Common use of Optional Redemption Clause in Contracts

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 30 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Second Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 25 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third First Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities Notes will be subject to redemption redeemable at the option of the Company on any date prior to the maturity dateCompany, in whole at any time or in part from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be on at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof 30 but not less than 30 days nor more than 90 days 60 days’ prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable notice, at a redemption price Redemption Price equal to the greater of the following amounts: (i) 100% of the their principal amount of such Securities to be redeemed and amount; or (ii) as determined by the Quotation Agent and delivered present value of the Remaining Scheduled Payments on the Notes being redeemed on the Redemption Date, discounted to the Trustee Redemption Date, on a semiannual basis, at the Treasury Rate plus 25 basis points (0.25%), plus, in writingeach case, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid interest on the Notes to and including the Redemption Date) discounted from their scheduled date of payment to . In determining the Redemption Date (assuming Price and accrued interest, interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II Selection of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions thereof for redemption pursuant to the foregoing shall be made by the Trustee only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to the procedures of The Depository Trust Company), unless such method is otherwise prohibited. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Securities shall cease are to be redeemed at the registered address of such Holder. Securities in denominations larger than $1,000 may be redeemed in part. On and after the redemption date, interest ceases to accrue on and after the Redemption DateSecurities or portions thereof called for redemption, unless provided that if the Company shall default in the payment of any such Securities at the redemption price and together with accrued interest, interest with respect shall continue to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to accrue at the rate borne by the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 40 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Fourth Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 20 basis pointspoints (such greater amount is referred to herein as the “Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option provisions of Article Eleven of the Company on any date prior Indenture shall apply to this Note, as supplemented or amended by the maturity datefollowing paragraphs. The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be each case upon notice at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof 15 days but not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Par Call Date”). The Securities will be redeemable , at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities the Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee Make Whole Amount, plus in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the each case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon accrued to, but not including, the applicable Redemption Date. In addition, at any time on or after the Par Call Date, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership will pay any interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. This Security is also subject to In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as the Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the extent provided unredeemed portion thereof will be issued in Article II the name of the Third Supplemental Indenture. If the giving Holder thereof upon cancellation of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesthis Note.

Optional Redemption. The Securities will be of this series are subject to redemption redemption, at the option of the Company on any date prior to the maturity date, in whole time or from time to time time, as a whole or in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)election of the Company. If the Securities of this series are redeemed, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price will equal to the greater sum of (i) 100% of the principal amount of the Securities (or portion of such Securities Securities) being redeemed plus accrued and unpaid interest thereon to be redeemed but excluding the redemption date and (ii) as determined by the Quotation Agent and delivered to Make-Whole Amount, if any; provided, however, that if the Trustee in writingSecurities are redeemed on or after the Par Call Date, the sum redemption price will equal 100% of the present values principal amount of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date Securities (excluding the or portion of interest that will be such Securities) being redeemed plus accrued and unpaid interest thereon to and including but excluding the Redemption Date) discounted from their scheduled redemption date. Notwithstanding the foregoing, the Company will pay any interest installment due on an Interest Payment Date which occurs on or prior to a redemption date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II Holders of the Third Supplemental Indenture. If the giving Notes as of the notice close of redemption is completed as provided in business on the Indenture, interest on Notes Regular Record Date immediately preceding such Securities or portions of Securities shall cease to accrue on and after the Redemption Interest Payment Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not calculate the redemption price. The election to redeem the Securities may be required to make mandatory evidenced by either a Board Resolution or an Officers’ Certificate. In the event of redemption of this Security in part only, a new Security or sinking fund payments with respect to Securities of this series and of like tenor for the Securitiesunredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 50 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Fifth Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at Company may redeem the option of the Company on any date prior to the maturity dateSecurities, in whole or in part (equal to an integral multiple of $1,000; provided that these Securities shall not be in denominations of less than $2,000), at its option at any time and from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”)time. The Redemption Price for the Securities to be redeemed will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed and redeemed, or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of interest and principal on the Securities to be redeemed (exclusive of interest accrued and interest thereon due on any date after unpaid to, but excluding, the Redemption Date (excluding and assuming the portion of interest that will be accrued and unpaid to and including Securities called for redemption matured on the Redemption applicable Par Call Date) discounted from their scheduled date of payment to the Redemption Date (on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months) , at the Adjusted Redemption Treasury Rate plus 35 15 basis points, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interestinterest to, but excluding, the Redemption Date. The principal amount of a Security remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. Notice of redemption shall be mailed (or otherwise transmitted in accordance with the procedures of The Depository Trust Company (“DTC”)) to each registered Holder of the Securities to be redeemed at least 10 days, and not more than 60 days (except that notices of redemption may be mailed (or otherwise transmitted in accordance with DTC procedures) more than 60 days prior to a Redemption Date if anyissued in connection with a defeasance of the applicable Securities or a satisfaction and discharge of the Indenture), thereon prior to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the Once notice of redemption is completed as provided mailed (or otherwise transmitted in accordance with the Indentureprocedures of DTC), the Securities called for redemption shall become due and payable on the Redemption Date and at the Redemption Price, plus accrued and unpaid interest on such Securities or portions of Securities shall cease to accrue on and after to, but excluding, the Redemption Date. Commencing on the applicable Par Call Date, unless the Company shall default Securities are redeemable at the option of the Company, at any time in whole or from time to time in part, at a Redemption Price equal to 100% of the payment principal amount of any such redemption price the Securities being redeemed, plus accrued and accrued unpaid interest with respect on the Securities to any such Security or portion thereofbe redeemed to, but excluding, the Redemption Date. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to For purposes of this paragraph, the Securities.following definitions are applicable:

Optional Redemption. The Securities will be subject Company may, at its option, redeem the Notes at any time or from time to redemption at the option of the Company on any date prior to the maturity datetime, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities redemption price will be redeemable at a redemption price equal to the greater of the following amounts: (i) 100% of their principal amount of the Notes being redeemed; and (ii) the present value of the Remaining Scheduled Payments on the Notes being redeemed on the redemption date, discounted to the redemption date, on a semiannual basis, at the Treasury Rate plus 50 basis points (0.50%). At any time on or after December 15, 2027 (six months prior to the maturity date of the Notes), the Company may redeem the Notes, in whole at any time or in part from time to time, at 100% of the principal amount of such Securities the Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingredeemed, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid interest to and including the Redemption Date) discounted from their scheduled date of payment redemption. The Company will also pay accrued and unpaid interest on such Notes to the Redemption Date (assuming redemption date. In determining the redemption price and accrued interest, interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. Notice of redemption may state that the redemption is conditioned upon the occurrence of other events, and will be mailed by first class mail (or delivered electronically in accordance with the procedures of the Depositary) at least 30 days but not more than 60 days before the Adjusted Redemption Treasury Rate plus 35 basis points, plus, redemption date to each Holder of Notes to be redeemed at its registered address (with a copy to the Trustee). Notes in either denominations larger than $2,000 may be redeemed in part. On and after the case redemption date interest ceases to accrue on Notes or portions of clause them called for redemption so long as the Company has deposited with the paying agent for such Notes funds in satisfaction of the redemption price (i) or clause (ii), including accrued and unpaid interest, if any, thereon interest on such Notes to the Redemption Date. This Security is also subject be redeemed) pursuant to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless provided that if the Company shall default in the payment of any such Notes at the redemption price and together with accrued interest, interest with respect shall continue to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to accrue at the Securitiesrate borne by the Notes.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 30 basis pointspoints (such greater amount is referred to herein as the “Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the their maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given notice, sent by first class mail, to the Securityholders thereof not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Prior to March 15, 2023, the Securities will be redeemable at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed redeemed, and (ii) an amount, as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, equal to the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 15 basis points, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interest, if any, thereon to to, but excluding, the Redemption Date. This Security is In addition, the Securities will be redeemable on or after March 15, 2023 at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. The Securities are also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities Senior Notes will be subject to redemption redeemable, at the option of the Company on any date prior to the maturity dateCompany, in whole at any time or in part from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the a “Redemption Date”). The Securities will be redeemable , at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of such Securities the Senior Notes to be redeemed and or (ii) as determined by the Quotation Agent and delivered an amount equal to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on the Senior Notes to be redeemed, not including any date after portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 20 basis points, plus, as calculated by an Independent Investment Banker; plus in either the case of clause (i) or clause (ii)each case, accrued and unpaid interestinterest on the Senior Notes to be redeemed to, if anybut excluding, thereon such Redemption Date. If the Company has given notice as provided in the Original Indenture and made funds available for the redemption of any Senior Notes called for redemption on the Redemption Date referred to in that notice, those Senior Notes will cease to bear interest on that Redemption Date. Any interest accrued to the date fixed for redemption will be paid as specified in such notice. The Company will give written notice of any redemption of any Senior Notes to Holders of the Senior Notes to be redeemed at their addresses, as shown in the Security Register for the Senior Notes, at least 30 days and not more than 60 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the date fixed for redemption, the redemption price and the aggregate principal amount of the Senior Notes to be redeemed. If the Company chooses to redeem less than all of the Senior Notes, the particular Senior Notes to be redeemed shall be selected by the Trustee not more than 45 days prior to the Redemption Date. This Security is also subject The Trustee will select the method in its sole discretion, in such manner as it shall deem appropriate and fair, for the Senior Notes to redemption to the extent provided be redeemed in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiespart.

Optional Redemption. The Securities will shall be subject to redemption redeemable at the option of the Company on at any date prior to the maturity date, in whole or time and from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the a “Redemption Date”). The Securities will be redeemable , in whole or in part, at a redemption price (the “Redemption Price”) equal to the greater sum of (i) 100% of the principal amount of such the Securities to be being redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon up to but excluding the Redemption Date and (ii) the Make Whole Amount (as defined below), if any. If the Company has given notice as provided in the Indenture and funds for the redemption of the Securities called for redemption have been made available on the Redemption Date, such Securities shall cease to bear interest on the Redemption Date. Thereafter, the only right of the holders of the Securities shall be to receive payment of the Redemption Price. The Company shall give notice of any optional redemption to holders of the Security at their addresses, as shown in the security register for the Securities, not more than 45 nor less than 30 days prior to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the The notice of redemption is completed as provided in shall specify, among other items, the IndentureRedemption Price and the principal amount of the Securities held by such holder to be redeemed. If less than all of the Securities are to be redeemed, interest on such the Company shall give the Trustee at least 60 days’ prior notice of the Redemption Date and of the aggregate principal amount of the Securities to be redeemed, and the Trustee shall select the Securities or portions of Securities to be redeemed either pro rata or by such method as the Trustee shall cease deem fair and appropriate; provided that if, at the time of redemption, such Securities are registered as Global Securities, the Depository shall determine, in accordance with its procedures, the principal amount of such Securities held by each owner of beneficial interests in Global Securities to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereofbe redeemed. The Company shall not be required to make mandatory Trustee may select for redemption or sinking fund payments with respect to the SecuritiesSecurities and portions of Securities in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Optional Redemption. The Securities will be Notes are subject to redemption at upon not less than 10 or more than 60 days’ notice to the option Holders of the Company on Notes to be redeemed as provided in the Indenture, at any date prior to the maturity date, in whole time or from time to time prior to the Par Call Date as a whole or in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)election of the Partnership, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of of: (i) 100% of the principal amount of such Securities the Notes to be redeemed redeemed, plus accrued and unpaid interest to the Redemption Date and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingAgent, the sum of the present values of the remaining scheduled payments of principal of and interest thereon on the Notes to be redeemed that but for the redemption would be due on any date after the Redemption Date through the Par Call Date, assuming the Notes matured on the Par Call Date (excluding the not including any portion of payments of interest that will be accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 25 basis points, plus, in either the case of clause (i) or clause (ii), points plus accrued and unpaid interestinterest to the Redemption Date. In addition, if anythe Notes are subject to redemption upon not less than 10 or more than 60 days’ notice to the Holders of the Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after the Par Call Date, in whole or in part, at the election of the Partnership, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. This If less than all the Notes are to be redeemed, selection of Notes for redemption will be made [Insert for Global Notes – by the Depositary by lot or other means in accordance with the Depositary’s procedures] [Insert for a Definitive Security is also subject to redemption to - by the extent provided Trustee in Article II such manner as it shall deem appropriate and fair]. Unless the Partnership defaults in payment of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenturesuch Redemption Price, interest on such Securities or portions of Securities shall cease to accrue on from and after the Redemption Date, unless the Company shall default Notes or portions thereof called for redemption will cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the payment of any such redemption price and accrued interest with respect right to any such Security or portion receive the Redemption Price thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Offered Securities will be subject to redemption at the option of the Company on any date Redemption Date prior to the their maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days 60 days’ prior notice mailed to the date fixed for redemption in such notice (holders of Offered Securities to be redeemed. Prior to March 15, 2023, the “Redemption Date”). The Offered Securities will be redeemable at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such the Offered Securities to be redeemed redeemed, and (ii) an amount, as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, equal to the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 15 basis points, points plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to to, but excluding, the Redemption Date. This Security is also subject In addition, the Offered Securities will be redeemable on or after March 15, 2023 at a Redemption Price equal to redemption to the extent provided in Article II 100% of the Third Supplemental Indenture. If the giving principal amount of the notice of redemption is completed as provided in the IndentureOffered Securities to be redeemed, interest on such Securities or portions of Securities shall cease to accrue on plus accrued and after unpaid interest, if any, to, but excluding, the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 25 basis pointspoints (such greater amount is referred to herein as the “Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Company may redeem the Securities will be subject at any time or from time to redemption at the option of the Company on any date prior to the maturity datetime, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days . The redemption price for Securities redeemed prior to the date fixed for redemption in such notice September 15, 2026 (the “Redemption Par Call Date”). The Securities ) will be redeemable at a redemption price equal to the greater of the following amounts: (i) 100% of their principal amount; and (ii) the present value of the Remaining Scheduled Payments on the Securities being redeemed that would be due if the Securities matured on the Par Call Date, discounted to the redemption date, on a semiannual basis, at the Treasury Rate plus 10 basis points (0.100%), plus, in each case, accrued and unpaid interest on such Securities to the redemption date. The redemption price for Securities redeemed on or after the Par Call Date will be equal to 100% of the principal amount of the Securities being redeemed, plus accrued and unpaid interest on such Securities to the redemption date. In determining the redemption price and accrued interest, interest shall be redeemed and (ii) as determined by calculated on the Quotation Agent and delivered to the Trustee in writing, the sum basis of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice Notice of redemption is completed as provided will be mailed at least 15 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address. Securities in denominations larger than $2,000 may be redeemed in part. On and after the Indenture, redemption date interest ceases to accrue on such Securities or portions of Securities shall cease to accrue on and after the Redemption Datethem called for redemption, unless provided that if the Company shall default in the payment of any such Securities at the redemption price and together with accrued interest, interest with respect shall continue to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to accrue at the rate borne by the Securities.

Optional Redemption. The Securities will be subject Company may, at its option, redeem the Notes at any time or from time to redemption at the option of the Company on any date prior to the maturity datetime, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities redemption price will be redeemable at a redemption price equal to the greater of the following amounts: (i) 100% of their principal amount of the Notes being redeemed; and (ii) the present value of the Remaining Scheduled Payments on the Notes being redeemed on the redemption date, discounted to the redemption date, on a semiannual basis, at the Treasury Rate plus 50 basis points (0.50%). At any time on or after June 1, 2021 (30 days prior to the maturity date of the Notes), the Company may redeem the Notes, in whole at any time or in part from time to time, at 100% of the principal amount of such Securities the Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingredeemed, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid interest to and including the Redemption Date) discounted from their scheduled date of payment redemption. The Company will also pay accrued and unpaid interest on such Notes to the Redemption Date (assuming redemption date. In determining the redemption price and accrued interest, interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. Notice of redemption may state that the redemption is conditioned upon the occurrence of other events, and will be mailed by first class mail (or delivered electronically in accordance with the procedures of the Depositary) at least 30 days but not more than 60 days before the Adjusted Redemption Treasury Rate plus 35 basis points, plus, redemption date to each Holder of Notes to be redeemed at its registered address (with a copy to the Trustee). Notes in either denominations larger than $2,000 may be redeemed in part. On and after the case redemption date interest ceases to accrue on Notes or portions of clause them called for redemption so long as the Issuer has deposited with the paying agent for such Notes funds in satisfaction of the redemption price (i) or clause (ii), including accrued and unpaid interest, if any, thereon interest on such Notes to the Redemption Date. This Security is also subject be redeemed) pursuant to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless provided that if the Company shall default in the payment of any such Notes at the redemption price and together with accrued interest, interest with respect shall continue to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to accrue at the Securitiesrate borne by the Notes.

