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"Outstanding" when used as of any particular time with reference to Bonds, means <br /> (subject to the provisions of Section 8.02)all Bonds except: <br /> (1} Bonds canceled by the Trustee; <br /> (2) Bonds paid or deemed to have been paid within the meaning of Section <br /> 9.01; and <br /> (3) Bonds in lieu of or in substitution for which replacement Bonds shall have <br /> been executed and delivered hereunder. <br /> "Owner" or"Bondowner"means the registered owner of any Outstanding Bond. <br /> "Payment Fund"means the fund by that name established in Section 3.03 hereof. <br /> "Permitted Investments" means any of the following which at the time of investment are <br /> legal investments under the laws of the State of California for the moneys proposed to be <br /> invested therein (the Trustee is entitled to conclusively rely upon any direction of the City or the <br /> Authority as a certification that such investment constitutes a Permitted Investment and is a legal <br /> investment under the laws of the State of California): <br /> 1. Direct obligations of the United States of America(including obligations issued or <br /> held in book-entry form on the books of the Department of the Treasury, but excluding CATS <br /> and TIGRS) or obligations the principal of and interest on which are unconditiona(ly guaranteed <br /> by the United States of America. <br /> 2. Bonds, debentures, notes or other evidence of indebtedness issued or guazanteed <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 itsel�: <br /> Farmers�Home Administration(FmHA) <br /> Certificates of beneficial ownership . <br /> Federal Housin�Administration Debentures(FHA) <br /> General Services Administration <br /> Participation certificates <br /> Government National Mortga�e Association(GNMA or"Ginnie Mae") <br /> GNMA—guaranteed mortgage-backed bonds <br /> GNMA—guaranteed pass-through obligations(participation <br /> certificates) <br /> . (not acceptable for certain cash-flow sensitive issues.) <br /> U.S. Maritime Administration <br /> Guaranteed Title XI financing <br /> -6- . . <br /> 338471 1.DOC <br />