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<br />-9- <br />securities); (D) the Trustee must have a perfected first priority security interest in <br />the collateral; (E) the collateral must be free and clear of third-party liens and, in <br />the case of a broker which falls under the jurisdiction of the Securities Investors <br />Protection Corporation, are not subject to a repurchase agreement or a reverse <br />repurchase agreement; (F) failure to maintain the requisite collateral percentage, <br />after a two day restoration period, will require the Trustee to liquidate the collateral; <br />(G) the securities must be valued weekly, marked-to-market at current market price <br />plus accrued interest and the value of collateral must be equal to 104% of the <br />amount of cash transferred by the Trustee to the dealer bank or securities firm <br />under the repurchase agreement plus accrued interest (unless the securities used <br />as collateral are obligations of the Federal National Mortgage Association or the <br />Federal Home Loan Mortgage Corporation, in which case the collateral must be <br />equal to 105% of the amount of cash transferred by the Trustee to the dealer bank <br />or securities firm under the repurchase agreement plus accrued interest). If the <br />value of securities held as collateral falls below 104% of the value of the cash <br />transferred by the Trustee, then additional cash and/or acceptable securities must <br />be transferred; and <br /> <br />(iii) a legal opinion must be delivered to the Trustee to the effect that the <br />repurchase agreement meets guidelines under state law for legal investment of <br />public funds; <br /> <br />(l) pre-refunded municipal bonds rated “AAA” by S&P; and <br /> <br />(m) the Local Agency Investment Fund of the State of California, created pursuant <br />to Section 16429.1 of the California Government Code, to the extent the Trustee is <br />authorized to deposit and withdraw from such investment directly in its own name. <br /> <br />“Principal Account” means the account by that name established and held by the Trustee <br />pursuant to Section 4.03(b). <br /> <br />“Principal Corporate Trust Office” means such corporate trust office of the Trustee as may <br />be designated from time to time by written notice from the Trustee to the Successor Agency. <br />Except that with respect to presentation of Bonds for payment or for registration of transfer and <br />exchange such term shall mean the corporate trust office of U.S. Bank National Association in St. <br />Paul, Minnesota or such other office or agency of the Trustee at which at any particular time, its <br />corporate trust agency shall be conducted. <br /> <br />“Project Area” means the Alameda County - City of San Leandro Redevelopment Project <br />as described in the Redevelopment Plan. <br /> <br />“Project Area Agreement” means the Agreement Regarding Alameda County – City of <br />San Leandro Redevelopment Project dated as of July 1, 1993, between the Agency and the <br />County. <br /> <br />“Qualified Reserve Account Credit Instrument” means the (i) 2018 Reserve Policy, and (ii) <br />an irrevocable standby or direct-pay letter of credit, insurance policy, or surety bond issued by a <br />commercial bank or insurance company and deposited with the Trustee, provided that all of the <br />following requirements are met at the time of acceptance thereof by the Trustee: (a) S&P or <br />Moody’s have assigned a long-term credit rating to such bank or insurance company of “A” <br />(without regard to modifier) or higher; (b) such letter of credit, insurance policy or surety bond has <br />435