Optional Redemption. The Securities will be subject to redemption at the option of the Company Issuers on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 50 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company Issuers shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be Notes are subject to redemption at upon not less than 30 or more than 60 days’ notice to the option Holders of the Company on Notes to be redeemed as provided in the Indenture, at any date prior to the maturity date, in whole time or from time to time prior to August 15, 2020, as a whole or in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)election of the Company, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of of: (i) 100% of the principal amount of such Securities the Notes being redeemed, plus accrued interest to be redeemed the Redemption Date and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingAgent, the sum of the present values of the remaining scheduled payments of principal of and interest thereon due on the Notes to be redeemed (not including any date after the Redemption Date (excluding the portion of payments of interest that will be accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 25 basis points, plus, in either the case of clause (i) or clause (ii), points plus accrued and unpaid interest, if any, thereon interest to the Redemption Date. This Security is also In addition, the Notes are subject to redemption upon not less than 30 or more than 60 days’ notice to the extent provided in Article II Holders of the Third Supplemental Indenture. If the giving of the notice of redemption is completed Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after August 15, 2020, as a whole or in part, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued interest to the Redemption Date If less than all the Notes are to be redeemed, selection of Notes for redemption will be made by the Trustee on a pro rata basis or by lot (whichever is consistent with the Trustee’s customary practice). Unless the Company defaults in payment of such Securities or portions of Securities shall cease to accrue on Redemption Price, from and after the Redemption Date, unless the Company shall default Notes or portions thereof called for redemption will cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the payment of any such redemption price and accrued interest with respect right to any such Security or portion receive the Redemption Price thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. 2 The Issuer may redeem the Securities will be subject to redemption at the option of the Company any time on any date prior to the maturity dateor after , , in whole or from time to time in part, in $1,000 increments at the following redemption prices (provided that any remaining expressed as a percentage of their principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior amount) together with interest accrued and unpaid to the date fixed for redemption: If redeemed during the twelve-month period commencing on and ending on in each of the following years Percentage [Insert provisions relating to redemption at option of Holders, if any] If less than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed, if the Securities are listed on a national securities exchange, in accordance with the rules of such notice (exchange, or if the “Redemption Date”)Securities are not so listed, on either a pro rata basis or by lot or by such method as the Trustee shall deem fair and appropriate. The Trustee shall make the selection from Securities will outstanding and not previously called for redemption. Securities in denominations of $2,000 may only be redeemable at a redeemed in whole. The Trustee may select for redemption price portions (equal to the greater $2,000 or any integral multiple of (i$1,000 thereof) 100% of the principal amount of such Securities that have denominations larger than $2,000. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at the registered address of such Holder. On and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding redemption dates interest ceases to accrue on the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after thereof called for redemption, provided that if the Redemption Date, unless the Company Issuer shall default in the payment of any such Securities at the redemption price and together with accrued interest, interest with respect shall continue to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to accrue at the rate borne by the Securities.

Optional Redemption. The Securities Senior Notes will be subject to redemption redeemable, at the option of the Company on any date prior to the maturity dateCompany, in whole at any time or in part from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the a “Redemption Date”). The Securities will be redeemable , at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of such Securities the Senior Notes to be redeemed and or (ii) as determined by the Quotation Agent and delivered an amount equal to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on the Senior Notes to be redeemed, not including any date after portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 50 basis points, plus, as calculated by an Independent Investment Banker; plus in either the case of clause (i) or clause (ii)each case, accrued and unpaid interestinterest on the Senior Notes to be redeemed to, if anybut excluding, thereon such Redemption Date. If the Company has given notice as provided in the Original Indenture and made funds available for the redemption of any Senior Notes called for redemption on the Redemption Date referred to in that notice, those Senior Notes will cease to bear interest on that Redemption Date. Any interest accrued to the date fixed for redemption will be paid as specified in such notice. The Company will give written notice of any redemption of any Senior Notes to holders of the Senior Notes to be redeemed at their addresses, as shown in the security register for the Senior Notes, at least 30 days and not more than 60 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the date fixed for redemption, the redemption price and the aggregate principal amount of the Senior Notes to be redeemed. If the Company chooses to redeem less than all of the Senior Notes, the particular Senior Notes to be redeemed shall be selected by the Trustee not more than 45 days prior to the Redemption Date. This Security is also subject The Trustee will select the method in its sole discretion, in such manner as it shall deem appropriate and fair, for the Senior Notes to redemption to the extent provided be redeemed in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiespart.

Optional Redemption. The Securities will be subject If specified in the applicable prospectus supplement, we may elect to redemption at the option redeem all or part of the Company on any date prior to the maturity date, in whole or outstanding debt securities of a series from time to time before the maturity date of the debt securities of that series. Upon such election, we will notify the indenture trustee of the redemption date and the principal amount of debt securities of the series to be redeemed. If less than all the debt securities of the series are to be redeemed, the particular debt securities of that series to be redeemed will be selected by the depositary in partaccordance with its procedures. The applicable prospectus supplement will specify the redemption price for the debt securities to be redeemed (or the method of calculating such price), in $1,000 increments (provided that any remaining principal amount thereof shall each case in accordance with the terms and conditions of those debt securities. Notice of redemption will be at least the minimum authorized denomination thereof), on written notice given to each holder of the Securityholders thereof debt securities to be redeemed not less than 30 days nor more than 90 60 days prior to the date fixed set for such redemption. This notice will include the following information, as applicable: the redemption in such notice (date; the “Redemption Date”). The Securities will be redeemable at a redemption price equal to (or the greater method of (i) 100% calculating such price); if less than all of the principal amount outstanding debt securities of such Securities series are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the particular debt securities to be redeemed; that on the redemption date the redemption price will become due and payable upon each security to be redeemed and, if applicable, that interest thereon will cease to accrue after such date; the place or places where such debt securities are to be surrendered for payment of the redemption price; and that the redemption is for a sinking fund, if such is the case. Prior to any redemption date, we will deposit or cause to be deposited with the indenture trustee or with a paying agent (or, if we are acting as our own paying agent with respect to the debt securities being redeemed, we will segregate and hold in trust as provided in the applicable indenture) an amount of money sufficient to pay the aggregate redemption price of, and (iiexcept if the redemption date shall be an interest payment date or the debt securities of such series provide otherwise) as determined by accrued interest on, all of the Quotation Agent and delivered debt securities or the part thereof to be redeemed on that date. On the Trustee in writingredemption date, the sum redemption price will become due and payable upon all of the present values of the remaining scheduled payments of principal debt securities to be redeemed, and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon on the debt securities to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall be redeemed will cease to accrue on from and after the Redemption Date, unless the Company shall default in the payment that date. Upon surrender of any such debt securities for redemption, we will pay those debt securities surrendered at the redemption price and together, if applicable, with accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesredemption date. Any debt securities to be redeemed only in part must be surrendered at the office or agency established by us for such purpose, and we will execute, and the indenture trustee will authenticate and deliver to a holder without service charge, new debt securities of the same series and of like tenor, of any authorized denominations as requested by that holder, in a principal amount equal to and in exchange for the unredeemed portion of the debt securities that holder surrenders.

Optional Redemption. The Securities will be subject Prior to redemption at the option of February 15, 2007, the Company cannot redeem the Securities. The Company may, on or after February 15, 2007, at its option, redeem the Securities in whole or in part on any date prior to the maturity date, in whole or from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written upon notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to Holders as provided in the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable Indenture, at a redemption price price, payable in cash, equal to the greater of (i) 100% of the principal amount of such the Securities redeemed plus accrued and unpaid interest (including any Liquidated Damages), if any, to but excluding the date of redemption. If fewer than all the Securities are to be redeemed, the Trustee shall select the particular Securities to be redeemed and (ii) as determined from the Outstanding Securities by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed methods as provided in the Indenture. If any Security selected for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed to be the portion selected for redemption (provided, however, that the Holder of such Security so converted and deemed redeemed shall not be entitled to any additional interest payment as a result of such deemed redemption than such Holder would have otherwise been entitled to receive upon conversion of such Security). Securities which have been converted during a selection of Securities to be redeemed may be treated by the Trustee as Outstanding for the purpose of such selection. On and after the redemption date, interest ceases to accrue on such Securities or portions of Securities shall cease to accrue on and after the Redemption Datecalled for redemption, unless the Company shall default defaults in the payment of any such the redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesand unpaid interest.

Optional Redemption. The Securities will be Notes are subject to redemption at upon not less than 10 or more than 60 days’ notice to the option Holders of the Company on Notes to be redeemed as provided in the Indenture, at any date prior to the maturity date, in whole time or from time to time prior to the Par Call Date as a whole or in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)election of the Partnership, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of of: (i) 100% of the principal amount of such Securities the Notes to be redeemed redeemed, plus accrued and unpaid interest to the Redemption Date and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingAgent, the sum of the present values of the remaining scheduled payments of principal of and interest thereon on the Notes to be redeemed that but for the redemption would be due on any date after the Redemption Date through the Par Call Date, assuming the Notes matured on the Par Call Date (excluding the not including any portion of payments of interest that will be accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 30 basis points, plus, in either the case of clause (i) or clause (ii), points plus accrued and unpaid interestinterest to the Redemption Date. In addition, if anythe Notes are subject to redemption upon not less than 10 or more than 60 days’ notice to the Holders of the Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after the Par Call Date, in whole or in part, at the election of the Partnership, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. This Security is also subject If less than all the Notes are to be redeemed, selection of Notes for redemption to will be made [Insert for Global Notes – by the extent provided Depositary by lot or other means in Article II accordance with the Depositary’s procedures] [Insert for a Definitive Security—by the Trustee in such manner as it shall deem appropriate and fair]. Unless the Partnership defaults in payment of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenturesuch Redemption Price, interest on such Securities or portions of Securities shall cease to accrue on from and after the Redemption Date, unless the Company shall default Notes or portions thereof called for redemption will cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the payment of any such redemption price and accrued interest with respect right to any such Security or portion receive the Redemption Price thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption redeemable, in whole or in part, at the option of the Company Operating Partnership at any time, upon not less than 30 and not more than 60 days' notice mailed to each Holder of the Securities to be redeemed at the Holder's address appearing in the Security Register, on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable Maturity at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered an amount equal to the Trustee in writing, the sum of the present values of the remaining scheduled payments of for principal and interest thereon due on the Securities to be redeemed, not including any date after portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 25 basis points, plus, ; plus in either the case of clause (i) or clause (ii)each case, accrued and unpaid interest, if any, thereon interest on the Securities to the be redeemed to such Redemption Date. This Security is also subject to redemption to The Operating Partnership shall notify the extent provided in Article II Trustee of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments Price with respect to the Securitiesforegoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. The Operating Partnership has no obligation to redeem or purchase any Securities pursuant to any sinking fund or analogous requirement, or (except as provided in Article V) upon the happening of a specified event, or at the option of a Holder thereof.

Optional Redemption. The Securities will be subject At any time prior to redemption at the option of March 15, 2022, the Company on any date prior to may redeem the maturity dateNotes at its option, in whole or from time to time in part, at a redemption price equal to the Redemption Price. At any time on or after March 15, 2022, the Notes will be redeemable at the option of the Company, in $1,000 increments (provided that any remaining whole or from time to time in part, at a redemption price equal to 100% of the principal amount thereof of the Notes to be redeemed plus accrued interest thereon to the Redemption Date. If notice of redemption has been given as provided in the Indenture and funds for the redemption of the Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the Holders of such Notes from and after the Redemption Date will be at least to receive payment of the minimum authorized denomination thereof), on written notice Redemption Price upon surrender of such Notes in accordance with such notice. Notice of any optional redemption of any Notes will be given to Holders at their addresses, as shown in the Securityholders thereof Security Register for the Notes, not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”)redemption. The Securities notice of redemption will be redeemable at a redemption price equal to specify, among other items, the greater of (i) 100% of Redemption Price and the principal amount of the Notes held by such Securities Holder to be redeemed. If all or less than all of the Notes are to be redeemed at the option of the Company, the Company will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption The Company shall give the Trustee notice of the Make-Whole Amount promptly after the calculation thereof and if the Company has requested that the Trustee give to the extent provided in Article II of the Third Supplemental Indenture. If the giving of Holders the notice of redemption is completed as provided in required by Section 1104 of the Base Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless notice from the Company shall default be given to the Trustee at such time as shall permit the Trustee to include notice of the Make-Whole Amount in such notice of redemption. The Trustee shall have no responsibility for calculating the payment Make-Whole Amount. The Trustee shall select, in such manner as it shall deem fair and appropriate, no less than 60 days prior to the date of redemption, the Notes to be redeemed in part. Neither the Company nor the Trustee shall be required to: (i) issue, register the transfer of or exchange Notes during a period beginning at the opening of business 15 days before any such redemption price selection of Notes to be redeemed and accrued interest with respect to ending at the close of business on the day of mailing the relevant notice of redemption; or (ii) register the transfer of or exchange any such Security Note, or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to , called for redemption, except the Securitiesunredeemed portion of any Note being redeemed in part.

Optional Redemption. The Securities will be Notes are subject to redemption at upon not less than 30 or more than 60 days’ notice to the option Holders of the Company on Notes to be redeemed as provided in the Indenture, at any date prior to the maturity date, in whole time or from time to time prior to August 15, 2021, as a whole or in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)election of the Company, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of of: (i) 100% of the principal amount of such Securities the Notes being redeemed, plus accrued interest to be redeemed the Redemption Date and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingAgent, the sum of the present values of the remaining scheduled payments of principal of and interest thereon due on the Notes to be redeemed (not including any date after the Redemption Date (excluding the portion of payments of interest that will be accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 30 basis points, plus, in either the case of clause (i) or clause (ii), points plus accrued and unpaid interest, if any, thereon interest to the Redemption Date. This Security is also In addition, the Notes are subject to redemption upon not less than 30 or more than 60 days’ notice to the extent provided in Article II Holders of the Third Supplemental Indenture. If the giving of the notice of redemption is completed Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after August 15, 2021, as a whole or in part, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued interest to the Redemption Date If less than all the Notes are to be redeemed, selection of Notes for redemption will be made by the Trustee on a pro rata basis or by lot (whichever is consistent with the Trustee’s customary practice). Unless the Company defaults in payment of such Securities or portions of Securities shall cease to accrue on Redemption Price, from and after the Redemption Date, unless the Company shall default Notes or portions thereof called for redemption will cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the payment of any such redemption price and accrued interest with respect right to any such Security or portion receive the Redemption Price thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject Company may, at its option, redeem the Notes at any time or from time to redemption at the option of the Company on any date prior to the maturity datetime, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities redemption price will be redeemable at a redemption price equal to the greater of the following amounts: (i) 100% of their principal amount of the Notes being redeemed; and (ii) the present value of the Remaining Scheduled Payments on the Notes being redeemed on the redemption date, discounted to the redemption date, on a semiannual basis, at the Treasury Rate plus 50 basis points (0.50%). At any time on or after December 1, 2026 (six months prior to the maturity date of the Notes), the Company may redeem the Notes, in whole at any time or in part from time to time, at 100% of the principal amount of such Securities the Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingredeemed, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid interest to and including the Redemption Date) discounted from their scheduled date of payment redemption. The Company will also pay accrued and unpaid interest on such Notes to the Redemption Date (assuming redemption date. In determining the redemption price and accrued interest, interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. Notice of redemption may state that the redemption is conditioned upon the occurrence of other events, and will be mailed by first class mail (or delivered electronically in accordance with the procedures of the Depositary) at least 30 days but not more than 60 days before the Adjusted Redemption Treasury Rate plus 35 basis points, plus, redemption date to each Holder of Notes to be redeemed at its registered address (with a copy to the Trustee). Notes in either denominations larger than $2,000 may be redeemed in part. On and after the case redemption date interest ceases to accrue on Notes or portions of clause them called for redemption so long as the Issuer has deposited with the paying agent for such Notes funds in satisfaction of the redemption price (i) or clause (ii), including accrued and unpaid interest, if any, thereon interest on such Notes to the Redemption Date. This Security is also subject be redeemed) pursuant to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless provided that if the Company shall default in the payment of any such Notes at the redemption price and together with accrued interest, interest with respect shall continue to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to accrue at the Securitiesrate borne by the Notes.

