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-13- <br />"Redemption Account" means the account by that name established and held by the <br />Trustee pursuant to Section 4.03(e). <br />“Redevelopment Obligation Retirement Fund” means the fund established and held by <br />the Successor Agency pursuant to Section 34170.5(a) of the California Health and Safety Code. <br />“Redevelopment Property Tax Trust Fund”means the fund established pursuant to <br />Section 34170.5(b) of the California Health and Safety Code and administered by the Alameda <br />County Auditor–Controller. <br />"Registration Books" means the records maintained by the Trustee pursuant to Section <br />2.08 for the registration and transfer of ownership of the Bonds. <br />“Refunding Law” means Article 11 (commencing with Section 53580) of Chapter 3 of <br />Part 1 of Division 2 of Title 5 of the Government Code of the State, and the acts amendatory <br />thereof and supplemented thereto. <br />"Report" means a document in writing signed by an Independent Redevelopment <br />Consultant and including: <br />(a) a statement that the person or firm making or giving such Report has read <br />the pertinent provisions of this Indenture to which such Report relates; <br />(b) a brief statement as to the nature and scope of the examination or <br />investigation upon which the Report is based; and <br />(c) a statement that, in the opinion of such person or firm, sufficient examination <br />or investigation was made as is necessary to enable said consultant to express an <br />informed opinion with respect to the subject matter referred to in the Report. <br />"Reserve Account" means the account by that name established and held by the Trustee <br />pursuant to Section 4.03(d). <br />“Reserve Requirement” means, with respect to the 2014 Bonds and any Parity Debt <br />issued as Bonds pursuant to a Supplemental Indenture,the lesser of (i) 125% of the average <br />Annual Debt Servicewith respect to the 2014 Bonds andParity Debt, as applicableor (iii) <br />Maximum Annual Debt Servicewith respect to the 2014 Bonds Parity Debt, as applicable; <br />provided, that in no event shall the Successor Agency, in connection with the issuance of Parity <br />Debt in the form of Bonds pursuant to a Supplemental Indenture be obligated to deposit an <br />amount in the Reserve Account which is in excess of the amount permitted by the applicable <br />provisions of the Code to be so deposited from the proceeds of tax-exempt bonds without <br />having to restrict the yield of any investment purchased withany portion of such deposit and, in <br />the event the amount of any such deposit into the Reserve Account is so limited, the Reserve <br />Requirement shall, in connection with the issuance of such Parity Debt issued in the form of <br />Bonds, be increased only by the amount of such deposit as permitted by the Code; and, <br />provided further that the Successor Agency may meet all or a portion of the Reserve <br />Requirement by depositing a Qualified Reserve Account Credit Instrument meeting the <br />requirements of Section 4.03(d) hereof. <br />"S&P"means Standard & Poor's Ratings Services and its successors.