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ii. By twelve (12) months following receipt of the
proceeds, forty-five percent (45%) of the proceeds
(together with any amounts received from
investments thereof) must have been spent on the
designated projects.

iii. By eighteen (18) months following receipt of the
proceeds, seventy-five percent (75%) of the proceeds
(together with any amounts received from
investments thereof) must have been spent on the
designated projects.

iv. By twenty-four (24) months following receipt of the
proceeds, one hundred percent (100%) of the
proceeds (together with any amounts received from
investments thereof) must have been spent on the
designated projects.

D. Monitor the yield on the investments purchased with proceeds of the
Obligations to ensure the yield of such investments is restricted to the yield
on the Obligations after three years of the Issue Date;

E. Monitor the investment of all amounts deposited into a sinking fund or
funds pledged (directly or indirectly) to the payment of the Obligations, such
as the interest and sinking fund or debt service fund, to assure that the
maximum amount invested within such applicable fund at a yield higher
than the yield on the Obligations does not exceed an amount equal to
the debt service on the Obligations in the succeeding twelve-month period
plus a carryover amount equal to one-twelfth of the principal and interest
payable on the Obligations for the immediately preceding twelve-month
period; and

F. The Responsible Person will ensure that funds transferred to a debt service
fund are expended within thirteen months from the date of transfer.

G. Ensure no more than 50% of the Obligation proceeds are invested in an
investment with a guaranteed yield for four years or more.

VIII. Procedures Applicable to Obligations with a Debt Service Reserve Fund

If the Issuer issues Obligations that are secured by a debt service reserve fund,
the Responsible Person will assure that the maximum amount of any reserve
fund for the Obligations invested at a yield higher than the yield on the
Obligations will not exceed the lesser of (1) 10% of the principal amount of the
Obligations, (2) 125% of the average annual debt service on the Obligations
measured as of the Issue Date, or (3) 100% of the maximum annual debt service

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