05-09-2022 FINAL Notice and Agenda Packet

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15 Weekly Interest Rate. While the Bonds are in the Interest Rate Mode during which they bear a Weekly Interest Rate, the Bonds shall bear interest at a rate per annum computed on the basis of a 365- or 366-day year, as applicable, for the actual number of days elapsed. The interest rate shall be determined by the Remarketing Agent as described in the definition of Weekly Interest Rate above. Conversion From One Interest Rate Mode to Another Interest Rate Mode. On any Interest Period Reset Date, the interest rate or rates on the Bonds may be converted from one Interest Rate Mode to another Interest Rate Mode upon receipt by the Trustee and the Remarketing Agent of a written direction from the Borrower, given on behalf of the Issuer, not less than 45 days prior to such Interest Period Reset Date, to convert the interest rate or rates on the Bonds to an Interest Rate Mode other than the Interest Rate Mode then in effect; provided, however, that Bonds bearing interest at the BSBY Rate may be continued or converted only on the last day of an interest period for such Bond, unless Borrower pays the amount due, if any under the section of the Bond Purchase and Covenant Agreement entitled “Compensation for Losses” in connection therewith. Such direction to convert the interest rate or rates on the Bonds shall be accompanied by (a) an opinion of Bond Counsel selected by the Borrower delivered to the Issuer, the Trustee, the Bank, and the Confirming Bank, if any, and the Remarketing Agent, stating that such conversion to the specified Interest Rate Mode will not adversely affect the exclusion of the interest on the Bonds from gross income for federal income tax purposes, (b) a written certificate of the Remarketing Agent stating that the interest coverage period provided by the Letter of Credit, if any, and the Confirming Letter of Credit, if any, is appropriate for the Interest Rate Mode directed to be in effect and that the termination date of the Letter of Credit, if any, and the Confirming Letter of Credit, if any, is no earlier than 15 days after the First Optional Redemption Date, and (c) a written certificate of the Remarketing Agent stating that it has received certifications, opinions or other evidence satisfactory to it that there has been or will be compliance with any applicable state or federal securities law requirements. If the Bonds bear interest at the Weekly Interest Rate, (i) the interest coverage period for the Letter of Credit shall be at least 105 days of interest at the Maximum Rate, and (ii) the interest coverage period for the Confirming Letter of Credit, if any, shall be at least 110 days of interest at the Maximum Rate. If the Bonds bear interest at the Fixed Interest Rate, then the interest coverage period for the Letter of Credit and the Confirming Letter of Credit, if any, shall be at least 200 days of interest. The Borrower shall be required to provide a Letter of Credit or an Alternate Letter of Credit which will provide the appropriate interest coverage. No Letter of Credit or Confirming Letter of Credit shall be required while the Bonds bear interest at the BSBY Rate. Notwithstanding any provision of this paragraph, no conversion shall be effective (i) if the Borrower makes an election on or prior to the day immediately succeeding any Interest Rate Determination Date not to proceed with the proposed conversion or (ii) the Trustee has not received on the effective date of such conversion an opinion of Bond Counsel to the same effect as described in clause (a) of this paragraph above. In either such event, the BSBY Rate for the Bonds will remain as the Interest Rate Mode then in effect for the Bonds without regard to any proposed conversion. The Bonds will continue to be subject to tender for purchase on the scheduled effective date of the proposed conversion without regard to the failure of such proposed conversion. If the Trustee shall have sent any notice to Holders regarding the proposed conversion, then, in the event of a failure of such conversion as specified above, the Trustee shall promptly notify all Holders of such failure, of the reason for such failure and of the continuation of the Interest Rate Mode then in effect.