agreement) which is greater than the Yield on the Bonds. Such investments shall be made by the Trustee only at the written request of an Authorized Officer of the Company; and if such investment is to be in one or more certificates of deposit, then such written request shall include written assurance to the effect that such investment complies with the Tax Regulatory Agreement. Any investment hereunder shall be made in accordance with the Tax Regulatory Agreement, and the Company shall so certify to the Trustee with each such investment direction as referred to below. Such investments shall mature in such amounts and at such times as may be necessary to provide funds when needed to make payments from the applicable Fund. Net income or gain received and collected from such investments shall be credited and losses charged to (i) the Rebate Fund with respect to the investment of amounts held in the Rebate Fund, (ii) the Bond Fund with respect to the investment of amounts held in the Bond Fund, and (iii) the Earnings Fund relating to a Series of Bonds with respect to the investment of amounts held in the Earnings Fund or any other Fund.

Investment of Funds and Accounts. Section 6.01 Investment of Bond Fund, Project Fund, and Collateral Fund. Money in all funds or accounts including the Bond Fund, Project Fund, and Collateral Fund shall be invested and reinvested by the Trustee, and at all times held in Eligible Investments at the written direction of the Borrower as approved by the Issuer. In the absence of written direction of the Borrower, any moneys held under this Indenture shall be invested in the Wilmington Treasury Administrative Class CUSIP 00000X000. The Trustee shall have no discretion for investing funds or advising any parties on investing funds. Neither the Issuer nor the Trustee shall incur any liability in connection with any action as contemplated by this Section 6.01 so long as each acts in good faith, or, with respect to the Trustee, upon written instructions from an Authorized Borrower Representative or in accordance with this Indenture. The parties acknowledge that the Trustee is not providing investment supervision, recommendations or advice. At no time shall the Borrower direct that (a) Amounts in any fund or account established under this Loan and Trust Agreement may, if and to the extent then permitted by law, be invested only in Qualified Investments. For the purposes of this Section, investments shall be considered as maturing on the date on which they are redeemable without penalty at the option of the holder or the date on which the Trustee may require their repurchase pursuant to a repurchase agreement qualifying as a Qualified Investment. Any investment herein authorized is subject to the condition that no portion of the funds constituting gross proceeds derived from the sale of the Bonds shall be used, directly or indirectly, used in such any manner as to cause any Bond to be an “arbitrage bond” within the meaning would constitute failure of compliance with Section 148 of the CodeCode or (b) any funds be held other than in Eligible Investments. Investments of money in the Bond Fund, Project Fund, and the Collateral Fund shall mature or be redeemable at the times and in the amounts necessary to provide money to pay any amounts due on the Bonds as they become due on each Interest Payment Date or at stated maturity or on a Mandatory Tender Date. In particularaddition, unexpended Bond Proceeds transferred from investment of money in the Project Fund (shall mature or from be redeemable at the Earnings Fund with respect to amounts deposited therein from the Project Costs Account) to the Redemption Account pursuant to Section 3.03(d) may not be invested at a Yield (as defined times and in the Tax Regulatory Agreement) which is greater than the Yield on the Bonds. Such investments shall be made by the Trustee only at the written request of an Authorized Officer of the Company; and if such investment is to be in one or more certificates of deposit, then such written request shall include written assurance to the effect that such investment complies with the Tax Regulatory Agreement. Any investment hereunder shall be made in accordance with the Tax Regulatory Agreement, and the Company shall so certify to the Trustee with each such investment direction as referred to below. Such investments shall mature in such amounts and at such times as may be necessary to provide funds when needed to make anticipated payments from the applicable Project Fund. Net income or gain received and collected from such investments shall be credited and losses charged to (i) the Rebate Fund with respect to the Any investment of amounts held in the Rebate Fund, (ii) the Bond Fund with respect to the investment of amounts held in the Bond Fund, the Project Fund or the Collateral Fund that are not classified as Eligible Investments shall be invested in Governmental Obligations. The Trustee shall sell or redeem investments credited to the Bond Fund to produce sufficient money applicable hereunder to and (iii) at times required for the Earnings purposes of paying any amounts due on the Bonds, and shall do so without necessity for any order on behalf of the Issuer or the Borrower and without restriction by reason of any order. An investment made from money credited to an applicable fund or account shall constitute part of that respective