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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />subscriptions therefor dated <br /> <br />, 1986 by payment of <br /> <br />said principal amount to the Federal Reserve Bank at Los <br /> <br />Angeles, California (and for which the Escrow Bank will receive <br /> <br />entry credit from the Federal Reserve Bank and will credit the <br /> <br />SLGS to the Escrow Fund. <br /> <br />Section 4. <br /> <br />The Escrow Bank shall withdraw moneys in the <br /> <br />Refunded Bond Fund in sufficient amounts and times to permit <br /> <br />the fiscal agent for the Refunded Bonds to make the payment <br /> <br />without default of the interest on and principal of the <br /> <br />Refunded Bonds and to pay the redemption price on June 1, <br /> <br />1994. <br /> <br />After redemption, the Escrow Bank shall distribute to <br /> <br />the Agency, to be used for any lawful purpose, such moneys in <br /> <br />the Refunded Bond Fund not needed in said Fund to pay the <br /> <br />interest and redemption price on the Refunded Bonds, <br /> <br />Section 5. <br /> <br />The escrow created hereby shall be irrevocable <br /> <br />and the holders of the Refunded Bonds shall have an express <br /> <br />lien on all moneys in trust in the Refunded Bond Fund until <br /> <br />paid out, used or applied in accordance with this Agreement. <br /> <br />Section 6, <br /> <br />The Agency may, at any time, direct the Escrow <br /> <br />Bank in writing to sell any or all of the SLGs held in the <br /> <br />Escrow Fund and to purchase with the proceeds of such sale <br /> <br />other securities, provided that: <br /> <br />(a) <br /> <br />Such direction shall: <br /> <br />(1 ) <br /> <br />Specify the securities to be sold and the <br /> <br />price or prices at which they shall be sold; <br /> <br />05-12-86 <br />1677k/2281/06 <br /> <br />-4- <br />