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[420]

Part of Minutes of the University of Kentucky Board of Trustees

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The Bonds are also subject to redemption in whole or in part on any date, at the option of the Board, from the proceeds of casualty insurance or condemnation awards, at a redemption price equal to 100% of the principal amount thereof, without premium, plus accrued interest to the redemption date, if all or any part of the University of Kentucky Hospital is damaged, destroyed or taken through the exercise of the power of eminent domain. In the event of a redemption in part pursuant to this paragraph, the Board shall redeem Bonds from each maturity then Outstanding, to the extent practicable, in the proportion that the principal amount of Bonds of such maturity bears to the total principal amount of bonds issued under the Master Resolution and then Outstanding. If less than all of the Bonds of a given maturity are to be called for redemption, the Bonds to be redeemed shall be selected by the Trustee by lot. Notice of any redemption shall be given by the Trustee in the form and manner prescribed by the Resolution at least thirty (30) days prior to the date fixed for redemption to the Owners of the Bonds to be redeemed. Any notice given as provided in the Resolution shall be conclusively presumed to have been duly given, whether or not the Owner of the Bond receives the notice. The Bonds or portions thereof designated for redemption will become due and payable on the redemption date at the redemption price and, if the moneys necessary to effect such redemption are on deposit with the Trustee and available therefor, shall cease to bear interest from and after the redemption date and shall cease to be entitled to any benefit or security under the Resolution. Moneys held by the Trustee for the payment of any of the Bonds or interest due thereon which remain unclaimed for five (5) years after the date when such amounts shall have become due and payable will, at the request of the Board, be repaid by the Trustee to the Board free and clear of the trust created by the Resolution, and the Trustee shall thereupon be released and discharged with respect thereto, and the Owners of the Bonds payable from such money shall look only to the Board for the payment of such Bonds and the interest due thereon. The Bonds are issuable as fully registered bonds in denominations of $5,000 or any whole multiple thereof, and may be exchanged at the principal corporate trust office of the Registrar, but only in the manner and subject to the limitations and conditions provided in the Resolution, for an equal aggregate principal amount of Bonds of the same maturity, bearing interest at the same rate and of any authorized denominations. The transfer of this Bond is registerable by the REGISTERED OWNER hereof in person or by his attorney or legal representative at the principal corporate trust office of the Registrar, but only in the manner and subject to the limitations and conditions provided in the Resolution and upon surrender and cancellation of this Bond. Upon any such registration of transfer, the Board shall execute and the Trustee shall authenticate and deliver, in exchange for this Bond, a new Bond or Bonds, registered in the name of the transferee, of authorized denominations, in an aggregate principal amount equal to the principal amount of this Bond. -3-