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to, giving of consents by and exercise of rights of, the Holders. There shall be a single Bond representing
each maturity, and all Bonds shall be immobilized in the custody of DTC with the owners of beneficial
interests in those Bonds (the “book-entry interests”) having no right to receive from the Issuer Bonds in the
form of physical securities or certificates. Ownership of book-entry interests in the Bonds shall be shown
by book entry on the system maintained and operated by DTC, its participants (the “Participants”) and
certain persons acting through the Participants, and transfers of ownership of book-entry interests shall be
made only by that book-entry system, the Issuer and the Trustee having no responsibility therefor. DTC is
to maintain records of the positions of Participants in the Bonds, and the Participants and persons acting
through Participants are to maintain records of the purchasers and owners of book-entry interests in the
Bonds. The Bonds as such shall not be transferable or exchangeable, except for transfer to another
Depository or to another nominee of a Depository, without further action by the Issuer and otherwise at the
expense of the Borrower.
If any Depository determines not to continue to act as a Depository for the Bonds for use in a
book-entry system, the Issuer may attempt to have established a securities depository/book-entry system
relationship with another qualified Depository under the Indenture. If the Issuer does not or is unable to do
so, the Issuer and the Trustee, after the Trustee has made provision for notification of the owners of
book-entry interests by the then Depository, shall permit withdrawal of the Bonds from the Depository, and
authenticate and deliver Bond certificates in fully registered form (in Authorized Denominations) to the
assignees of the Depository or its nominee, all at the cost and expense (including costs of printing or
otherwise preparing and delivering replacement Bond certificates) of those persons requesting such
authentication and delivery, if the event is not the result of Issuer action or inaction (including action at the
request of the Borrower).
The Indenture permits certain amendments or supplements to the Indenture, the Loan Agreement,
the Regulatory Agreement, and the Promissory Note not prejudicial to the Holders to be made without the
consent of or notice to the Holders, and certain other amendments or supplements thereto to be made with
the consent of the Majority of the Holders of the Bonds.
The Holder of each Bond has only those remedies provided in the Indenture.
The Bonds shall not constitute the personal obligation, either jointly or severally, of the members
of the Issuer or of any other officer of the Issuer. No recourse shall be had for the payment of the Bonds
against any elected or appointed officer, employee or agent of the Issuer, and no elected or appointed officer,
employee or monetary liability arising out the Issuer’s obligations under the Bonds, or in connection with
any covenant, representation or warranty made by the Issuer.
This Bond shall not be entitled to any security or benefit under the Indenture or be valid or become
obligatory for any purpose until the certificate of authentication hereon shall have been signed.
It is certified and recited that there have been performed and have happened in regular and due
form, as required by law, all acts and conditions necessary to be done or performed by the Issuer or to have
happened (i) precedent to and in the issuing of the Bonds in order to make them legal, valid and binding
special, limited obligations of the Issuer, and (ii) precedent to and in the execution and delivery of the
Indenture and the Loan Agreement; that payment in full for the Bonds has been received; and that the Bonds
do not exceed or violate any charter, constitutional or statutory limitation.
This Bond shall not be entitled to any security or benefit under the Indenture or be valid or become
obligatory for any purpose until the certificate of authentication hereon shall have been signed.
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