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• <br /> 8 <br /> NOW, THEREFORE, in consideration of the mutual undertakings, promises and <br /> agreements herein contained, the sufficiency of which hereby are acknowledged, and to secure <br /> the full and timely payment of principal of and the interest on the Refunded Bonds,the City and <br /> the Escrow Agent mutually undertake, promise and agree for themselves and their respective <br /> representatives and successors, as follows: <br /> • Article 1. Definitions <br /> Section 1.1. Definitions. <br /> Unless the context clearly indicates otherwise, the following terms shall have the <br /> meanings assigned to them below when they are used in this Agreement: <br /> Escrow Fund means the fund created by this Agreement to be established, held and <br /> administered by the Escrow Agent pursuant to the provisions of this Agreement. <br /> • Escrowed Securities mean. the noncallable Government Obligations described in <br /> Exhibit D attached to this Agreement, or cash or other noncallable obligations substituted <br /> therefor pursuant to Section 4.2 of this Agreement. <br /> • <br /> Government Obligations mean direct, noncallable (a)United States Treasury <br /> Obligations, (b)United States Treasury Obligations - State and Local Government Series, <br /> (c)non-prepayable obligations which are unconditionally guaranteed as to full and timely <br /> payment of principal and interest by the 'United States of America or (d)REFCORP debt <br /> obligations unconditionally guaranteed by the United States. <br /> Paying Agent means the fiscal agency of the State of Washington, as the paying agent for <br /> the Refunded Bonds. <br /> Section 1.2. Other Definitions. <br /> The terms"Agreement," "City,""Escrow Agent,""Bond Ordinance,""Refunded Bonds," <br /> and "Bonds" when they are used in this Agreement, shall have the meanings assigned to them in <br /> the preamble to this Agreement. <br /> Section.1.3. Interpretations. <br /> • The titles and headings of the articles and sections of this Agreement have been inserted <br /> for convenience and reference only and are not to be considered a part hereof and shall not in any <br /> way modify or restrict the terms hereof. This Agreement and all of the terms and provisions <br /> hereof shall be liberally construed to effectuate the purposes set forth herein and to achieve the <br /> intended purpose of providing for the refunding of the Refunded Bonds in accordance with <br /> applicable law. <br /> 54-2 P:120287_CMW120287_9RC 5/4/2012 <br />