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Whenever, during the term of the Bonds, the beneficial ownership thereof is determined by a book
entry at a Depository, (i) the requirements in this Indenture of holding, delivering or transferring Bonds
shall be deemed modified to require the appropriate Person or entity to meet the requirements of the
Depository as to registering or transferring the book entry to produce the same effect; and (ii) delivery of
the Bonds will be in accordance with arrangements among the Issuer, the Trustee and the Depository
notwithstanding any provision of this Indenture to the contrary.
The Issuer shall enter into any letter of representation with a Depository to implement the Book-
Entry System of bond registration described above.
Neither the Trustee nor any of its agents shall have any responsibility or liability for any actions
taken or not taken by DTC.
ARTICLE IV
REDEMPTION, MANDATORY TENDER AND REMARKETING OF BONDS
Section 4.01 Redemption of Bonds. The Bonds are subject to redemption prior to maturity as
provided in this Section.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to
the redemption of Bonds shall relate, in the case of any Bond redeemed or to be redeemed only in part, to
the portion of the principal of such Bond that has been or is to be redeemed; provided, however, that Bonds
shall be redeemed in part only in such amounts that the Bonds remaining Outstanding after a redemption
shall in all events be in Authorized Denominations.
On each redemption date the Trustee shall transfer to the Registrar, but only from and to the extent
of funds held by the Trustee hereunder available for such purpose, an amount sufficient to pay the
redemption price of all Bonds or portions thereof to be redeemed on such redemption date. In the event the
Trustee has not received or does not otherwise have available hereunder funds sufficient to pay the
redemption price of the Bonds on the date fixed for redemption, no funds shall be transferred to the
Registrar, all funds shall remain on deposit in the Special Funds, and the Trustee shall give notice of the
cancellation of such redemption in the manner set forth in Section 4.02 hereof.
(a) The Bonds are subject to optional redemption prior to maturity from Available Money, at
the direction of the Borrower (with delivery of a Cash Flow Projection, if required pursuant to subsection (c)
below), in whole or in part, at a redemption price equal to the principal amount of the Bonds to be redeemed,
plus accrued interest, but without premium, to the date fixed for redemption, (i) prior to the Initial
Mandatory Tender Date, on any Business Day on or after April 1, 2028 and (ii) after the Initial Mandatory
Tender Date, on any Business Day that is nearest to the date falling at 50% of the subsequent remarketing
period between the most recent Mandatory Tender Date and the next Mandatory Tender Date or the
Maturity Date, as applicable.
(b) Other than as set forth in subsection (a) above, the Bonds are not subject to optional
redemption prior to the Maturity Date.
(c) If, to pay the redemption price, the Trustee is required to sell or otherwise dispose of
Eligible Investments shown in the most recent Cash Flow Projection delivered to the Rating Agency before
the maturity or mandatory tender date of such Eligible Investments, then a new Cash Flow Projection shall
be provided to the Trustee (with a copy to the Rating Agency) with the direction described in subsection (a)
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