reconvene regular meeting: 7:00 pm - Irvine Unified School District

Moneys held by the Trustee in the Costs of Issuance Fund, Principal Fund and the
Interest Fund shall be invested in Permitted Investments as directed by the Superintendent or
Assistant Superintendent, Business Services of the Orange County Department of Education, or
his or her designee, in writing.
The Districts acknowledge that to the extent regulations of the Comptroller of the
Currency or other applicable regulatory entity grant the Districts the right to receive brokerage
confirmations of security transactions as they occur, the Districts specifically waive receipt of
such confirmations to the extent permitted by law. The Trustee will furnish the Districts periodic
cash transaction statements which include detail for all investment transactions made by the
Trustee hereunder.
The Trustee or any of its affiliates may act as agent, sponsor or advisor in
connection with any investment made by the Trustee hereunder.
Section 12.10. Article and Section Headings, Gender and References. The
headings or titles of the several articles and sections hereof and the table of contents appended
hereto shall be solely for convenience of reference and shall not affect the meaning, construction
or effect hereof, and words of any gender shall be deemed and construed to include all genders.
All references herein to “Articles,” “Sections” and other subdivisions or clauses are to the
corresponding articles, sections, subdivisions or clauses hereof; and the words “hereby,”
“herein,” “hereof,” “hereto,” “herewith,” “hereunder” and other words of similar import refer to
this Trust Agreement as a whole and not to any particular article, section, subdivision or clause
thereof.
Section 12.11. Partial Invalidity. If any one or more of the agreements,
conditions, covenants or terms contained herein required to be observed or performed by or on
the part of the Districts or the Trustee shall be contrary to law, then such agreement or
agreements, such condition or conditions, such covenant or covenants or such term or terms shall
be null and void and shall be deemed separable from the remaining agreements, conditions,
covenants and terms hereof and shall in no way affect the validity hereof or of the Note
Participations, and the Owners shall retain all the benefit, protection and security afforded to
them hereunder and under all provisions of applicable law. The Districts and the Trustee hereby
declare that they would have executed and entered into this Trust Agreement and each and every
other article, section, paragraph, subdivision, sentence, clause and phrase hereof and would have
authorized the execution and delivery of the Note Participations pursuant hereto irrespective of
the fact that any one or more of the articles, sections, paragraphs, subdivisions, sentences,
clauses or phrases hereof or the application thereof to any person or circumstance may be held to
be unconstitutional, unenforceable or invalid.
Section 12.12. California Law. This Trust Agreement shall be construed and
governed in accordance with the laws of the State of California.
Section 12.13. Notices. All written notices to be given hereunder shall be given
by mail to the party entitled thereto at its address set forth below, or at such other address as such
party may provide to the other parties in writing from time to time, namely:
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