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• <br /> (a) Such proceeds and reinvestment proceeds shall be reinvested only in direct <br /> noncallable obligations of the United States purchased at prevailing market prices and for which <br /> there is an established market or in United States Treasury Certificates, Notes and Bonds--State <br /> and Local Government Series. <br /> (b) Such proceeds and reinvestment proceeds shall be reinvested at a yield not <br /> in excess of zero percent (0%). <br /> (c) The obligations in which such proceeds are reinvested shall mature not <br /> later than the date the principal thereof and interest thereon are needed to make any required <br /> payment as described in Section 2 of this Agreement and as shown in the then applicable certified <br /> public accountant escrow verification. <br /> (d) If such proceeds, together with other moneys on hand in the 1993 Advance <br /> Refunding Fund, are insufficient to reinvest in the smallest denomination of such obligations or <br /> are required sooner than the shortest maturity of such obligations, such proceeds shall be <br /> converted to cash and retained in the trust in the 1993 Advance Refunding Fund until needed to <br /> make a required payment therefrom, or until sufficient moneys are accumulated to permit the <br /> reinvestment thereof. <br /> (e) To the extent obligations meeting the requirements of(a), (b) and (c) of <br /> this Section are not available, such proceeds shall be held uninvested in the escrow account, <br /> provided that the Refunding Agent's Internal rate of return is not greater than 0%, or in cash. <br /> For purposes of this Section, "yield" means that discount rate which, when computing the <br /> present worth of all payments of principal and interest to be paid on the obligations, produce an <br /> amount equal to the purchase price thereof(which shall be a market price), with such calculations <br /> based upon a 360-day year and semiannual compounding. <br /> The proceeds (principal and interest) and reinvestment proceeds of any Zeros which are <br /> not needed within five (5) business days of the receipt thereof to make any required payment as <br /> described in Section 2 of this Agreement shall be reinvested by the Refunding Trustee on the date <br /> A-6 FWW04E DOC 93/10126 <br />