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event that the issuer and/or the conduit borrower encounter financial difficulties. Any pledge to a guarantor of such obligations is an indirect pledge to secure the payment of principal or interest on such obligations. An amount is also treated as pledged to pay principal or interest on such obligations if such amount is held under an agreement to maintain the amount at a particular level for the direct or indirect benefit of the holders or a guarantor of the obligations. Such amount will not be treated as pledged if (i) the issuer or the conduit borrower or a substantial beneficiary of such obligations may grant rights in the amount that are superior to the rights of the holders of the obligations, or (ii) the amount is not in excess of the purpose for which it was established, the required level is tested no more frequently than every six months, and the amount may be spent without any substantial restriction other than a requirement to replenish the amount by the next testing date. Project means the acquisition, installation, and construction of a police administration and holding facility located on an eight acre parcel. The Project encompasses 496,700 square feet and consists of four elements: (i) Police Administration - a 232,500 square foot four-story building housing all operational and administrative functions of the City's Police Department sized to provide department expansion through the year 2050; (ii) Holding Facility - a 169,000 square foot building consisting of four stories and a partial basement with 256 fully equipped cells that can house up to 420 detainees; (iii) Parking Garage - a 94,300 square foot two-story structure with basement that will provide 227 parking spaces for police vehicles and 24 spaces for police motorcycles and also includes a two-tier firing range comprised of 12 shooting bays; and (iv) Transfer Tunnel - a 900 foot structure linking the Santa Ana Holding Facility with the Orange County Intake and Release Center that will facilitate the transfer of inmates between the two detention facilities. Reasonably Required Reserve or Replacement Fund means, as set forth in Treasury Regulations Section 1.148-2(f), amounts that (i) are acting as a reasonably required reserve for an issue of obligations; and (ii) are Gross Proceeds not in excess of the least of (A) 10 percent of the stated principal amount of the issue, (B) the maximum annual principal and interest requirements on the issue, or (C) 125 percent of the average annual principal and interest requirements on the issue. For these purposes, if an issue of obligations has more than a De Minimis Amount of original issue discount or premium, then the issue price of the issue (net of pre-issuance accrued interest) is used to measure the 10 percent limitation in lieu of its stated principal amount. Rebate Requirement means the amount of rebatable arbitrage earned with respect to Gross Proceeds which do not qualify for an exception from the requirements of Section 148(f)(2) of the Code as described in Section 5.5 of this Tax Certificate, computed as of the last day of any Bond Year pursuant to Treasury Regulations Section 1 .148-3. Related Person means: (i) Any organization having common management and control with an organization described in Section 501(c)(3) of the Code. This would include any other LA1-69477.4 4