Exhibit E

Case:17-03283-LTS Doc#:24583-5 Filed:06/15/23 Entered:06/15/23 11:50:32 Desc:

Exhibit E Page 1 of 12
confidennal 

D Desatnik 

Proskauer Rose 

Jan 10, 2017 11:40 

FG1C 

Financial Guaranty Insurance Company 

125 Pool. Avcnuc 

New York, NY 10017 

T 212.312-3000 

T 800.352.0001 

Municipal Bond 

New Issue Insurance Policy 

issuer: Puerto Rico Electric Power Authority Policy Number: 05010237 

Control Number: 0010001 

Bonds: $301,450,000.00 in aggregate principal Premium: $6,864,832.83 

amount of Power Revenue Bonds, 

Series RR maturing on July 1 in the 

Years 1011 througn 2024 and 2035 

Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock insurance company, in 

consideration of the payment of the premium and subject to the terms of this Policy, hereby unconditionally 

and irrevocably agrees to pay U.S. Bank Trust National Association or its successor, as its agent (the 

"Fiscal Agent"), for the benefit of Bondholders, that portion of the principal and interest on the abovedescribed debt obligations (the "Bonds") which shall become Due for Payment but shall be unpaid by 

reason of Nonpayment by the Issuer. 

Financial Guaranty will make such payments to the Fiscal Agent on the date such principal or interest 

becomes Due for Payment or on the Business Day next following the day on which Financial Guaranty shall 

have received Notice of Nonpayment, whichever is later. The Fiscal Agent will disburse to the Bondholder 

the face amount of principal and interest which is then Due for Payment but is unpaid by reason ot 

Nonpayment by the Issuer but only upon receipt by the Fiscal Agent, in form reasonably satisfactory to it, of 

(i) evidence of the Bondholder's right to receive payment of the principal or interest Due for Payment and 

(ii) evidence, including any appropriate instruments of assignment, that all of the Bondholder's rights to 

payment of such principal or interest Due for Payment shall thereupon vest in Financial Guaranty. Upon 

such disbursement, Financial Guaranty shall become the owner of the Bond, appurtenant coupon or right to 

payment of principal or interest on such Bond and shall be fully subrogated to all of the Bondholder's rights 

thereunder, including the Bondholder's right to payment thereof. 

This Policy is non-cancellable for any reason. The premium on this Policy is not refundable for any reason, 

including the payment of the Romig prior to their maturity. This Policy does not insure against loss of any 

prepayment premium which may at any time be payable with respect to any Bond. 

As used herein, the term "Bondholder" means, as to a particular Bond, the person other than the Issuer who, 

at the time of Nonpayment, is entitled under the (elms of sudi Bond to payment thereof. "Due for Payment" 

means, when referring to the principal of a Bond, the stated maturity date thereof or the date on which the 

same shall have been duly called for mandatory sinking fund redemption and does not refer to any earlier 

date on which payment is due by reason of call for redemption (other than by mandatory sinking fund 

redemption), acceleration or other advancement of maturity and means, when referring to interest on a 

Bond, the stated date for payment of interest. -Nonpayment" in respect of a Bond means the failure of the 

Issuer to have provided sufficient funds to the paying agent for payment in full of all principal and interest 

FGIC is a registered service mark used by Financial Guenfolyinsuronee Company under license from its parent company. FCC Concoraboo 

Form 9000 (10/53) Page 1 of 2 

confidential 

D Desatnik 

Proskauer Rose 

Jan 10 2017 11:40 

CONFIDENTIAL FOMB PREPA 00024575 

Case:17-03283-LTS Doc#:24583-5 Filed:06/15/23 Entered:06/15/23 11:50:32 Desc:

Exhibit E Page 2 of 12
confidential 

D Desatnik 

Proskauer Rose 

Jan 10, 2017 11:40 

EGIC 

Financial Guaranty Insurance Company 

I 2C Park Avprliir• 

New York, NY 10017 

T 212.312-3000 

T 800.352.0001 

Municipal Bond 

New Issue Insurance Policy 

Due for Payment on such Bond. "Notice" means telephonic or telegraphic notice, subsequently confirmed 

in writing, or written notice by registered or certified mail, from a Bondholder or a paying agent for the 

Bonds to Financial Guaranty. "Business Day" means any day other than a Saturday, Sunday or a day on 

which the Fiscal Agent is authorized by law to remain closed. 