fund or account. All investment earnings from amounts on deposit in the Project Fund relating and the Collateral Fund shall be credited to a Series and become part of Bonds the Bond Fund. All gains resulting from the sale of, or income from, any investment made from amounts on deposit in the Project Fund and the Collateral Fund shall be credited to and become part of the Bond Fund. Notwithstanding anything herein to the contrary, earnings received by the Trustee with respect to Governmental Obligations purchased for the investment purpose of amounts paying Bond Service Charges shall be held uninvested. Any investments may be purchased from or sold to the Trustee, or any bank, trust company or savings and loan association which is an affiliate or subsidiary of the Trustee; provided that all such investments must be Eligible Investments. The Trustee shall not be liable for losses on investments made in compliance with the provisions of this Indenture. If the Trustee is required to sell or otherwise dispose of any Eligible Investments prior to maturity at a price below par in connection with a mandatory tender prior to the Initial Mandatory Tender Date, the Borrower shall, at the Borrower’s expense, deliver to the Trustee (i) a Cash Flow Projection and (ii) Eligible Funds in the Earnings Fund amount set forth in such Cash Flow Projection, if any. Although each of the Issuer and the Borrower recognizes that it may obtain a broker confirmation or written statement containing comparable information at no additional cost, each of the Issuer and the Borrower hereby agrees that confirmations of Eligible Investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No statement need be rendered for any other Fundfund or account if no activity occurred in such fund or account during such month. The Trustee may conclusively rely upon the Borrower’s and Issuer’s written instructions as to both the suitability and legality of the directed investments.

Investment of Funds and Accounts. Section 6.01 Investment of Bond Fund, Project Fund, and Collateral Fund.‌ (a) Amounts Money in all funds or accounts including the Bond Fund, Project Fund, and Collateral Fund shall be invested and reinvested by the Trustee, and at all times held in Eligible Investments at the written direction of the Borrower as approved by the Issuer. In the absence of written direction of the Borrower, any moneys held under this Indenture shall be invested in (i) the [NAME OF MONEY MARKET FUND AVAILABLE TO TRUSTEE], or if such fund is unavailable, (ii) investments described in paragraph (b) of the definition of Eligible Investments. (b) At no time shall the Borrower direct that (a) any funds constituting gross proceeds of the Bonds be used in any fund manner as would constitute failure of compliance with Section 148 of the Code or account established under this Loan (b) any funds be held other than in Eligible Investments. (c) Investments of money in the Bond Fund, Project Fund, and Trust Agreement may, if and to the extent then permitted by law, Collateral Fund shall mature or be invested only in Qualified Investments. For the purposes of this Section, investments shall be considered as maturing on the date on which they are redeemable without penalty at the option of the holder or Trustee at the date times and in the amounts necessary to provide money to pay any amounts due on which the Trustee may require their repurchase pursuant to a repurchase agreement qualifying as a Qualified Investment. Any investment herein authorized is subject to the condition that no portion of the proceeds derived from the sale of the Bonds shall be used, directly as they become due on each Interest Payment Date or indirectly, in such manner as to cause any Bond to be an “arbitrage bond” within the meaning of Section 148 of the Codeat stated maturity or on a Mandatory Tender Date. In particularaddition, unexpended Bond Proceeds transferred from investment of money in the Project Fund (shall mature or from be redeemable at the Earnings Fund with respect to amounts deposited therein from option of the Project Costs Account) to Trustee at the Redemption Account pursuant to Section 3.03(d) may not be invested at a Yield (as defined times and in the Tax Regulatory Agreement) which is greater than the Yield on the Bonds. Such investments shall be made by the Trustee only at the written request of an Authorized Officer of the Company; and if such investment is to be in one or more certificates of deposit, then such written request shall include written assurance to the effect that such investment complies with the Tax Regulatory Agreement. Any investment hereunder shall be made in accordance with the Tax Regulatory Agreement, and the Company shall so certify to the Trustee with each such investment direction as referred to below. Such investments shall mature in such amounts and at such times as may be necessary to provide funds when needed to make anticipated payments from the applicable Project Fund. Net income or gain received and collected from such investments shall be credited and losses charged to (i) the Rebate Fund with respect to the Any investment of amounts held in the Rebate Fund, (ii) the Bond Fund with respect to the investment of amounts held in the Bond Fund, the Project Fund or the Collateral Fund that are not classified as Eligible Investments shall be invested in Governmental