Common use of Investment of Moneys in Funds and Accounts Clause in Contracts

Investment of Moneys in Funds and Accounts. Subject to the provisions of Article V hereof, all moneys held by the Trustee in the Revenue Fund, Costs of Issuance Fund, the Redemption Account or the Rebate Fund, shall, at the written direction of the Successor Agency, be invested only in Permitted Investments. If the Trustee receives no written directions from the Successor Agency as to the investment of moneys held in any Fund or Account, the Trustee shall request such written direction from the Successor Agency and, pending receipt of instructions, shall invest such moneys solely in Permitted Investments described in subsection (b)(5) of the definition thereof. (a) Moneys in the Redevelopment Obligation Retirement Fund shall be invested by the Successor Agency only in obligations permitted by the Health and Safety Code which will by their terms mature not later than the date the Successor Agency estimates the moneys represented by the particular investment will be needed for withdrawal from the Redevelopment Obligation Retirement Fund. (b) Moneys in the Interest Account, the Principal Account, the Sinking Account and the Redemption Account of the Revenue Fund shall be invested by the Trustee only in obligations which will by their terms mature on such dates as to ensure that before each Interest Payment Date and Principal Payment Date, there will be in such account, from matured obligations and other moneys already in such account, cash equal to the interest and principal payable on such payment date. (c) Moneys in the Reserve Fund shall be invested by the Trustee in (i) obligations which will by their terms mature on or before the date of the final maturity of the Bonds or five (5) years from the date of investment, whichever is earlier or (ii) an Investment Agreement which permits withdrawals or deposits without penalty at such time as such moneys will be needed or to replenish the Reserve Fund. (d) Moneys in the Rebate Fund shall be invested in Defeasance Securities which mature on or before the date such amounts are required to be paid to the United States. Obligations purchased as an investment of moneys in any of the Funds or Accounts shall be deemed at all times to be a part of such respective Fund or Account and the interest accruing thereon and any gain realized from an investment shall be credited to such Fund or Account and any loss resulting from any authorized investment shall be charged to such Fund or Account without liability to the Trustee. The Successor Agency or the Trustee, as the case may be, shall sell or present for redemption any obligation purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment or transfer from such Fund or Account as required by this Indenture and shall incur no liability for any loss realized upon such a sale. All interest earnings received on any monies invested in the Interest Account, the Principal Account, the Sinking Account, the Redemption Account or the Reserve Fund, to the extent they exceed the amount required to be in such Account, shall be transferred on each Interest Payment Date to the Revenue Fund. All interest earnings on monies invested in the Rebate Fund shall be retained in such Fund and applied as set forth in the Tax Certificate. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Section 6.7. The Trustee shall not be responsible or liable for any loss suffered in connection with any investment of funds made by it in accordance with Section 6.7 hereof. The Successor Agency acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Successor Agency the right to receive brokerage confirmations of security transactions as they occur, the Successor Agency specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Successor Agency periodic cash transaction statements which include detail for all investment transactions made by the Trustee hereunder. The Trustee or any of its affiliates may act as sponsor, advisor or manager in connection with any investments made by the Trustee hereunder. The value of Permitted Investments shall be determined as follows: (i) as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times): the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination; (ii) as to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times: the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the Trustee in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service; (iii) as to certificates of deposit and bankers acceptances: the face amount thereof, plus accrued interest; and (iv) as to any investment not specified above: the value thereof established by prior agreement between the Successor Agency and the Trustee. If more than one provision of this definition of “value” shall apply at any time to any particular investment, the value thereof at such time shall be determined in accordance with the provision establishing the lowest value for such investment; provided, notwithstanding the foregoing, in making any valuations hereunder, the Trustee may utilize and conclusively rely upon such pricing services as may be regularly available to it, including, without limitation, those within its regular accounting system.

