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9 <br />c <br />E <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />11: <br />®II <br />K:3 <br />other factors, and the Local Agency hereby acknowledges and approves the discretion of the <br />Authority to assign the Note to such Pool and such Indenture as the Authority may determine; <br />WHEREAS, as additional security for the owners of each Series of Bonds, all or a portion <br />of the payments by all of the Issues of the notes assigned to such Series may or may not be <br />secured (by virtue or in form of the Bonds, as indicated in the Pricing Confirmation, being <br />secured in whole or in part) by an irrevocable letter (or letters) of credit or policy (or policies) of <br />insurance or proceeds of a sep I arate bond issue issued for such purpose (the "Reserve Fund") or <br />other credit instrument (orinstrumen s) (collectively, the "Credit Instrument") issued by the credit <br />provider or credit providers designated in the Indenture, as finally executed (collectively, the <br />"Credit Provider"), pursuant to a cr dit agreement or agreements or commitment letter or <br />letters or, in the case of the Reserve Fund, an indenture (the "Reserve Indenture") (collectively, <br />the "Credit Agreement") between (i) in the case of an irrevocable letter (or letters) of credit or <br />Policy (or Policies) of insurance, the Authority and the respective Credit Provider and (ii) in the <br />case of the Reserve Fund, the Author ty and U.S. Trust Company of California N.A., as trustee of <br />the Reserve Indenture (the "Reserve Trustee"); <br />WHEREAS, if, as designated iri the Pricing Confirmation, the Credit Instrument is the <br />Reserve Fund, bonds issued pursuant to the Reserve Indenture (the "Reserve Bonds") may, as <br />indicated in the Pricing Confirmation, be secured by an irrevocable letter of credit or policy of <br />'nsurance or other credit instrument (the "Reserve Credit Instrument") issued by the credit <br />arovider identified in the Reserve IndE nture as finally executed (the "Reserve Credit Provider"), <br />7ursuant to a credit agreement or commitment letter (the "Reserve Credit Agreement") <br />)entified in the Reserve Indenture as finally executed, such Reserve Credit Agreement being <br />>etween the Authority and the Reserve Credit Provider, <br />WHEREAS, the net proceeds of the Note may be invested by the Local Agency in <br />ermitted Investments (as defined in th Indenture) or in any other investment permitted by the <br />3 <br />