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"Outstanding," when used with reference to Certificates, or "Certificates <br />Outstanding," means all Certificates which have been authenticated and delivered <br />by the Trustee under this Trust Agreement and not yet paid, except the following: <br />(a} CertlflcateS canceled or purchased by or delivered to the Trustee for <br />cancellation; <br />(b) Certificates that have become due {at maturity or on prepayment, <br />acceleration or otherwise} and for the payment, including interest accnied to the <br />due date, of which the Trustee holds sufficient moneys; <br />(c) Certificates deemed paid in accordance with Section 7.01; and <br />(d) Certificates in lieu of which others have been authenticated under <br />Section 2.04 {relating to registration and exchange of Certificates} or Section 2.05 <br />(relating to mutilated, lost, stolen, destroyed or undelivered Certificates); <br />provided, however, that no Certificate will be deemed to be not Outstanding by any <br />reason of any payment uTith respect thereto by the Insurer. <br />"Owner," uThen used with reference to Certificates, means the person in <br />whose name such Certificate is registered on the registration books maintained by <br />the Tnistee. <br />"Payment Fund" means the fund by that name established in Section 4.04. <br />"Permitted Investments" means such investments as from time to time are <br />legal investments for the County's funds, as determined at the time of investment. <br />"Policy" means the financial guarant~J insurance policy issued by Insurer <br />insuring the payment when due of the principal of and interest ti~jith respect to the <br />2006A Certificates as provided therein. <br />"Prepayment Account" means the account of that name in the Payment Fund <br />established in Section 4.04. <br />"Principal Account" means the account of that name in the Payment Fund <br />established in Section 4.04. <br />"Project Fund" means the fund by that name established in Section 4.01. <br />"Record Date" means the close of business on the 15th day of the month <br />(ti~Jhether or not a Business Day} preceding a Certificate Payment Date. <br />93 362v2 41 <br />