Investment of Moneys in Funds and Accounts. Subject All moneys in any of the funds and accounts established pursuant to the provisions of Article V hereofthis Indenture shall be invested by, all moneys held by the Trustee and in the Revenue Fund, Costs of Issuance Fundname of, the Redemption Account or the Rebate FundTrustee, shall, at upon the written direction of the Successor AgencyCorporation, be invested only solely in Permitted InvestmentsInvestment Securities. If The Trustee shall acquire such Investment Securities upon the Trustee receives no written direction of the Corporation at such prices and on such terms as directed by the Corporation. In the absence of written investment directions from the Successor Agency as to the investment of moneys held in any Fund or AccountCorporation, the Trustee shall request such written direction from the Successor Agency and, pending receipt of instructions, shall invest such moneys solely in Permitted Investments described Investment Securities set forth in subsection clause (b)(5d) of the definition thereof. (a) . All Investment Securities shall be acquired subject to the limitations set forth in Section 6.07, the limitations as to maturities hereinafter in this Section 5.08 set forth and such additional limitations or requirements consistent with the foregoing as may be established by Request of the Corporation. The Corporation shall not direct the Trustee to invest in anything other than Investment Securities. Moneys in all funds and accounts (other than the Redevelopment Obligation Retirement Fund Debt Service Reserve Account and the Rebate Fund) shall be invested by the Successor Agency only in obligations permitted by the Health and Safety Code which will by their terms mature Investment Securities maturing not later than the date the Successor Agency estimates the moneys represented on which it is estimated by the particular investment Corporation that such moneys will be needed required for withdrawal from the Redevelopment Obligation Retirement Fund. (b) purposes specified in this Indenture. Moneys in the Interest Account, the Principal Account, the Sinking Debt Service Reserve Account and the Redemption Account of the Revenue Fund shall be invested by the Trustee only in obligations which will by their terms mature on such dates as Investment Securities maturing prior to ensure that before each Interest Payment Date and Principal Payment Date, there will be in such account, from matured obligations and other moneys already in such account, cash equal to the interest and principal payable on such payment date. (c) Moneys in the Reserve Fund shall be invested by the Trustee in (i) obligations which will by their terms mature on or before the date of the final maturity of the Bonds or but in no event longer than five (5) years from the date of investmentinvestment therein; provided, whichever however, moneys in the Debt Service Reserve Account may be invested in Investment Securities with a nominal maturity date which is earlier greater than five (5) years as long as said Investment Securities by their terms allow the Trustee to obtain (at any time the Trustee is required to draw on the Debt Service Reserve Account hereunder) the corpus thereto at no less than the purchase price thereof without any loss in value. Investment Securities purchased under a repurchase agreement may be deemed to mature on the date or dates on which the Trustee may deliver such Investment Securities for repurchase under such agreement. All interest, profits and other income received from the investment of moneys in the Interest Account or the Debt Service Reserve Account shall be retained therein. All interest, profits and other income received from the investment of moneys in any other fund or account established pursuant to this Indenture (i) prior to completion of the Project (determined by the delivery of a Statement of the Corporation in accordance with Section 3.04(c)), shall be deposited when received in the Project Fund, and thereafter (ii) an Investment Agreement which permits withdrawals or deposits without penalty at such time as such moneys will be needed or to replenish the Reserve Fund. (d) Moneys in the Rebate Fund shall be invested in Defeasance Securities which mature on or before the date such amounts are required to be paid transferred when received to the United StatesRevenue Fund. Obligations purchased Notwithstanding anything to the contrary contained in this paragraph, an amount of interest received with respect to any Investment Security equal to the amount of accrued interest, if any, paid as part of the purchase price of such Investment Security shall be credited to the fund or account for the credit of which such Investment Security was acquired. Investment Securities acquired as an investment of moneys in any of the Funds fund or Accounts shall be deemed at all times to be a part of such respective Fund or Account and the interest accruing thereon and any gain realized from an investment account established under this Indenture shall be credited to such Fund fund or Account and account. The Trustee may commingle any loss resulting from any authorized of the funds or accounts established pursuant to this Indenture (other than the Rebate Fund) into a separate fund or funds for investment purposes only, provided that all funds or accounts held by the Trustee hereunder shall be charged to such Fund or Account without liability to the Trusteeaccounted for