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372
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<br />denomination of the Bonds. If less than all of the Bonds stated to mature on
<br />different dates shall be called for redemption, the particular Bonds or
<br />portions thereof to be redeemed shall be called in the inverse order of their
<br />maturities and, in the case of a Bond awarded to a Bank Purchaser, in the
<br />inverse order of the maturity dates of the installments of principal thereof
<br />unless, in both instances, otherwise determined in the Award Certificate.
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<br /> Not more than sixty (60) nor less than thirty (30) days before the
<br />redemption date of any Bonds to be redeemed, whether such redemption be in
<br />whole or in part, the Issuer shall cause a notice of such redemption to be
<br />filed with the Bond Registrar and to be mailed, postage prepaid, to the
<br />registered owner of each Bond to be redeemed in whole or in part at his
<br />address appearing upon the registration books of the Issuer. Each such notice
<br />shall set forth the date designated for redemption, the redemption price to be
<br />paid, the maturities of the Bonds or the installments of principal to be
<br />redeemed and, if less than all of the Bonds of any one maturity then outstand-
<br />ing shall be called for redemption, the distinctive numbers and letters, if
<br />any, of such Bonds to be redeemed and, in the case of any Bond or any install-
<br />ment of principal to be redeemed in part only, the portion of the principal
<br />amount thereof to be redeemed. If any Bond is to be redeemed in part only,
<br />the notice of redemption shall state also that on or after the redemption
<br />date, upon surrender of such Bond, a new Bond or Bonds in principal amount
<br />equal to the unredeemed portion of such Bond will be issued, except as
<br />provided below with respect to a Bond awarded to a Bank Purchaser.
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<br /> On the date fixed for redemption, notice having been given in the manner
<br />and under the conditions hereinabove provided, the Bonds or portions thereof
<br />called for redemption shall be due and payable at the redemption price pro-
<br />vided therefor, plus accrued interest to such date. If moneys sufficient to
<br />pay the redemption price of the Bonds or portions thereof to be redeemed, plus
<br />accrued interest thereon to the date fixed for redemption, are held by the
<br />Bond Registrar, or at such place as a Bank Purchaser may designate in the
<br />case of a Bond registered in the name of a Bank Purchaser or its designee, in
<br />trust for the registered owners of Bonds or portions thereof to be redeemed,
<br />interest on the Bonds or portions thereof called for redemption shall cease to
<br />accrue, such Bonds or portions thereof shall cease to be entitled to any
<br />benefits or security under this Resolution or to be deemed outstanding, and
<br />the registered owners of such Bonds or portions thereof shall have no rights
<br />in respect thereof except to receive payment of the redemption price thereof,
<br />plus accrued interest to the date of redemption.
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<br /> If a portion of a Bond, other than a Bond awarded to a Bank Purchaser,
<br />shall be selected for redemption, the registered owner thereof or his attorney
<br />or legal representative shall present and surrender such Bond to the Bond
<br />Registrar for payment of the principal amount thereof so called for redemption
<br />and the redemption premium, if any, on such principal amount, and the Bond
<br />Registrar shall authenticate and deliver to or upon the order of such regis-
<br />tered owner or his legal representative, without charge therefor, for the
<br />unredeemed portion of the principal amount of the Bond so surrendered, a Bond
<br />or Bonds of the same maturity, of any denomination or denominations authorized
<br />by this Resolution and bearing interest at the same rate; provided, however,
<br />that if an installment of principal of a Bond awarded to a Bank Purchaser
<br />shall be redeemed, the Bond Registrar shall direct the registered owner
<br />thereof to evidence such redemption by appropriate notation on the schedule
<br />attached to such Bond for such purpose.
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<br /> Section 4. Exchange and Transfer of Bonds. Bonds, upon surrender thereof
<br />at the corporate trust office of the Bond Registrar together with an assign-
<br />ment duly executed by the registered owner or his attorney or legal represen-
<br />tative in such form as shall be satisfactory to the Bond Registrar, may, at
<br />the option of the registered owner thereof, be exchanged for an equal aggre-
<br />gate principal amount of Bonds of the same maturity (or, in the case of a bond
<br />awarded to a Bank Purchaser, of Bonds having maturities corresponding to the
<br />maturities of the installments of principal of such Bond then unpaid), of any
<br />denomination or denominations authorized by this Resolution and bearing
<br />interest at the same rate.
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<br /> Except as hereinafter otherwise provided, the transfer of any Bond may be
<br />registered only upon the registration books of the Issuer upon the surrender
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