In Witness Whereof, Financial Guaranty has caused this Policy to be affixed with its corporate seal and to 

be signed by its duly authorized officer in facsimile to become effective and binding upon Financial 

Guaranty by virtue. nf tho entintersignature of its duly authorized representative. 

Pr esident 

Effective Date: April 4, 2005 Authorized Represen 

U.S. Bank Trust National Association acknowledges that it has agreed to perfo duties of Fiscal Agent 

under this Policy. 

Authorized Officer 

FCC is a registered seroce mark used by Financial Guaranty Insurance Company under license from its parent company. EGIC Corporation 

RifT 9000 (10/93) Page 2 of 2 

confidential 

D Desatnik 

Proskauer Rose 

Jan 10, 2017 11:40 

CONFIDENTIAL FOMB PREPA 00024576 

Case:17-03283-LTS Doc#:24583-5 Filed:06/15/23 Entered:06/15/23 11:50:32 Desc:

Exhibit E Page 3 of 12
Effective Date: April 4, 2005 

Form E-0002(10193) 

confidentlal 

D Desatnik 

Proskauer Rose 

Jan 10, 2017 11:40 

FGIC 

Financial Guaranty Insurance Company 

125 Park Avenue 

New York, NY 10017 

T2I23123000 

T 800.352.0001 

Endorsement 

To Financial Guaranty Insurance Company 

Insurance Policy 

Policy Number: 05010237 Control Number: 0010001 

It is further understood that the term "Nonpayment" in respect of a Bond includes any payment of principal 

or interest made to a Bondholder by or on behalf of the issuer of such Bond which has been recovered from 

such Bondholder pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance 

with a final, nonappealable order of a court having competent jurisdiction. 

NOTHING HEREIN SHALL BE CONSTRUED TO WAIVE, ALTER, REDUCE OR AMEND 

COVERAGE IN ANY OTHER SECTION OF THE POLICY. IF FOUND CONTRARY TO THE 

POLICY LANGUAGE, THE TERMS OF THIS ENDORSEMENT SUPERSEDE THE POLICY 

LANGUAGE. 

In Witness Whereof, Financial Guaranty has caused this Endorsement to be affixed with its corporate seal 

and to be signed by its duly authorized officer in facsimile to hernme effective and binding upon Financial 

Guaranty by virtue of the countersignature of its duly authorized representative. 

Authorized Repres we 

Acknowledged as of the Effective Date written above: 

Authorized Officer 

U.S. Bank Trust Natiunal Association, as Fiscal Agent 

FOC is a registerec service mark used by Financial Guaranty Insurance Company under iicense from its parent compa Co n 

Page 1 of ' 

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D Desatnik 

Proskauer Rose 

Jan 10, 2017 11:4L 

CONFIDENTIAL FOMB PREPA 00024577 

Case:17-03283-LTS Doc#:24583-5 Filed:06/15/23 Entered:06/15/23 11:50:32 Desc:

Exhibit E Page 4 of 12
AGREEMENT REGARDING BOND INSURANCE 

THIS AGREEMENT REGARDING BOND INSURANCE, dated April 4, 2005, is 

entered into by and between the Puerto Rico Electric Power Authority (the "Authority") and U.S. 

Bank Trust National Association, as successor trustee (the "Trustee"), under the Trust 

Agreement dated as of January 1, 1974, as amended (the "Trust Agreement"), by and between 

the Authority and the Trustee, pursuant to which the Authority is issuing its $509,520,000 

aggregate principal amount of Puerto Rico Electric Power Authority Power Revenue Bonds, 

Series RR (the "Bonds"). 

