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<br />-11- <br /> <br />“Reserve Account” means the account by that name established and held by the Trustee <br />pursuant to Section 4.03(d). <br /> <br />“Reserve Requirement” means, with respect to the 2018 Bonds and any Parity Debt <br />issued as Bonds pursuant to a Supplemental Indenture, the lesser of: <br /> <br />(i) 125% of the average Annual Debt Service with respect to the 2018 Bonds and any <br />Parity Debt, as applicable; or <br /> <br />(ii) Maximum Annual Debt Service with respect to the 2018 Bonds and any Parity Debt, <br />as applicable; <br /> <br />provided, that in no event shall the Successor Agency, in connection with the issuance of <br />Parity 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 having <br />to restrict the yield of any investment purchased with any portion of such deposit and, in the event <br />the amount of any such deposit into the Reserve Account is so limited, the Reserve Requirement <br />shall, in connection with the issuance of such Parity Debt issued in the form of Bonds, be <br />increased only by the amount of such deposit as permitted by the Code; and, provided further <br />that the Successor Agency may meet all or a portion of the Reserve Requirement by depositing <br />a Qualified Reserve Account Credit Instrument meeting the requirements of Section 4.03(d) <br />hereof. <br /> <br />In the event a Qualified Reserve Account Credit Instrument is delivered at any time to <br />meet the entirety of the Reserve Requirement with respect to one or more series of Bonds (that <br />is, no cash is being deposited or will remain deposited in the Reserve Account or subaccount <br />therein with respect to those series of Bonds), then, notwithstanding the foregoing definition, the <br />Reserve Requirement will, with respect to those series of Bonds, be determined only at the time <br />of the delivery of the Qualified Reserve Account Credit Instrument and will not be subject to <br />increase or decrease at a later date. <br /> <br />“S&P” means S&P Global Ratings, a business unit of Standard & Poor’s Financial <br />Services LLC, and its successors. <br /> <br />“Securities Depositories” means DTC and, in accordance with then current guidelines of <br />the Securities and Exchange Commission, such other addresses and/or such other securities <br />depositories as the Successor Agency may designate in a Written Request of the Successor <br />Agency delivered to the Trustee. <br /> <br />“Serial Bonds” means all Bonds other than Term Bonds. <br /> <br />“Sinking Account” means the account by that name established and held by the Trustee <br />pursuant to Section 4.03(c). <br /> <br />“State” means the State of California. <br /> <br />“Subordinate Debt” means any Loan, advances or indebtedness issued or incurred by the <br />Successor Agency, which are either: (a) payable from, but not secured by a pledge of or lien <br />upon, the Tax Revenues, including revenue bonds and other debts and obligations scheduled for <br />437