Optional Redemption. The Securities will be Bonds maturing on or before September 1, 20 are not subject to optional call and redemption prior to maturity. The Bonds maturing on and after September 1, 20 may be redeemed at the option of the Company Authority, from any source of available funds, prior to maturity on any date prior on or after September 1, 20 as a whole, or in part from maturities of the Local Obligations simultaneously redeemed, if any redemption of Local Obligations is being made in conjunction with such optional redemption, and otherwise from such maturities as are selected by the Authority, by lot within a maturity, at a redemption price equal to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof to be redeemed, together with accrued interest to the date of redemption, without premium. Prior to consenting to the optional redemption of any Local Obligation which it has purchased and is held under this Indenture, the Authority shall deliver to the Trustee a certificate of an Independent Accountant verifying that, following such optional redemption of the Local Obligations and redemption of Bonds, the principal and interest generated from the remaining Local Obligations is adequate to make the timely payment of principal and interest due on the Bonds remaining Outstanding following such optional redemption. The Authority shall be required to give the Trustee written notice of its intention to redeem Bonds under this Section (a) at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 forty-five (45) days prior to the date fixed for redemption in (or such notice (the “Redemption Date”). The Securities will lesser number of days as shall be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered acceptable to the Trustee and which would allow the Trustee to comply with the requirements of Section 2.2(d), in writing, the sum sole determination of the present values Trustee, such notice intended for the convenience of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (iiTrustee), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at Company has the option to redeem all or a portion of the Company on Notes at any date prior to the maturity datetime, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)time, on written notice given to the Securityholders thereof not or after August 1, 2019 on no less than 30 days nor more than 90 days prior 60 days’ notice sent to Holders thereof (with a copy to the date fixed for redemption in such notice (Trustee and the Securities Administrator), at a “Redemption Date”). The Securities will be redeemable at a redemption price Price” equal to the greater of (i) 100% of the principal amount of such Securities the Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingredeemed, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to on the principal amount being redeemed to, but excluding, the Redemption Date. This Security is also subject If the Company chooses to redeem any Notes, it will deliver a notice of redemption to Holders of Notes (with a copy to the Trustee and the Securities Administrator) not less than 30 nor more than 60 days before the Redemption Date (which notice may be conditioned on the occurrence of one or more events or circumstances, as specified therein). In addition, so long as the Notes are listed on the New York Stock Exchange (or such other exchange as meets the definition of a “recognised stock exchange” within the meaning of section 1005 of the U.K. Income Tax Act 2007), to the extent provided required by that exchange, the Company will give notice to that exchange and publicize such redemption in Article II accordance with any such requirements of that exchange. Any redemption may, at the Third Supplemental IndentureCompany’s discretion, be subject to one or more conditions precedent as may be specified in the notice of redemption, including, but not limited to, completion of an issuance of Indebtedness or other corporate transaction or event. If the giving Company is redeeming less than all of the notice Notes, the particular Notes to be redeemed will be selected by the Securities Administrator by lot, pro rata, or in a manner deemed fair and appropriate by the Securities Administrator, subject to the Applicable Procedures of the Depositary; provided, however, that no such partial redemption is completed as provided shall reduce the portion of the principal amount of a Note not redeemed to less than $25. Unless the Company defaults in payment of the IndentureRedemption Price, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless interest will cease to accrue on the Notes or portions of the Notes called for redemption. On or before any Redemption Date, the Company shall default in deposit with Paying Agent (or the payment Securities Administrator) money sufficient to pay the Redemption Price of any such redemption price and accrued interest on the Notes to be redeemed on such date. In no case will the Trustee or the Securities Administrator have any duty to perform any calculations with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the SecuritiesRedemption Price.

Optional Redemption. The Securities will be subject to redemption at At any time from and after the option date of the Agreement, the Company on any date prior to may redeem all of the maturity dateNotes, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof but not less than 30 days all of the Notes, upon not less than three nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable 30 Business Days’ notice, at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingNotes, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid interest to (but not including) the applicable redemption date; provided, however, that upon a redemption of the Notes pursuant to this paragraph, the Company’s option to issue Additional Singapore Dollar Notes pursuant to Section 1(b)(iii) of the Agreement, and including the Redemption Purchasers’ corresponding commitment to purchase such Notes, shall be terminated. Any redemption pursuant to this paragraph shall only be made if the outstanding term loans borrowed under the Facility Agreement are redeemed in full on or about the same redemption date. At the time from and after the Initial Closing Date) discounted from their scheduled date , the Company may redeem all of payment the Notes, or any part of the Notes in an aggregate principal amount of not less than SGD$15,000,000, upon not less than three nor more than 30 Business Days’ notice, at a redemption price equal to 100% of the Redemption Date (assuming a 360-day year consisting principal amount of twelve 30-day months) at the Adjusted Redemption Treasury Rate Notes, plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest to (but not including) the applicable redemption date, if anywith the net cash proceeds received by the Company from (a) equity contributions or subordinated, thereon unsecured shareholder loans made to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II Company from any direct or indirect parent company of the Third Supplemental Indenture. If Company (from sources other than a Refinancing Transaction) or (b) the giving net proceeds received from either the issuance of the notice Notes or the incurrence of term loan Indebtedness under the Facility Agreement that are not used by the Company (and not reasonably anticipated by the Company to be used or necessary) in connection with the Integrated Resort Project. Any redemption is completed as provided in pursuant to this paragraph shall only be made if the Indenture, interest outstanding term loans borrowed under the Facility Agreement are redeemed on or about the same redemption date on a pro rata basis (based on the outstanding principal amount of Notes and term loans on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesdates).

Optional Redemption. The Securities will be subject Prior to redemption at April 15, 2032 (the option of “Par Call Date”), the Company on any date prior to may redeem the maturity dateSecurities at its option, in whole or in part, at any time and from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of of: (ii)(a) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any the Securities to be redeemed discounted to the redemption date after (assuming the Redemption Date (excluding Securities matured on the portion of interest that will be accrued and unpaid to and including the Redemption Par Call Date) discounted from their scheduled date of payment to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 45 basis pointspoints less (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Securities to be redeemed, plus, in either the case of clause (i) or clause (ii)case, accrued and unpaid interestinterest thereon to, if anybut excluding, the redemption date. On or after the Par Call Date, the Company may redeem the Securities, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Securities being redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the Depositary’s procedures) at least 10 but not more than 60 days before the redemption date to each Holder of the Securities to be redeemed. In the case of a partial redemption, selection of the Securities for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Securities of a principal amount of $2,000 or less will be redeemed in part. If any Security is to be redeemed in part only, the notice of redemption that relates to the Redemption DateSecurity will state the portion of the principal amount of the Security to be redeemed. A Security in a principal amount equal to the unredeemed portion of the Security will be issued in the name of the Holder of the Security upon surrender for cancellation of the original Security. For so long as the Securities are held by the Depository, the redemption of the Securities shall be done in accordance with the policies and procedures of the depositary. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Securities or portions thereof called for redemption. This Security is also subject to redemption to the extent provided in Article II Section 14.01 of the Third Supplemental Base Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption Company may, at the option of the Company its option, on any date prior to the maturity date, on or after October 30, 2010, redeem the Securities in whole at any time or in part from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of one hundred percent (i100%) 100% of the principal amount of such Securities to be redeemed and thereof (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum or of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the redeemed portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis pointsthereof, plusas applicable), together, in either the case of clause (i) or clause (ii)any such redemption, with accrued and unpaid interest, if anyincluding any Additional Interest, thereon to but excluding the date fixed as the Redemption Date (the “Optional Redemption Price”). In the event that a Holder does not consent to a proposed amendment under Section 9.2(a) or a requested waiver under Section 10.7, the Company at its option may redeem in part or in whole the Securities of each Holder at the Optional Redemption Price. Notwithstanding anything to the Redemption Date. This Security is also subject contrary herein, the Company, may, at its option, on any date on or after October 30, 2010, redeem the Securities in whole at any time or in part from time to redemption time by delivering to the extent provided Holders certain replacement securities acceptable to the Holders in Article II their sole discretion in par amounts greater than or equal to the Securities being redeemed, exclusive of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, any accrued interest on such the Securities or portions of Securities shall cease being redeemed (the “In-Kind Redemption Price”). Notwithstanding anything to accrue on and after the Redemption Datecontrary herein, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption pay accrued interest on the Securities being redeemed in connection with the Company’s payment of the In-Kind Redemption Price. The Holders of not less than a majority in aggregate principal amount of the Outstanding Securities may agree to waive or sinking fund payments alter the notice requirements set forth in Section 11.5 hereof with respect to any redemption described in the Securitiestwo preceding sentences.

Optional Redemption. The Company shall not have the right to redeem any Securities will be subject prior to redemption December 1, 2014, except to preserve the Company’s status as a real estate investment trust. If, at any time, the option Company determines that it is necessary to redeem the Securities in order to preserve the Company’s status as a real estate investment trust, the Company may redeem all or any part of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price payable in cash equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Price plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to to, but excluding, the Redemption Date. This The Company shall have the right, at the Company’s option, at any time, and from time to time, on a Redemption Date on or after December 1, 2014, to redeem all or any part of the Securities at a price payable in cash equal to one hundred percent (100%) of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. Upon surrender to the Paying Agent of a Security is also subject to redemption Redemption, such Security shall be paid, to the extent provided in Article II of Holder surrendering such Security, at the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the IndentureRedemption Price plus accrued and unpaid interest to, interest on such Securities or portions of Securities shall cease to accrue on and after but excluding, the Redemption Date, unless the Company shall default in Redemption Date is after a Regular Record Date for the payment of any an installment of interest and on or before the related Interest Payment Date, in which case accrued and unpaid interest to, but excluding, such redemption price Interest Payment Date will be paid, on such Interest Payment Date, to the Holder of record of such Security at the close of business on such Regular Record Date, and accrued interest with respect the Holder surrendering such Security shall not be entitled to any such interest unless such Holder was also the Holder of record of such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to at the Securitiesclose of business on such Regular Record Date.

Optional Redemption. The Securities will be subject At any time prior to redemption at the option of March 15, 2023, the Company on any date prior to may redeem the maturity dateNotes at its option, in whole or from time to time in part, at a redemption price equal to the Redemption Price. At any time on or after March 15, 2023, the Notes will be redeemable at the option of the Company, in $1,000 increments (provided that any remaining whole or from time to time in part, at a redemption price equal to 100% of the principal amount thereof of the Notes to be redeemed plus accrued interest thereon to the Redemption Date. If notice of redemption has been given as provided in the Indenture and funds for the redemption of the Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the Holders of such Notes from and after the Redemption Date will be at least to receive payment of the minimum authorized denomination thereof), on written notice Redemption Price upon surrender of such Notes in accordance with such notice. Notice of any optional redemption of any Notes will be given to Holders at their addresses, as shown in the Securityholders thereof Security Register for the Notes, not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”)redemption. The Securities notice of redemption will be redeemable at a redemption price equal to specify, among other items, the greater of (i) 100% of Redemption Price and the principal amount of the Notes held by such Securities Holder to be redeemed. If all or less than all of the Notes are to be redeemed at the option of the Company, the Company will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption The Company shall give the Trustee notice of the Make-Whole Amount promptly after the calculation thereof and if the Company has requested that the Trustee give to the extent provided in Article II of the Third Supplemental Indenture. If the giving of Holders the notice of redemption is completed as provided in required by Section 1104 of the Base Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless notice from the Company shall default be given to the Trustee at such time as shall permit the Trustee to include notice of the Make-Whole Amount in such notice of redemption. The Trustee shall have no responsibility for calculating the payment Make-Whole Amount. The Trustee shall select, in such manner as it shall deem fair and appropriate, no less than 60 days prior to the date of redemption, the Notes to be redeemed in part. Neither the Company nor the Trustee shall be required to: (i) issue, register the transfer of or exchange Notes during a period beginning at the opening of business 15 days before any such redemption price selection of Notes to be redeemed and accrued interest with respect to ending at the close of business on the day of mailing the relevant notice of redemption; or (ii) register the transfer of or exchange any such Security Note, or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to , called for redemption, except the Securitiesunredeemed portion of any Note being redeemed in part.t.

Optional Redemption. The Securities will be subject At any time prior to redemption at the option of the Company on any date March 10, 2048 (six months prior to the maturity dateStated Maturity), in whole the Company may, at its option, upon notice as provided below, redeem at any time all, or from time to time in partany part of, in $1,000 increments (provided that any remaining the bonds of the Twenty-third Series at 100% of the principal amount thereof shall be at least so redeemed, and the minimum authorized denomination thereof), on Make-Whole Amount determined for the Settlement Date specified by the Company in such notice with respect to such principal amount. The Company will give each registered owner of bonds of the Twenty-third Series written notice (by first class mail or such other method as may be agreed upon by the Company and such registered owner) of each optional redemption under this subsection (I) mailed or otherwise given to the Securityholders thereof not less than 30 days nor and not more than 90 60 days prior to the date fixed for redemption in such redemption, to each such registered owner at his, her or its last address appearing on the bond register. Each such notice shall specify the Settlement Date (which shall be a Business Day), the “Redemption aggregate principal amount of the bonds of the Twenty-third Series to be redeemed on such date, the principal amount of each bond held by such registered owner to be redeemed (determined in accordance with subsection (II) of this section), and the interest to be paid on the Settlement Date with respect to such principal amount being redeemed, and shall be accompanied by a certificate signed by a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such redemption (calculated as if the date of such notice were the date of the redemption), setting forth the details of such computation. Two Business Days prior to such Settlement Date”), the Company shall send to each registered owner of bonds of the Twenty-third Series (by first class mail or by such other method as may be agreed upon by the Company and such registered owner) a certificate signed by a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified Settlement Date. As promptly as practicable after the giving of the notice and the sending of the certificates provided in this subsection, the Company shall provide a copy of each to the Corporate Trustee. The Securities Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the information set forth in any such notice or certificate. At any time on or after March 10, 2048, the bonds of the Twenty-third Series will be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ notice prior to the Settlement Date, at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities the bonds of the Twenty-third Series to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingredeemed, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, interest thereon to the Redemption Settlement Date. This Security is also The bonds of the Twenty-third Series are not otherwise subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities voluntary or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesoptional redemption.

Optional Redemption. The Securities will be subject At any time and from time to redemption at the option of the Company on any date time prior to October 24, 2049, the maturity dateSecurities of this series shall be redeemable, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)Company’s option, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and redeemed, or (ii) as determined by the a Quotation Agent and delivered to the Trustee in writingAgent, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on (not including any date after the Redemption Date (excluding the portion of such payments of interest that will be accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled ), calculated as if the maturity date of payment the Securities were October 24, 2049, and discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 30 basis points; in each case, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interestinterest on such Securities to, if anybut excluding, thereon the Redemption Date. The Securities will be redeemable in whole or in part, at the Company’s option, at any time and from time to time on or after October 24, 2049 at a Redemption Price equal to 100% of the principal amount of the Securities being redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date. Notice of any such redemption shall be given by mail to Holders of the Securities to be redeemed, not less than 30 days nor more than 60 days prior to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed , all as provided in the Indenture. On and after the Redemption Date for the Securities or any portion thereof called for redemption, as applicable, interest on such Securities or portions of Securities shall cease to accrue on such Securities or any portion thereof called for redemption, unless the Company defaults in the payment of the Redemption Price and after accrued interest, if any. On or before the Redemption Date for such Securities or any portion thereof called for redemption, the Company shall deposit with the Trustee or a Paying Agent, funds sufficient to pay the Redemption Price of such Securities to be redeemed on the Redemption Date, unless and (except if the Company Redemption Date shall default be an Interest Payment Date) accrued interest, if any. If less than all of the Securities of this series are to be redeemed, the Depository shall select the Securities to be redeemed in accordance with its operational arrangements. If the payment Securities are not Global Notes held by the Depository, the Securities to be redeemed shall be selected by the Trustee by such method as the Trustee deems fair and appropriate; provided, however, that in no event shall Securities of any such redemption price and accrued interest with respect to any such Security a principal amount of $2,000 or portion thereof. The Company shall not less be required to make mandatory redemption or sinking fund payments with respect to the Securitiesredeemed in part.

Optional Redemption. The Company shall not have the right to redeem any Securities will be subject prior to redemption July 15, 2012, except to preserve the Company’s status as a real estate investment trust. If, at any time, the option Company determines that it is necessary to redeem the Securities in order to preserve the Company’s status as a real estate investment trust, the Company may redeem all or any part of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price payable in cash equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Price plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to to, but excluding, the Redemption Date. This The Company shall have the right, at the Company’s option, at any time, and from time to time, on a Redemption Date on or after July 15, 2012, to redeem all or any part of the Securities at a price payable in cash equal to one hundred percent (100%) of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. Upon surrender to the Paying Agent of a Security is also subject to redemption Redemption, such Security shall be paid, to the extent provided in Article II of Holder surrendering such Security, at the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the IndentureRedemption Price plus accrued and unpaid interest to, interest on such Securities or portions of Securities shall cease to accrue on and after but excluding, the Redemption Date, unless the Company shall default in Redemption Date is after a record date for the payment of any an installment of interest and on or before the related interest payment date, in which case accrued and unpaid interest to, but excluding, such redemption price interest payment date will be paid, on such interest payment date, to the Holder of record of such Security at the close of business on such record date, and accrued interest with respect the Holder surrendering such Security shall not be entitled to any such interest unless such Holder was also the Holder of record of such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to at the Securitiesclose of business on such record date.

