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<br />20 <br />to any other Parity Debt Instrument, which shall be held by the Trustee in trust for the benefit of <br />the Owners of the 2014 Bonds and any Parity Debt. <br /> <br />Use of Moneys in the Reserve Account. All money in the Reserve Account will be <br />used and withdrawn by the Trustee solely for the purpose of making transfers pursuant to any <br />Parity Debt Instrument and to the Interest Account, the Principal Account and the Sinking <br />Account, in the event of any deficiency at any time in any of such accounts or for the retirement <br />of all the 2014 Bonds then Outstanding, except that so long as the Successor Agency is not in <br />default under the Indenture or under any Parity Debt Instrument, any amount in the Reserve <br />Account in excess of the Reserve Requirement will be withdrawn from the Reserve Account <br />semiannually on or before two Business Days preceding each March 1 and September 1 by the <br />Trustee and deposited in the Interest Account or be applied pro rata in accordance with any <br />applicable provision of a Parity Debt Instrument. All amounts in the Reserve Account on the <br />Business Day preceding the final Interest Payment Date will be withdrawn from the Reserve <br />Account and will be transferred to the Interest Account and the Principal Account, in such order, <br />to the extent required to make the deposits then required to be made from the Reserve Account <br />or will be applied pro rata as required by any Parity Debt Instrument, as applicable. <br /> <br />The Successor Agency will have the right at any time to direct the Trustee to release <br />funds from the Reserve Account, in whole or in part, by (i) tendering to the Trustee a Qualified <br />Reserve Account Credit Instrument, and (ii) an opinion of Bond Counsel stating that neither the <br />release of such funds nor the acceptance of such Qualified Reserve Account Credit Instrument <br />will cause interest on the Bonds or any Parity Debt the interest on which is excluded from gross <br />income of the owners thereof for federal income tax purposes to become includable in gross <br />income for purposes of federal income taxation. Upon tender of such items to the Trustee, and <br />upon delivery by the Successor Agency to the Trustee of written calculation of the amount <br />permitted to be released from the Reserve Account (upon which calculation the Trustee may <br />conclusively rely), the Trustee will transfer such funds from the Reserve Account to the <br />Successor Agency to be applied in accordance with the Redevelopment Law. The Trustee shall <br />comply with all documentation relating to a Qualified Reserve Account Credit Instrument as <br />shall be required to maintain such Qualified Reserve Account Credit Instrument in full force and <br />effect and as shall be required to receive payments thereunder in the event and to the extent <br />required to make any payment when and as required under the Indenture. Upon the expiration <br />of any Qualified Reserve Account Credit Instrument, the Successor Agency is required to either <br />(i) replace such Qualified Reserve Account Credit Instrument with a new Qualified Reserve <br />Account Credit Instrument, or (ii) deposit or cause to be deposited with the Trustee an amount <br />of funds equal to the Reserve Requirement, to be derived from the first legally available Tax <br />Revenues. If the Reserve Requirement is being maintained partially in cash and partially with a <br />Qualified Reserve Account Credit Instrument, the cash will be first used to meet any deficiency <br />which may exist from time to time in the Interest Account or the Principal Account for the <br />purpose of making payments required pursuant to the Indenture. If the Reserve Requirement is <br />being maintained with two or more Qualified Reserve Account Credit Instruments, any draw to <br />meet a deficiency which may exist from time to time in the Interest Account or the Principal <br />Account for the purpose of making payments required pursuant to the Indenture will be pro-rata <br />with respect to each such instrument. <br /> <br />Limited Obligation <br /> <br />The 2014 Bonds are not a debt of the City, the County, the State or any of their political <br />subdivisions except the Successor Agency, and none of the City, the County, the State or any of <br />their political subdivisions except the Successor Agency are liable therefor. The 2014 Bonds do