Cleveland Clinic Health System Obligated Group - FMSbonds.com

provided, however, that(x) in connection with the issuance of a Series of Additional Bonds, the Debt ServiceReserve Requirement shall not be increased by more than an amount equal to 10% of the proceeds from thesale of that Series of Bonds determined in accordance with Section 148(d) of the Code,(y) the amount deposited in the Debt Service Reserve Fund from the proceeds of the sale ofany Series of Bonds shall not exceed 10% of the proceeds from the sale of such Bonds determined inaccordance with Section 148(d) of the Code, and(z) the portion of the Debt Service Reserve Fund allocated to a Series of Bonds that isinvested in higher yielding investments (as defined in Section 148(b) of the Code) may not exceed 10% ofthe proceeds of that Series of Bonds determined in accordance with Section 148(d) of the Code, unless, asto clauses (x) and (y), the Commission and the Bond Trustee receive a No Adverse Effect Opinion as to thedeposit of more than 10% of the proceeds from the sale of that Series of Bonds, or the investment ofamounts exceeding 10% of the amount of the proceeds of that Series of Bonds in Higher YieldingInvestments, whichever is applicable.The Debt Service Reserve Requirement is zero as to the Series 2008A Bonds.“Default” means any circumstance which, with the passage of time or the giving of notice or both, wouldconstitute an “Event of Default.”“Defaulted Interest” means interest on any Series 2008A Bonds that is payable but not duly paid on thedate due.“Designated Corporate Trust Office” means, initially, the Columbus, Ohio corporate trust office of theBond Trustee and the initial Paying Agent and thereafter such office as the Bond Trustee may designate from time totime; provided, that any change in designation shall be effective not sooner than the thirtieth day following themailing by first class mail of notice of that change to the Cleveland Clinic, the Commission and each Holder notearlier than the fifth Business Day prior to that mailing.“Designated Office” means, as to the Bond Trustee, its Designated Corporate Trust Office.“DTC” means The Depository Trust Company (a limited purpose trust company), New York, New York,and its successors and assigns appointed pursuant to the Bond Indenture.“DTC Participant” means those broker-dealers, banks and other financial institutions reflected on thebooks of DTC.“Earliest Optional Redemption Date” means (i) January 1, 2018, as to the Series 2008A Bonds, and (ii)with respect to any Series of Additional Bonds issued in a Fixed Interest Rate Period on their Issuance Date, the datespecified in the Supplemental Bond Indenture providing for issuance of that Series of Additional Bonds.“Escrow Obligations” means Government Obligations and Prerefunded Tax Exempt Obligations and, withrespect to any series of Master Notes, any other securities classified as Escrow Obligations in the RelatedSupplemental Indenture pursuant to which such Master Notes are issued.“Event of Default” means an Event of Default under the document referred to.“Excluded Property” means any assets of “employee pension benefits plans” as defined in the EmployeeRetirement Income Security Act of 1974, as amended, maintained by or for the benefit of the Combined Group andthe real estate designated as Excluded Property pursuant to the terms of the Master Indenture summarized under thecaption “SUMMARY OF BASIC DOCUMENTS — THE MASTER TRUST INDENTURE — EXCLUDEDC-6