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AD <br />ab <br />ART• I CLE IV <br />MISCELLANEOUS PENSIONS <br />4.01 Modification or Amerxtment. No material modification or <br />amendment of this Instrument may be made without the consent in writing of the <br />holders of two-thirds or more in principal amount of the Bonds then outstanding; <br />provided, however, that no modification or amendment shall permit a change in <br />the maturity of such Bonds or a reduction in the rate of interest thereon, or in <br />the amount of the principal obligation, or affect the unconditional promise of <br />the Issuer to charge and collect such rates, fees, rentals and charges for the <br />use of the product, services and facilities of the System arxi apply the same as <br />herein provided, or reduce the number of such Bonds the written consent of the <br />holders of which are required by this Section for such modification or <br />amendment, without the consent of the holders of all such Bonds. <br />4.02 Creation of Superior Liens. The Issuer covenants that it will <br />not issue any other Bonds, certificates or obligations of any kind or nature or <br />create or cause or permit to be created any debt, lien, pledge, assignment or <br />encumbrance or charge payable from or enjoying a lien upon any of the Pledged <br />Funds ranking prior and superior to the lien created by this Instrument for the <br />benefit of the holders of the Bonds, <br />4.03 Arbitrage. The Issuer covenants with purchasers of the issue <br />that is comprised of the Bonds that the Issuer will make no use of the proceeds <br />of such issue that, if such use had been reasonably expected on the date of <br />issuance of such issue, would have caused such issue to be arbitrage bonds, and <br />the Issuer also covenants to comply with the requirements of Section 103(c) of <br />- 22 - <br />