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<br />(4) The Agency reserves the right to determine that any <br />interest payment date after March 1, 1982, rather than March 1, 1982, shall be <br />the date upon which Bond proceeds in the Mortgage Loan Purchase Account shall <br />be so transferred and applied to the redemption of the Bonds, such <br />determination to be based upon (i) the fact that 85% of the original Bond <br />proceeds deposited in the Mortgage Loan Purchase Account have been applied to <br />the purchase of Mortgage Loans and (ii) the Agency has obtained a nationally <br />recognized Bond or Tax Counsel's Opinion that the determination to extend the <br />date will not cause the Bonds to be arbitrage bonds within the meaning of <br />Section lO3(c) of the Internal Revenue Code of 1954, as amended, and the <br />regulations promulgated thereunder. The Agency's determination as to whether <br />or not it may so extend, and shall so extend, the date, shall be set forth in <br />an Officer's Certificate and a Certificate of Pledged Revenues delivered to <br />the Trustee on or before January 1, 1981, or such later date as shall be <br />acceptable to the Trustee, setting forth a reinvestment interest rate for <br />funds within the Mortgage Loan Purchase Account at least equal to the <br />effective coupon interest rate of the Bonds. <br /> <br />31 <br /> <br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />. <br />. <br />