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Section 2.03. The Escrow Agent and the City have each received the report of <br /> , attached hereto as Exhibit B (the "Verification Report"), that the principal of <br /> and income and profit to be received from the Government Securities,when paid at maturity, and <br /> the cash held in accordance with Section 2.02 hereof, will be sufficient, at all times pending the <br /> final payment of the Refunded Bonds,to pay all interest on and all principal of the Refunded Bonds <br /> when due and upon redemption prior to maturity as evidenced by said Report. <br /> ARTICLE III <br /> COVENANTS OF ESCROW AGENT <br /> The Escrow Agent covenants and agrees with the City as follows: <br /> Section 3.01. The Escrow Agent will hold the Government Securities and all interest <br /> income or profit derived therefrom and all uninvested cash in an irrevocable segregated and <br /> separate trust fund account for the sole and exclusive benefit of the holders of the Refunded Bonds <br /> until final payment thereof. <br /> Section 3.02. The beginning cash escrow deposit shall not be invested by the Escrow <br /> Agent. <br /> The Escrow Agent shall hold the beginning cash escrow deposit and all available <br /> uninvested balances in the Escrow Account on demand and in trust for the purposes hereof and <br /> shall secure same in accordance with applicable Illinois law for the securing of public funds. <br /> Section 3.03. The Escrow Agent will promptly collect the principal, interest or profit from <br /> the Government Securities and promptly apply the same as necessary to the payment of principal <br /> and interest on the Refunded Bonds when due and upon redemption prior to maturity as herein <br /> provided. <br /> Section 3.04. The Escrow Agent will remit to the Paying Agent, in good funds on or before <br /> each principal or interest payment or redemption date on the Refunded Bonds, moneys sufficient <br /> to pay such principal,interest and redemption price as will meet the requirements for the retirement <br /> EXHIBIT A <br /> -4- <br />