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required payment therefrom, or until sufficient moneys are <br /> accumulated to permit the reinvestment thereof . <br /> (e) To the extent obligations meeting the requirements <br /> of (a) , (b) and (c) of this Section are not available, such <br /> proceeds shall be held uninvested in the escrow account, provided <br /> that the Refunding Agent ' s Internal rate of return is not greater <br /> than 0%, or in cash. <br /> For purposes of this Section, "yield" means that discount <br /> rate which, when computing the present worth of all payments of <br /> principal and interest to be paid on the obligations, produce an <br /> amount equal to the purchase price thereof (which shall be a <br /> market price) , with such calculations based upon a 360-day year <br /> and semiannual compounding. <br /> The proceeds (principal and interest) and reinvestment <br /> proceeds of any Zeros which are not needed within five (5) busi- <br /> ness days of the receipt thereof to make any required payment as <br /> described in Section 2 of this Agreement shall be reinvested by <br /> the Refunding Trustee on the date of receipt for the benefit of <br /> the City and the holders and owners of the Refunded 1988 Bonds, <br /> as follows : <br /> (a) Such proceeds and reinvestment proceeds shall be <br /> reinvested only in direct noncallable obligations of the United <br /> States purchased at prevailing market prices and for which there <br /> is an established market or in United States Treasury Certifi- <br /> cates, Notes and Bonds--State and Local Government Series . <br /> B-9 Fwwoo3.00c svosm <br />