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40 F (i) irrevocable written notice from the owner of such Bond to the Registrar and Paying Agent, (each, an "Optional Tender Notice"), stating the principal amount of such Bond or portion thereof to be purchased and the date on which such Bond or portion thereof is to be purchased (the "Optional Tender Date"), which must be a Business Day not fewer than three Business Days after the date of receipt of such Optional Tender Notice by the Registrar and Paying Agent if the Optional Tender Date is an Interest Payment Date for that Issue, or seven calendar days after the date of receipt of such Optional Tender Notice by the Registrar and Paying Agent in the case of any other Optional Tender Date for such Bonds; and (ii) delivery of such Bond (with an appropriate instrument of transfer satisfactory to the Registrar and Paying Agent executed in blank by the registered owner with the signature guaranteed by a bank, trust company or member firm of the New York Stock Exchange) to the Registrar and Paying Agent not later than 10:00 a.m., New York City time, on the Optional Tender Date established for such Bonds. Mandatory Tender on Conversion Dates The Bonds of each Issue are subject to mandatory tender and purchase, and the Issuer will purchase such Bonds or cause such Bonds to be purchased (but solely from the Revenues, remarketing proceeds and amounts realized under the Credit Facility securing such Bonds), on each Conversion Date (including each Fixed Rate Date) established for such Bonds at a price equal to the principal amount thereof plus accrued interest, if any, thereon to such Conversion Date. The Registrar and Paying Agent will mail notice of each such Conversion Date (a "Mandatory Tender Notice") to the Bondholders of such Bonds at least 35 days before each such Conversion Date. The owner of any Bond subject to Mandatory Tender on a Conversion Date may elect to retain his Bond or any portion thereof, if such Bond or such portion thereof is in a denomination authorized to be outstanding after such Conversion Date, by delivering to the Registrar and Paying Agent irrevocable written notice of such election (a "Non -Tender Notice") on or before the tenth day of the calendar month preceding such Conversion Date (or, if such day is not a Business Day, the immediately preceding Business Day), which notice shall be irrevocable and must affirmatively acknowledge the matters specified in the Mandatory Tender Notice. Mandatory Tender Upon Expiration of Credit Facility The Bonds of an Issue are subject to mandatory tender, and the Issuer will purchase such Bonds or cause such Bonds to be purchased (but solely from -10-