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. . 8 . . Less than or equal to 10 and greater than 7 After 5 years at 101-1/2%, declining 1/2% every 6 months to 100% Less than or equal to 7 and greater than 5 After 3 years at 101%, declining 1/2% every-6 months to 100% . In the event that the Bonds are remarketed for a term less than five years, the Bonds shall be subject to redemption on any Reset Date, in whole or in part, at a redemption price of the principal amount thereof. The Bonds are subject to mandatory redemption as a whole (but not in part) on any date prior to the expiration date of the Letter of Credit, upon receipt by the Fiscal Agent of written notice from the Bank that (a) an event of default under the Reimbursement Agreement has occurred and instructing the Fiscal Agent to redeem all Bonds or (b) repayment of an Interest Payment Drafts (as said term is defined in the Reimbursement Agreement) under the Initial Letter of Credit has not been received within six Business Days after such drawing and instructing Fiscal Agent to redeem all Bonds. The Bonds are subject to mandatory redemption as a whole or in part on December 15, 1990, if the Tax Revenues with respect to the Bonds received or to be received by the Agency for the 1990/91 Fiscal Year are not equal to at least 1.20 times the Maximum Annual Debt Service remaining on the Bonds then Outstanding from moneys on deposit in the Escrow Fund and transferred to the Redemption Account on November 1, 1990. This Bond is issued in fully registered form (herein sometimes referred to as "Bond") and is negotiable upon proper transfer of registration, This Bond may be exchanged for a like aggregate principal amount of Bonds of other authorized denominations. This Bond is transferable by the registered owner, in person or by his attorney duly authorized in writing, at the corporate trust office of the Agent for the Fiscal Agent in Houston, Texas or at such other location designated in writing by the Fiscal Agent, upon surrender and cancellation of this Bond but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution. Upon transfer, a new Bond of any authorized denomination or denominations for the same aggregate principal amount of the same issue will be issued to the transferee in exchange therefor. No exchange or transfer shall be made between the fifteenth (15th) day preceding any selection of bonds for redemption. The Agency and the Fiscal Agent may treat the registered owner of this Bond as its absolute owner for all 12-28-85 0063k/2281/05 A-5