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an amount equivalent to the interest rate hereon at the time <br />of such Determination of Taxability multiplied by the <br />outstanding face amount hereof. Any such premium shall be <br />payable by the Borrower and is not payable from moneys drawn <br />under the Letter of Credit. <br />(c ) M_andator_y Redem tion U on Expiration of Letter of <br />Credit. The Project Bonds are subject to mandatory <br />redemption in whole on the Interest Payment Date which next <br />precedes a Letter of Credit Termination Date, at a <br />redemption price of 100 of the outstanding principal amount <br />thereof plus accrued interest to the redemption date unless, <br />at least 45 days prior to any such Interest Payment Date, <br />(a) the Bank shall have agreed to an extension or further <br />extension of the Letter of Credit Termination Date to a date <br />not earlier than one year from the Letter of Credit <br />Termination Date being extended or (b) the Borrower shall <br />have obtained and delivered to the Trustee an Alternate <br />Letter of Credit, as defined in the Indenture, with a <br />termination date not earlier than one year from the Letter <br />of Credit Termination Date for the Letter of Credit it <br />replaces. <br />(d) Optional Redemption. Unless previously redeemed, <br />the Project Bonds are subject to redemption at the option of <br />the Issuer, upon the direction of the Borrower and with the <br />prior written consent of the Bank (1) if the Project Bonds <br />do not bear interest at the Fixed Interest Rate, in whole or <br />in part (in integral multiples of $5,000) on any Interest <br />Adjustment Date at the redemption price of 100 of the <br />principal amount redeemed plus accrued interest thereon to <br />the redemption date, and (2) after the Fixed Interest Rate <br />Commencement Date and on or after the First Optional <br />Redemption Date, in whole or in part on any Interest <br />Payment Date at a redemption price equal to the following <br />percentages of the principal amount redeemed, plus in each <br />case accrued interest to the date fixed for redemption. <br />Redemption Date <br />First Optional Redemption <br />Date, through the following <br />July 31 <br />Optional Redemption Price <br />103 <br />First Anniversary of the First <br />Optional Redemption Date, through <br />the following July 31 102$ <br />Second Anniversary of the First <br />Optional Redemption Date, through <br />the following July 31 101$ <br />Third Anniversary of the First <br />Optional Redemption Date and <br />thereafter 100 <br />-16- <br />