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for reference only, and may not be relied upon by any other person as being in any way <br />determinative of the principal amount of the Bonds outstanding, unless the Trustee has signed the <br />appropriate column of the Register of Partial Payments. Interest is payable by wire transfer in <br />same day funds from the Trustee to the person in whose name the Bond is registered as of the <br />close of business of the 15`h day of the month immediately preceding an Interest Payment Date, <br />whether or not a Business Day, at such person's address as it appears on the bond registration <br />books of the Trustee. The transfer permitted pursuant to Section 2.08 shall occur only with <br />respect to Bonds of a minimum denomination of the remaining principal amount of an entire <br />maturity thereof so long as the Bonds are Depository Bonds. Depository Bonds are not <br />exchangeable for fully registered bonds of smaller denominations except to evidence a partial <br />prepayment or in exchange for replacement Bonds if then available. Upon a partial redemption of <br />a Bond which results in the stated amount thereof being reduced, the Holder may in its discretion <br />make notation on the Register of Partial Payments attached to thc Bond of such redemption, <br />stating the amount so redeemed. Such notation, if made by the Holder, shall be for reference <br />only, and may not be relied upon by any other person as being in any way determinative of the <br />principal amount of the Bond Outstanding, unless the Trustee has signed the appropriate column <br />of the panel. Otherwise, the Holder may surrender the Bond to the Trustee (with, if the Issuer or <br />the Trustee so requires, a written instrument of transfer in form satisfactory to the Issuer and the <br />Trustee duly executed by the Owner thereof or his attorney duly authorized in writing) and the <br />Issuer shall execute (if necessary) and the Trustee shall authenticate and deliver to the Holder of <br />such Bond, without service charge, a new Bond having the same stated maturity and interest rate <br />and of the authorized denomination in aggregate principal amount equal to and in exchange for <br />the unredeemed portion of the principal of the Bond so surrendered. <br />Section 2.12 Additional Bonds. The Issuer, at the request of the Company, is authorized to <br />issue Additional Bonds secured and payable on a parity basis with the Bonds provided that, prior to the <br />issuance of any such Additional Bonds, the following terms and conditions have been met: <br />(a) the Trustee has received a copy, duly certified by the Administrator of the Issuer, <br />of the resolution adopted by the Issuer authorizing the issuance of such Additional Bonds and the <br />execution and delivery of: (i) a supplemental indenture, supplementing and amending this <br />Indenture, which supplemental indenture shall not require the approval of any Registered Owner <br />of the Bonds, providing the date, interest rates and maturities of such Additional Bonds, options <br />and requirements for redemption prior to maturity with respect to such Additional Bonds, deposit <br />of proceeds to the various funds and accounts, and such other terms as may be required by reason <br />of the foregoing and which adopts the applicable provisions of this Indenture; (ii) an amendment <br />supplementing and amending the Loan Agreement; and (ii) an amendment to the Lease pursuant <br />to which the School is obligated to make additional Lease Payments sufficient to pay the <br />principal and interest due with respect to such Additional Bonds and any related costs or <br />expenses; <br />(b) the Trustee has either (1) received (i) an opinion or report of an independent <br />certified public accountant to the effect that the Income Available for Debt Service for the Fiscal <br />Year immediately preceding the date on which such Additional Bonds arc to be issued for which <br />audited financial statements are available totals at least 120% of maximum amount of payments <br />due under thc Lease, plus principal and interest payable in any Fiscal Year on the School's <br />Indebtedness (including such requirements for the proposed Additional Bonds but excluding such <br />requirements for any Indebtedness to be refinanced thereby) payable in any Fiscal Year, and (ii) a <br />certificate of the chief financial officer of the School, verified by an independent certified public <br />accountant, to the effect that the School reasonably projects that the Income Available for Debt <br />Service for each of the School's two Fiscal Years beginning with the Fiscal Year in which any <br />17 <br />5600797v I <br />