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If, concurrently with the initial deposit by the Issuer with the Escrow Agent, any such Substitute <br />Obligations are so substituted for any Escrowed Securities, the Issuer may, at any time thereafter, <br />substitute for such Substitute Obligations the same Escrowed Securities for which such Substitute <br />Obligations originally were substituted. <br />Section 4.05. Arbitrage. The Issuer hereby covenants and agrees that it shall never request <br />the Escrow Agent to exercise any power hereunder or permit any part of the money in the Escrow <br />Fund or proceeds from the sale of Escrowed Securities to be used directly or indirectly to acquire any <br />securities or obligations if the exercise of such power or the acquisition of such securities or <br />obligations would cause any Refunding Obligations or Refunded Obligations to be an "arbitrage <br />bond" within the meaning of the Code. <br />ARTICLE V <br />APPLICATION OF CASH BALANCES <br />Section 5.01. In General. Except as provided in Sections 3.02, 4.02, 4.03 and 4.04 hereof, <br />no withdrawals, transfers, or reinvestment shall be made of cash balances in the Escrow Fund. <br />ARTICLE VI <br />RECORDS AND REPORTS <br />Section 6.01. Records. The Escrow Agent will keep books of record and account in which <br />complete and correct entries shall be made of all transactions relating to the receipts, disbursements, <br />allocations and application of the money and Escrowed Securities deposited to the Escrow Fund and <br />all proceeds thereof, and such books shall be available for inspection at reasonable hours and under <br />reasonable conditions by the Issuer and the owners of the Refunded Obligations. <br />Section 6.02. Reports. While this Agreement remains in effect, the Escrow Agent annually <br />shall prepare and send to the Issuer a written report summarizing all transactions relating to the <br />Escrow Fund during the preceding year, including, without limitation, credits to the Escrow Fund as <br />a result of interest payments on or maturities of the Escrowed Securities and transfers from the <br />Escrow Fund for payments on the Refunded Obligations or otherwise, together with a detailed <br />statement of all Escrowed Securities and the cash balance on deposit in the Escrow Fund as of the <br />end of such period. <br />San Marcos: GORB 2010: EscrowAgr % <br />