reconvene regular meeting: 7:00 pm - Irvine Unified School District

description, stating in substance that such supplemental agreement has been consented to by the
Owners of the required percentage of Note Participations and is effective as provided in this
Section (but failure to mail copies of said notice shall not affect the validity of such supplemental
agreement or consents thereto). A record, consisting of the papers required by this Section to be
filed with the Trustee, shall be proof of the matters therein stated until the contrary is proved.
Section 9.04. Endorsement or Replacement of Note Participations after
Amendment or Supplement. After the effective date of any action taken as hereinabove
provided, the Trustee may determine that the Note Participations may bear a notation by
endorsement in form approved by the Trustee as to such action, and in that case upon demand of
the Owner of any Outstanding Note Participation and presentation of the Note Participation for
such purpose at the office of the Trustee a suitable notation as to such action shall be made on
such Note Participation. If the Trustee shall so determine, new Note Participations so modified
as in the opinion of the Trustee shall be necessary to conform to such action shall be prepared,
and in that case upon demand of the Owner of any Outstanding Note Participations such new
Note Participations shall be exchanged without cost to each Owner for Note Participations then
Outstanding at the office of the Trustee upon surrender of such Outstanding Note Participations.
All Note Participations surrendered to the Trustee pursuant to the provisions of this Section shall
be cancelled by the Trustee and shall not be redelivered.
Section 9.05. Amendment or Supplement by Mutual Consent. The provisions
of this article shall not prevent any Owner from accepting any amendment or supplement as to
the particular Note Participations owned by him; provided, that due notation thereof is made on
such Note Participations. No amendment or supplement of a Note Participation shall be made
without prior compliance with the provisions of this Article IX pertaining to amendment or
supplement of this Trust Agreement.
ARTICLE X
DEFEASANCE
Section 10.01. Discharge of Note Participations and Trust Agreement.
(a) If the Trustee shall pay or cause to be paid or there shall otherwise be paid
to the Owners of all Outstanding Note Participations the interest and principal evidenced and
represented thereby at the times and in the manner provided herein and therein, then such
Owners shall cease to be entitled to the pledge of and lien on the Notes and any interest in the
funds held hereunder as provided herein, and all agreements and covenants of the Districts to
such Owners hereunder and under the Note Resolution shall thereupon cease, terminate and
become void and shall be discharged and satisfied.
(b) Any Outstanding Note Participations shall on their Principal Payment
Date be deemed to have been paid within the meaning of and with the effect expressed in
subsection (a) of this Section if there shall be on deposit with the Trustee moneys which are
sufficient to pay the interest and principal evidenced and represented by such Note Participations
payable on and prior to their Principal Payment Date.
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