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40 "Indenture" means this Indenture of Trust, as amended, modified or supplemented from time to time by Supplemental Indenture. "_Independent Counsel" means any attorney or attorneys duly admitted to practice law before the highest court of any state who have regularly engaged in the practice of law as their primary occupation for at least five years and who are not officers or full-time employees of the Issuer or the Borrower. Bond Counsel may be deemed Independent Counsel. "Initial Adjustment Date" means the day following the last day of the Initial Interest Period. Initial Interest Period means the period determined by the Remarketing Agent as set forth in Section 2.03(a) hereof during which the Bonds bear interest at the rate determined by the Remarketing Agent in accordance with such Section 2.03(a). "Interest Payment Date" means the first Business Day of each month through and including the day following the last day of the Initial Interest Period, and thereafter, (i) for any period during which the Bonds bear interest at the Variable Rate, the first Business Day of each month, each Mandatory Tender Date and the maturity date of the Bonds, (ii) for any Short Fixed Rate Period, the day following the last day of such Fixed Rate Period, (iii) for any long Fixed Rate Period (other than any such Fixed Rate Period that is described in item (iv) of this paragraph), the first day of the calendar month beginning each six calendar month period after the commencement of such Fixed Rate Period that occurs during such Fixed Rate Period and the day following the last day of such Fixed Rate Period, and (iv) for any Long Fixed Rate Period extending to the maturity date of the Bonds, each January 1 and July 1. "Investment Obligations" means: (a) Government Obligations; (b) Agency Obligations; (c) negotiable certificates of deposit issued by banks, trust companies or savings and loan associations having a capital and surplus aggregating at least $25,000,000 and continuously secured (to the extent not fully insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation) for the benefit of the Trustee and the holders of Bonds Outstanding either (i) by lodging with a bank or trust company, as collateral security, Government Obligations or Agency Obligations having a market value (exclusive of accrued interest) not less than the amount of such deposit, or (ii) if the furnishing of security as provided in clause (i) of this paragraph is not permitted by applicable law, in such other manner as may then be required or permitted by applicable state or federal laws and regulations regarding the security for, or granting a preference in the case of, the deposit of trust funds; (d) repurchase agreements for Government Obligations and Agency Obligations with any bank, trust company or dealer in government Bonds reporting to, trading with and recognized as a primary dealer by a Federal Reserve Bank, acting as principal or agent, if such Government Obligations and Agency Obligations are delivered to, or registered in the name of, the Trustee or the Registrar and Paying Agent or are supported by a safekeeping receipt issued by a depository satisfactory to the Trustee, provided that such repurchase agreements must provide that the value of the underlying Government Obligations and Agency Obligations shall be continuously maintained at a current market value �Z not 7