Common use of Mortgage Repayments and Prepayments and Excess Revenues Clause in Contracts

Mortgage Repayments and Prepayments and Excess Revenues. The 2024 Series D Bonds, other than the Premium Serial Bonds, are subject to redemption prior to their respective stated maturities as a whole or in part at a Redemption Price equal to the principal amount thereof plus accrued interest, if any, thereon to the date of redemption, without premium, on any date, from Revenues of the 2024 Series D Mortgage Loans and excess funds deposited in the 2024 Series D subaccount of the Class I Special Redemption Account pursuant to Section 5.5(d) of the Master Indenture. Moneys deposited in or transferred to the 2024 Series D subaccount of the Class I Special Redemption Account shall be applied to redeem 2024 Series D Bonds as follows: FIRST: such amounts shall be applied to redeem the PAC Bonds until the Aggregate Principal Amount of the Outstanding PAC Bonds is not less than the amounts shown in the column entitled 50% SIFMA Outstanding Balance of PAC Bonds” (the “50% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; SECOND: after applying the amounts as described in clause FIRST above, any remaining amounts shall be applied to the redemption of 2024 Series D Bonds, other than the PAC Bonds and the Premium Serial Bonds, of such maturities and in such amounts as directed by the Authority (or, in the absence of such direction, on a pro rata by maturity basis) until the Aggregate Principal Amount of the 2024 Series D Bonds Outstanding is not less than the amount shown in the column “500% SIFMA Outstanding Balance of 2024 Series D Bonds” (the “500% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; and THIRD: after applying the amounts as described in clauses FIRST and SECOND above, any remaining amounts may be applied to the redemption of 2024 Series D Bonds (other than the Premium Serial Bonds) including the PAC Bonds; provided that the percentage of such remaining amounts so applied to redeem PAC Bonds may not exceed the ratio of the Aggregate Principal Amount of Outstanding PAC Bonds to the Aggregate Principal Amount of Outstanding 2024 Series D Bonds prior to such redemption. Such redemptions may occur at such times and with such frequency as the Authority elects; provided that any redemptions described in clause FIRST above must occur at least once during each semiannual period commencing with the semiannual period ending on November 1, 2025 to the extent moneys in the 2024 Series D subaccount of the Class I Special Redemption Account are legally available therefor. To the extent PAC Bonds are to be redeemed on a date that is not a Stated Interest Payment Date, the 50% SIFMA Outstanding Balance of the PAC Bonds and the 500% SIFMA Outstanding Balance of 2024 Series D Bonds as set forth in the table below shall be deemed to be the respective amounts determined by interpolating such respective Outstanding Balances, using the straight line method, by reference to the respective Outstanding Balances for the Semi-Annual Period Ending dates listed in the table below which are immediately prior to and immediately subsequent to such redemption date, and the number of calendar days elapsed since the Semi-Annual Period Ending date which is immediately prior to such redemption date. Semi-Annual Period 50% SIFMA Outstanding Balance of 500% SIFMA Outstanding Balance of Closing Date $28,970,000 $150,000,000 November 1, 2024 28,970,000 150,000,000 May 1, 2025 28,970,000 150,000,000 November 1, 2025 28,845,000 138,050,000 May 1, 2026 27,825,000 124,790,000 November 1, 2026 26,860,000 109,040,000 May 1, 2027 24,540,000 90,635,000 November 1, 2027 23,170,000 75,020,000 May 1, 2028 21,055,000 61,300,000 November 1, 2028 19,740,000 50,185,000 May 1, 2029 17,355,000 40,900,000 November 1, 2029 16,100,000 33,195,000 May 1, 2030 13,730,000 26,775,000 November 1, 2030 12,520,000 21,470,000 May 1, 2031 10,150,000 17,050,000 November 1, 2031 8,995,000 13,470,000 May 1, 2032 6,760,000 10,345,000 November 1, 2032 5,715,000 7,870,000 May 1, 2033 4,020,000 5,565,000 November 1, 2033 2,965,000 3,735,000 Semi-Annual Period Ending Outstanding Balance of PAC Bonds Outstanding Balance of 2024 Series D Bonds If 2024 Series D Bonds are redeemed from unexpended proceeds pursuant to Section 3.1(a) hereof, then (A) each amount set forth in the “50% SIFMA Outstanding Balance of PAC Bonds” column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the PAC Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the PAC Bonds, rounded to the nearest $5,000 denomination, and (B) each amount set forth in the 500% SIFMA Outstanding Balance of 2024 Series D Bonds column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the 2024 Series D Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the 2024 Series D Bonds, rounded to the nearest $5,000 denomination.