WITNESSETH: 

WHEREAS, the Authority has determined to issue its Bonds and in connection therewith, 

to obtain a municipal bond new issue insurance policy to bc issued by Financial Guaranty 

Insurance Company, a New York stock insurance company, or any successor thereto (the "Bond 

Insurer") insuring the payment when due of the principal of and interest on certain of the Bonds, 

to wit: the $22,410,000 principal amount maturing July 1, 2021, $23,560,000 principal amount 

maturing July 1, 2022, $24,765,000 principal amount maturing July 1, 2023, $26,035,000 

principal amount maturing July 1, 2024 and $204,680,000 principal amount maturing July 1, 

2035 (collectively, the "FGIC Insured Bonds"); and 

WHEREAS, as a condition to the issuance of the Bond Insurance Policy (as defined 

herein), the Bond Insurer has requested that the Authority and the Trustee agree to certain 

provisions; and 

WHEREAS, the Authority and the Trustee are willing to abide by the requirements of the 

Bond Insurer for so long as the Bond Insurance Policy is in effect and the Bond Insurer is not in 

default thereunder, all as more specifically provided in this Agreement; 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein 

set forth, the Authority and the Trustee hereby agree as follows: 

Section 1. Defined Terms. All terms used herein in capitalized form and not defined 

shall have the meanings ascribed to such terms in the Trust Agreement or, if not defined therein, 

in Resolution No. 3255 adopted by the Authority on March 8, 2005. In addition, the following 

terms shall have the following meanings: 

(a) "Bond Insurance Policy" shall mean the municipal bond new issue insurance 

policy issued by the Bond Insurer that guarantees payment of principal of and interest on the 

FGIC Insured Bonds. 

(b) "Bond Insurer" shall mean Financial Guaranty Insurance Company, a New York 

stock insurance company, or any successor thereto 

Section 2. Notices. (a) Any notices required to be given by the Authority or the 

Trustee under the Trust Agreement shall also be given to the Bond Insurer. Any notice required 

Miami/I6177.1 

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ID 7)e 

p-Dsda ;- n:ose 

, 

CONFIDENTIAL FOMB_PREPA 00024578 

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Exhibit E Page 5 of 12
C 7 I 

to be given to the Bond Insurer pursuant to the immediately preceding sentence, and any other 

notice required to be given to the Bond Insurer or to the Fiscal Agent (as defined in Section 3) 

shall be addressed as follows: 

(i) if to the Bond Insurer 

Financial Guaranty Insurance Company 

125 Park Avenue 

New York, New York 10017 

Attention: Risk Management 

(ii) if to the Fiscal Agent 

U.S. Bank Trust National Association 

100 Wall Street, 19th Floor 

New York, New York 10005 

Attention: Corporate Trust Department 

(b) In addition to the Notices required by (a) above, the Bond Insurer shall be 

provided with the following: 

(1) Notice of the redemption, other than mandatory sinking fund redemption, 

of any of the FGIC Insured Bonds, or of any advance refunding of the FGIC Insured 

Bonds, including the principal amount, maturities and CUSIP numbers thereof; 

(ii) Notice of the downgrading by any rating agency of the Authority's 

underlying public rating, or the underlying rating on the FGIC Insured Bonds or any 

parity obligations, to "non-investment grade"; 

(iii) Notice of any rate covenant violation with respect to the FGIC Insured 

Bonds; 

(iv) Notice of any material events pursuant to Rule 15c2-12 under the 

Securities Exchange Act of 1934, as amended; and 

(v) Such additional information as the Bond Insurer may reasonably request 

from time to time. 

Section 3. Claim Procedures. (a) If, on the third day preceding any interest payment 

date for the FGIC Insured Bonds there is not on deposit with the Trustee sufficient moneys 

available to pay all principal of and interest on the FGIC Insured Bonds due on such date, the 

Trustee shall immediately notify the Bond Insurer and U.S. Bank Trust National Association, 

New York, New York or its successor, in its capacity as fiscal agent to the Bond Insurer (the 

"Fiscal Agent") of the amount of such deficiency. If, by said interest payment date, the 

Authority has not provided the amount of such deficiency, the Trustee shall simultaneously make 

available to the Bond Insurer and to the Fiscal Agent the registration books for the FGIC Insured 

Bonds maintained by the Trustee. In addition: 