separately as required by this Indenture. The Successor Agency Trustee or any of its affiliates may act as principal or agent in the Trusteemaking or disposing of any investment. The Trustee may sell in any commercially reasonable manner, as the case may be, shall sell or present for redemption redemption, any obligation Investment Securities so purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment required payment, transfer, withdrawal or transfer disbursement from the fund or account to which such Fund Investment Security is credited, and, subject to the provisions of Section 8.03, the Trustee shall not be liable or Account as required by this Indenture and shall incur no liability responsible for any loss realized upon such a sale. All interest earnings received on resulting from any monies invested investment made in the Interest Account, the Principal Account, the Sinking Account, the Redemption Account or the Reserve Fund, to the extent they exceed the amount required to be in such Account, shall be transferred on each Interest Payment Date to the Revenue Fund. All interest earnings on monies invested in the Rebate Fund shall be retained in such Fund and applied as set forth in the Tax Certificate. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by accordance with provisions of this Section 6.75.08. The Trustee shall not be responsible or liable for any loss suffered in connection with entitled to assume, absent receipt by the Trustee of written notice to the contrary, that any investment which at the time of funds made by it in accordance with Section 6.7 hereofpurchase is an Investment Security remains an Investment Security. The Successor Agency acknowledges Authority and the Corporation (by their signing of the Loan Agreement) acknowledge that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Successor Agency Authority and the Corporation the right to receive brokerage confirmations of security transactions as they occur, at no additional cost, the Successor Agency Authority and the Corporation specifically waives waive receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Successor Agency Authority and the Corporation with periodic cash transaction account statements as provided herein which include detail for all investment transactions made by the Trustee hereunder. The Trustee or For the purpose of determining the amount in any of its affiliates may act as sponsorfund, advisor or manager in connection with any investments made all Investment Securities credited to such fund shall be valued at fair market value determined by the Trustee hereunder. The value based on accepted industry standards and from accepted industry providers (including as set forth in the last sentence of Permitted Investments shall be determined as follows: (iSection 5.06(b) as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or/or Section 5.10 hereof), if not there, then in The New York Times): the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination; (ii) as to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times: the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the Trustee in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service; (iii) as to certificates of deposit and bankers bankers’ acceptances: , the face amount thereof, thereof plus accrued interest; and (iv) as to any investment not specified above: the value thereof established by prior agreement between the Successor Agency and the Trustee. If more than one provision of this definition of “value” shall apply at any time to any particular investment, the value thereof at such time shall be determined in accordance with the provision establishing the lowest value for such investment; provided, notwithstanding the foregoing, in making any valuations hereunder, the Trustee may utilize and conclusively rely upon such pricing services as may be regularly available to it, including, without limitation, those within its regular accounting systeminterest thereon.

Investment of Moneys in Funds and Accounts. (a) Subject to the provisions of Article V Section 4.9 hereof, all moneys in any of the funds and accounts established pursuant to this Indenture and held by the Trustee in the Revenue Fund, Costs of Issuance Fund, the Redemption Account or the Rebate Fund, shall, at the written direction of the Successor Agency, be invested only in Permitted Investments. If the Trustee receives no written directions from the Successor Agency as to the investment of moneys held in any Fund or Account, the Trustee shall request such written direction from the Successor Agency and, pending receipt of instructions, shall invest such moneys solely in Permitted Investments described in subsection (b)(5) of the definition thereof. (a) Moneys in the Redevelopment Obligation Retirement Fund shall be invested by the Successor Agency only in obligations permitted by the Health and Safety Code which will by their terms mature not later than the date the Successor Agency estimates the moneys represented by the particular investment will be needed for withdrawal from the Redevelopment Obligation Retirement Fund. (b) Moneys in the Interest Account, the Principal Account, the Sinking Account and the Redemption Account of the Revenue Fund shall be invested by the Trustee as directed by the Authority in writing solely in Investment Securities. Investment Securities may be purchased at such prices determined by the Authority. The Authority shall direct such