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WHEREAS, the issuance, sale, and delivery of the Bond has been duly authorized to be <br />issued, sold, and delivered for the purpose of obtaining the funds required to provide for the <br />payment of the principal of, interest on and redemption premium (if any) on the Refunded Bonds <br />when due as shown on Exhibit C attached hereto; <br />NOW, THEREFORE, in consideration of the mutual undertakings, promises and <br />agreements herein contained, the sufficiency of which hereby are acknowledged, and to secure <br />the full and timely payment of principal of and the interest on the Refunded Bonds, the County <br />and the Escrow Agent mutually undertake, promise and agree for themselves and their respective <br />representatives and successors, as follows: <br />Article 1. Definitions <br />Section I.I. Definitions. <br />Unless the context clearly indicates otherwise, the following terms shall have the <br />meanings assigned to them below when they are used in this Agreement: <br />Call Date means June 1, 2020 with respect to the Refunded Bonds. <br />Escrowed Securities mean the noncallable Government Obligations described in <br />Exhibit D attached to this Agreement, or cash or other noncallable obligations substituted <br />therefor pursuant to Section 4.2 of this Agreement. <br />Government Obligations mean direct, noncallable (a) United States Treasury <br />Obligations, (b) United States Treasury Obligations - State and Local Government Series, <br />(c) non -prepayable obligations which are unconditionally guaranteed as to full and timely <br />payment of principal and interest by the United States of America or (d) REFCORP debt <br />obligations unconditionally guaranteed by the United States. <br />Paying Agent means the fiscal agent of the State of Washington, as the paying agent for <br />the Refunded Bonds. <br />Refunding Account means the fund created by this Agreement to be established, held <br />and administered by the Escrow Agent pursuant to the provisions of this Agreement. <br />Section 1.2. Other Definitions. <br />The terms "Agreement," "County," "Escrow Agent," "Bond Resolution," "Verification <br />Certificate," "Refunded Bonds," and "Bond" when they are used in this Agreement, shall have <br />the meanings assigned to them in the preamble to this Agreement. <br />Section 1.3. Interpretations. <br />The titles and headings of the articles and sections of this Agreement have been inserted <br />for convenience and reference only and are not to be considered a part hereof and shall not in any <br />A-2 502686980 v1 <br />