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D Desatnik 

Proskauer Rose 

Jan 10, 2017 11:40 

CONFIDENTIAL FOMB PREPA 00024579 

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Exhibit E Page 6 of 12
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(i) The Trustee shall provide the Bond Insurer with a list of the bondholders 

entitled to receive principal or interest payments from the Bond Insurer under the terms 

of the Bond Insurance Policy and shall make arrangements for the Bond Insurer and its 

Fisk.;kil Agent (1) to mail checks or drafts to bondholders entitled to receive full or partial 

interest payment from the Bond Insurer and (2) to pay principal of the FGIC Insured 

Bonds surrendered to the Fiscal Agent by the bondholders entitled to receive full or 

partial principal payments from the Bond Insurer; and 

(ii) The Trustee shall, at the time it makes the registration books available to 

the Bond Insurer pursuant to (i) above, notify bondholders entitled to receive the payment 

of principal of or interest on the FGIC Insured Bonds from the Bond Insurer (1) as to the 

fact of such entitlement, (2) that the Bond Insurer will remit to them all or part of the 

interest payments coming due subject to the terms of the Bond Insurance Policy, (3) that, 

except as provided in paragraph (b) below, in the event that any bondholder is entitled to 

receive full payment of principal from the Bond Insurer, such bondholder must tender his 

FGIC Insured Bond with the instrument of transfer in the form provided on the FGIC 

Insured Bond executed in the name of the Bond Insurer, and (4) that, except as provided 

in paragraph (b) below, in the event that such bondholder is entitled to receive partial 

payment of principal from the Bond Insurer, such bondholder must tender his FGIC 

Insured Bond for payment first to the Trustee, which shall note on such FGIC Insured 

Bond the portion of principal paid by the Trustee, and then, with an acceptable form of 

assignment executed in the name of the Bond Insurer, to the Fiscal Agent, which will 

then pay the unpaid portion of principal to the bondholder subject to the terms of the 

Bond Insurance Policy. 

(b) In the event that the Trustee has notice that any payment of principal of or interest 

on a FGIC Insured Bond has been recovered from a bondholder pursuant to the United States 

Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable order of 

a court having competent jurisdiction, the Trustee shall, at the time it provides notice to the Bond 

Insurer, notify all bondholders that in the event that any bondholder's payment is so recovered, 

such bondholder will be entitled to payment from the Bond Insurer to the extent of such 

recovery, and the Trustee shall furnish to the Bond Insurer its records evidencing the payments 

of principal of and interest on the FGIC Insured Bonds which have been made by the Trustee and 

subsequently recovered from bondholders, and the dates on which such payments were made. 

(c) The Bond Insurer shall, to the extent it makes payment of principal of or interest 

on the FGIC Insured Bonds, become subrogated to the rights of the recipients of such payments 

in accordance with the terms of the Bond Insurance Policy and, to evidence such subrogation, (i) 

in the case of subrogation as to claims for past due interest, the Trustee shall note the Bond 

Insurer's rights as subrogee on the registration books maintained by the Trustee upon receipt 

from the Bond Insurer of proof of the payment of interest thereon to the bondholders of such 

FGIC Insured Bonds and (ii) in the case of subrogation as to claims for past due principal, the 

Trustee shall note the Bond Insurer's rights as subrogee on the registration books for the FGIC 

Insured Bonds maintained by the Trustee upon receipt of proof of the payment of principal 

thereof to the bondholders of such FGIC Insured Bonds. Notwithstanding anything in this 

authorizing document or the FGIC Insured Bonds to the contrary, the Trustee shall make 

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Exhibit E Page 7 of 12
payment of such past due interest and past due principal directly to the Bond Insurer to the extent 

that the Bond Insurer is a subrogee with respect thereto. 

Section 4. Events of Default. (a) In determining whether a payment default has 

occurred or whether a payment on the FGIC Insured Bonds has been made under the Trust 

Agreement, no effect shall be given to payments made under the Bond Insurance Policy. 

(b) The Bond Insurer shall receive immediate notice of any payment default and 

notice of any other Event of Default known to the Trustee or the Authority within 30 days of the 

Trustee's or the Authority's knowledge thereof. 

(c) For all purposes of the Trust Agreement governing Events of Default and 

remedies, except the giving of notice of default to Bondholders, the Bond Insurer shall be 

deemed to be the sole holder of the FGIC Insured Bonds for so long as it has not failed to comply 

with its payment obligations under the Bond Insurance Policy. 

