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pay the principal of and interest on the Bonds as the same shall become due from <br />the Sales Tax or reduce the percentage of the Holders of the Bonds required to <br />consent to any adverse material modification or amendment of the Master Bond <br />Resolution without the consent of the Holders of all Bonds or the Municipal Bond <br />Insurer, if any, of each series, as the case may be. The County may at any time <br />amend the Master Bond Resolution to provide for the issuance or exchange of Bonds <br />in coupon form, if and to the extent that doing so will not affect the tax-exempt <br />status of the interest on the Bonds. <br />Defeasance. If, at any time, the County shall have paid, or shall <br />have made provision for payment of, the principal, interest and redemption <br />premiums, if any, with respect to all of the Bonds, or the Bonds of any series <br />or portion of a series or any maturity or portion of a maturity of a series, <br />then, and in that event, the pledge of and lien on the Sales Tax in favor of the <br />Holders of such Bonds shall be no longer in effect. For purposes of the <br />preceding sentence, deposit of Federal Securities in irrevocable trust with a <br />banking institution or trust company, for the sole benefit of such Bondholders, <br />in respect to which such Federal Securities, the principal and interest received <br />will be sufficient to make timely payment of the principal, interest, and <br />redemption premiums, if any, on such Bonds, shall be considered "provision for <br />payment". Nothing herein shall be deemed to require the County to call any of <br />the outstanding Bonds for redemption prior to maturity pursuant to any applicable <br />optional redemption provisions, or to impair the discretion of the County in <br />determining whether to exercise any such option for early redemption. <br />C-12 <br />