investment so that all Investment Securities shall be acquired subject to the limitations set forth in Section 5.8, the limitations as to maturities hereinafter in this Section set forth and such additional limitations or requirements consistent with the foregoing as may be established by Written Request of the Authority. Absent the direction of the Authority in the manner set forth above, the Trustee shall invest only in obligations which will by their terms Federal Securities. The foregoing provision of this Section 4.8(a) are subject to the limitation that all investments held in any fund or account hereunder shall mature on at such dates times (without reinvestment thereof or of investment income thereon) so as to ensure that before each Interest Payment Date and Principal Payment Dateassure the amounts necessary for the intended purpose of such fund or account. (b) All interest, there will be in such account, from matured obligations profits and other income received from the investment of moneys already in such account, cash equal any other fund or account established pursuant to this Indenture shall be credited to the interest fund or account for the credit of which such investment was acquired, provided that all interest, profits and principal payable on other revenues from the investment of the Project Fund shall be deposited to the Revenue Fund and used solely for the purposes set forth in Section 4.4(i) through (iv) and shall be applied to such payment datepurposes prior to any other revenues. (c) Moneys The Trustee may act as principal or agent in the Reserve Fund shall be invested by the Trustee in (i) obligations which will by their terms mature on making or before the date disposing of the final maturity of the Bonds or five (5) years from the date of investment, whichever is earlier or (ii) an Investment Agreement which permits withdrawals or deposits without penalty at such time as such moneys will be needed or to replenish the Reserve Fund. (d) Moneys in the Rebate Fund shall be invested in Defeasance Securities which mature on or before the date such amounts are required to be paid to the United States. Obligations purchased as an any investment of moneys in any of the Funds or Accounts shall be deemed at all times to be a part of such respective Fund or Account and the interest accruing thereon and any gain realized from an investment shall be credited to such Fund or Account and any loss resulting from any authorized investment shall be charged to such Fund or Account without liability to the Trusteemay impose its customary charges therefor. The Successor Agency or Trustee may sell at the Trusteebest price obtainable, as the case may be, shall sell or present for redemption redemption, any obligation Investment Securities so purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment required payment, transfer, withdrawal or transfer disbursement from the fund or account to which such Fund or Account as required by this Indenture Investment Security is credited, and shall incur no liability for any loss realized upon such a sale. All interest earnings received on any monies invested in the Interest Account, the Principal Account, the Sinking Account, the Redemption Account or the Reserve Fund, to the extent they exceed the amount required to be in such Account, shall be transferred on each Interest Payment Date to the Revenue Fund. All interest earnings on monies invested in the Rebate Fund shall be retained in such Fund and applied as set forth in the Tax Certificate. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Section 6.7. The Trustee shall not be liable or responsible or liable for any loss suffered in connection with resulting from any investment of funds made by it in accordance with Section 6.7 hereof. The Successor Agency acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Successor Agency the right to receive brokerage confirmations of security transactions as they occur, the Successor Agency specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Successor Agency periodic cash transaction statements which include detail for all investment transactions made by the Trustee hereunder. The Trustee or any of its affiliates may act as sponsor, advisor or manager in connection with any investments made by the Trustee hereunder. The value of Permitted Investments shall be determined as follows: (i) as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times): the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination; (ii) as to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times: the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the Trustee in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service; (iii) as to certificates of deposit and bankers acceptances: the face amount thereof, plus accrued interest; and (iv) as to any investment not specified above: the value thereof established by prior agreement between the Successor Agency and the Trustee. If more than one provision of this definition of “value” shall apply at any time to any particular investment, the value thereof at such time shall be determined in accordance with the provision establishing the lowest value for such investment; provided, notwithstanding the foregoing, in making any valuations hereunder, the Trustee may utilize and conclusively rely upon such pricing services as may be regularly available to it, including, without limitation, those within its regular accounting systemSection.