Mortgage Repayments and Prepayments and Excess Revenues. The 2024 2018 Series D Bonds, other than the Premium Serial Bonds, C Bonds are subject to redemption prior to their respective stated maturities as a whole or in part at a Redemption Price equal to the principal amount thereof plus accrued interest, if any, thereon to the date of redemption, without premium, on any date, from Revenues of the 2024 Series D Mortgage Loans and excess funds amounts deposited in the 2024 2018 Series D C subaccount of the Class I Special Redemption Account pursuant to Section 5.5(d) of the Master Indenture. Moneys deposited in or transferred to the 2024 2018 Series D C subaccount of the Class I Special Redemption Account shall be applied to redeem 2024 2018 Series D C Bonds as follows: FIRST: such amounts shall be applied to redeem the PAC Bonds until the Aggregate Principal Amount of the Outstanding PAC Bonds is not less than equal to the amounts amount shown in the column entitled 50"100% SIFMA Outstanding Balance of PAC Bonds” " (the “50"100% SIFMA Outstanding Balance”") for the applicable semiannual period as set forth in the table below; SECOND: after applying the amounts as described in clause FIRST above, any remaining amounts shall may be applied to the redemption of 2024 2018 Series D Bonds, C Bonds other than the PAC Bonds and the Premium Serial Bonds, of such maturities and in such amounts as directed by the Authority (or, in the absence of such direction, on a pro rata by maturity basis) until the Aggregate Principal Amount of the 2024 2018 Series D C Bonds Outstanding is not less than equal to the amount shown in the column “500"400% SIFMA Outstanding Balance of 2024 2018 Series D C Bonds” " (the “500"400% SIFMA Outstanding Balance”") for the applicable semiannual period as set forth in the table below; and THIRD: after applying the amounts as described in clauses FIRST and SECOND above, any remaining amounts may be applied to the redemption of 2024 any 2018 Series D Bonds (other than the Premium Serial C Bonds) , including the PAC Bonds; provided that the percentage of such remaining amounts so applied to redeem PAC Bonds may not exceed the ratio of the Aggregate Principal Amount of Outstanding PAC Bonds to the Aggregate Principal Amount of Outstanding 2024 2018 Series D C Bonds prior to such redemptionredemption (unless otherwise required by Federal tax law). Such redemptions may occur at such times and with such frequency as the Authority elects; provided that any redemptions described in clause FIRST above must occur at least once during each semiannual period commencing with the semiannual period ending on November 1, 2025 2018 to the extent moneys in the 2024 2018 Series D C subaccount of the Class I Special Redemption Account are legally available therefor. To the extent PAC Bonds are to be redeemed on a date that is not a Stated Interest Payment Date, the 50100% SIFMA Outstanding Balance of the PAC Bonds and the 500400% SIFMA Outstanding Balance of 2024 2018 Series D C Bonds as set forth in the table below shall be deemed to be the respective amounts determined by interpolating such respective Outstanding Balances, using the straight line method, by reference to the respective Outstanding Balances for the Semi-Annual Period Ending dates listed in the table below which are immediately prior to and immediately subsequent to such redemption date, and the number of calendar days elapsed since the Semi-Annual Period Ending date which is immediately prior to such redemption date. Semi-Annual Period 50% SIFMA Outstanding Balance of 500% SIFMA Outstanding Balance of Closing Date $28,970,000 $150,000,000 November 1, 2024 28,970,000 150,000,000 May 1, 2025 28,970,000 150,000,000 November 1, 2025 28,845,000 138,050,000 May 1, 2026 27,825,000 124,790,000 November 1, 2026 26,860,000 109,040,000 May 1, 2027 24,540,000 90,635,000 November 1, 2027 23,170,000 75,020,000 May 1, 2028 21,055,000 61,300,000 November 1, 2028 19,740,000 50,185,000 May 1, 2029 17,355,000 40,900,000 November 1, 2029 16,100,000 33,195,000 May 1, 2030 13,730,000 26,775,000 November 1, 2030 12,520,000 21,470,000 May 1, 2031 10,150,000 17,050,000 November 1, 2031 8,995,000 13,470,000 May 1, 2032 6,760,000 10,345,000 November 1, 2032 5,715,000 7,870,000 May 1, 2033 4,020,000 5,565,000 November 1, 2033 2,965,000 