Application of Revenues and Other Funds After

Default. COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS If an Event of Default shall occur and be continuing, all Revenues and any other funds (except the Construction Fund and the Rebate Fund) then held or thereafter received by the Trustee or Depositary under any of the provisions of this Indenture (subject to § 11.10) shall be under the control of and applied by the Trustee as follows and in the following order:

(A)To the payment of any expenses necessary in the opinion of the Trustee to protect the interests of the Holders of the Bonds and payment of reasonable charges and expenses of the Trustee and Depositary (including reasonable fees and disbursements of their respective counsel) incurred in and about the performance of their respective powers and duties under this Indenture;

(B)To the payment of the principal or Redemption Price of and interest then due on the Bonds (upon presentation of the Bonds to be paid, and stamping thereon of the payment if only partially paid, or surrender thereof if fully paid) subject to the provisions of this Indenture (including § 6.02), as follows:

(1)Unless the principal of all of the Bonds shall have become or have been declared due and payable, First: To the payment to the persons entitled thereto of all installments of interest then due in the order of the maturity of such installments, and, if the amount available shall not be sufficient to pay in full any installment or installments maturing on the same dare, then to the payment thereof ratably according to the amounts due thereon, to the persons entitled thereto, without any discrimination or preference; and Second: To the payment to the persons entitled thereto of the unpaid principal or Redemption Price of any Bond which shall have become due, whether at maturity or by call for redemption, in the order of their due dates, with interest on the overdue principal at the rate borne by the respective Bonds, and, if the amount available shall not be sufficient to pay in full all the Bonds due on any date, together with such interest, then COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS to the payment thereof ratably, according to the amounts of principal or Redemption Price due on such date to the persons entitled thereto, without any discrimination or preference; or

(2)If the principal of all of the Bonds shall have become or shall have been declared due and payable, to the payment of the principal and interest then due and unpaid upon the Bonds, with interest on the overdue principal at the rate borne by the respective Bonds, and, if the amount available shall not be sufficient to pay in full the whole amount so due and unpaid, then to the payment thereof ratably, without preference or priority of principal over interest, or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or preference. Notwithstanding the foregoing provisions of this § 7.03, no amounts received pursuant to any Credit Facility shall be applied for any purpose except to pay amounts due on the Series of Bonds with respect to which such Credit Facility was issued, unless and except to the extent any Credit Facility specifically permits amounts drawn thereunder to be applied to any additional purpose.