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<br />the payment of the charges, if any, including after the fir.st exchange, the
<br />cost of preparing a new Bond, provided in the Resolution. In lilee manner,
<br />subject to such conditions and upon the payment of such charges, if any,
<br />including after the first exchange the cost of preparing a new Bond, fully
<br />registered Bonds, upon surrender thereof at the corporate trust office of the
<br />Trustee with a written instrument of transfer satisfact.ory to the Trustee,
<br />duly executed by the registered owner or his attorney duly authorized in
<br />writing, may, at the option of the registered owner thereof, be exchanged for
<br />an aggregate principal amount of bearer Bonds, with appropriate coupons
<br />attached, .or of fully registered Bonds without coupons of any other authorized
<br />denominations, of the same maturity.
<br />
<br />The Bonds maturing on or after May 1, 1991, are subject to redemption,
<br />at the option of the Agency from any source of available funds and upon the
<br />giving of notice required by the Resolution, on or after May 1, 1991, either
<br />in whole on any date or in part on any interest payment date, in the manner
<br />provided in the Resolution and by l.ot within a maturity. In the event Bonds
<br />are to be redeemed in part the B.onds to be redeemed shall be selected and
<br />redeemed in the following order of priority: (i) first, to the redempti.on of
<br />Bonds maturing May 1, 1996; (ii) second, to the redemption .of all Bonds
<br />maturing May 1, 2002; and (iii) lastly, on a pro rata basis t.o the redempti.on
<br />of the remaining Bonds. The Bonds are redeemable at the redemption price
<br />(expressed as percentages of the principal amount of the Bonds or portions
<br />thereof to be redeemed) set forth below, plus in each case accrued interest to
<br />the redemption date:
<br />
<br />Period
<br />(Both Dates Inclusive)
<br />
<br />May 1, 1991, to April 30, 1993
<br />May 1,1993, to April 30, 1996
<br />May 1, 1996, to April 30, 1999
<br />May 1, 1999, and thereafter
<br />
<br />Redemption
<br />Prices
<br />
<br />103%
<br />102%
<br />101%
<br />100%
<br />
<br />The Bonds are also subject to special mandat.ory redemption on or after
<br />May 1, 19B2, in whole or in part pro rata by maturity, in the manner pr.ovided
<br />in the Resolution, and by l.ot within a maturity, at the principal amount
<br />thereof and accrued interest thereon, without premium, from funds in the prior
<br />redemption fund. Bonds to be redeemed from amounts deposited in the Prior
<br />Redemption Fund in accordance with subdivision (i) of this paragraph shall be
<br />selected and redeemed in acc.ordance with the pr.ovisions of the Resolution.
<br />Bonds to be redeemed in part in accordance with subdivisions (ii) and (iii) of
<br />this paragraph shall be selected and redeemed in the following order of
<br />priority: (1) first, to the redemption of B.onds maturing May 1, 1996; (2)
<br />second, to the redemption of Bonds maturing May 1, 2002; and (3) lastly, to
<br />the redemption of the remaining Bonds. The following amounts are required to
<br />be deposited in the prior redemption fund: (i) amounts in the mortgage loan
<br />program account that have not been applied to the purchase of the Mortgage
<br />Loan Participation or to malee the Loan to Lender within thirty-four months of
<br />the date of delivery of the B.onds; (ii) after May 1, 1982, amounts in the
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