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Assignment Agreement The term "Assignment Agreement" means the Assignment Agreement, dated as of March 1, 1994, between the Authority and the Trustee, as originally executed and as it may from time to time be amended or supplemented. Authority The term "Authority" means the Santa Ma Financing Authority, a joint powers authority duly created and lawfully existing under the Constitution and laws of the State. Authorized Denominations The term "Authorized Denominations" means, with respect to Current Interest Bonds, $5,000 and any integral multiple of$5,000 and, with respect to Capital Appreciation Bonds, $5,000 maturity amount, being denominations of initial principal amount, (as set forth in Section 2.02 hereof for 1994 Bonds) for Capital Appreciation Bonds of the corresponding maturity, or any integral multiple thereof. Authority Fiscal Year The term "Authority Fiscal Year" means the fiscal year of the Authority which, as of the date hereof, is the period from July 1 to and including the following June 30. Beneficial Owner The term "Beneficial Owner" means, whenever used with respect to a Bond, the person whose name is recorded as the beneficial owner of such Bond, or a portion of such Bond, by a Participant on the records of such Participant or such person's subrogee. Bond Obligation The term "Bond Obligation" means, as of any given date of calculation, (1) with respect to any Outstanding Current Interest Bond, the principal amount of such Bond, and (2) with respect to any Outstanding Capital Appreciation Bond, the Accreted Value thereof as of the January 1 or July 1 next preceding such date of calculation (unless such date of calculation is a January 1 or July 1, in which case as of such date). Bond Insurance Policy The term "Bond Insurance Policy" means the municipal bond insurance policy issued by the applicable Bond Insurer and guaranteeing, in whole or in part, the payment of principal of and interest on a Series of Bonds. cn1-6322i.5 5