Investment of Moneys in Funds and Accounts. Subject All moneys in any of the funds and accounts established pursuant to this Indenture shall, upon Request of the Authority provided at least two (2) Business Days prior to the provisions date of Article V hereof, all moneys held by the Trustee in the Revenue Fund, Costs of Issuance Fund, the Redemption Account or the Rebate Fund, shall, at the written direction of the Successor Agencyinvestment, be invested only by the Trustee, but solely in Permitted Investments. If In the Trustee receives no written directions from absence of such Request of the Successor Agency as to the investment of moneys held in any Fund or AccountAuthority, the Trustee shall request such written direction from the Successor Agency and, pending receipt of instructions, shall invest such available moneys solely in Permitted Investments investments described in subsection paragraph (b)(5h) of the definition thereof. (a) of Permitted Investments. In the absence of any such directions from the Authority, the Trustee shall hold such funds uninvested pending the receipt of written investment instructions. All Permitted Investments shall be acquired subject to the limitations as to maturities hereinafter set forth in this Section 5.07 and such additional limitations or requirements consistent with the foregoing as may be established by Request of the Authority. Moneys in the Redevelopment Obligation Retirement Fund remaining funds and accounts shall be invested by the Successor Agency only in obligations permitted by the Health and Safety Code which will by their terms mature Permitted Investments maturing not later than the date the Successor Agency estimates the moneys represented by the particular investment will be needed for withdrawal from the Redevelopment Obligation Retirement Fund. (b) Moneys in the Interest Account, the Principal Account, the Sinking Account and the Redemption Account of the Revenue Fund shall be invested by the Trustee only in obligations on which will by their terms mature on such dates as to ensure it is estimated that before each Interest Payment Date and Principal Payment Date, there will be in such account, from matured obligations and other moneys already in such account, cash equal to the interest and principal payable on such payment date. (c) Moneys in the Reserve Fund shall be invested by the Trustee in (i) obligations which will by their terms mature on or before the date of the final maturity of the Bonds or five (5) years from the date of investment, whichever is earlier or (ii) an Investment Agreement which permits withdrawals or deposits without penalty at such time as such moneys will be needed or to replenish required by the Reserve Fund. (d) Moneys in Trustee. All interest, profits and other income received from the Rebate Fund shall be invested in Defeasance Securities which mature on or before the date such amounts are required to be paid to the United States. Obligations purchased as an investment of moneys in any other fund or account established pursuant to this Indenture shall be deposited when received in the Bond Fund. Notwithstanding anything to the contrary contained in this paragraph, an amount of interest received with respect to any Permitted Investment equal to the amount of accrued interest, if any, paid as part of the Funds or Accounts shall be deemed at all times to be a part purchase price of such respective Fund or Account and the interest accruing thereon and any gain realized from an investment Permitted Investment shall be credited to the fund or account for the credit of which such Fund Permitted Investment was acquired. The Trustee may commingle any of the funds or Account and any loss resulting from any authorized accounts established pursuant to this Indenture into a separate fund or funds for investment purposes only, provided that all funds or accounts held by the Trustee hereunder shall be charged to such Fund or Account without liability to the Trusteeaccounted for separately as required by this Indenture. The Successor Agency Trustee may act as principal or agent in the Trusteemaking or disposing of any investment. The Trustee may sell, as the case may be, shall sell or present for redemption redemption, any obligation Permitted Investments so purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment required payment, transfer, withdrawal or transfer disbursement from the fund or account to which such Fund or Account as required by this Indenture and shall incur no liability for any loss realized upon such a sale. All interest earnings received on any monies invested in Permitted Investment is credited, and, subject to the Interest Accountprovisions of Section 9.03, the Principal Account, the Sinking Account, the Redemption Account or the Reserve Fund, to the extent they exceed the amount required to be in such Account, shall be transferred on each Interest Payment Date to the Revenue Fund. All interest earnings on monies invested in the Rebate Fund shall be retained in such Fund and applied as set forth in the Tax Certificate. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Section 6.7. The Trustee shall not be liable or responsible or liable for any loss suffered in connection with of any investment of funds made by it in accordance with Section 6.7 hereofkind resulting from any such investment. The Successor Agency parties acknowledge that the Trustee is not providing investment supervision, recommendations or advice. The Authority acknowledges that that, to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant grants the Successor Agency Authority the right to receive brokerage confirmations of security transactions as they occur, the Successor Agency Authority specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Successor Agency Authority periodic cash transaction statements which include detail for all investment transactions made by the Trustee hereunder. The Trustee may make any investments hereunder through its own bond or investment department or trust investment department, or those of its parent or any affiliate. The Trustee or any of its affiliates may act as sponsor, advisor or manager in connection with any investments made by the Trustee hereunder. The value of Permitted Investments shall be determined as follows: (i) as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times): the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination; (ii) as to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times: the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the Trustee in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service; (iii) as to certificates of deposit and bankers acceptances: the face amount thereof, plus accrued interest; and (iv) as to any investment not specified above: the value thereof established by prior agreement between the Successor Agency and the Trustee. If more than one provision of this definition of “value” shall apply at any time to any particular investment, the value thereof at such time shall be determined in accordance with the provision establishing the lowest value for such investment; provided, notwithstanding the foregoing, in making any valuations hereunder, the Trustee may utilize and conclusively rely upon such pricing services as may be regularly available to it, including, without limitation, those within its regular accounting system.