Optional Redemption. The Prior to April 1, 2043, the Securities will be subject to redemption are redeemable, at the option of the Company on Partnership, at any date prior to the maturity datetime in whole, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of of: (i) 100% of the principal amount of such the Securities to be redeemed and redeemed; or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon (at the rate in effect on the date of calculation of the Redemption Price) on the Securities to be redeemed that would be due on any date after the related Redemption Date but for such redemption (excluding the portion exclusive of interest that will be accrued and unpaid to and including to, but excluding, the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption applicable Treasury Rate Yield plus 35 37.5 basis points, ; plus, in either the case of clause (i) or clause (ii)case, accrued and unpaid interestinterest to, if anybut excluding, thereon to the Redemption Date. This Security is also subject to redemption to At any time on or after April 1, 2043, the extent provided in Article II Securities are redeemable, at the option of the Third Supplemental Indenture. If the giving Partnership, in whole or in part, at a Redemption Price equal to 100% of the notice principal amount of redemption is completed as provided in the IndentureSecurities to be redeemed plus accrued and unpaid interest to, interest on such Securities or portions of Securities shall cease to accrue on and after but excluding, the Redemption Date. The actual Redemption Price, unless calculated as provided above, shall be calculated and certified to the Company shall default in Trustee and the payment Partnership by the Independent Investment Banker. Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesfund.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided PROVIDED that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders Holders thereof not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “"Redemption Date”"). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to Independent Investment Banker (as defined in the Trustee in writingIndenture), the sum of the present values of the remaining scheduled payments Remaining Scheduled Payments (as defined in the Indenture) of principal and interest thereon due on (not including any date after the Redemption Date (excluding the portion of such payments of interest that will be accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled date of payment to the Redemption Date Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) ), at the Adjusted Redemption Treasury Rate (as defined in the Indenture) plus 35 __ basis pointspoints (such greater amount is referred to herein as the "Redemption Price"), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, interest thereon to the Redemption Date. This Security is also subject The Company shall calculate the Redemption Price not less than 30 days prior to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the . The Company shall default notify the Trustee in writing of the payment of any such redemption price Redemption Price promptly on calculation thereof, and accrued interest with respect the Trustee shall have no duty or liability to any such Security calculate or portion thereofverify the Redemption Price. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be This Security is subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to each Securityholder thereof at its address shown in the Securityholders thereof Security Register for this Security (or, as to Securities represented by a Global Security, electronically in accordance with the Depositary’s Applicable Procedures) not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”); provided that redemption notices may be provided more than 90 days prior to the Redemption Date if the notice is issued in connection with the defeasance of the Securities or the satisfaction and discharge of the Securities. The At any time prior to April 1, 2029 (the “Par Call Date”), the Securities will shall be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if this Security matured on any date after the Par Call Date from the Redemption Date to the Par Call Date (excluding the portion exclusive of interest that will be any accrued and unpaid to and including the Redemption Dateinterest) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate (as defined below) plus 35 40 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to, but excluding, the Redemption Date (subject to the Redemption right of Securityholders on the relevant record date to receive interest due on, but not including, the relevant Interest Payment Date). This Notwithstanding the foregoing, if this Security is also redeemed on or after the Par Call Date, the Securities shall be redeemable at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the Redemption Date (subject to redemption the right of Securityholders on the relevant record date to receive interest due on, but not including, the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption relevant Interest Payment Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities).

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments Remaining Scheduled Payments of principal and interest thereon due on (not including any date after the Redemption Date (excluding the portion of such payments of interest that will be accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled date of payment to the Redemption Date Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) ), at the Adjusted Redemption Treasury Rate plus 35 20 basis pointspoints (such greater amount is referred to herein as the “Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, interest thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will Bonds in the Variable Rate Mode may be subject to redemption redeemed, in whole or in part, on any Interest Payment Date, in each case at the option of the Company on any date but only with the prior to written consent of the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable Bank and at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be the Bonds being redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Dateredemption date. This Security is also subject In order to redemption exercise its option to so redeem Bonds in the Variable Rate Mode, the Company shall deliver to the extent provided in Article II Trustee notice of its election to so redeem, accompanied by the written consent of the Third Supplemental IndentureBank to such redemption, at least thirty-five (35) days prior to the proposed redemption date. If Bonds in the giving of the Fixed Rate Mode may be redeemed in whole or in part on any date for which proper notice of redemption is completed can be given, in each case by the Issuer at the option of the Company, as provided in the Indenture. Extraordinary Redemption. The Bonds are subject to redemption, interest in whole or in part, at any time, by the Trustee at the direction of the Bank, or in the event the Bonds are not secured by a Letter of Credit, at the direction of the Company, from insurance proceeds or condemnation awards upon the damage or destruction or condemnation of the Project, if such amounts are not applied to the reconstruction of the Project. In the event of a partial redemption of the Bonds pursuant to this paragraph, the Bank, or in the event the Bonds are not secured by the Letter of Credit, the Company, shall direct which Bonds are to be redeemed. Notice of Redemption. Notice of the call for redemption shall be given as provided in the Indenture to the registered owner of the Bonds to be redeemed at the address last shown on the registration books. Failure to give such Securities notice by mailing, or portions any defect therein, shall not affect the validity of Securities shall any proceedings for the redemption of any other Bonds. Bonds called for redemption will cease to accrue on and bear interest after the Redemption Datedate specified for their redemption, unless the Company shall default in provided funds for the payment thereof are then on deposit at the place of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiespayment.

Optional Redemption. The Series A Securities will be are subject to redemption redemption, at the option of the Company on any date prior to the maturity dateCompany, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof upon not less than 30 days nor or more than 90 days 60 days' notice, in the event the Company consummates one or more Equity Offerings on or prior to September 1, 1998, the date fixed for redemption Company may, in its sole discretion, redeem up to $25.0 million of the aggregate principal amount of the Series A Securities with all or a portion of the aggregate net proceeds received by the Company from any such notice (Equity Offering or Equity Offerings, within 60 days of the “Redemption Date”). The Securities will be redeemable closing of any such Equity Offering, at a redemption price equal to the greater of (i) 100112.5% of the aggregate principal amount of such the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingso redeemed, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid interest on the Series A Securities so redeemed to and including the Redemption Date) discounted from their scheduled date ; provided, however, that following such redemption, at least $75.0 million of payment the aggregate principal amount of the Series A Securities remains outstanding. Any redemption pursuant to this paragraph shall be made pursuant to the provisions of Sections 3.01 through 3.07 of the Indenture. In the case of any redemption of Securities, interest installments whose Stated Maturity is on or prior to the Redemption Date (assuming a 360-day year consisting will be payable to the Holders of twelve 30-day months) Unit Certificates evidencing such Securities of record at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either close of business on the case of clause relevant Record Date referred to on the face hereof. Securities (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities thereof) for whose redemption and payment provision is made in accordance with the Indenture shall cease to accrue on bear interest from and after the Redemption Date. In the event of redemption or purchase of this Security evidenced by this Unit Certificate in part only, unless a new Unit Certificate evidencing the Company Security or Securities for the unredeemed or unpurchased portion hereof shall default be issued in the payment name of the Holder hereof upon the cancellation hereof. The Securities do not have the benefit of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesobligations.

Optional Redemption. The Company may redeem the Securities will be subject to redemption at the option of the Company on any date prior to the maturity datethis series, in whole or in part (equal to an integral multiple of $1,000), at its option at any time and from time to time in part, in $1,000 increments (provided time. The redemption price for the Securities to be redeemed on any redemption date that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days is prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities September 1, 2021 will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed and redeemed, or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of interest and principal and interest thereon due on any date after the Redemption Date Securities to be redeemed (excluding the portion exclusive of interest that will be accrued and unpaid to and including to, but not including, the Redemption Datedate of redemption) discounted from their scheduled to the date of payment to the Redemption Date (redemption on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months) , at the Adjusted Redemption Treasury Rate plus 35 25 basis points, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interestinterest to, if anybut not including, thereon the date of redemption. The redemption price for the Securities to be redeemed on any redemption date that is on or after September 1, 2021 will be equal to 100% of the principal amount of the Securities being redeemed on the redemption date, plus accrued and unpaid interest to, but not including, the date of redemption. In any case, the principal amount of a Security remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. Notice of redemption shall be given to each registered Holder of the Securities to be redeemed at least 30 days, and not more than 60 days, prior to the Redemption Dateredemption date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the Once notice of redemption is completed as provided in mailed, the IndentureSecurities called for redemption shall become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.redemption date. For purposes of this paragraph, the following definitions are applicable:

Optional Redemption. The Prior to the 2027 Notes Early Call Date, the Securities will be subject to redemption are redeemable, at the option of the Company on Partnership, at any date prior to the maturity datetime in whole, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of of: (i) 100% of the principal amount of such the Securities to be redeemed and redeemed; or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon (at the interest rate in effect on the date of calculation of the Redemption Price) on the Securities to be redeemed that would be due on any date after the related Redemption Date but for such redemption (excluding the portion exclusive of interest that will be accrued and unpaid to and including to, but excluding, the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption applicable Treasury Rate Yield plus 35 50 basis points, ; plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest thereon to, if anybut excluding, thereon to the Redemption Date. This Security is also subject to redemption to At any time on or after the extent provided 2027 Notes Early Call Date, the Securities are redeemable in Article II whole or in part, at the option of the Third Supplemental Indenture. If the giving Partnership, at a Redemption Price equal to 100% of the notice principal amount of redemption is completed as provided in the IndentureSecurities to be redeemed plus accrued and unpaid interest thereon to, interest on such Securities or portions of Securities shall cease to accrue on and after but excluding, the Redemption Date. The actual Redemption Price, unless calculated as provided above, shall be calculated and certified to the Company shall default in Trustee and the payment Partnership by the Independent Investment Banker. Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesfund.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to May 1, 2024 (three months prior to the maturity date), in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Make-Whole Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Make-Whole Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Make-Whole Redemption Date) discounted from their scheduled date of payment to the Make-Whole Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 15 basis pointspoints (such greater amount is referred to herein as the “Make-Whole Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to but excluding the Make-Whole Redemption Date. In addition, the Offered Securities will be subject to redemption at the option of the Company on any date (a “Par Redemption Date”) on or after May 1, 2024 (three months prior to the maturity date), in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), at a redemption price equal to 100% of the principal amount of the Offered Securities to be redeemed (the “Par Redemption Price”), plus accrued and unpaid interest and Special Interest, if any, thereon to but excluding the Par Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Make-Whole Redemption Date or Par Redemption Date, as applicable, unless the Company shall default in the payment of any such redemption price Make-Whole Redemption Price or Par Redemption Price, as applicable, and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will (1) Bonds shall be subject redeemed prior to redemption maturity, ------------------- at the option of the Company on any date prior to the maturity dateBorrower, in whole or in part on any date, only from time to time moneys drawn on the Credit Facility in partthe denomination of $5,000 or any integral multiple thereof, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to (A) on or prior to the greater of (i) Fixed Rate Conversion Date, 100% of the principal amount of such Securities to be redeemed redeemed, plus accrued interest to the redemption date, without premium, or (B) from and after the Fixed Rate Conversion Date on and after the dates and at the prices (iiexpressed as percentages of principal amount to be redeemed) set forth in the following table, plus accrued interest to the redemption date: Redemption Date Redemption Price --------------- ---------------- First Optional Redemption Date 103% First anniversary of the First Optional Redemption Date 102% Second anniversary of the First Optional Redemption Date 101% Third anniversary of the First Optional Redemption Date 100% provided, however, that if the number of years between the First Optional Redemption Date and the final maturity date of the Bonds is less than ten, the Bonds shall not be subject to optional redemption. Except to the extent prohibited by DTC procedures so long as determined any Bond is in the Book-Entry Only System, the Remarketing Agent may, by giving written notice to the Quotation Trustee at the time the Borrower gives notice of conversion of the Bonds to the Fixed Rate, establish such revised optional redemption dates as the Remarketing Agent and shall, having due regard for prevailing financial market conditions, deem appropriate. Notwithstanding anything to the contrary contained herein, no such notice shall be effective unless the Borrower shall have delivered to the Trustee in writingat the time of delivery of such notice (1) a written opinion of Bond Counsel to the effect that the establishment of such revised optional redemption dates and premiums is lawful under the Act and permitted by this Agreement and does not affect the exclusion of the interest on the Bonds from gross income for federal income tax purposes, and (2) a resolution of the Issuer approving such revised optional redemption dates. Upon the satisfaction of such conditions, the sum of revised optional redemption dates and premiums shall be binding upon the present values of Issuer, the remaining scheduled payments of principal Borrower, the Bondowners, the Trustee and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the SecuritiesRemarketing Agent.

Optional Redemption. The Securities will Series 2014 Bonds of the maturities and interest rates specified in the Certificate of Award (if any are so specified) shall be subject to optional redemption by and at the sole option of the Company on any date prior to the maturity dateCity, in whole or from time in part in integral multiples of $5,000, on the dates and at the redemption prices (expressed as a percentage of the principal amount to time be redeemed), plus accrued interest to the redemption date, to be determined by the Director of Finance in part, in $1,000 increments (the Certificate of Award; provided that the redemption price for any remaining principal amount thereof optional redemption date shall not be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less greater than 30 days nor more than 90 days prior to the date fixed for 103%. If optional redemption in such notice (the “Redemption Date”). The Securities will be redeemable of Term Bonds at a redemption price equal to the greater of (i) exceeding 100% of the principal amount of such Securities to be redeemed and (ii) is to take place as determined of any Mandatory Redemption Date applicable to those Term Bonds, the Term Bonds, or portions thereof, to be redeemed optionally shall be selected by the Quotation Agent and delivered lot prior to the Trustee in writing, the sum selection by lot of the present values Term Bonds of the remaining scheduled payments of principal same maturity (and interest thereon due rate within a maturity if applicable) to be redeemed on any the same date after by operation of the Mandatory Sinking Fund Redemption Date (excluding Requirements. Series 2014 Bonds to be redeemed pursuant to this paragraph shall be redeemed only upon written notice from the portion Director of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment Finance to the Redemption Date Bond Registrar, given upon the direction of this Council by adoption of a resolution or passage of an Ordinance. That notice shall specify the redemption date and the principal amount of each maturity (assuming and interest rate within a 360-day year consisting maturity if applicable) of twelve 30-day months) Series 2014 Bonds to be redeemed, and shall be given at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon least 45 days prior to the Redemption Date. This Security is also subject to redemption date or such shorter period as shall be acceptable to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the SecuritiesBond Registrar.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 10 basis pointspoints (such greater amount is referred to herein as the “Optional Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Optional Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities Senior Notes will be subject to redemption redeemable, at the option of the Company on any date prior to the maturity dateCompany, in whole at any time or in part from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the a “Redemption Date”). The Securities will be redeemable , at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of such Securities the Senior Notes to be redeemed and or (ii) as determined by the Quotation Agent and delivered an amount equal to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on the Senior Notes to be redeemed, not including any date after portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 25 basis points, plus, as calculated by an Independent Investment Banker; plus in either the case of clause (i) or clause (ii)each case, accrued and unpaid interestinterest on the Senior Notes to be redeemed to, if anybut excluding, thereon such Redemption Date. If the Company has given notice as provided in the Original Indenture and made funds available for the redemption of any Senior Notes called for redemption on the Redemption Date referred to in that notice, those Senior Notes will cease to bear interest on that Redemption Date. Any interest accrued to the date fixed for redemption will be paid as specified in such notice. The Company will give written notice of any redemption of any Senior Notes to Holders of the Senior Notes to be redeemed at their addresses, as shown in the Security Register for the Senior Notes, at least 30 days and not more than 60 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the date fixed for redemption, the redemption price and the aggregate principal amount of the Senior Notes to be redeemed. If the Company chooses to redeem less than all of the Senior Notes, the particular Senior Notes to be redeemed shall be selected by the Trustee not more than 45 days prior to the Redemption Date. This Security is also subject The Trustee will select the method in its sole discretion, in such manner as it shall deem appropriate and fair, for the Senior Notes to redemption to the extent provided be redeemed in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiespart.

Optional Redemption. The Securities will be subject At any time prior to redemption at the option of March 15, 2023, the Company on any date prior to may redeem the maturity dateNotes at its option, in whole or from time to time in part, at a redemption price equal to the Redemption Price. At any time on or after March 15, 2023, the Notes will be redeemable at the option of the Company, in $1,000 increments (provided that any remaining whole or from time to time in part, at a redemption price equal to 100% of the principal amount thereof of the Notes to be redeemed plus accrued and unpaid interest thereon to the Redemption Date. If notice of redemption has been given as provided in the Indenture and funds for the redemption of the Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the Holders of such Notes from and after the Redemption Date will be at least to receive payment of the minimum authorized denomination thereof), on written notice Redemption Price upon surrender of such Notes in accordance with such notice. Notice of any optional redemption of any Notes will be given to Holders at their addresses, as shown in the Securityholders thereof Security Register for the Notes, not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”)redemption. The Securities notice of redemption will be redeemable at a redemption price equal to specify, among other items, the greater of (i) 100% of Redemption Price and the principal amount of the Notes held by such Securities Holder to be redeemed. If all or less than all of the Notes are to be redeemed at the option of the Company, the Company will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption The Company shall give the Trustee notice of the Make-Whole Amount promptly after the calculation thereof and if the Company has requested that the Trustee give to the extent provided in Article II of the Third Supplemental Indenture. If the giving of Holders the notice of redemption is completed as provided in required by Section 1104 of the Base Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless notice from the Company shall default be given to the Trustee at such time as shall permit the Trustee to include notice of the Make-Whole Amount in such notice of redemption. The Trustee shall have no responsibility for calculating the payment Make-Whole Amount. The Trustee shall select, in such manner as it shall deem fair and appropriate, no less than 60 days prior to the date of redemption, the Notes to be redeemed in part. Neither the Company nor the Trustee shall be required to: (i) issue, register the transfer of or exchange Notes during a period beginning at the opening of business 15 days before any such redemption price selection of Notes to be redeemed and accrued interest with respect to ending at the close of business on the day of mailing the relevant notice of redemption; or (ii) register the transfer of or exchange any such Security Note, or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to , called for redemption, except the Securitiesunredeemed portion of any Note being redeemed in part.

