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<br />such conditions and upon the payment of such charges, if any, including after
<br />the first exchange the cost of preparing a new Bond, fully registered Bonds,
<br />upon surrender thereof at the corporate trust office of the Trustee with a
<br />written instrument of transfer satisfactory to the Trustee, duly executed by
<br />the registered owner or his attorney duly authorized in writing, may, at the
<br />option of the registered owner thereof, be exchanged for an equal aggregate
<br />principal amount of coupon Bonds, with appropriate coupons attached, or of
<br />fully registered Bonds without coupons of any other authorized denominations,
<br />of the same maturity.
<br />
<br />The Bonds maturing on and after July 1, 1991, are subject to redemption,
<br />at the option of the Agency and upon the giving of notice required by the
<br />Resolution, in whole, but not in part, on July 1, 1990, in the manner provided
<br />in the Resolution, or on any interest payment date thereafter, at the
<br />respect ive premiums (expressed as percentages of the princi pa 1 amount of the
<br />Bonds to be redeemed) set forth below, plus in each case accrued interest to
<br />the date of redemption:
<br />
<br />Redemption Dates
<br />
<br />Redemption
<br />Premiums
<br />
<br />July 1, 1990,
<br />July 1, 1991,
<br />July 1, 1992,
<br />July 1, 1993,
<br />July 1, 1994,
<br />
<br />and June 30, 1990
<br />and June 30, 1991
<br />and June 30, 1992
<br />and June 30, 1993
<br />and thereafter
<br />
<br />2 %
<br />1- 112%
<br />1 %
<br />1/2%
<br />0 %
<br />
<br />The Bonds are also subject to special mandatory redemption in whole or
<br />in part pro rata by maturity, in the manner provided in the Resolution, and by
<br />lot within a maturity, on any interest payment date on or after July 1, 1981,
<br />at the principal amount thereof and accrued interest thereon, without premium,
<br />from (i) certain unexpended proceeds of the Bonds and (i i) certain moneys in
<br />the asset accumulation fund, all as provided in the Resolution.
<br />
<br />The Term Bonds shall be subject to redemption in part by lot by
<br />operation of Sinking Fund Installments as provided in the Resolution, upon
<br />notice as provided in Article IV of the Resolution, on July 1, 1995, and on
<br />each July 1 thereafter to and including July 1, 1999, with respect to the
<br />Terms 80nds maturing' on July 1, 2000, all as herein provided, at the
<br />Redemption Price equal to the principal amount of each 80nd or portion thereof
<br />to be redeemed, together with accrued interest to the date of redemption,
<br />without premium. Unless none of the Term Bonds shall then be Outstanding, the
<br />Agency shall be requ ired to pay on July 1 of each year set forth in the
<br />following schedule, for the retirement of the Term 80nds, the amount set
<br />opposite such year of said schedule, and the amount so to be paid on each such
<br />date is hereby established as and shall constitute a Sinking Fund Installment
<br />for retirement of the Term Bonds; provided, however, that, if any Term Bonds
<br />have been purchased or redeemed from moneys in the Prior Redemption Fund, the
<br />amount of each future Sinking Fund Installment shown will be reduced on a pro
<br />rata basis, in $5,000 increments, such that the total amount of such reduction
<br />shall equal the amount of each such purchase and redemption.
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<br />i i i.
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