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• required by the terms thereof, up to (i) an amount equal to the aggregate outstanding principal amount of the Issue secured thereby to pay the principal of the Bonds of such Issue when due and payable (whether at maturity, upon the redemption of such Bonds or on any date on which the principal amount due on such Bonds is accelerated) or the portion of the purchase price of such Bonds representing such principal (the "Principal Component"), and (ii) an amount equal to 58 days' interest on such Bonds calculated at a rate equal to 15% per annum, computed on the basis of the actual days elapsed in a 365 or 366 day year (the "Interest Component"). Except as described in this paragraph, only the Trustee will be entitled to make a drawing under any Letter of Credit. The Trustee will appoint the Registrar and Paying Agent as the Trustee's agent for the purpose of making demands for payment under each Letter of Credit. Until the Trustee gives the Bank written notice of the revocation of such agency appointment, only the Registrar and Paying Agent may make a drawing under the Letter of Credit. Any references below to the Trustee in connection with draws on any Letter of Credit should be understood to be references to its agent. ' Reduction and Reinstatement of Stated Amount Each drawing under a Letter of Credit securing the Bonds of an Issue with respect to any payment of the principal amount of such Bonds, whether at maturity, upon acceleration or upon the redemption thereof la "Principal Drawing"), honored by the Bank will automatically and irrevocably reduce, (i) the Principal Component by an amount equal to such Principal Drawing and (ii) the Interest Component by an amount equal to 58 days' interest (computed at the rate of 15% per annum and on the basis of the actual days elapsed in a 365 or 366 day year) on the amount by which such Principal Component is so reduced. Each drawing under a Letter of Credit with respect to any payment of the interest on the Bonds of the Issue secured thereby when due and payable by the Issuer thereof (an "Interest Drawing") honored by the Bank will automatically reduce (subject to reinstatement as described below) the Interest Component applicable to such Bonds by an amount equal to such Interest Drawing, and such reduction shall automatically result in a corresponding reduction (subject to reinstatement as described below) in the amounts available to be drawn under such Letter of Credit in respect of interest on such Bonds by subsequent drawings. Each drawing made under a Letter of Credit with respect to the payment of the purchase price of Bonds secured thereby, representing the principal amount thereof and accrued interest thereon, on any Tender Date applicable to such Bonds (a "Purchase Drawing") honored by the Bank under such Letter of Credit will automatically reduce (subject to reinstatement as described below), with respect to such Bonds, (i) the Principal Component by an amount equal to the portion of such Purchase Drawing made with respect to the payment of the portion, of the purchase price of such Bonds representing principal of such Bonds, and (ii) the Interest Component by an amount equal to 58 days' accrued interest (computed at the rate of 15% per annum and on the basis of the actual days elapsed in a 365 or 366 day year) on the amount by which such Principal Component is so reduced. -18-