(d) Any waiver of an Event of Default as to the FGIC Insured Bonds by the Trustee 

shall be subject to the prior written consent of the Bond Insurer. 

Section 5. Events of Defaults and Remedies. FIGC shall be recognized as the 

registered owner of each FIGC Insured Bond for purposes of exercising all rights and privileges 

available to the registered owners of the FIGC Insured Bonds. With respect to any FIGC Insured 

Bonds, FIGC shall have the right to institute any suit, action or proceeding at law or in equity under 

the same terms as a bondholder in accordance with the applicable provisions of the Trust 

Agreement. 

Section 6. Party in Interest. The Bond Insurer shall be included as a party in interest 

and as a party entitled to (i) notify the parties of the occurrence of an Event of Default as to the 

FGIC Insured Bonds under the Trust Agreement and (ii) request the Trustee to intervene in 

judicial proceedings that affect the FGIC Insured Bonds or the security therefor. The Trustee 

shall be required to accept notice of an Event of Default as to the FGIC Insured Bonds from the 

Bond Insurer. 

Section 7. Amendments and Supplements. Any amendment or supplement to the 

Trust Agreement affecting the FGIC Insured Bonds shall be subject to the prior written consent 

of the Bond Insurer. In addition, FGIC shall have the right to consent in lieu of the owners of the 

FGIC Insured Bonds to all ageements supplemental to the Trust Agreement to which the owners 

of FGIC Insured Bonds have the right to consent. Any rating agency rating the FGIC Insured 

Bonds must receive notice of each amendment and a copy thereof at least 15 days in advance of 

its execution or adoption. The Bond Insurer shall be provided with a full transcript of all 

proceedings relating to the execution of any such amendment or supplement. 

Section 8. Successor Trustees. No resignation or removal of the Trustee shall 

become effective until a successor has been appointed and has accepted the duties of trustee. 

The Bond Insurer shall be furnished with written notice of the resignation or removal of the 

Trustee and the appointment of any successor thereto. 

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CONFIDENTIAL FOMB PREPA 00024581 

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Exhibit E Page 8 of 12
Section 9. Defeasance of FGIC Insured Bonds. Only cash, direct non-callable 

obligations of the United States of America and securities fully and unconditionally guaranteed 

as to the timely payment of principal and interest by the United States of America, to which 

direct obligation or guarantee the full faith and credit of thc United States of America has been 

pledged, Refcorp interest strips, CATS, TIGRS, STRPS, or defeased municipal bonds rated 

AAA by S&P or Aaa by Moody's (or any combination of the foregoing) shall be used to effect 

defeasance of the FGIC Insured Bonds unless the Bond Insurer otherwise approves. In the event 

of an advance refunding, the Authority shall cause to be delivered a verification report of an 

independent nationally recognized entity having favorable repute for the preparation of such 

reports. If a forward supply contract is employed in connection with the refunding, (i) such 

verification report shall expressly state that the adequacy of the escrow to accomplish the 

refunding relies solely on the initial escrowed investments and the maturing principal thereof and 

interest income thereon and does not assume performance under or compliance with the forward 

supply contract, and (ii) the applicable escrow agreement shall provide that in the event of any 

discrepancy or difference between the terms of the forward supply contract and the escrow 

agreement (or the Trust Agreement, if no separate escrow agreement is utilized), the terms of the 

escrow agreement or the Trust Agreement, if applicable, shall be controlling. 

Section 10. Redemption Notices. Notice of any redemption of FGIC Insured Bonds 

shall either (i) explicitly state that the proposed redemption is conditioned on there being on 

deposit in the applicable fund or account on the redemption date sufficient money to pay the full 

redemption price of the FGIC Insured Bonds to be redeemed, or (ii) be sent only if sufficient 

money to pay the full redemption price of the FGIC Insured Bonds to be redeemed is on deposit 

in the applicable fund or account. 