Obligations. (d) The Trustee shall sell or redeem investments credited to the Bond Fund to produce sufficient money applicable hereunder to and at times required for the purposes of paying any amounts due on the Bonds, and shall do so without necessity for any order on behalf of the Issuer or the Borrower and without restriction by reason of any order. An investment made from money credited to an applicable fund or account shall constitute part of that respective fund or account. All investment earnings from amounts on deposit in the Project Fund and the Collateral Fund shall be credited to and become part of the Bond Fund. All gains resulting from the sale of, or income from, any investment made from amounts on deposit in the Project Fund and the Collateral Fund shall be credited to and become part of the Bond Fund. Following the Closing Date, at the direction of the Borrower, the Trustee is permitted to purchase, sell or exchange Eligible Investments upon receipt of a Cash Flow Projection. Notwithstanding anything herein to the contrary, (iiii) earnings received by the Earnings Fund relating to a Series of Bonds Trustee with respect to Eligible Investments purchased for the investment purpose of amounts paying Bond Service Charges shall be held uninvested and (ii) Bond proceeds and the Initial Deposit to the Negative Arbitrage Account, if any, shall be held uninvested until the Trustee has purchased, sold or exchanged Eligible Investments. (e) Any investments may be purchased from or sold to the Trustee, or any bank, trust company or savings and loan association which is an affiliate or subsidiary of the Trustee; provided that all such investments must be Eligible Investments. The Trustee shall not be liable for losses on investments made in compliance with the provisions of this Indenture. If the Trustee is required to sell or otherwise dispose of any Eligible Investments prior to maturity at a price below par in connection with a mandatory tender prior to the applicable Mandatory Tender Date, the Borrower shall, at the Borrower’s expense, deliver to the Trustee (i) a Cash Flow Projection and (ii) Eligible Funds in the Earnings Fund amount set forth in such Cash Flow Projection, if any. (f) Although each of the Issuer and the Borrower recognizes that it may obtain a broker confirmation or written statement containing comparable information at no additional cost, each of the Issuer and the Borrower hereby agrees that confirmations of Eligible Investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No statement need be rendered for any other Fundfund or account if no activity occurred in such fund or account during such month. The Trustee may conclusively rely upon the Borrower’s and Issuer’s written instructions as to both the suitability and legality of the directed investments.

Investment of Funds and Accounts. (ai) Amounts in any fund Fund or account Account established under this Loan and Trust Agreement Indenture may, if and to the extent then permitted by law, be invested only in Qualified Investments. For the purposes of this Section, investments Investments provided that any Qualified Investment shall be considered as maturing on not have a maturity date greater than five (5) years from the date on which they are redeemable without penalty of the making of such investment unless such Qualified Investment may be put at par at any time at the option of the holder or the date on which the Trustee may require their repurchase pursuant to a repurchase agreement qualifying as a Qualified Investmentowner thereof. Any investment herein authorized is subject to the condition that no portion of the proceeds derived from the sale of the Bonds shall be used, directly or indirectly, in such manner as to cause any Bond to be an “arbitrage bond” within the meaning of Section 148 of the Code. In particular, unexpended Bond Proceeds proceeds transferred from the Project Fund (or from the Earnings Fund with respect to amounts deposited therein from the Project Costs AccountFund) to the Redemption Account of the Bond Fund pursuant to Section 3.03(d5.02(f) may not be invested at a Yield (as defined in the Tax Regulatory Agreement) which is greater than the Yield on the applicable Series of Bonds. Such investments shall be made by the Trustee only at the written request of an Authorized Officer Representative of the Company; and if such investment is to be in one or more certificates of deposit, investment agreements or guaranteed investment contracts, then such written request shall include written assurance to the effect that such investment complies with the Tax Regulatory Agreement. Any investment hereunder shall be made in accordance with the Tax Regulatory Agreement, and the Company shall so certify to the Trustee with each such investment direction as referred to below. Such investments shall mature in such amounts and at such times as may be necessary to provide funds when needed to make payments from the applicable Fund. Net income or gain received and collected from such investments shall be credited and losses charged to (i) the Rebate Fund with respect to the investment of amounts held in the Rebate Fund, (ii) the Bond Fund with respect to the investment of amounts held in the Bond Fund, and (iii) the Earnings Fund relating to a Series of Bonds with respect to the investment of amounts held in the Earnings Fund or any other Fund.