be redeemed in accordance with the Letter of Representations, and the Registrar shall select all other Series 2018 Bonds to be redeemed randomly in such manner as the Registrar shall determine. All or a portion of the principal amount of any Series 2018 Bond that is to be redeemed may be redeemed in any Authorized Denomination. If less than all of the Outstanding principal amount of any Series 2018 Bond is redeemed, upon surrender of that Bond to the Registrar, there shall be issued to the Registered Owner, without charge, a new Series 2018 Bond (or Series 2018 Bonds, at the option of the Registered Owner) of the same maturity and interest rate in any Authorized Denomination in the aggregate principal amount to remain Outstanding. (d) Notice of Redemption. Notice of redemption of each Series 2018 Bond registered in the name of the Securities Depository shall be given in accordance with the Letter of Representations. Notice of redemption of each other Series 2018 Bond, unless waived by the Registered Owner, shall be given by the Registrar not less than 20 nor more than 60 days prior to the date fixed for redemption by first-class mail, postage prepaid, to the Registered Owner at the address appearing on the Bond Register on the Record Date. The requirements of the preceding sentence shall be satisfied when notice has been mailed as so provided, whether or not it is actually received by an Owner. In addition, the redemption notice shall be mailed or sent electronically within the same period to the MSRB (if required under the Undertaking), to each Rating Agency, and to such other persons and with such additional information as the University shall determine, but these additional mailings shall not be a condition precedent to the redemption of any Series 2018 Bond. (e) Rescission of Optional Redemption Notice. In the case of an optional redemption, the notice of redemption may state that the University retains the right to rescind the redemption notice and the redemption by giving a notice of rescission to the affected Registered
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