Optional Redemption. The Securities will Notes may be subject to redemption at the option of the Company on any date prior to the maturity dateredeemed, in whole or in part, at the Company’s option at any time or from time to time time. In such event, the Company shall notify the Trustee of its decision to redeem the Notes, in whole or in part, as provided in $1,000 increments (provided that the Indenture. The redemption price for the Notes to be redeemed on any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)Redemption Date before February 1, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice 2025 (the “Redemption Early Call Date”). The Securities will ) shall be redeemable at a redemption price calculated by the Company and shall be equal to the greater of the following amounts: (i) 100% of the principal amount Principal Amount of such Securities the Notes to be redeemed and on the Redemption Date, or (ii) as determined by the Quotation Agent and delivered to the Trustee in writingAgent, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Notes being redeemed to the Early Call Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming on a semi-annual basis at the Treasury Rate, plus 25 basis points, plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to, but not including, the Redemption Date. The redemption price for the Notes to be redeemed on any Redemption Date on or after the Early Call Date shall be equal to 100% of the principal amount of the Notes to be so redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on interest payment dates falling on or prior to a Redemption Date shall be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to the Notes and the Indenture. The redemption price shall be calculated on the basis of a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given notice, sent by first class mail, to the Securityholders thereof not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed redeemed, and (ii) an amount, as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, equal to the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 15 basis points, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interest, if any, thereon to to, but excluding, the Redemption Date. This Security is The Securities are also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject (a) Subject to redemption at the option provisions of this Article XI, the Company on any date prior shall have the right to redeem the maturity dateSecurities, in whole or in part, at any time or from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be at least after the minimum authorized denomination thereof)issuance of the Capital Securities, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed plus the Make-Whole Premium, if any, plus any accrued and unpaid interest thereon (iiincluding Compounded Interest, if any) and Additional Interest, if any, to the date of such redemption (collectively, the "Redemption Price"). The Make-Whole Premium means the excess, if any, of (x) the sum, as determined by the a Quotation Agent and delivered to the Trustee in writingAgent, the sum of the present values of (i) the remaining scheduled payment at the Stated Maturity Date of the principal amount to be redeemed plus (ii) scheduled payments of interest on such principal and interest thereon due on amount (including any Compounded Interest) from the redemption date after to the Redemption Stated Maturity Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) "Remaining Life"), in each case discounted from their scheduled date of payment to the Redemption Date redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis pointsRate, plus, in either over (y) 100% of the case principal amount of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon Securities to be redeemed. Any redemption pursuant to this paragraph will be made upon not less than 30 days nor more than 60 days notice to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II Holder of the Third Supplemental IndentureSecurities, at the Redemption Price. If The Redemption Price shall be paid prior to 1:00 p.m., New York time, on the giving date of such redemption or at such earlier time as the Company determines and specifies in the notice of redemption is completed as provided in the Indentureredemption; PROVIDED, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Datethat, unless the Company shall default in deposit with the payment of any Trustee an amount sufficient to pay the Redemption Price by 11:00 a.m., New York time, on the date such redemption price and accrued interest with respect Redemption Price is to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiespaid.

Optional Redemption. The Securities will be subject to redemption are redeemable, at the option of the Company on Company, at any date time prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the a date fixed by the Company for such redemption in such notice (the “Redemption Date”)) and at a price (the “Redemption Price”) equal to 100% of the principal amount thereof plus accrued and unpaid interest up to but not including the Redemption Date plus a Make-Whole Premium, if any is required to be paid. However, if the Redemption Date is after a Regular Record Date and on or prior to the corresponding Interest Payment Date, the interest will be paid on the Redemption Date to the person in whose name the Securities are registered at the close of business on the Regular Record Date and not included in the Redemption Price. The Securities Redemption Price will never be redeemable at a redemption price equal to the greater of (i) less than 100% of the principal amount of such the Securities plus accrued and unpaid interest up to be redeemed and (ii) as determined by but not including the Quotation Agent and delivered Redemption Date. The amount of the Make-Whole Premium is equal to the Trustee in writingexcess, if any, of: (i) the sum of the present values values, calculated as of the Redemption Date, of :(A) the remaining scheduled payments of principal and interest thereon on the Securities to be redeemed that would be due on any date after the Redemption Date but for such redemption (excluding except that, if such Redemption Date is not an Interest Payment Date, the portion amount of the next succeeding scheduled interest payment will be reduced by the amount of interest that will be accrued and unpaid thereon to and including the Redemption Date); and (B) discounted the principal amount that, but for the redemption, would have been payable at the Stated Maturity; over (ii) the aggregate principal amount of the Securities being redeemed. The present values of interest and principal payments referred to in clause (i) above will be determined in accordance with generally accepted principles of financial analysis. Those present values will be calculated by discounting the amount of each payment of interest or principal from their scheduled the date of that each payment would have been payable, but for the redemption, to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Adjusted Redemption Treasury Rate (as defined below) plus 35 30 basis points. ‘‘Treasury Rate’’ means, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect Redemption Date, the rate per annum equal to the Securitiessemiannual equivalent yield to maturity (computed as of the second Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

Optional Redemption. The Securities Subject to the Conditions to Redemption, the Notes will be subject to redemption at the option of the Company on any date prior to the maturity dateredeemable, in whole at any time or in part from time to time in partbefore the Par Call Date, in $1,000 increments (provided that any remaining at the Company’s option, at a Redemption Price equal to accrued and unpaid interest on the principal amount thereof shall be at least being redeemed to, but not including, the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to Date plus the greater of of: (iA) 100% of the principal amount of such Securities the Notes to be redeemed redeemed, and (iiB) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on the Notes to be redeemed (not including any date after the Redemption Date (excluding the portion of such payments of interest that will be accrued and unpaid to and including the Redemption Datedate of redemption) discounted from their scheduled to the date of payment to the Redemption Date redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 basis points. Subject to the Conditions to Redemption, plusthe Notes will be redeemable, in either whole at any time or in part from time to time on or after the case of clause (i) or clause (ii)Par Call Date, at the Company’s option, at a Redemption Price equal to accrued and unpaid interestinterest on the principal amount being redeemed to, if anybut not including, thereon the Redemption Date plus 100% of the principal amount of the Notes to be redeemed Interest on the Notes for which the Redemption Date is after a Regular Record Date and before the following Interest Payment Date, shall be payable to the Redemption holder of such Notes at the close of business on the Regular Record Date. This Security is also subject to redemption to Unless the extent provided Company defaults in Article II payment of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the IndentureRedemption Price, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless interest will cease to accrue on the Notes or portions of the Notes called for redemption. Notwithstanding the foregoing, the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect may, at its sole option, subject to the Securities.Conditions to Redemption, redeem the Notes, at any time, in whole but not in part, following the occurrence of a Tax Event at a Redemption Price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but excluding, the Redemption Date, subject to the right of a holder on the relevant Regular Record Date to receive accrued and unpaid interest on the Notes due on the relevant Interest Payment Date. As used in this Section 7, the following terms shall have the respective meanings set forth below:

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date on or after prior March 14, 2045 (a “Par Redemption Date”), in whole at any time or in part from time to time (in $1,000 increments, provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Par Redemption Date. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity dateMarch 14, 2045 (a “Make Whole Redemption Date”), in whole at any time or in part from time to time in part, (in $1,000 increments (increments, provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the notes matured on any date after March 14, 2045 (the “Par Call Date”) (exclusive of interest accrued to the Make Whole Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Redemption) Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Make Whole Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Par Redemption Date or Make Whole Redemption Date, as applicable, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 15 basis pointspoints (such greater amount is referred to herein as the “Optional Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Optional Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Company may redeem the Offered Securities will be subject to redemption at the option of the Company on any date prior to the maturity dateits option, in whole or in part, at any time and from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price (expressed as a percentage of principal and rounded to three decimal places) equal to the greater of of: (i) 100% of the principal amount of such Securities to be redeemed and (iia) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 10 basis pointspoints less (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Offered Securities to be redeemed, plus, in either the case of clause (i) or clause (ii)case, accrued and unpaid interest, if any, interest thereon to the Redemption Dateredemption date. Notice of any redemption shall be mailed or electronically delivered (or otherwise transmitted in accordance with the Depositary’s applicable procedures) at least 10 days but not more than 60 days before the redemption date to each Holder of the Offered Securities to be redeemed. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Base Indenture and Section 1.3(4) of the Nineteenth Supplemental Indenture. Any notice of redemption delivered pursuant to the terms of the Offered Securities and the Base Indenture, as supplemented by the Nineteenth Supplemental Indenture, may, at the Company’s discretion, be subject to one or more conditions precedent and, at the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion) or the redemption date may not occur at all and such notice may be rescinded if all such conditions shall not have been satisfied (or waived by the Company in its sole discretion). If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Dateapplicable redemption date, unless the Company shall default in the payment of the applicable redemption price, including any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 12 basis pointspoints (such greater amount is referred to herein as the “Optional Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Optional Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option provisions of Article Eleven of the Company on any date prior Indenture shall apply to this Note, as supplemented or amended by the maturity datefollowing paragraphs. The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be each case upon notice at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof 15 days but not less than 30 days nor more than 90 45 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable April 1, 2024, at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities the Notes to be redeemed and or (ii) as determined by the Quotation Agent and delivered to the Trustee in writingMake Whole Amount, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon accrued to, but not including, the applicable Redemption Date. In addition, at any time on or after April 1, 2024, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership will pay any interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. This Security is also subject to In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as the Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the extent provided unredeemed portion thereof will be issued in Article II the name of the Third Supplemental Indenture. If the giving Holder thereof upon cancellation of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesthis Note.

Optional Redemption. The Securities will be subject to redemption This Security is redeemable, at the option of the Company on any date Company, (a) prior to the maturity dateDecember 15, 2030, at any time in whole whole, or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price, payable in cash, equal to the greater of of: (ix) 100% of the principal amount of such Securities to be redeemed redeemed; and (iiy) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments (as of principal and interest thereon due on any date after the Redemption Date for such redemption) scheduled interest and principal payments on this Security (or the portion hereof) to be redeemed (excluding the portion of interest that will be accrued and unpaid to and including the such Redemption Date) ), discounted from their scheduled date of payment to the such Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption applicable Treasury Rate Yield plus 35 30 basis points, plusin each case plus unpaid interest that has accrued to, but excluding, such Redemption Date and (b) on or after December 15, 2030, at any time in either whole, or from time to time in part, at a Redemption Price, payable in cash, equal to 100% of the case principal amount to be redeemed, plus unpaid interest that has accrued to, but excluding, such Redemption Date. If such Redemption Date is after a Regular Record Date for this Security and on or before the related Interest Payment Date, then the payment of clause (i) or clause (ii)interest becoming due on such Interest Payment Date shall be payable, on such Interest Payment Date, to the Holder of record hereof at the close of business on such Regular Record Date, and the Redemption Price shall not include unpaid interest that has accrued and unpaid interestto, if anybut excluding, thereon to the Redemption Date. This Security is also subject to redemption to shall not be redeemable by the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed Company except as provided in the preceding sentences and the Indenture. This Security shall not be redeemable at the election of any Holder, except to the extent that the principal of, and interest on such Securities or portions on, this Security may be accelerated in accordance with Article 5 of Securities shall cease to accrue on and after the Indenture. For purposes of determining the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest Price with respect to any such Security or portion thereof. The Company shall not be required redemptions occurring prior to make mandatory redemption or sinking fund payments with respect to December 15, 2030 the Securities.following definitions are applicable:

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to July 1, 2019 (one month prior to the maturity date), in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Make-Whole Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Make-Whole Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Make-Whole Redemption Date) discounted from their scheduled date of payment to the Make-Whole Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 10 basis pointspoints (such greater amount is referred to herein as the “Make-Whole Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to but excluding the Make-Whole Redemption Date. In addition, the Offered Securities will be subject to redemption at the option of the Company on any date (a “Par Redemption Date”) on or after July 1, 2019 (one month prior to the maturity date), in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), at a redemption price equal to 100% of the principal amount of the Offered Securities to be redeemed (the “Par Redemption Price”), plus accrued and unpaid interest and Special Interest, if any, thereon to but excluding the Par Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Make-Whole Redemption Date or Par Redemption Date, as applicable, unless the Company shall default in the payment of any such redemption price Make-Whole Redemption Price or Par Redemption Price, as applicable, and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities Senior Notes will be subject to redemption redeemable, at the option of the Company on any date prior to the maturity dateCompany, in whole at any time or in part from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the a “Redemption Date”). The Securities will be redeemable , at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of such Securities the Senior Notes to be redeemed and or (ii) as determined by the Quotation Agent and delivered an amount equal to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on the Senior Notes to be redeemed, not including any date after portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 20 basis points, plus, as calculated by an Independent Investment Banker; plus in either the case of clause (i) or clause (ii)each case, accrued and unpaid interestinterest on the Senior Notes to be redeemed to, if anybut excluding, thereon such Redemption Date. If the Company has given notice as provided in the Original Indenture and made funds available for the redemption of any Senior Notes called for redemption on the Redemption Date referred to in that notice, those Senior Notes will cease to bear interest on that Redemption Date. Any interest accrued to the date fixed for redemption will be paid as specified in such notice. The Company will give written notice of any redemption of any Senior Notes to holders of the Senior Notes to be redeemed at their addresses, as shown in the security register for the Senior Notes, at least 30 days and not more than 60 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the date fixed for redemption, the redemption price and the aggregate principal amount of the Senior Notes to be redeemed. If the Company chooses to redeem less than all of the Senior Notes, the particular Senior Notes to be redeemed shall be selected by the Trustee not more than 45 days prior to the Redemption Date. This Security is also subject The Trustee will select the method in its sole discretion, in such manner as it shall deem appropriate and fair, for the Senior Notes to redemption to the extent provided be redeemed in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiespart.

Optional Redemption. The Securities will be subject to redemption at the option provisions of Article Eleven of the Company on any date prior Indenture shall apply to this Note, as supplemented or amended by the maturity datefollowing paragraphs. The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be each case upon notice at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof 15 days but not less than 30 days nor more than 90 45 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable May 15, 2026, at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities the Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee Make Whole Amount, plus in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the each case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon accrued to, but not including, the applicable Redemption Date. In addition, at any time on or after May 15, 2026, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership will pay any interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. This Security is also subject to In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as the Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the extent provided unredeemed portion thereof will be issued in Article II the name of the Third Supplemental Indenture. If the giving Holder thereof upon cancellation of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesthis Note.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date on or after prior November 25, 2024 (a “Par Redemption Date”), in whole at any time or in part from time to time (in €1,000 increments, provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Par Redemption Date. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity dateNovember 25, 2024 (a “Make Whole Redemption Date”), in whole at any time or in part from time to time (in part€1,000 increments, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) Remaining Scheduled Payments discounted from their scheduled date of payment to the Redemption Date redemption date, on an annual basis (assuming ACTUAL/ACTUAL (ICMA)), at a 360-day year consisting of twelve 30-day months) at rate equal to the Adjusted Redemption Treasury Rate plus 35 20 basis points, points plus, in either the case of clause (i) or clause (ii)case, accrued and unpaid interest, if any, thereon to the Make Whole Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Par Redemption Date or Make Whole Redemption Date, as applicable, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at Company may redeem the option of the Company on any date prior to the maturity dateSecurities, in whole or in part (equal to an integral multiple of $1,000), at its option at any time and from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”)time. The Redemption Price for the Securities to be redeemed will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed and redeemed, or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of interest and principal on the Securities to be redeemed (exclusive of interest accrued and interest thereon due on any date after unpaid to, but excluding, the Redemption Date (excluding and assuming the portion of interest that will be accrued and unpaid to and including Securities called for redemption matured on the Redemption applicable Par Call Date) discounted from their scheduled date of payment to the Redemption Date (on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months) , at the Adjusted Redemption Treasury Rate plus 35 [20] [25] basis points, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interestinterest to, but excluding, the Redemption Date. The principal amount of a Security remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. Notice of redemption shall be mailed (or otherwise transmitted in accordance with the procedures of The Depository Trust Company (“DTC”)) to each registered Holder of the Securities to be redeemed at least 10 days, and not more than 60 days (except that notices of redemption may be mailed (or otherwise transmitted in accordance with DTC procedures) more than 60 days prior to a Redemption Date if anyissued in connection with a defeasance of the applicable Securities or a satisfaction and discharge of the Indenture), thereon prior to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the Once notice of redemption is completed as provided mailed (or otherwise transmitted in accordance with the Indentureprocedures of DTC), the Securities called for redemption shall become due and payable on the Redemption Date and at the Redemption Price, plus accrued and unpaid interest on such Securities or portions of Securities shall cease to accrue on and after to, but excluding, the Redemption Date. Commencing on the applicable Par Call Date, unless the Company shall default Securities are redeemable at the option of the Company, at any time in whole or from time to time in part, at a Redemption Price equal to 100% of the payment principal amount of any such redemption price the Securities being redeemed, plus accrued and accrued unpaid interest with respect on the Securities to any such Security or portion thereofbe redeemed to, but excluding, the Redemption Date. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to For purposes of this paragraph, the Securities.following definitions are applicable:

Optional Redemption. The Prior to December 1, 2049, the Securities will shall be subject to redemption redeemable at the option of the Company on at any date prior to the maturity date, in whole or time and from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the a “Redemption Date”). The Securities will be redeemable , in whole or in part, at a redemption price (the “Redemption Price”) equal to the greater sum of (i) 100% of the principal amount of such the Securities to be being redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon up to but excluding the Redemption Date and (ii) the Make Whole Amount (as defined below), if any. At any time on or after December 1, 2049, the Company may redeem the Securities in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, up to but excluding the Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). If the Company has given notice as provided in the Indenture and funds for the redemption of the Securities called for redemption have been made available on the Redemption Date, such Securities shall cease to bear interest on the Redemption Date. Thereafter, the only right of the holders of the Securities shall be to receive payment of the Redemption Price. The Company shall give notice of any optional redemption to holders of the Security at their addresses, as shown in the security register for the Securities, not more than 45 nor less than 15 days prior to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the The notice of redemption is completed as provided in shall specify, among other items, the IndentureRedemption Price and the principal amount of the Securities held by such holder to be redeemed. If less than all of the Securities are to be redeemed, interest on such the Company shall give the Trustee at least 30 days’ prior notice of the Redemption Date and of the aggregate principal amount of the Securities to be redeemed, and the Trustee shall select the Securities or portions of Securities to be redeemed either pro rata or by such method as the Trustee shall cease deem fair and appropriate; provided that if, at the time of redemption, such Securities are registered as Global Securities, the Depository shall determine, in accordance with its procedures, the principal amount of such Securities held by each owner of beneficial interests in Global Securities to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereofbe redeemed. The Company shall not be required to make mandatory Trustee may select for redemption or sinking fund payments with respect to the SecuritiesSecurities and portions of Securities in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Optional Redemption. The Securities will may be subject to redemption redeemed at the ------------------- option of the Company on any date prior to the maturity dateCompany, in whole or in part, at any time or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”)time. The redemption price for the Securities to be redeemed on any redemption date will be redeemable at a redemption price equal to the greater of of: (i) 100% of the principal amount of such the Securities to be being redeemed and on the redemption date or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on the Securities being redeemed on that redemption date (not including any date after the Redemption Date (excluding the portion of any payments of interest that will be accrued to the redemption date) discounted to the redemption date on a semiannual basis at the Treasury Rate, plus 45 basis points, as determined by the Reference Treasury Dealer, plus, in each case, accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment interest thereon to the Redemption Date (assuming redemption date. Notwithstanding the foregoing, installments of interest on Securities that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Securities and the Indenture. The redemption price will be calculated on the basis of a 360-day year consisting of twelve 30-day months) . The Company shall mail notice of any redemption at least 30 days but not more than 60 days before the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon redemption date to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II each registered Holder of the Third Supplemental IndentureSecurities to be redeemed. If the giving of the Once notice of redemption is completed as provided in mailed, the IndentureSecurities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest to the redemption date. On and after the redemption date, interest on such Securities or portions of Securities shall will cease to accrue on and after the Redemption Date, Securities or any portion of the Securities called for redemption (unless the Company shall default defaults in the payment of any such the redemption price or accrued interest). On or before the redemption date, the Company will deposit with a Paying Agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the Securities to be redeemed on that date. If less than all of the Securities are to be redeemed, Securities that are not represented by a Global Security shall be redeemed in accordance with respect a method the Trustee deems to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesfair and appropriate.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date on or after prior November 14, 2025 (a “Par Redemption Date”), in whole at any time or in part from time to time (in $1,000 increments, provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Par Redemption Date. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity dateNovember 14, 2025 (a “Make Whole Redemption Date”), in whole at any time or in part from time to time in part, (in $1,000 increments (increments, provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the notes matured on any date after November 14, 2025 (the “Par Call Date”) (exclusive of interest accrued to the Make Whole Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Redemption) Treasury Rate plus 35 30 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Make Whole Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Par Redemption Date or Make Whole Redemption Date, as applicable, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities servicer has the option to purchase all of the receivables on any distribution date on which the aggregate principal balance of the receivables is 10% or less of the aggregate principal balance of the receivables as of the related cutoff dates (calculated after giving effect to the principal balance of any subsequent receivables as of their respective subsequent cutoff dates) (provided, however, that the servicer will require the consent of MBIA Insurance Corporation, if such purchase would result in a claim on the note policy or would result in any amount owing to MBIA Insurance Corporation remaining unpaid) at a price not less than the outstanding principal balance of the notes plus accrued and unpaid interest thereon. The trust will apply such payment to the prepayment of the notes in full. Mandatory Partial Prepayment If an amount equal to or less than $50,000 remains on deposit in the pre-funding account at the end of the funding period, then the class A-1 notes will be subject prepaid in part on the distribution date on which the funding period ends (or on the distribution date immediately following the last day of the funding period, if the funding period does not end on a distribution date) (which distribution date we refer to as the mandatory redemption date). If an amount in excess of $50,000 remains on deposit in the pre-funding account at the option end of the Company on any date prior to funding period, then the maturity date, in whole or from time to time notes will be prepaid in part, in $1,000 increments (provided that any remaining pro rata, based on the then current principal amount thereof shall be at least balance of each class of the minimum authorized denomination thereof)notes, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for mandatory redemption in such notice (the “Redemption Date”)date. The Securities aggregate amount of any such prepayment will be redeemable at a redemption price equal to the greater balance remaining on deposit in the pre-funding account, exclusive of (i) 100% any investment earnings thereon, after giving effect to the purchase of all subsequent receivables, including any purchase of subsequent receivables on the date the funding period ends. Pre-Funding Account On the closing date, approximately $___________ of the principal proceeds from the sale of the notes by the trust will be deposited into an account, which we refer to as the pre-funding account, for the purchase of additional receivables after the closing date. Capitalized Interest Account On the closing date, a cash amount of such Securities approximately $______ shall be deposited in an account, which we refer to as the capitalized interest account, from a portion of the proceeds of the sale of the notes. The amount deposited in the capitalized interest account will be redeemed available on each of the distribution dates occurring in July 2003 and (ii) as determined August 2003 to cover the projected interest shortfall in respect of the notes and the amounts on deposit in the pre-funding account during the pre-funding period. This term sheet supersedes any previous term sheet, and will be superseded by the Quotation Agent information set forth in the prospectus and delivered prospectus supplement. This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Citigroup Global Markets Inc. immediately. The Note Policy Pursuant to a financial guaranty insurance policy, MBIA Insurance Corporation will unconditionally and irrevocably guarantee the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal full and interest thereon due on any date after the Redemption Date (excluding the portion timely payment of interest that will be accrued and unpaid to and including principal on the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest notes on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitieseach distribution date.

Optional Redemption. The Securities 2020 Bonds maturing on and before April 1, 2030, will not be subject to redemption prior to maturity. The 2020 Bonds maturing on and after April 1, 2031, will be subject to redemption prior to maturity, at the option of the Company Authority upon the direction of the County, on any date prior to the maturity dateor after April 1, 2030, in whole or from time to time in part, part (in $1,000 increments (provided that 5,000 integral multiples) at any remaining time, upon payment of 100% of the principal amount thereof to be redeemed, plus interest accrued to the date fixed for redemption. If less than all of the Series 2020 Bonds are called for optional redemption, the maturities of the Series 2020 Bonds, or portions thereof, to be redeemed shall be at least selected by the minimum authorized denomination County. If less than all of the 2020 Bonds of any maturity are called for optional redemption, the 2020 Bonds to be redeemed shall be selected by DTC or any successor securities depository pursuant to its rules and procedures or, if the book-entry system is discontinued, shall be selected by the Trustee by lot in such manner as the Trustee in its discretion may determine. The portion of any 2020 Bond to be redeemed shall be in the principal amount of $5,000 or some integral multiple thereof). In selecting 2020 Bonds for redemption, on written each 2020 Bond shall be considered as representing that number of 2020 Bonds that is obtained by dividing the principal amount of such 2020 Bond by $5,000. If any of the 2020 Bonds or portions thereof are called for redemption, the Trustee shall send notice given of the call for redemption, identifying the 2020 Bonds or portions thereof to the Securityholders thereof be redeemed, not less than 30 days nor more than 90 60 days prior to the date fixed for redemption redemption, by facsimile or other electronic means, registered or certified mail, overnight express delivery or such other means acceptable to the registered owner, to the registered owner of the 2020 Bonds. Such notice may state that (1) it is conditioned upon the deposit of moneys, in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price an amount equal to the greater amount necessary to effect the redemption, with the Trustee no later than the date fixed for redemption or (2) the Authority retains the right to rescind such notice on or prior to the date fixed for redemption, and such notice and optional redemption shall be of (i) 100% no effect if such moneys are not so deposited or if the notice is rescinded. Provided funds for their redemption are on deposit at the place of payment on the date fixed for redemption, all 2020 Bonds or portions thereof so called for redemption shall cease to bear interest on such date, shall no longer be secured by the Agreement of Trust and shall not be deemed to be Outstanding under the provisions of the Agreement of Trust. If a portion of this bond shall be called for redemption, a new bond in principal amount equal to the unredeemed portion hereof will be issued to DTC or its nominee upon surrender hereof, or if the book-entry system is discontinued, to the registered owners of such Securities the 2020 Bonds. The registered owner of this bond shall have no right to enforce the provisions of the Agreement of Trust or to institute any action to enforce the covenants therein or to take any action with respect to any Event of Default under the Agreement of Trust or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided in the Agreement of Trust. Modifications or alterations of the Agreement of Trust or the Financing Agreement, or of any supplement thereto, may be redeemed made only to the extent and (ii) as determined in the circumstances permitted by the Quotation Agent Agreement of Trust. The 2020 Bonds are issuable as registered bonds in the denomination of $5,000 and delivered to integral multiples thereof. Upon surrender for transfer or exchange of this bond at the designated corporate trust office of the Trustee in writingRichmond, Virginia, together with an assignment duly executed by the registered owner or its duly authorized attorney or legal representative in such form as shall be satisfactory to the Trustee, the sum Authority shall execute, and the Trustee shall authenticate and deliver in exchange, a new bond or bonds in the manner and subject to the limitations and conditions provided in the Agreement of Trust, having an equal aggregate principal amount, in authorized denominations, of the present values same series, form and maturity, bearing interest at the same rate and registered in the name or names as requested by the then registered owner hereof or its duly authorized attorney or legal representative. Any such exchange shall be at the expense of the remaining scheduled payments Authority, except that the Trustee may charge the person requesting such exchange the amount of any tax or other governmental charge required to be paid with respect thereto. The Trustee shall treat the registered owner as the person exclusively entitled to payment of principal and interest thereon due and the exercise of all other rights and powers of the owner, except that interest payments shall be made to the person shown as holder on any the 15th day of the month preceding the month in which each interest payment date after the Redemption Date (excluding the portion of interest that will occurs. All acts, conditions and things required to happen, exist or be accrued and unpaid performed precedent to and including in connection with the Redemption Date) discounted from their scheduled issuance of this bond have happened, exist and have been performed. This bond shall not become obligatory for any purpose or be entitled to any security or benefit under the Agreement of Trust or be valid until the Trustee shall have executed the Certificate of Authentication appearing hereon and inserted the date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesauthentication hereon.

Optional Redemption. The Securities Debentures will be subject to redemption at the option of the Company on any date prior to the maturity dateredeemable, in whole or in part, at the Company's option at any time and from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) of: o 100% of the principal amount of such Securities the Debentures to be redeemed redeemed, and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, o the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after Remaining Scheduled Payments discounted to the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 40 basis points, plus. together with, in either the case of clause (i) or clause (ii)each case, accrued and unpaid interest, if any, thereon interest on the principal amount of the Debentures to be redeemed to the Redemption Datedate of redemption. This Security is also subject Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to redemption to the extent provided in Article II each holder of the Third Supplemental IndentureDebentures to be redeemed. If the giving of the notice of On and after any redemption is completed as provided in the Indenturedate, interest on such Securities or portions of Securities shall will cease to accrue on and after the Redemption DateDebentures or any portion thereof called for redemption. On or before any redemption date, unless the Company shall default in deposit with the payment of any such Trustee or with a paying agent money sufficient to pay the redemption price of and accrued interest with respect on the Debentures to any be redeemed on such Security or portion thereofdate. If less than all the Debentures are to be redeemed, the Debentures to be redeemed shall be selected by the Trustee at the Company's direction by such method as the Company and the Trustee shall deem fair and appropriate. The Company redemption price shall not be required calculated by the Independent Investment Banker and the Company, the Trustee and any paying agent for the Debentures shall be entitled to make mandatory redemption or sinking fund payments with respect to the Securitiesrely on such calculation.

Optional Redemption. The Securities will may be subject to redemption redeemed at the option of the Company on any date prior to the maturity dateInterest Payment Date that is on or after September 27, 2006, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities being redeemed. The Company will pay accrued and unpaid interest on the principal amount being redeemed to the date of redemption. If notice of redemption has been given as described below and funds for the redemption of any Securities called for redemption have been made available on the redemption dates specified in the notice, the Securities will cease to bear interest on the date fixed for the redemption specified in the notice and the only right of the holders of the Securities from and after the redemption date will be to receive payment of the redemption price upon surrender of the Securities in accordance with the notice. Notice of any optional redemption of any Securities will be mailed at least 15 but not more than 60 days before the redemption date to each holder of record of the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Dateits registered address. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the The notice of redemption is completed as provided for the Securities will state, among other things, the amount of Securities to be redeemed, the redemption date, the redemption price and the place or places that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Company defaults in the Indenturepayment of the redemption price, interest on such Securities or portions of Securities shall will cease to accrue on and after any Securities that have been called for redemption at the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesdate.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given notice, sent by first class mail, to the Securityholders thereof not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed redeemed, and (ii) an amount, as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, equal to the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 25 basis points, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interest, if any, thereon to to, but excluding, the Redemption Date. This Security is Notwithstanding the immediately preceding paragraph, the Securities will be redeemable on or after March 15, 2022 at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. The Securities are also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject Subject to redemption the terms of the Indenture, the Company shall have the right, at the option of Company’s option, during the Company period beginning on November 8, 2011 and ending on May 8, 2014, at any date prior to the maturity datetime during such period, in whole or and from time to time in partduring such period, in $1,000 increments (provided that to redeem all or any remaining principal amount thereof shall be at least part of the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable Notes at a redemption price payable in Cash equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Price plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to, but excluding, the Redemption Date in the event that the Closing Price for each of 20 or more Trading Days in a period of 30 consecutive Trading Days ending on the day prior to mailing of a notice of redemption to Holders of the Notes in accordance with Section 3.07 of the Indenture shall have exceeded 300% of the applicable Conversion Price, provided, however, that the Company shall have made at least five semi-annual scheduled interest payments (including the interest payments on November 8, 2011) in the full amount required by the Indenture with respect to the Notes prior to redeeming any Notes pursuant to this sentence. Subject to the terms of the Indenture, the Company shall also have the right, at the Company’s option, after May 8, 2014, at any time, and from time to time, to redeem all or any part of Notes at a price payable in Cash equal to the Redemption Price plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. This Security In no event shall any Redemption Date be a Legal Holiday. Furthermore, if the Redemption Date with respect to a Note is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in close of business on a record date for the payment of an installment of interest and on or before the related interest payment date, then accrued and unpaid interest to, but excluding, such interest payment date shall be paid, on such interest payment date, to the Holder of record of such Note (without any surrender of such Note by such Holder) at the close of business on such record date, and the Holder surrendering such Note for redemption price shall receive only the Redemption Price and accrued interest with respect shall not be entitled to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to interest unless such Holder was also the SecuritiesHolder of record of such Note at the close of business on such record date.