Investment of Moneys in Funds and Accounts. Subject to the provisions of Article V hereof, all All moneys held by the Trustee in the Revenue Fund, Costs of Issuance Fund, the Redemption Account or the Rebate Fund, shall, at the written direction any of the Successor Agencyfunds and accounts or subaccounts thereof established pursuant to this Indenture, be invested only in Permitted Investments. If the Trustee receives no written directions from the Successor Agency as to the investment of moneys held in any Fund or Account, the Trustee shall request such written direction from the Successor Agency and, pending receipt of instructions, shall invest such moneys solely in Permitted Investments described in subsection (b)(5) of the definition thereof. (a) Moneys in the Redevelopment Obligation Retirement Fund shall be invested by the Successor Agency only in obligations permitted by the Health and Safety Code which will by their terms mature not later than the date the Successor Agency estimates the moneys represented by the particular investment will be needed for withdrawal from the Redevelopment Obligation Retirement Fund. (b) Moneys in the Interest Account, the Principal Account, the Sinking Account and the Redemption Account of the Revenue Fund shall be invested by the Trustee only in obligations which will by their terms mature on such dates as to ensure that before each Interest Payment Date and Principal Payment Date, there will be solely in such accountEligible Securities as are specified in a Request of the Corporation, from matured obligations and other moneys already in provided, however, that, if the Corporation does not file such accounta Request with the Trustee, cash equal the Trustee shall invest to the interest and principal payable on extent practicable in investments described in clause (7) of the definition of the term “Eligible Securities” in Section 1.01 of this Indenture; provided, however, that any such payment date. (c) Moneys in the Reserve Fund investment shall be invested made by the Trustee in (i) obligations which will by their terms mature on or before only if, prior to the date on which such investment is to be made, the Trustee shall have received a Request of the final maturity Corporation specifying a specific money market fund and, if no such Request of the Bonds or five (5) years Corporation is so received, the Trustee shall hold such moneys uninvested. All interest, profits and other income received from the date investment of investment, whichever is earlier or (ii) an Investment Agreement which permits withdrawals or deposits without penalty at such time as such moneys will shall be needed or to replenish the Reserve Fund. (d) Moneys deposited in the Rebate Fund shall be invested in Defeasance Securities which mature on or before Revenue Fund; provided that interest, profits and other income received from the date such amounts are required to be paid to the United States. Obligations purchased as an investment of moneys in any each of the Funds or Accounts Capitalized Interest Account and the Project Fund shall be deemed retained therein. Investments in any and all funds and accounts established pursuant to this Indenture may be commingled for purposes of making, holding and disposing of investments, notwithstanding provisions herein for transfer to or holding in a particular fund amounts received or held by the Trustee hereunder, provided that the Trustee shall at all times account for such investments strictly in accordance with the particular funds to be a part which they are credited and otherwise as provided in this Indenture. The Trustee may act as principal or agent in the making or disposing of any investment. To the extent Eligible Securities are registrable, such respective Fund or Account and the interest accruing thereon and any gain realized from an investment investments shall be credited to such Fund or Account and any loss resulting from any authorized investment shall be charged to such Fund or Account without liability to registered in the name of the Trustee. The Successor Agency or the Trustee, as the case Trustee may be, shall sell or present for redemption redemption, any obligation securities so purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment required payment, transfer, withdrawal or transfer disbursement from the fund or account to which such Fund securities are credited, and the Trustee shall not be liable or Account as required by this Indenture and shall incur no liability responsible for any loss realized upon resulting from such a saleinvestment. All interest earnings received on The Trustee is hereby authorized, in making or disposing of any monies invested in the Interest Account, the Principal Account, the Sinking Account, the Redemption Account or the Reserve Fundinvestment permitted by this Section, to deal with itself (in its individual capacity) or with any one or more of its affiliates, whether it or such affiliate is acting as an agent of the extent they exceed the amount required to Trustee or for any third