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Optional Redemption
On each redemption date the Trustee shall transfer to the Registrar, but only from and to the extent
of funds held by the Trustee under the Indenture 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 funds under the Indenture 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 the Indenture.
(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 paragraph
(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 fifty percent (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 paragraph (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 paragraph (a)
above, and the Trustee shall utilize the amounts and take the actions set forth in such Cash Flow Projection
to pay the redemption price of the Bonds called for redemption.
Notice of Redemption
Not less than twenty (20) days prior to the redemption date, the Trustee shall give written notice of
redemption to the Holders (with a copy to the Borrower, the Investor Limited Partners and the Remarketing
Agent) by first class mail, postage prepaid, at their respective addresses appearing on the Register.
Neither failure of any Holder to receive such notice nor any defect in any notice so mailed will
affect the sufficiency of the proceedings for the redemption of any of the Bonds. Each notice of redemption
will state, among other things, the redemption date, the redemption price, the place at which the Bonds are
to be surrendered for payment, that the interest on the Bonds designated for redemption will cease to accrue
from and after such redemption date and, if less than all of the Bonds outstanding are to be redeemed, an
identification of the Bonds or portions thereof to be redeemed.
Further notices of redemption shall be sent by first-class mail or overnight delivery service to any
Holder owning, on the date such notice is sent, Bonds in the aggregate principal amount of $1,000,000 or
more. In the event the Bonds are called for redemption under circumstances resulting in discharge of the
Indenture more than ninety (90) days before the redemption date, additional official and further notice of
redemption satisfying the requirements of the Indenture shall be given not less than thirty (30) nor more
than sixty (60) days prior to such redemption date.
* Preliminary; subject to change.
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