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40 "Tender Date" means an Optional Tender Date or a Mandatory Tender Date. The definition of "Termination Date" is set forth above under "The Bonds - Optional and Mandatory Tender - Mandatory Tender Upon Expiration of Credit Facility." "Variable Rate" means the rate of interest borne by the Bonds during any period commencing after the Initial Interest Period other than a Fixed Rate Period, determined from time to time in accordance with the Indenture and the Bonds and as described herein under "The Bonds - Interest - Variable Rate." SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURES The following is a summary of certain provisions of the Indentures. Each Indenture will operate independently of each other Indenture and a default under one Indenture will not necessarily constitute a default under any other Indenture. The Indentures contain similar terms, and the following is a summary of certain provisions which are common to all of the Indentures. All references in this summary are to the documents, parties, actions, Issuer, Bonds, Project, Credit Facility and Credit Facility Provider relating to an Indenture for the Bonds of a single Issue. This is not a complete recital of the terms of each Indenture and reference should be made to the Indentures for a complete statement of the provisions of particular Indentures. Application of Proceeds of Bonds (Section 4.02) The proceeds of the Bonds shall be received by the Trustee on behalf of the Issuer. Upon receipt of a certificate from the trustee (the "Prior Bonds Trustee") under the Indenture of Trust (the "Prior Bonds Indenture") authorizing the issuance of the bonds to be refunded from the proceeds of the Bonds (the "Prior Bonds") to the effect that, among other things, (a) upon transfer to it of amounts constituting the proceeds of the Bonds, the Prior Bonds will be deemed paid and discharged in accordance with their terms the Prior Bonds Indenture and (b) that the Prior Bonds have been presented to it for payment, the Trustee shall immediately pay over and disburse to the Prior Bonds Trustee the amounts constituting the proceeds of the Bonds. The receipt of such certificate is a condition precedent to the issuance of the Bonds. Establishment of Funds and Accounts (Section 4.01) The following funds and separate accounts within the funds are created for the Bonds by the Indenture and shall be held and maintained by the Trustee for the holders of the Bonds and, to the extent provided in the Indenture, the Credit Facility Provider: Revenue Fund, Debt Service Fund (Interest Account, Principal Account and Purchase Account) and Rebate Fund. -25-