3,735,000 Semi-Annual Period Ending Outstanding Balance of PAC Bonds Outstanding Balance of 2024 $ $ If 2018 Series D Bonds If 2024 Series D C Bonds are redeemed from unexpended proceeds pursuant to Section 3.1(a) hereof, then (A) each amount set forth in the “50100% SIFMA Outstanding Balance of PAC Bonds” Bonds column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the PAC Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the PAC Bonds, rounded to the nearest $5,000 denomination, and (B) each amount set forth in the 500400% SIFMA Outstanding Balance of 2024 2018 Series D C Bonds column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the 2024 2018 Series D C Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the 2024 2018 Series D C Bonds, rounded to the nearest $5,000 denomination. Notwithstanding the provisions of paragraph (E) of Section 5.5(d)(i) of the Master Indenture, no moneys in the 2018 Series C subaccount of the Revenue Fund shall be deposited into the 2018 Series C subaccount of the Loan Recycling Account until there has been deposited into the 2018 Series C subaccount of the Class I Special Redemption Account amounts sufficient to redeem PAC Bonds pursuant to clause FIRST of paragraph (b) of this Section 3.1 for the applicable semiannual period. Notwithstanding, the provisions of Section 5.8(f) of the Master Indenture or Section 6.3 hereof, Mortgage Repayments or Prepayments received in respect of the 2018 Series C Mortgage Loans shall not be applied to the payment of Class I Bonds other than the 2018 Series C Bonds until there has been deposited into the 2018 Series C subaccount of the Class I Special Redemption Account amounts sufficient to redeem PAC Bonds pursuant to clause FIRST of paragraph (b) of this Section 3.1 for the applicable semiannual period. Notwithstanding the provisions of Section 5.8(b) of the Master Indenture, moneys transferred to the 2018 Series C subaccount of the Class I Special Redemption Account pursuant to Section 5.5(d)(iii) of the Master Indenture shall not be required to be used on the earliest practicable date to redeem 2018 Series C Bonds pursuant to paragraph (b) of this Section 3.1, but shall be used to redeem 2018 Series C Bonds only upon Authority Request. Prior to each special redemption date for the 2018 Series C Bonds, the Trustee shall notify the Paying Agent and Bond Registrar of the estimated amounts of moneys available for special redemption in order to allow the Bond Registrar sufficient time to select Bonds for redemption and to mail redemption notices within the time periods required by the Indenture. Sinking Fund Redemption of 2018 Series C Bonds. The PAC Bonds shall be redeemed prior to their maturity, in part, by payment of 2018 Series C Class I Sinking Fund Installments, upon notice as provided in Section 3.5 of this 2018C Series Indenture, on each of the dates set forth below and in the respective principal amounts set forth opposite each such date, in each case at a Redemption Price equal to 100% of the principal amount of the PAC Bonds or portions thereof to be redeemed, plus accrued interest to the redemption date as follows: November 1, 20 $ May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 _______________ *Maturity Date The 2018 Series C Bonds maturing on _____ 1, 20__ shall be redeemed prior to their maturity, in part, by payment of 2018 Series C Class I Sinking Fund Installments, upon notice as provided in Section 3.5 of this 2018C Series Indenture, on each of the dates set forth below and in the respective principal amounts set forth opposite each such date, in each case at a Redemption Price equal to 100% of the principal amount of the 2018 Series C Bonds or portions thereof to be redeemed, plus accrued interest to the redemption date as follows: May 1, 20 $ November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 May 1, 20 November 1, 20 _______________ *Maturity Date Optional Redemption of 2018 Series C Bonds. The 2018 Series C Bonds maturing on and after May 1, 2028 shall be subject to redemption prior to maturity at the option of the Authority, from any source, on any day on or after November 1, 2027 in whole or in part, in Authorized Denominations at a Redemption Price equal to 100% of the principal amount thereof plus accrued interest thereon to the date of redemption.

