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United States insurance companies, or their Canadian subsidiaries. The credit quality of the
<br />issuer's or guarantor's long-term unsecured debt must be rated in one of the three highest
<br />categories by a nationally recognized rating agency;
<br />(h) certificates or receipts issued by any nationally or state -chartered bank, domiciled
<br />in the State, trust company domiciled in the State or broker or dealer (as defined by the Securities
<br />Exchange Act of 1934, as amended) which is a member of the Securities Investors Protection
<br />Corporation, organized and existing under the laws of the United States of America or any state
<br />thereof, the outstanding unsecured long-term debt of which is rated in either of the two highest
<br />rating categories by Standard & Poor's Corporation or Moody's Investors Service, or, upon the
<br />discontinuance of either rating services, in the capacity of custodian, which certificates or receipts
<br />evidence ownership of a portion of the principal of or interest on Government Obligations held
<br />(which may be in book entry forrn) by such bank, trust company or broker or dealer (as defined
<br />by the Securities Exchange Act of 1934, as amended) as custodian;
<br />(i) tax-exempt obligations (as defined in section 150(a)(6) of the Code and which
<br />are not "investment property" as defined in Section 148(b)(2) of the Code) rated in one of the two
<br />highest rating categories by Standard & Poor's Corporation or Moody's Investors Service, or,
<br />upon the discontinuance of either rating service or both of such rating services, any other
<br />nationally recognized rating service; and
<br />(j) U.S. dollar denominated deposit accounts, federal funds with domestic
<br />commercial banks which have a rating on their short term certificates of deposit on the date of
<br />purchase of "A-1" or "A-1+" by Standard & Poor's and "P-1" by Moody's and maturing no more
<br />than 360 days after the date of purchase. (Ratings on holding companies are not considered as the
<br />rating of the bank.)
<br />Notwithstanding the foregoing, "Permitted investments" shall not include a financial instrument,
<br />commonly known as a "derivative," whose performance is derived, at least in part, from the performance
<br />of any underlying asset, including, without limitation, futures, options on securities, options on futures,
<br />swap agreements, forward purchase contracts, structured notes, and participations in pools of mortgages
<br />or other assets.
<br />"Pledge Agreement" means the Pledge and Covenant Agreement, dated as of 1, 2013, by
<br />and between the School and the Trustee.
<br />"Prior Bonds" means the Issuer's Lease Revenue Bonds (PACT Charter School Project) Series
<br />2004A, issued in the original principal amount of $11,125,000.
<br />"Prior Trustee" means Wells Fargo Bank, National Association.
<br />"Project" means the advance refunding of the Prior Bonds, the proceeds of which were used to
<br />finance the acquisition, construction, and equipping of an approximately 72,000 square Loot public
<br />elementary and secondary schoolhouse located at 7250 Ramsey Parkway East Northwest in the City.
<br />"Project Building" means collectively (i) the improvements, machinery, equipment and other
<br />tangible property on the Project Site which are described generally in Exhibit B to the Loan Agreement
<br />and the improvements, machinery, equipment and other tangible property that will be acquired,
<br />constructed, installed and equipped on the Project Site with proceeds of the Bonds, and (ii) any item of
<br />machinery, equipment or other tangible property acquired in substitution for, or as a renewal or
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