person or dealing as principal for its own account. No float forward or forward purchase agreement or other arrangement, agreement or financial product may be utilized in such Account, shall be transferred on each Interest Payment Date to connection with the Revenue Fund. All interest earnings on monies invested in the Rebate Fund shall be retained in such Fund and applied as set forth in the Tax Certificate. The Trustee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Section 6.7. The Trustee shall not be responsible or liable for any loss suffered in connection with any investment of funds made by it in accordance with Section 6.7 hereof. The Successor Agency Corporation acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Successor Agency Corporation the right to receive brokerage confirmations of security transactions as they occur, the Successor Agency Corporation specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Successor Agency Corporation periodic cash transaction statements which include detail for all investment transactions made by the Trustee hereunder. The Trustee or any of its affiliates may act as sponsor, advisor or manager in connection with any investments made by the Trustee hereunder. The value of Permitted Investments shall be determined as follows: (i) as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times): the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination; (ii) as to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times: the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the Trustee in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service; (iii) as to certificates of deposit and bankers acceptances: the face amount thereof, plus accrued interest; and (iv) as to any investment not specified above: the value thereof established by prior agreement between the Successor Agency and the Trustee. If more than one provision of this definition of “value” shall apply at any time to any particular investment, the value thereof at such time shall be determined in accordance with the provision establishing the lowest value for such investment; provided, notwithstanding the foregoing, in making any valuations hereunder, the Trustee may utilize and conclusively rely upon such pricing services as may be regularly available to it, including, without limitation, those within its regular accounting system.

Investment of Moneys in Funds and Accounts. Subject to the provisions of Article V hereof, all moneys held by the Trustee in the Revenue Fund, Costs of Issuance Fund, the Redemption Account or the Rebate Fund, shall, at Upon the written direction of the Successor Agency, be invested only in Permitted Investments. If received by the Trustee receives no written directions from the Successor Agency as at least two (2) Business Days prior to the investment of such investment, moneys held in any Fund or Account, the Trustee shall request such written direction from the Successor Agency and, pending receipt of instructions, shall invest such moneys solely in Permitted Investments described in subsection (b)(5) of the definition thereof. (a) Moneys in the Redevelopment Obligation Retirement Fund shall be invested by the Successor Agency only in obligations permitted by the Health and Safety Code which will by their terms mature not later than the date the Successor Agency estimates the moneys represented by the particular investment will be needed for withdrawal from the Redevelopment Obligation Retirement Debt Service Fund. (b) Moneys in , the Interest Account, the Principal Account, any Sinking Account, the Sinking Account and Expense Fund, the Redemption Account of the Revenue Rebate Fund shall be invested by the Trustee only in obligations which will by their terms mature on such dates as to ensure that before each Interest Payment Date and Principal Payment Date, there will be in such account, from matured obligations and other moneys already in such account, cash equal to the interest and principal payable on such payment date. (c) Moneys in or the Reserve Fund Account shall be invested by the Trustee in (i) obligations which will by their terms mature on or before Authorized Investments. In the date absence of such instructions the final maturity of Trustee shall invest in the Bonds or five investments described in paragraph (5) of the definition of Authorized Investments, except as otherwise provided in this Section. The obligations in which moneys in the Debt Service Fund, the Interest Account, the Principal Account or any Sinking Account are so invested shall mature prior to the date on which such moneys are estimated to be required to be paid out hereunder. The obligations in which moneys in the Reserve Account are so invested shall be invested in obligations maturing no more than five years from the date of investmentpurchase by the Trustee or on the final maturity date of the Bonds, whichever date is earlier earlier; provided, however, that if an obligation may be redeemed at par on the business day prior to each Interest Payment Date