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MORGAN STANLEY <br />If the foregoing sets forth your understanding of the <br />terms and conditions of the Repurchase Transaction, please <br />forward two executed copies of this Agreement and the <br />Custody Agreement to us as soon as possible. <br />Very truly yours, <br />MORGAN STANLEY & <br />~ ~~.~~ J" <br />Title: ~~ ` J/!!'Gc'T~~ <br />Agreed to and accepted as of the <br />date set forth above: <br />BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, <br />AS TRUSTEE <br />e <br />By: <br />Title. 'i1~Q ~t lf~cS~ fir( <br />PLEASANTON JOINT POWERS FINANCING AUTHORITY <br />Tit 1 e : ,~!'~~~?U ~ ~~'~,-~ <br />BHS.series-a.doc <br />