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<br />"Council" means the Florida Municipal Loan Council. <br /> <br />"Cost" means "Cost" as defined in the Act. <br /> <br />"Cost ofIssuance Fund" means the fund by that name established pursuant to Section 4.02 of <br />the Indenture. <br /> <br />"Counsel" means an attorney duly admitted to practice law before the highest court of any <br />state and, without limitation, may include legal counsel for either the Councilor the Borrowers. <br /> <br />"Default" means an event or condition the occurrence of which would, with the lapse oftime <br />or the giving of notice or both, become an Event of Default. <br /> <br />"Event of Default" shall have the meaning ascribed to such term in Section 8.01 of this <br />Agreement. <br /> <br />"Financial Newspaper" or "Journal" means The Wall Street Journal or The Bond Buyer or <br />any other newspaper or journal containing financial news, printed in the English language, <br />customarily published on each Business Day and circulated in New York, New York, and selected by <br />the Trustee, whose decision shall be final and conclusive. <br /> <br />"Fiscal Year" means the fiscal year ofthe Borrower. <br /> <br />"Fitch" means Fitch Ratings, a corporation organized and existing under the laws of the State <br />of Delaware, its successors and assigns and if such corporation shall be dissolved or liquidated or <br />shall no longer perform the functions of a securities rating agency, AfitclE shall be deemed to refer <br />to any other nationally recognized securities rating agency designated by the Council, with approval <br />of the Bond Insurer, by notice to the Trustee. <br /> <br />"Funds" means the funds created pursuant to Section 4.02 of the Indenture. <br /> <br />"Governmental Obligations" means (i) direct and general obligations of the United States of <br />America, or those which are unconditionally guaranteed as to principal and interest by the same, <br />including interest on obligations of the Resolution Funding Corporation and (ii) pre-refunded <br />municipal obligations meeting the following criteria: <br /> <br />(a) the municipal obligations may not be callable prior to maturity or, alternatively, the <br />trustee has received irrevocable instructions concerning their calling and redemption; <br /> <br />(b) the municipal obligations are secured by cash or securities described in subparagraph <br />(i) above (the "Defeasance Obligations"), which cash or Defeasance Obligations may be applied only <br />to interest, principal, and premium payments of such municipal obligations; <br /> <br />5 <br />