during which such obligation is outstanding, such obligation may have any maturity. The Trustee shall determine the value of Reserve Account investments semiannually (and monthly from the date of any deficiency until such deficiency is cured). Any interest, income or profits from the deposits or investments of all funds (iiexcept the Revenue Fund, Redevelopment Fund, Expense Fund and Rebate Fund) an Investment Agreement which permits withdrawals or deposits without penalty at such time as such moneys will and accounts shall be needed or to replenish the Reserve Fund. (d) Moneys deposited in the Debt Service Fund. All earnings on amounts in the Revenue Fund, Expense Fund, Redevelopment Fund and Rebate Fund shall remain in such funds. For purposes of determining the amount on deposit in any fund or account held hereunder, all Authorized Investments credited to such fund or account shall be invested valued at the cost thereof (excluding accrued interest and brokerage agencies, if any). Except as otherwise provided in Defeasance Securities which mature on or before the date such amounts are required to be paid to the United States. Obligations purchased as this Section, Authorized Investments representing an investment of moneys in attributable to any of the Funds fund or Accounts account and all investment profits or losses thereon shall be deemed at all times to be a part of such respective said fund or account. Amounts deposited in the Revenue Fund or Account and the interest accruing thereon and Redevelopment Fund may be invested in any gain realized from an investment shall be credited to such Fund or Account and any loss resulting from any authorized investment shall be charged to such Fund or Account without liability to the Trusteepermitted by law for Agency funds. The Successor Agency Trustee or the Trustee, any of its affiliates may act as the case may be, shall sell principal or present for redemption any obligation purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment or transfer from such Fund or Account as required by this Indenture and shall incur no liability for any loss realized upon such a sale. All interest earnings received on any monies invested agent in the Interest Account, the Principal Account, the Sinking Account, the Redemption Account acquisition or the Reserve Fund, to the extent they exceed the amount required to be in such Account, shall be transferred on each Interest Payment Date to the Revenue Fund. All interest earnings on monies invested in the Rebate Fund shall be retained in such Fund and applied as set forth in the Tax Certificatedisposition of investments hereunder. The Trustee may purchase commingle moneys in any of the funds or sell to itself or any affiliate, as principal or agent, investments authorized by this Section 6.7accounts created hereunder for purposes of investment. The Trustee may conclusively rely on the instructions of the Agency that the Authorized Investment is a legal investment under the laws of the State of California for such purposes. Absent negligence, bad faith or willful misconduct by the Trustee, the Trustee shall not be responsible or liable for any loss suffered in connection with any investment of funds made by it in accordance with Section 6.7 hereofthis Section. The Successor Agency acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Successor Agency the right to receive brokerage confirmations of security transactions as they occur, the Successor Agency specifically waives receipt of will not receive such confirmations from the Trustee to the extent permitted by law. The Trustee will furnish the Successor Agency periodic cash transaction statements which shall include detail for all investment transactions made by the Trustee hereunder. The Trustee or any of its affiliates may act as sponsor, advisor or manager in connection with any investments made by the Trustee hereunder. The value of Permitted Investments shall be determined as follows: (i) as to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times): the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination; (ii) as to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times: the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the Trustee in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service; (iii) as to certificates of deposit and bankers acceptances: the face amount thereof, plus accrued interest; and (iv) as to any investment not specified above: the value thereof established by prior agreement between the Successor Agency and the Trustee. If more than one provision of this definition of “value” shall apply at any time to any particular investment, the value thereof at such time shall be determined in accordance with the provision establishing the lowest value for such investment; provided, notwithstanding the foregoing, in making any valuations hereunder, the Trustee may utilize and conclusively rely upon such pricing services as may be regularly available to it, including, without limitation, those within its regular accounting system.