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<br />(B) Reduces the percent of Owners required to approve Supplemental Resolutions. <br /> <br />10.3 Credit Facility Provider as Owner. <br /> <br />(A) Except as otherwise expressly provided in this Section 10.3 or a Supplemental <br />Resolution, as long as a Credit Facility (other than a Reserve Credit Facility) securing all <br />or a portion of any Outstanding Bonds is in effect, the issuer of such Credit Facility shall <br />be deemed to be the Owner of the Bonds secured by such Credit Facility at all times for <br />the purpose of the execution and delivery of a Supplemental Resolution or of any <br />amendment, change or modification of this Master Resolution or the initiation by Owners <br />of any action which under this Master Resolution requires the written approval or consent <br />of Owners; and following an Event of Default for all other purposes. <br /> <br />(B) The issuer of a Credit Facility shall not be deemed to be an Owner for any amendment, <br />change or modification of this Master Resolution which: <br /> <br />(1) Causes a downgrading or withdrawal of the rating then assigned to the affected <br />Bonds by the Rating Agencies; or <br /> <br />(2) changes the maturity (except as expressly permitted herein), the Interest Payment <br />Dates, interest rates, redemption and purchase provisions, and provisions regarding <br />notices of redemption and purchase applicable to the affected Bonds or diminishes <br />the security afforded by such Credit Facility; or <br /> <br />(3) reduces the percentage or otherwise affects the classes of affected Bonds, the <br />consent of the Owners of which is required to effect any such modification or <br />amendment. <br /> <br />(C) No issuer of a Credit Facility given as security for any Bonds shall be entitled to exercise <br />any rights under this Section during any period where: <br /> <br />(1) the Credit Agreement or Credit Facility to which such Credit Provider is a party <br />shall not be in full force and effect; <br /> <br />(2) such Credit Provider shall have filed a petition or otherwise sought relief under <br />any federal or state bankruptcy or similar law; <br /> <br />(3) such Credit Provider shall, for any reason, have failed or refused to honor a proper <br />demand for payment under such Credit Facility; or <br /> <br />(4) an order or decree shall have been entered, with the consent or acquiescence of <br />such Credit Provider, appointing a receiver or receivers or the assets of the Credit <br />Provider, or if such order or decree having been entered without the consent or <br />acquiescence of such Credit Provider, shall not have been vacated or discharged or <br />stayed within ninety (90) days after the entry thereof. <br /> <br />(D) F or purposes of determining the percentage of Owners consenting to, waiving or <br />otherwise acting with respect to any matter that may arise under this Master Resolution, <br /> <br />Page 19 - Resolution <br /> <br />March 23, 2000 <br />