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" Moody's" means Moody's Investors Service, Inc., a corporation organized and <br />existing under the laws of the state of Delaware, and its successors and assigns, and, if such <br />entity shall for any reason no longer perform the functions of a securities rating agency, <br />" Moody's" shall be deemed to refer to any other nationally recognized securities rating agency <br />(other than S &P) designated by the Authority. <br />"Nominee" means the nominee of the Depository, which may be the Depository, <br />as determined from time to time pursuant to Section 2.09 hereof. <br />"Outstanding," when used as of any particular time with reference to Bonds, <br />means (subject to the provisions of Section 9.02) all Bonds theretofore or thereupon executed by <br />the Authority and authenticated and delivered by the Trustee pursuant hereto, except -- <br />(1) Bonds theretofore cancelled by the Trustee or surrendered to the Trustee <br />for cancellation; <br />11.01 hereof; <br />(2) Bonds paid or deemed to have been paid within the meaning of Section <br />(3) Bonds beneficially owned by the City or the Authority; and <br />(4) Bonds in lieu of or in substitution for which other Bonds shall have been <br />executed by the Authority and authenticated and delivered pursuant hereto. <br />"Owner" means any person who shall be the registered owner of any Outstanding <br />Bond, as shown on the registration books required to be maintained by the Trustee pursuant to <br />Section 2.05 hereof. <br />"Participants" means those broker dealers, banks and other financial institutions <br />from time to time for which the Depository holds Book Entry Bonds as securities depository. <br />"Participating Underwriter" has the meaning ascribed thereto in the Continuing <br />Disclosure Certificate. <br />"Payment Fund" means the fund by that name established under Section 5.01(b) <br />hereof. <br />"Permitted Investments" means any of the following to the extent then <br />permitted by law and Section 6.05 hereof: <br />(1) Cash deposits (insured at all times by the Federal Deposit Insurance <br />Corporation or otherwise collateralized with obligations described in the next paragraph). <br />(2) Direct obligations of (including obligations issued or held in book entry <br />form on the books of the Department of Treasury) the United States of America. In the event <br />these securities are used for defeasance, they shall be non - callable and non - prepayable. <br />55394.00011 \8754149.4 7 <br />