Optional Redemption. The Securities will be subject At any time prior to redemption at the option of November 15, 2023, the Company on any date prior to may redeem the maturity dateNotes at its option, in whole or from time to time in part, at a redemption price equal to the Redemption Price. At any time on or after November 15, 2023, the Notes will be redeemable at the option of the Company, in $1,000 increments (provided that any remaining whole or from time to time in part, at a redemption price equal to 100% of the principal amount thereof of the Notes to be redeemed plus accrued and unpaid interest thereon to the Redemption Date. If notice of redemption has been given as provided in the Indenture and funds for the redemption of the Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the Holders of such Notes from and after the Redemption Date will be at least to receive payment of the minimum authorized denomination thereof), on written notice Redemption Price upon surrender of such Notes in accordance with such notice. Notice of any optional redemption of any Notes will be given to Holders at their addresses, as shown in the Securityholders thereof Security Register for the Notes, not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”)redemption. The Securities notice of redemption will be redeemable at a redemption price equal to specify, among other items, the greater of (i) 100% of Redemption Price and the principal amount of the Notes held by such Securities Holder to be redeemed. If all or less than all of the Notes are to be redeemed at the option of the Company, the Company will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption The Company shall give the Trustee notice of the Make-Whole Amount promptly after the calculation thereof and if the Company has requested that the Trustee give to the extent provided in Article II of the Third Supplemental Indenture. If the giving of Holders the notice of redemption is completed as provided in required by Section 1104 of the Base Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless notice from the Company shall default be given to the Trustee at such time as shall permit the Trustee to include notice of the Make-Whole Amount in such notice of redemption. The Trustee shall have no responsibility for calculating the payment Make-Whole Amount. The Trustee shall select, in such manner as it shall deem fair and appropriate, no less than 60 days prior to the date of redemption, the Notes to be redeemed in part. Neither the Company nor the Trustee shall be required to: (i) issue, register the transfer of or exchange Notes during a period beginning at the opening of business 15 days before any such redemption price selection of Notes to be redeemed and accrued interest with respect to ending at the close of business on the day of mailing the relevant notice of redemption; or (ii) register the transfer of or exchange any such Security Note, or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to , called for redemption, except the Securitiesunredeemed portion of any Note being redeemed in part.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date (a “Redemption Date”) prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given . If the Company elects to redeem the Securityholders thereof not less than 30 days nor more than 90 days Securities prior to March 15, 2024, the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price shall be equal to the greater of (i) 100% of the aggregate principal amount of such the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the each remaining scheduled payments payment of principal and interest thereon due on any date after the Redemption Date Securities to be redeemed (excluding the portion exclusive of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at using a discount rate equal to the Adjusted Redemption Treasury Rate plus 0.35% (35 basis points). On or after March 15, plus2024, the Company may redeem the Securities in either whole or in part at a redemption price equal to 100% of the case of clause (i) or clause (ii)principal amount thereof, plus accrued and unpaid interestinterest to, if anybut not including, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Base Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities Series A Preferred Stock is not redeemable prior to July 2, 2026, except under the circumstances described below. On and after July 2, 2026, the fifth anniversary of July 2, 2021, the shares of Series A Preferred Stock will be subject to redemption redeemable at the option of the Company on any date prior to the maturity dateour option, in whole or from time to time in part, in at a redemption price equal to $1,000 increments 25,000.00 per share (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereofequivalent to $25.00 per depositary share), on written notice given plus any accrued and unpaid dividends. If fewer than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the Securityholders thereof shares to be redeemed will be determined pro rata or by lot. We shall give the depositary not less than 30 days nor more than 90 60 days prior written notice of redemption of the deposited Series A Preferred Stock. A similar notice of redemption will be delivered by the depositary not less than 30 nor more than 60 days prior to the date fixed for redemption in such to each holder of record of depositary shares that is to be redeemed. The notice (will notify the “holder of the election to redeem the shares and will state at least the following: ● the date fixed for redemption thereof, which we refer to as the Redemption Date”). The Securities will be redeemable at a ; ● the redemption price equal to price; ● the greater number of shares of Series A Preferred Stock (iand the corresponding number of depositary shares) 100% of the principal amount of such Securities to be redeemed (and, if fewer than all the shares are to be redeemed, the number of shares to be redeemed from such holder); ● the place(s) where the depositary receipts evidencing the depositary shares are to be surrendered for payment; and (ii) as determined by ● that dividends on the Quotation Agent and delivered depositary shares will cease to accumulate on the date prior to the Trustee Redemption Date. On or after the Redemption Date, each holder of depositary shares to be redeemed must present and surrender the depositary receipts evidencing the depositary shares to the depositary at the place designated in writing, the sum notice of redemption. The redemption price of the present values depositary shares will then be paid to or on the order of the remaining scheduled payments of principal person whose name appears on such depositary receipts as the owner thereof. Each surrendered depositary receipt will be canceled. In the event that fewer than all the depositary receipts are to be redeemed, a new depositary receipt will be issued representing the unredeemed depositary shares. From and interest thereon due on any date after the Redemption Date (excluding unless we default in payment of the portion redemption price): ● all dividends on the Series A Preferred Stock represented by the depositary shares designated for redemption in the notice will cease to accumulate; ● all rights of interest that will be accrued the holders of the depositary shares, except the right to receive the redemption price thereof (including all accumulated and unpaid to and including the Redemption Date) discounted from their scheduled date of payment dividends up to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon date prior to the Redemption Date), will cease and terminate; ● the depositary shares will not thereafter be transferred (except with our consent) on the depositary’s books; and ● the depositary shares will not be deemed to be outstanding for any purpose whatsoever. This Security is also subject to redemption Subject to the extent provided in Article II Exceptions, unless full cumulative dividends on all shares of Series A Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for payment for all past dividend periods, no shares of Series A Preferred Stock shall be redeemed unless all outstanding shares of Series A Preferred Stock are simultaneously redeemed and we shall not purchase or otherwise acquire directly or indirectly any shares of Series A Preferred Stock (except by exchanging it for our capital stock ranking junior to the Series A Preferred Stock as to dividends and upon liquidation); provided, however, that the foregoing shall not prevent the purchase or acquisition by us of shares of Series A Preferred Stock or any other class or series of capital stock issued by us ranking, as to payment of dividends or the distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding up, on parity with or junior to the Series A Preferred Stock pursuant to our certificate of incorporation or, the purchase or acquisition of the Third Supplemental Indenture. If Series A Preferred Stock (or the giving related depositary shares) pursuant to a purchase or exchange offer made on the same or economically equivalent terms to holders of all outstanding shares of the notice of redemption is completed as provided in Series A Preferred Stock (or the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesrelated depositary shares).

Optional Redemption. The Securities will be subject to redemption at Company may redeem the option of the Company on any date prior to the maturity dateSecurities, in whole or in part (equal to an integral multiple of $1,000; provided that these Securities shall not be in denominations of less than $2,000), at its option at any time and from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”)time. The Redemption Price for the Securities to be redeemed will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed redeemed, and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming the notes matured on the 2026 Par Call Date) on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months) , at the Adjusted Redemption Treasury Rate plus 35 25 basis points, plus, in either the case of clause (i) or clause (ii), less interest accrued and unpaid interest, if any, thereon to the Redemption Date. This The principal amount of a Security is also subject remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. Notice of redemption shall be mailed (or otherwise transmitted in accordance with the procedures of The Depository Trust Company (“DTC”)) to each registered Holder of the Securities to be redeemed at least 10 days, and not more than 60 days (except that notices of redemption may be mailed (or otherwise transmitted in accordance with DTC procedures) more than 60 days prior to a Redemption Date if issued in connection with a defeasance of the applicable Securities or a satisfaction and discharge of the Indenture), prior to the extent provided in Article II of the Third Supplemental IndentureRedemption Date. If the giving of the Once notice of redemption is completed as provided mailed (or otherwise transmitted in accordance with the Indentureprocedures of DTC), the Securities called for redemption shall become due and payable on the Redemption Date and at the Redemption Price, plus accrued and unpaid interest on such Securities or portions of Securities shall cease to accrue on and after to, but excluding, the Redemption Date. Commencing on 2026 Par Call Date, unless the Company shall default Securities are redeemable at the option of the Company, at any time in whole or from time to time in part, at a Redemption Price equal to 100% of the payment principal amount of any such redemption price the Securities being redeemed, plus accrued and accrued unpaid interest with respect on the Securities to any such Security or portion thereofbe redeemed to, but excluding, the Redemption Date. The Company shall not be required to make mandatory redemption or sinking fund payments with respect For purposes of this paragraph, the following definitions are applicable: “2026 Par Call Date” means, March 6, 2024 (two (2) years prior to the Securitiesmaturity date of the 2026 notes).

Optional Redemption. The Securities will be subject to redemption redeemable solely at the option of the Company on any date prior to the maturity date, in whole or in part (in integral 2 With respect to the Initial Securities. multiples of $1,000 with any portion of a Holder’s Securities not redeemed to be in a minimum denomination of $2,000 and integral multiples in excess thereof) at any time and from time to time in part, accordance with the conditions set forth in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)Indenture, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 60 days prior written notice mailed (and/or to the extent permitted by applicable procedures or regulations, electronically delivered) to the holders of the Securities to be redeemed to the date fixed for redemption in such notice (the “Redemption Date”) and upon 45 days’ prior written notice to the Trustee (or such shorter period as agreed by the Trustee). The Securities redeemed pursuant to the optional redemption provisions of Article 3 of the Indenture prior to the maturity date will be redeemable redeemed at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such the Securities to be redeemed redeemed, and (ii) an amount, as determined by the Quotation Agent and delivered to the Trustee in writing, equal to the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate Rate, plus 35 50 basis points, plus, in either the case of clause (i) or clause (ii), plus accrued and unpaid interest, if any, thereon to to, but excluding, the Redemption Date. This Security is The Securities are also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be Contingent Capital Notes will, subject to redemption at the option satisfaction of the Company on any date prior Solvency Condition and the conditions described under “Description of the Contingent Capital Notes—Pre-conditions to Redemption, Repurchase, Substitution or Variation” in the maturity datePreliminary Prospectus Supplement, be redeemable in whole or from time to time but not in part, at our option and in $1,000 increments our sole discretion on (provided that i) any remaining day falling in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date, and (ii) any Reset Date thereafter, in each case at 100% of their principal amount thereof shall be at least amount, together with any accrued and unpaid interest on the minimum authorized denomination thereof)Contingent Capital Notes, on written notice given excluding any interest cancelled or deemed cancelled in accordance with the terms of the Contingent Capital Notes, to the Securityholders thereof not less than 30 days nor more than 90 days prior to but excluding the date fixed for redemption redemption. Coupon: Initial Interest Rate: 4.600% per annum payable quarterly in such notice arrear from (and including) the “Redemption Issue Date to (but excluding) First Reset Date”). The Securities Subsequent Interest Rate: From and including the First Reset Date and each Reset Date thereafter to but excluding the next succeeding Reset Date, interest will be redeemable accrue on the Contingent Capital Notes at a redemption price rate per annum equal to the greater of (i) 100% sum of the principal amount of such Securities to be redeemed and (ii) applicable U.S. Treasury Rate as determined by the Quotation Calculation Agent on the relevant Reset Determination Date and delivered 3.100%, converted to the Trustee a quarterly rate in writingaccordance with market convention (rounded to three decimal places, the sum of the present values of the remaining scheduled payments of principal and interest thereon due with 0.005 being rounded down). If redeemed on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the an Optional Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), any accrued and unpaid interest, if anytogether with their principal amount (excluding any interest cancelled or deemed cancelled in accordance with the terms of the Contingent Capital Notes), thereon will become payable. The determination of the applicable U.S. Treasury Rate is subject to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II provisions set forth under “Description of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided Contingent Capital Notes—Interest” in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the SecuritiesDocumentation (as defined below).

Optional Redemption. The Securities will be subject to redemption Company may at the its option redeem all or part of the Company on Securities at any date prior to the maturity datetime in whole, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof upon not less than 30 days nor or not more than 90 days 60 days' prior notice mailed to the date fixed for redemption in each Holder to be so redeemed at such notice (the “Redemption Date”)Holders' registered address. The Securities Redemption Price will be redeemable at a redemption price equal to the greater of of: (i) 100% of the principal amount of such the Securities to be redeemed and or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments Remaining Scheduled Payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid Securities discounted to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date , on a semiannual basis (assuming a 360-day year consisting of twelve 30-30 day months) ), at the Adjusted Redemption Treasury Rate plus 35 50 basis points, ; plus, in either the case of clause (i) or clause (ii)each case, accrued and unpaid interest, if any, interest thereon to the Redemption Date. This In the case of any partial redemption, selection of the Securities for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed or, if the Securities are not so listed, then on a PRO RATA basis, by lot or by such other method as the Trustee shall deem to be fair and appropriate (and in such manner as complies with applicable legal requirements) provided that (i) Securities and portions thereof that the Trustee selects shall be in amounts of $1,000 or an integral multiple of $1,000 and (ii) no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $1,000. If any Security is also subject to redemption to the extent provided be redeemed in Article II of the Third Supplemental Indenture. If the giving of part only, the notice of redemption is completed as provided relating to such Security shall state the portion of the principal amount thereof to be redeemed. A new Security in principal amount equal to the unredeemed portion thereof will be issued in the Indenture, interest on such Securities or portions name of Securities shall cease to accrue on the Holder thereof upon cancellation of the original Security. On and after the Redemption Date, unless interest will cease to accrue on Securities or portions thereof called for redemption as long as the Company shall default has deposited with the Trustee or with a Paying Agent (or, if applicable, segregated and held in trust) money sufficient to pay the payment of any such redemption price Redemption Price of, and accrued interest with respect on, all the Securities which are to any be redeemed on such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesdate.

Optional Redemption. The Securities On or after [●]7, 2023, the notes will be subject to redemption redeemable at the option of the Company on any date prior to the maturity dateCompany’s option, for cash, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof upon not less than 30 10 days nor more than 90 days prior to the date fixed for redemption in such 60 calendar days’ notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the accreted principal amount per note, if the market closing price of such Securities to be redeemed and (ii) as determined the ordinary shares has been at least 250% of the per share price implied by the Quotation Agent and delivered to the Trustee exchange rate then in writingeffect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period, the sum including at least one of the present values of trading days immediately preceding the remaining scheduled payments of principal and interest thereon due date on any date after which the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of Company provides the notice of redemption. Holders may surrender notes subject to optional redemption is completed as provided for exchange at any time prior to the close of business on the second business day prior to the redemption date. The indenture for the notes will provide that a redemption closing, and the deadline for surrender of notes subject to redemption, or the deadline for an exchange in connection with a fundamental change will be delayed, if delivery of the Indentureexchange consideration would require a filing pursuant to the HSR Act, interest until such filing has been made and the applicable waiting period has expired or terminated. Additional Amounts All payments made by or on such Securities or portions behalf of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default or NCL Holdings (including, in the payment of each case, any such redemption price and accrued interest with respect to any such Security successor entity), including amounts payable upon redemption, repurchase or portion thereof. The Company shall not be required to make mandatory redemption exchange, under or sinking fund payments with respect to the Securitiesnotes or the guarantee will be made free and clear of and without withholding or deduction for, or on account of, any present or future taxes unless the withholding or deduction of such taxes is then required by law. If the Company, NCL Holdings or any other applicable withholding agent is required by law to withhold or deduct any amount for, or on account of, any taxes imposed or levied by or on behalf of (1) any jurisdiction in which the Company or NCL Holdings is or was incorporated, engaged in business, organized or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction from or through which any payment is made by or on behalf of the Company or NCL Holdings (including, without limitation, the jurisdiction of any paying agent) or any political subdivision thereof or therein (each of (1) and (2), a “Tax Jurisdiction”) in respect of any payments or delivery under or with respect to the notes or the guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or premium, the Company or NCL Holdings, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments or delivery by each Holder after such withholding or deduction will equal the respective amounts that would have been received and by each Holder in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: ___________________________ 7 NTD: To be three years from the issue date.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to November 3, 2021 (three months prior to the maturity date), in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Make-Whole Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Make-Whole Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Make-Whole Redemption Date) discounted from their scheduled date of payment to the Make-Whole Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 25 basis pointspoints (such greater amount is referred to herein as the “Make-Whole Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Special Interest, if any, thereon to the Make-Whole Redemption Date. In addition, the Offered Securities will be subject to redemption at the option of the Company on any date (a “Par Redemption Date”) on or after November 3, 2021 (three months prior to the maturity date), in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), at a redemption price equal to 100% of the principal amount of the Offered Securities to be redeemed (the “Par Redemption Price”), plus accrued and unpaid interest and Special Interest, if any, thereon to the Par Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Make-Whole Redemption Date or Par Redemption Date, as applicable, unless the Company shall default in the payment of any such redemption price Make-Whole Redemption Price or Par Redemption Price, as applicable, and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will Notes may be subject to redemption at the option of the Company on any date prior to the maturity dateredeemed, in whole or in part, at the Company’s option at any time or from time to time time. In such event, the Company shall notify the Trustee of its decision to redeem the Notes, in whole or in part, as provided in $1,000 increments (provided that the Indenture. The redemption price for the Notes to be redeemed on any remaining principal amount thereof Redemption Date before January 1, 2023 shall be at least calculated by the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will Company and shall be redeemable at a redemption price equal to the greater of the following amounts: (i) 100% of the principal amount Principal Amount of such Securities the Notes to be redeemed and on the Redemption Date, or (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Notes being redeemed on that Redemption Date (excluding the not including any portion of any payments of interest that will be accrued and unpaid to and including to, but not including, the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming on a semiannual basis at the Treasury Rate, as determined by a Reference Treasury Dealer selected by the Company, plus 30 basis points, plus, in either case, accrued and unpaid interest on the Notes to, but not including, the Redemption Date. The redemption price for the Notes to be redeemed on any Redemption Date on or after January 1, 2023 shall be equal to 100% of the principal amount of the Notes to be so redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on interest payment dates falling on or prior to a Redemption Date shall be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to the Notes and the Indenture. The redemption price shall be calculated on the basis of a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will Notes shall be subject to redemption redeemable, at the option of the Company on any date prior to the maturity dateCompany’s sole option, in whole at any time or in part from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days each case prior to the date fixed for redemption in such notice January 1, 2033 (the “Redemption Par Call Date”). The Securities will be redeemable , for cash, at a redemption price Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of such Securities the Notes to be redeemed and or (ii) as determined by the Quotation Agent and delivered an amount equal to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal of and interest thereon on the Notes to be redeemed that would be due if the Notes matured on any date after the Par Call Date (exclusive of unpaid interest accrued to, but not including, such Redemption Date), discounted to such Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 20 basis points, plus, in either the case of clause (i) or clause (ii)each case, accrued and unpaid interest, if any, thereon on the principal amount of the Notes to the be redeemed accrued to, but not including, such Redemption Date. This Security is also subject In addition, at any time on or after the Par Call Date, the Notes shall be redeemable, at the Company’s sole option, in whole at any time or in part from time to redemption time, for cash, at a Redemption Price equal to the extent provided in Article II 100% of the Third Supplemental Indenture. If the giving aggregate principal amount of the notice Notes to be redeemed plus unpaid interest, if any, on the principal amount of redemption is completed as provided in the IndentureNotes to be redeemed accrued to, but not including, such Redemption Date. Notwithstanding the foregoing, interest shall be payable to Holders of the Notes on the Regular Record Date applicable to an Interest Payment Date falling on or before such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption are redeemable, at the option of the Company on Company, at any date time prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the a date fixed by the Company for such redemption in such notice (the “Redemption Date”)) and at a price (the “Redemption Price”) equal to 100% of the principal amount thereof plus accrued and unpaid interest up to but not including the Redemption Date plus a Make-Whole Premium, if any is required to be paid. However, if the Redemption Date is after a Regular Record Date and on or prior to the corresponding Interest Payment Date, the interest will be paid on the Redemption Date to the person in whose name the Securities are registered at the close of business on the Regular Record Date and not included in the Redemption Price. The Securities Redemption Price will never be redeemable at a redemption price equal to the greater of (i) less than 100% of the principal amount of such the Securities plus accrued and unpaid interest up to be redeemed and (ii) as determined by but not including the Quotation Agent and delivered Redemption Date. The amount of the Make-Whole Premium is equal to the Trustee in writingexcess, if any, of: (i) the sum of the present values values, calculated as of the Redemption Date, of :(A) the remaining scheduled payments of principal and interest thereon on the Securities to be redeemed that would be due on any date after the Redemption Date but for such redemption (excluding except that, if such Redemption Date is not an Interest Payment Date, the portion amount of the next succeeding scheduled interest payment will be reduced by the amount of interest that will be accrued and unpaid thereon to and including the Redemption Date); and (B) discounted the principal amount that, but for the redemption, would have been payable at the Stated Maturity; over (ii) the aggregate principal amount of the Securities being redeemed. The present values of interest and principal payments referred to in clause (i) above will be determined in accordance with generally accepted principles of financial analysis. Those present values will be calculated by discounting the amount of each payment of interest or principal from their scheduled the date of that each payment would have been payable, but for the redemption, to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Adjusted Redemption Treasury Rate (as defined below) plus 35 40 basis points. ‘‘Treasury Rate’’ means, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect Redemption Date, the rate per annum equal to the Securitiessemiannual equivalent yield to maturity (computed as of the second Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

