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"Investment Earnings" means all interest earned and any gains and losses on the <br />investment of moneys in any fund or account created by this Agreement excluding interest <br />earned and gains and losses on the investment of moneys in the Rebate Fund. <br />"Maximum Annual Debt Service" means the greatest amount of Annual Debt Service for <br />any Bond Year after calculation is made through the final maturity date of any Outstanding <br />Bonds. <br />" Moody's" shall mean Moody's Investors Service, Inc., a national rating service with <br />offices in New York, New York. <br />"Nominee" means CEDE & Co., the nominee of the Depository. <br />"Officer's Certificate" means a written certificate of the City signed by an Authorized <br />Officer of the City. <br />"Original Purchaser" means the first purchaser of the Bonds from the City. <br />"Outstanding," when used as of any particular time with reference to the Bonds, means <br />(subject to the provisions of Section 8.04 hereof) all Bonds except: <br />(i) Bonds theretofore canceled by the Fiscal Agent or surrendered to the Fiscal Agent <br />for cancellation; <br />(ii) Bonds called for redemption which, for the reasons specified in Section 2.03 (G) <br />hereof, are no longer entitled to any benefit under this Agreement other than the right to receive <br />payment of the redemption price therefor; <br />(iii) Bonds paid or deemed to have been paid within the meaning of Section 9.03 <br />hereof; and <br />(iv) Bonds in lieu of or in substitution for which other Bonds shall have been <br />authorized, executed, issued and delivered by the City and authenticated by the Fiscal Agent <br />pursuant to this Agreement or any Supplemental Agreement, <br />"Owner" means any person who shall be the registered owner of any Outstanding Bond. <br />"Permitted Investments" means: <br />(i) Federal Securities; <br />(ii) Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed <br />by any of the following federal agencies and provided such obligations are backed by the full <br />faith and credit of the United States of America (stripped securities are only permitted if they <br />have been stripped by the agency itself): <br />(a) U.S. Export -Import Bank <br />Direct obligations or fully guaranteed certificates of beneficial ownership <br />-5- <br />55B -25 <br />