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Agency, money market funds conforming to Rule 2a-7 of the Federal Investment Company Act of <br /> 1940,including any money market fund the investment advisor of which is the Trustee or an affiliate <br /> of the Trustee, (i) whose shares are registered under the Federal Securities Act of 1933 that invest <br /> solely in direct obligations issued by the U.S. Treasury and repurchase agreements backed by those <br /> obligations, (ii) which have a rating of the highest category (without regard to gradation within a <br /> category)by the Rating Agency and(iii)which are acceptable to a rating agency and MBI. <br /> "Rebate Amount" means as of each Computation Date an amount equal to the sum of(i)plus(ii) <br /> where: <br /> (i) is the excess of <br /> (a) the aggregate amount earned from the date of issuance of the Bonds to such <br /> Computation Date on all nonpurpose investments in which gross proceeds of the Bonds are invested <br /> (other than investments attributable to excess earnings described in this clause (i)) including any gain or <br /> deducting any loss from disposition of nonpurpose investments,over <br /> (b) the amount which would have been earned during such period if those <br /> nonpurpose investments (other than amounts attributable to an excess described in this clause (i)) had <br /> been invested at a rate equal to the yield on the Bonds; and <br /> (ii) is any income attributable to the excess described in this definition. <br /> The foregoing sums shall be determined in accordance with Section 148 of the Code. As used herein,the <br /> terms "gross proceeds", "nonpurpose investments" and "yield" have the meanings assigned to them for <br /> purposes of Section 148(f)of the Code. <br /> "Rebate Fund"means the Rebate Fund created in Section 4.4 hereof. <br /> "Record Date" means for the first Interest Payment Date, the Issue Date, and for months <br /> thereafter,means the fifteenth day of the month preceding any Interest Payment Date. <br /> "Requisite Bondholders" means the holders 662A%in aggregate principal amount of Bonds. <br /> "Real Estate" shall have the meaning as defined in the Preliminary Recitals of this Agreement. <br /> "Rent Restriction Test" shall mean the test pursuant to Section 42 of the Code whereby the <br /> gross rent charged to tenants of the low-income units of the Project cannot exceed thirty percent(30%) of <br /> the qualifying income levels for the area in which the Project is located. <br /> "Required Equity" shall mean the equity contribution made by Borrower toward the acquisition, <br /> development and construction or rehabilitation of the Project which shall be in an amount equal to the <br /> greater of (i) and 00/100 Dollars ($ ) or (ii) the amount <br /> from time to time by which the total of the Development Budget (as from time to time amended with the <br /> consent of MBI) exceeds the sum of(A) principal amount of the Loan, plus (B) the total Other Available <br /> Sources of Funds,plus (C)the total Deferred Developer Fees. <br /> "Restricted Distribution" shall mean any of the following: (i) any direct or indirect distribution <br /> of cash or other assets to any Beneficial Owner, including distributions made for the purpose of paying <br /> income or other taxes owed by the Beneficial Owners of Borrower, (ii) any repayment of all or any <br /> portion of a loan to a Beneficial Owner or to any Affiliate of a Beneficial Owner, (iii) any return of <br /> capital contributions to a Beneficial Owner, (iv) any distribution to a Beneficial Owner upon the <br /> Page 11 <br />