Optional Redemption. The Securities will be On or prior to the Conversion Date, the Bonds are subject to redemption by the Board, at the option of the Company on Company, at any date prior time, subject to the maturity dateprovisions of Section 4.03 hereof, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount thereof being redeemed plus accrued interest to the redemption date. After the Conversion Date, if the length of such Securities time from the Conversion Date to be redeemed and the final maturity date of the Bonds is seven (ii7) as determined years or more, the Bonds are subject to redemption by the Quotation Board, at the option of the Company, on or after the fifth anniversary of the Conversion Date, in whole at any time or in part on any Interest Payment Date, at the redemption price of 100% of the principal amount thereof being redeemed plus accrued interest to the redemption date. If, pursuant to a conversion from the Floating Rate to the Fixed Rate in accordance with Section 5.01 hereof, the Remarketing Agent and delivered certifies to the Trustee and the Company in writingwriting that the foregoing call restriction is not consistent with the then prevailing market conditions, the sum foregoing call restriction may be revised in accordance with the best professional judgment of the present values of Remarketing Agent to reflect the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest then prevailing market conditions; provided, however that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default have consented to such revision and shall have furnished the Trustee with an opinion addressed to the Trustee, the Board, the Company, the Paying Agent, the Bank and the Remarketing Agent, if any at such time, of Bond Counsel (as defined in the payment Lease Agreement) acceptable to the Company and the Trustee, stating that such revision will not adversely affect the excludability from federal income taxation of any interest on the Bonds. Notwithstanding the foregoing, no such optional redemption price and accrued interest shall occur after the Conversion Date unless there shall be available in the Bond Fund sufficient Available Moneys to pay all amounts due with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiesa redemption.

Optional Redemption. (a) The Securities will be subject to redemption Issuer may redeem the Notes at the its option of the Company on and sole discretion, at any date prior to the maturity date, in whole time or from time to time prior to the Par Call Date, in whole or in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and the Notes being redeemed; or (ii) as determined by the Quotation Agent and delivered to the Trustee in writingQuotient Agent, the sum of the present values of the remaining scheduled payments of principal and interest Interest thereon that would be due if such Notes matured on the Par Call Date but for the redemption thereof (not including any date after the Redemption Date (excluding the portion of interest that will be such payments of Interest accrued and unpaid to and including as of the Redemption Date) discounted from their scheduled date of payment to the Redemption Date redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 15 basis points, plus, in either the case of clause (i) or clause (ii)each case, accrued and unpaid interestInterest thereon to, but not including, the applicable Redemption Date; provided, however, that if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Issuer will pay the full amount of accrued and unpaid Interest, if any, thereon on such Interest Payment Date to the Holder of record of the Notes at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption). Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid Interest thereon to, but not including, the applicable Redemption Date. This Security is also subject to redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 60 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable , at a redemption price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingTrustee, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 25 basis pointspoints (such greater amount is referred to herein as the “Redemption Price”), plus, in either the case of clause (i) or clause (ii), accrued and unpaid interestinterest and Additional Interest, if any, thereon to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II XIV of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price Redemption Price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.

Optional Redemption. The Securities will be subject to redemption at the option Issuer may redeem any of the Company on Notes (including any date prior to Additional Notes issued after the maturity date, Issue Date) in whole or in part, at any time or from time to time in parttime, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)its option, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a “make-whole” redemption price equal to the greater of (iA) 100% of the principal amount of such Securities to be redeemed Notes and (iiB) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values at such redemption date of the each remaining scheduled payments payment of principal and interest thereon due on any date after the Redemption Date (excluding the portion exclusive of interest that will be accrued and unpaid to and including the Redemption Datedate of redemption) discounted from their scheduled date of payment to the Redemption Date redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 40 basis points, ; plus, in either the case of clause (i) or clause (ii)each case, any accrued and unpaid interestinterest and Additional Amounts, if any, thereon on such Notes to the Redemption Dateredemption date; provided, however, that no less than U.S.$100 million in aggregate principal amount of Notes must remain outstanding immediately following any partial redemption. This Security is also subject to On and after the redemption to the extent provided in Article II of the Third Supplemental Indenture. If the giving of the notice of redemption is completed as provided in the Indenturedate, interest on such Securities or portions of Securities shall will cease to accrue on and after the Redemption Date, Notes or any portion of the Notes called for redemption (unless the Company shall default Issuer defaults in the payment of any such the redemption price and accrued interest with respect interest). On or prior to 11:00 a.m. (New York City time) on the Business Day prior to any such Security or portion thereof. The Company redemption date, the Issuer shall not deposit with the Trustee money sufficient to pay the redemption price of and (unless the redemption date shall be required to make mandatory redemption or sinking fund payments with respect an Interest Payment Date) accrued interest to the Securitiesredemption date on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Security Registrar pro rata, by lot or in accordance with DTC’s procedures.

Optional Redemption. The Securities will 2008 Notes and the 2028 Debentures may be subject to redemption redeemed at any time at the option of the Company on any date prior to the maturity dateCompany, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof upon not less than 30 days nor and not more than 90 days 60 days' notice to the Holders thereof, on any date prior to the date fixed for redemption in such notice maturity (the “"Redemption Date”). The Securities will be redeemable ") at a redemption price (the "Redemption Price") equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed and the applicable series of Senior Debt Securities, plus (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal and accrued interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting subject to the right of twelve 30-day months) at Holders of record of such Senior Debt Securities on the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) relevant record date to receive interest due on an Interest Payment Date that is on or clause (ii), accrued and unpaid interest, if any, thereon prior to the Redemption Date) plus (iii) a Make-Whole Premium, if any. This Security is also subject to redemption In no event will the Redemption Price of the Senior Debt Securities be less than 100% of the principal amount of the applicable series of Senior Debt Securities being redeemed, respectively, plus accrued interest to the extent provided in Article II applicable Redemption Date. The Make-Whole Premium will be calculated by an independent investment banking institution of national standing appointed by the Third Supplemental Indenture. If Company; provided, that if the giving of the notice of redemption is completed as provided in the Indenture, interest on Company fails to make such Securities or portions of Securities shall cease appointment at least 45 business days prior to accrue on and after the Redemption Date, unless or if the Company shall default institution so appointed is unwilling or unable to make such calculation, such calculation will be made by Merrxxx Xxxch, Pierce, Fennxx & Xmitx Xxxorporated or, if such firm is unwilling or unable to make such calculation, by an independent investment banking institution of national standing appointed by the Trustee (in the payment of any such redemption price case, an "Independent Investment Banker"). If less than all of the Senior Debt Securities of a series are to be redeemed, the Trustee will select the Senior Debt Securities to be redeemed by such method as the Trustee shall deem fair and accrued interest with respect to any such Security or portion thereofappropriate. The Company shall not be required to make mandatory Trustee may select for redemption or sinking fund payments with respect to the SecuritiesSenior Debt Securities and portions of Senior Debt Securities in amounts of whole multiples of $1,000.

Optional Redemption. The Company may redeem the Securities will be subject to redemption at the option of the Company on any date time in whole or in part, at its option, prior to the maturity dateMaturity Date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable at a redemption price as calculated by the Company equal to the greater of (i) of: • 100% of the principal amount of such the Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, redeemed; or • the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Securities matured on any date after the Redemption Maturity Date (excluding the portion exclusive of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment redemption), discounted to the Redemption Date date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption then current Treasury Rate plus 35 12.5 basis points, plus, in either the case of clause (i) or clause (ii)each case, accrued and unpaid interest, if any, thereon on the amount being redeemed to, but excluding the date of redemption. Notice of redemption will be sent at least 30 but not more than 60 days before the redemption date to the Redemption Date. This Security is also subject to redemption to the extent provided in Article II each holder of record of the Third Supplemental IndentureSecurities to be redeemed at its registered address. If the giving of the The notice of redemption is completed as provided for the Securities will state, among other things, the series and amount of Securities to be redeemed, the redemption date, the redemption price and the place or places that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Company defaults in the Indenturepayment of the redemption price, interest on such Securities or portions of Securities shall will cease to accrue on and after any Securities that have been called for redemption at the Redemption Dateredemption date. If fewer than all of the Securities are to be redeemed at any time, unless not more than 45 days prior to the Company redemption date, the particular Securities or portions thereof for redemption from the outstanding Securities not previously called shall default be selected in accordance with the payment procedures of DTC. The Trustee shall have no obligation to calculate any such redemption price and accrued interest with respect to any such Security or portion thereof. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securitiespremium.

Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to the maturity date2008 Notes are redeemable, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof)Company’s option, on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for any Interest Payment Date, on or after June 1, 2007, at a redemption in such notice price (the “Redemption DatePrice”). The Securities will be redeemable at a redemption price ) equal to the greater of (i) 100% of the principal amount of such Securities the 2008 Notes to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingredeemed, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid to and including interest on the Redemption Date) discounted from their scheduled date principal amount of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon 2008 Notes being redeemed to the Redemption Date. This Security is also subject Except as set forth above, the 2008 Notes will not be redeemable prior to redemption their Stated Maturity and will not be entitled to the extent provided in Article II benefit of any sinking fund. 2008 Notes called for optional redemption become due on the Redemption Date. Notices of optional redemption will be given by first-class mail, postage prepaid, at least 30 but not more than 60 days before the Redemption Date, to each Holder of the Third Supplemental Indenture2008 Notes to be redeemed, at its address as shown in the Security Register. If The notice of optional redemption for the giving 2008 Notes will state, among other things, the aggregate principal amount of such 2008 Notes to be redeemed, the Redemption Date, the Redemption Price and the place(s) where payment will be made upon presentation and surrender of 2008 Notes to be redeemed. Unless the Company defaults in payment of the notice of redemption is completed as provided in the IndentureRedemption Price, interest on such Securities or portions of Securities shall will cease to accrue on and after the Redemption Date, unless the Company shall default in the payment of any such redemption price and accrued interest Date with respect to any such Security 2008 Notes that have been called for optional redemption. If less than all the 2008 Notes are redeemed at any time, the Trustee will select the 2008 Notes to be redeemed on a pro rata basis or portion thereofby any other method the Trustee deems fair and appropriate. The Company shall not 2008 Notes may be required to make mandatory redeemed in part in multiplies of $1,000 only. In the event of redemption of this Security in part only, a new 2008 Note or sinking fund payments 2008 Notes of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. Any such redemption will also comply with respect to Article Eleven of the SecuritiesIndenture.

Optional Redemption. The Securities will Bonds in the Commercial Paper Mode are not subject to optional redemption prior to their respective Purchase Dates. Bonds in the Commercial Paper Mode shall be subject to redemption at the option of the Company on any date prior to the maturity date, Borrower in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), part on written notice given to the Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). The Securities will be redeemable their respective Purchase Dates at a redemption price equal to the principal amount thereof, together with interest accrued and unpaid thereon to the date fixed for redemption. Bonds in the Daily Mode or the Weekly Mode are subject to optional redemption at the option of the Borrower in whole or in part in Authorized Denominations on any Business Day, at a redemption price equal to the principal amount thereof, together with interest accrued and unpaid thereon to the date fixed for redemption. Bonds in the Auction Rate Bond Mode are subject to optional redemption at the option of the Borrower in whole or in part in Authorized Denominations on the Business Day immediately following the end of an Auction Period, at a redemption price equal to the principal amount thereof, together with interest accrued and unpaid thereon to the date fixed for redemption. Bonds in the Term Rate Mode or Fixed Rate Mode are subject to redemption in whole or in part on any date (and if in part, in such order of maturity as the Borrower shall specify and within a maturity by lot or by such other method as the Paying Agent determines to be fair and reasonable and in Authorized Denominations) at the redemption prices set forth below: If, on the Mode Change Date, the remaining term of the Bonds, in the case of Fixed Rate Bonds, or the length of the Interest Period, in the case of Term Rate Bonds, is equal to or less than ten (10) years but greater than five (5) years, the Bonds will not be subject to optional redemption until the first Stated Interest Payment Date to follow the third anniversary of (i) 100% the Mode Change Date. On such first Stated Interest Payment Date, the Bonds will be subject to redemption at a redemption price of 101 percent of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writingthereof, the sum of the present values of the remaining scheduled payments of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be plus accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 35 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to the Redemption Date, which price will decline by one percent per annum on each succeeding anniversary of such first Stated Interest Payment Date until reaching a price of 100 percent of the principal amount thereof, plus accrued interest, if any, to the Redemption Date, and thereafter at a redemption price of 100 percent of the principal amount thereof, plus accrued interest, if any, to the Redemption Date. This Security If, on the Mode Change Date, the remaining term of the Bonds, in the case of Fixed Rate Bonds, or the length of the Interest Period, in the case of Term Rate Bonds, is also equal to or less than five (5) years, the Bonds will be subject to redemption on or after the first Stated Interest Payment Date (whichever is earlier) to follow the extent provided in Article II second anniversary of the Third Supplemental Indenture. If the giving Mode Change Date at a redemption price equal to 100 percent of the notice of redemption is completed as provided in the Indentureprincipal amount thereof, interest on such Securities or portions of Securities shall cease plus accrued interest, if any, to accrue on and after the Redemption Date, unless and prior thereto will not be subject to optional redemption. In connection with a change to Term Rate Mode or Fixed Rate Mode, the Company shall default in Borrower may waive or otherwise alter its rights to direct the payment redemption of any such redemption price and accrued interest with respect to Bonds so changed at any such Security time without premium; provided that notice describing the waiver or portion thereof. The Company alteration shall not be required to make mandatory redemption or sinking fund payments with respect submitted to the SecuritiesPaying Agent, the Trustee and the Remarketing Agent, together with a Favorable Opinion of Bond Counsel, addressed to them.