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

Districts shall provide the Trustee written notice of the amount of such transfer prior to making
of such transfer to the Trustee.
ARTICLE IV
TRUSTEE’S DUTIES REGARDING NOTES
Section 4.01. Return of Paid Notes. Each Note, when paid in full shall be
cancelled by the Trustee and returned to the Authorized District Representative of the Orange
County Department of Education who shall forward the cancelled Note to the District that issued
such Note.
ARTICLE V
NOTE PAYMENTS
Section 5.01. Deposit of Notes. The Notes, as evidenced and represented by the
Note Participations, are hereby irrevocably deposited with and pledged and transferred to the
Trustee, who is the registered owner of each Note for the benefit of the Owners of the Note
Participations and the payments on the Notes shall be used for the punctual payment of the
interest and principal evidenced and represented by the Note Participations, and the Notes shall
not be used for any other purpose while any of the Note Participations remain Outstanding. This
deposit, transfer and pledge shall constitute a first and exclusive lien on the principal and interest
payments of the Notes for the foregoing purpose in accordance with the terms hereof. The
Trustee hereby accepts the deposit of the Notes.
All principal and interest payments on the Notes shall be paid directly by the
Districts to the Trustee. All principal and interest payments on the Notes received by the Trustee
shall be held in trust by the Trustee under the terms hereof and shall be deposited by it, as and
when received, in the appropriate Payment Account within the Note Participation Payment Fund,
which fund the Trustee hereby agrees to maintain so long as any Note Participations are
Outstanding, and all money in such fund shall be held in trust by the Trustee for the benefit of
the District submitting such money until deposited in the funds specified in Section 5.02,
whereupon such money shall be held in trust in such funds by the Trustee for the benefit and
security of the Owners to the extent provided herein, and invested by the Trustee in accordance
with each District’s Pricing Confirmation and any subsequent written instruction to invest
delivered in accordance with this Trust Agreement. Pursuant to each District’s Note Resolution,
each District is required to deposit amounts with the Trustee in the months identified as such
District’s Repayment Months (as defined in such District’s Note Resolution and indicated on the
face of such District’s Note) until the amount on deposit in such District’s Payment Account is
equal to the percentages of the principal and interest due on such District’s Note required in each
Repayment Month as indicated on the face of such District’s Note. If any District fails to make
the required deposits, the Trustee shall as soon as practical (but in any event within five Business
Days) notify such District and Moody’s Investors Service of such failure. If the Trustee receives
Note repayments from a District in excess of the amounts required to pay the principal of and
interest due on such District’s Note on the Principal Payment Date, such excess amounts shall
remain in the appropriate District’s Payment Account in the Note Participation Payment Fund
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