Guam § 11 - Disqualified Bonds.

§ 11. Disqualified Bonds.

In determining whether the Holders of the requisite aggregate

principal amount of Bonds have concurred in any demand,

request, direction, consent or waiver under this Indenture, Bonds

which are owned or held by or for the account of the Government,

or by any other obligor on the Bands, including any Credit

Provider, or by any person directly or indirectly controlling or

controlled by, or under direct or indirect common control with, the

Government or any other obligor on the Bonds, shall be

disregarded and deemed not to be Outstanding for the purpose of

any such determination. Bonds so owned which have been

pledged in good faith may be regarded as Outstanding for the

purposes of this Section if the pledgee shall establish to the

satisfaction of the Trustee the pledgee’s right to vote such Bonds

and that the pledgee is not a person directly or indirectly

controlling or controlled by, or under direct or indirect common

control with, the Government or any other obligor on the Bonds.

In case of a dispute as to such right, any decision by the Trustee

taken upon the advice of counsel shall be full protection to the

Trustee.