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�. __ _ _�. .�. . . these Instructions. The Escrow Fund shall be maintained by the Escrow Agent until all of the 2003 Bonds have been paid in accordance with their terms and these Instructions. 1.2 Deposits to the Escrow Fund; Transfer of Funds. The Escrow Agent shall deposit into the Escrow Fund proceeds transferred to it by the Authority from the Assignment Agreement in the amount of $3,292,748.00, and shall transfer to the Escrow Fund the other amounts set forth in Schedule B hereto. The total amount of such transfer shall equal $5,233,811.26 and is equal to the amount needed to redeem the 2003 Bonds in whole as set forth in Section 1.3 hereof. The Escrow Agent shall hold the amounts deposited into the Escrow Fund uninvested. 1.3 Payments with Respect to the 2003 Bonds. A. The Escrow Agent shall transfer from the Escrow Fund, in immediately available funds, to the Prior Trustee for deposit in the Redemption Account of the Payment Fund created by the Prior Indenture, on July 15, 2013, an amount sufficient to pay the principal and accrued interest of all 2003 Bonds maturing on or after July 15, 2013. The City hereby irrevocably designates the 2003 Bonds maturing on or after July 15, 2014 for prior redemption on July 15, 2013, and hereby irrevocably instructs the Prior Trustee to give the mailed notice of redemption as required by the Prior Indenture and the notice of defeasance as provided in Section 1.6 hereof. B. Transfers from the Escrow Fund shall be made only from the amounts on deposit in the Escrow Fund. 1.4 Release of Pledge. By its acceptance of these Instructions, the Authority acknowledges that the provisions of Section 9.01 of the Prior Indenture have been satisfied. Upon receipt of an opinion of Nossaman LLP, addressed to the Escrow Agent to the effect that upon making the deposits into the Escrow Fund the lien and pledge of the Prior Indenture, as it applies to the 2003 Bonds, was defeased, and the lien upon the 2003 Lease Payments is terminated in accordance with the terms of the Prior Indenture (the "Defeasance Opinion"), the Escrow Agent hereby acknowledges and confirms that as to the 2003 Bonds the lien established by the Prior Indenture is discharged and the pledge and lien upon the Revenues and 2003 Lease Payments is terminated in accordance with the terms of the Prior Indenture. 1.5 Excess Funds to City. From and after July 15, 2013, any remaining moneys on deposit in the Escrow Fund established and held pursuant to these Instructions, except for amounts held by the Escrow Agent to pay the registered owners of 2003 Bonds, after the payment of all fees and expenses of the Escrow Agent, be remitted by the Escrow Agent to the City without further claim therefor. 1.6 Notice of Defeasance and Redemption. Upon the delivery of the Defeasance Opinion, the Escrow Agent shall mail a notice of defeasance of the 2003 Bonds to the owners thereof, which notice of defeasance shall be substantially in the form attached hereto -2- 340122 2.DOC