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200302816 establish the principal amount of such Building Bond as is then outstanding and all of the Building Bonds issued to the Depository or its nominee shall contain a legend to such effect. If for any reason the arrangements described in this Section 11 for "book -entry-only bonds" shall cease to be in effect, the Corporation (at the College's expense) shall immediately provide a supply of printed bond certificates in accordance with Section 7 of this Article II, duly executed, for issuance upon transfer or partial redemption and deliver such supply to the Trustee. ARTICLE III REDEMPTION OF BONDS BEFORE MATURITY Section 1. Building Bonds maturing on or before March 1, 2008, are not subject to redemption prior to maturity. Section 2. Building Bonds maturing on and after March 1, 2009, are subject to redemption, in whole or in part, at the option of the Corporation (as directed by the College), prior to maturity, on the fifth anniversary of the date of original issue or at any time thereafter, at the principal amount of each Building Bond plus accrued interest to the date fixed for redemption. In the event that the Trustee shall be provided with funds sufficient to make any such redemption prior to maturity, upon the request of either the Corporation or the College, the Trustee is hereby authorized and directed to take action to call and redeem Bonds in accordance with such request; provided, however, before mailing notice or taking any other action to redeem any Bonds, the Trustee in its discretion may require that such monies or investments be deposited with it as will provide in full for the payment of principal and accrued interest on the Bonds to be called for redemption as of the date fixed for redemption. The Trustee shall give notice of call for redemption without any deposit of funds prior to the date fixed for redemption (a) in the event that refunding bonds have been authorized by the Corporation for issuance under this Indenture or otherwise and (b) whenever in its discretion the Trustee deems appropriate. Selection of the Bonds to be redeemed shall be in the sole discretion of the Corporation (at the request of the College). Section 3. Notice of the call for any redemption identifying the Bonds to be redeemed shall be given by the Trustee by mail not less than thirty days prior to the date fixed for redemption, first class, postage prepaid, sent to the registered owner of each such Bond called for redemption at said owner's registered address. The registered owner of any Bond may waive the foregoing thirty-day requirement for mailed notice of redemption. Each notice shall identify the Bonds to be redeemed by their numbers and maturities and state the date on which they shall be presented for payment. If on or before the date fixed for redemption funds have been deposited with the Trustee to pay the Bonds, the Bonds thus called shall not bear interest after such redemption date and, except for the purpose of payment, shall no longer be protected by this Indenture and shall not be deemed to be outstanding under the provisions of this Indenture. not be reissued. Section 4. All Bonds which have been redeemed shall be cancelled by the Trustee and shall 14