TRUST INDENTURE between [ISSUER] and [TRUSTEE] [$____________] [ISSUER] [DESIGNATION] BONDS, SERIES [YEAR] ([BORROWER] PROJECT) Dated as of _____________ 1, _____ TABLE OF CONTENTS* Page RECITALS.................................................................................................................................1 ARTICLE I DEFINITIONS AND INTERPRETATIONS ..................................................................2 Section 1.01 Definitions ..................................................................................................................2 Section 1.02 Rules of Interpretation .................................................................................................9 ARTICLE II AUTHORIZATION, EXECUTION, AUTHENTICATION, REGISTRATION AND DELIVERY OF BONDS.....................................................10 Section 2.01 Authorization of Bonds; Limitation ...........................................................................10 Section 2.02 Bonds [Limited/Special] Obligations .........................................................................10 Section 2.03 Details of Bonds........................................................................................................10 Section 2.04 Execution of Bonds ...................................................................................................11 Section 2.05 Authentication of Bonds ............................................................................................11 Section 2.06 Forms of Bonds .........................................................................................................11 Section 2.07 Delivery of Initial Bonds ...........................................................................................11 Section 2.08 Registration of Transfer and Exchange of Bonds; Persons Treated as Bondholders..........................................................................................................12 Section 2.09 Temporary Bonds......................................................................................................13 Section 2.10 Mutilated, Lost or Destroyed Bonds...........................................................................13 Section 2.11 Cancellation and Disposition of Bonds ......................................................................14 Section 2.12 Securities Depository Provisions................................................................................14 Section 2.13 Additional Bonds.......................................................................................................15 ARTICLE III REDEMPTION OF BONDS ........................................................................................16 Section 3.01 Redemption Dates and Prices.....................................................................................16 Section 3.02 Mandatory Sinking Fund Redemption of Initial Bonds...............................................16 Section 3.03 Optional Redemption of Initial Bonds........................................................................17 [Section 3.04 Mandatory Redemption Upon Determination of Taxability ........................................18 [Section 3.05 Mandatory Redemption from Surplus Bond Proceeds ................................................18 [Section 3.06 Extraordinary Redemption from Insurance and Condemnation Proceeds....................18 Section 3.07 Extraordinary Redemption of Initial Bonds................................................................18 Section 3.08 Selection of Bonds for Redemption............................................................................18 Section 3.09 Notice of Redemption................................................................................................19 Section 3.10 Purchase at Any Time................................................................................................20 ARTICLE IV FUNDS AND ACCOUNTS..........................................................................................21 Section 4.01 Creation of Funds ......................................................................................................21 Section 4.02 Project Fund ..............................................................................................................21 Section 4.03 Debt Service Fund. ....................................................................................................22 Section 4.04 Reserve Fund.............................................................................................................22 Section 4.05 Revenues to Be Held for All Bondholders, With Certain Exceptions..........................25 Section 4.06 Rebate Fund ..............................................................................................................25 Section 4.07 Repayment to the Borrower from Amounts Remaining in Any Funds ........................25 Section 4.08 Disposition of Unclaimed Funds................................................................................26 Section 4.09 Additional Funds and Accounts .................................................................................26 *The Table of Contents shall be solely for convenience of reference and shall neither constitute a part of this Indenture nor affect its meaning, construction or effect. -i- ARTICLE V INVESTMENT OR DEPOSIT OF FUNDS ..................................................................26 Section 5.01 Deposits and Security Therefor..................................................................................26 Section 5.02 Investment or Deposit of Funds .................................................................................26 Section 5.03 Valuation of Funds ....................................................................................................27 ARTICLE VI COVENANTS AND AGREEMENTS OF THE ISSUER .............................................28 Section 6.01 Covenants and Agreements of the Issuer....................................................................28 Section 6.02 Observance and Performance of Covenants, Agreements, Authority and Actions................................................................................................29 Section 6.03 Tax Covenants...........................................................................................................29 Section 6.04 Enforcement of Issuer’s Obligations ..........................................................................30 ARTICLE VII EVENTS OF DEFAULT AND REMEDIES.................................................................30 Section 7.01 Events of Default Defined .........................................................................................30 Section 7.02 Remedies Upon Default.............................................................................................30 Section 7.03 Additional Remedies .................................................................................................31 Section 7.04 Marshaling of Assets .................................................................................................32 Section 7.05 Trustee May File Proofs of Claim..............................................................................32 Section 7.06 Possession of Bonds Not Required.............................................................................33 Section 7.07 Notice and Opportunity to Cure Certain Defaults.......................................................33 Section 7.08 Priority of Payment Following Event of Default ........................................................33 Section 7.09 Bondholders May Direct Proceedings ........................................................................34 Section 7.10 Limitations on Rights of Bondholders........................................................................35 Section 7.11 Unconditional Right of Bondholder to Receive Payment............................................35 Section 7.12 Restoration of Rights and Remedies ..........................................................................35 Section 7.13 Rights and Remedies Cumulative ..............................................................................36 Section 7.14 Delay or Omission Not Waiver..................................................................................36 Section 7.15 Waiver of Defaults ....................................................................................................36 Section 7.16 Notice of Events of Default .......................................................................................36 Section 7.17 Right to Cure.............................................................................................................36 ARTICLE VIII THE TRUSTEE............................................................................................................37 Section 8.01 Duties and Responsibilities of the Trustee..................................................................37 Section 8.02 Certain Rights of the Trustee .....................................................................................38 Section 8.03 Trustee Not Responsible for Recitals .........................................................................40 Section 8.04 Trustee May Own Bonds ...........................................................................................40 Section 8.05 Compensation and Expenses of the Trustee................................................................40 Section 8.06