Section 11. Reimbursement of Expenses. To the extent permitted by law, the 

Authority shall pay or reimburse the Bond Insurer for any and all charges, fees, costs and 

expenses that the Bond Insurer may reasonably pay or incur in connection with the following: (i) 

the administration, enforcement, defense, or preservation of any rights or security under the Trust 

Agreement or under any other transaction document; (ii) the pursuit of any remedies under the 

Trust Agreement, under any other transaction document, or otherwise afforded by law or equity, 

(iii) any amendment, waiver, or other action with respect to or related to the Trust Agreement, 

this Agreement or any other transaction document whether or not executed or completed; (iv) the 

violation by the Authority of any law, rule, or regulation or any judgment, order or decree 

applicable to it; (v) any advances or payment made by the Bond Insurer to cure an Event of 

Default of the Authority under the Trust Agreement as to the FGIC Insured Bonds; or (vi) any 

litigation or other dispute in connection with this Agreement, any other transaction document, or 

the transactions contemplated hereby or thereby. other than amounts resulting from the failure of 

the Bond Insurer to honor its payment obligations under the Bond Insurance Policy. The Bond 

Insurer reserves the right to charge a reasonable fee as a condition to executing any amendment, 

waiver, or consent proposed in respect of the Trust Agreement, this Agreement or any other 

transaction document. The obligations of the Authority to the Bond Insurer shall survive 

discharge and termination of the Trust Agreement and this Agreement. 

Section 12. Applicability of this Agreement. Notwithstanding anything to the contrary 

contained herein, the Authority and the Trustee shall be bound by, and required to comply with 

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CONFIDENTIAL FOMB_PREPA 00024582 

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Exhibit E Page 9 of 12
confidentlal 

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Proskauer Rose 

Jan 10, 2017 11:40 

the provisions of, this Agreement only for so long as the Bond Insurance Policy is in effect and 

the Bond Insurer is not in default thereunder. 

Sec.tion 13. Counterparts. This Agreement may be executed in any number of 

counterparts, each of which shall be an original, but such counterparts shall together constitute 

one and the same instrument. 

[Balance of Page Intentionally Left Blank] 

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CONFIDENTIAL FOMB PREPA 00024583 

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Exhibit E Page 10 of 12
IN WITNESS WHEREOF, Puerto Rico Electric Power Authority and U.S. Bank Trust 

National Association, as Trustee, Bond Registrar and Paying Agent, have caused this Agreement 

to be executed by their authorized officers, all as of the day and year first above written. 

PUERTO RICO ELECTRIC POWER 

AUTHORITY 

Acknowledged and agreed 

to by FINANCIAL GUARANTY 

INSURANCE COMPANY, 

this 4th day of April, 2005. 

FINANCIAL GUARANTY 

INSURANCE COMPANY 

By: 

Name: 

Title: 

Miami/16177.1 

Acting Executive Director 

(fa tei,4 4 4.

U.S. BANK TRUST NATIONAL 

ASSOCIATION, Trustee 

7 

confidential 

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Proskauer Rose 

Jan 10 2017 11:40 

CONFIDENTIAL FOMB_PREPA 00024584 

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Exhibit E Page 11 of 12
C 17 

IN WITNESS WHEREOF, Puerto Rico Electric Power Authority and U.S. Bank Trust 

National Association, as Trustee, Bond Registrar and Paying Agent, have caused this Agreement 

to be executed by their authorized officers, all as of the day and year first above writtco. 

PUERTO RICO ELECTRIC POWER 

AUTHORITY 

Acknowledged and agreed 

to by FINANCIAL GUARANTY 

INSURANCE COMPANY, 

this 4th day of April, 2005. 

FINANCIAL GUARANTY 

INSURANCE COMPANY 

By: 

Name: k.,(4..rerl 

Title: ilvt Will A 

Nliamii16 177. I 

7 

By: ( 

Acting Executive Director 

U.S. BANK TRUST NATIONAL 

ASSOCIATION, Trustee 

By: 

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Proskauer Rose 

Jan 10, 2017 11:40 

Xuthorized Officer 

CONFIDENTIAL FOMB_PREPA 00024585 

Case:17-03283-LTS Doc#:24583-5 Filed:06/15/23 Entered:06/15/23 11:50:32 Desc:

Exhibit E Page 12 of 12