Mortgage Repayments and Prepayments and Excess Revenues. The 2024 2023 Series D Bonds, other than the Premium Serial Bonds, N Bonds are subject to redemption prior to their respective stated maturities as a whole or in part at a Redemption Price equal to the principal amount thereof plus accrued interest, if any, thereon to the date of redemption, without premium, on any date, from Revenues of the 2024 2023 Series D N Mortgage Loans and excess funds deposited in the 2024 2023 Series D N subaccount of the Class I Special Redemption Account pursuant to Section 5.5(d) of the Master Indenture. Moneys deposited in or transferred to the 2024 2023 Series D N subaccount of the Class I Special Redemption Account shall be applied to redeem 2024 2023 Series D N Bonds as follows: FIRST: such amounts shall be applied to redeem the PAC Bonds until the Aggregate Principal Amount of the Outstanding PAC Bonds is not less than the amounts shown in the column entitled 50“75% SIFMA Outstanding Balance of PAC Bonds” (the “5075% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; SECOND: after applying the amounts as described in clause FIRST above, any remaining amounts shall be applied to the redemption of 2024 2023 Series D Bonds, N Bonds other than the PAC Bonds and the Premium Serial Bonds, of such maturities and in such amounts as directed by the Authority (or, in the absence of such direction, on a pro rata by maturity basis) until the Aggregate Principal Amount of the 2024 2023 Series D N Bonds Outstanding is not less than the amount shown in the column “500% SIFMA Outstanding Balance of 2024 2023 Series D N Bonds” (the “500% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; and THIRD: after applying the amounts as described in clauses FIRST and SECOND above, any remaining amounts may be applied to the redemption of 2024 any 2023 Series D Bonds (other than the Premium Serial N Bonds) , including the PAC Bonds; provided that the percentage of such remaining amounts so applied to redeem PAC Bonds may not exceed the ratio of the Aggregate Principal Amount of Outstanding PAC Bonds to the Aggregate Principal Amount of Outstanding 2024 2023 Series D N Bonds prior to such redemption. Such redemptions may occur at such times and with such frequency as the Authority elects; provided that any redemptions described in clause FIRST above must occur at least once during each semiannual period commencing with the semiannual period ending on November May 1, 2025 2024 to the extent moneys in the 2024 2023 Series D N subaccount of the Class I Special Redemption Account are legally available therefor. To the extent PAC Bonds are to be redeemed on a date that is not a Stated Interest Payment Date, the 5075% SIFMA Outstanding Balance of the PAC Bonds and the 500% SIFMA Outstanding Balance of 2024 2023 Series D N Bonds as set forth in the table below shall be deemed to be the respective amounts determined by interpolating such respective Outstanding Balances, using the straight line method, by reference to the respective Outstanding Balances for the Semi-Annual Period Ending dates listed in the table below which are immediately prior to and immediately subsequent to such redemption date, and the number of calendar days elapsed since the Semi-Annual Period Ending date which is immediately prior to such redemption date. Semi-Annual Period 5075% SIFMA Outstanding Balance of 500% SIFMA Outstanding Balance of Closing Date $28,970,000 71,200,000 $150,000,000 230,000,000 November 1, 2023 71,200,000 230,000,000 May 1, 2024 70,260,000 223,960,000 November 1, 2024 28,970,000 150,000,000 67,440,000 210,585,000 May 1, 2025 28,970,000 150,000,000 63,385,000 191,020,000 November 1, 2025 28,845,000 138,050,000 58,445,000 167,440,000 May 1, 2026 27,825,000 124,790,000 52,685,000 140,925,000 November 1, 2026 26,860,000 109,040,000 48,960,000 116,520,000 May 1, 2027 24,540,000 90,635,000 45,445,000 96,120,000 November 1, 2027 23,170,000 75,020,000 42,120,000 79,460,000 May 1, 2028 21,055,000 61,300,000 38,850,000 65,270,000 November 1, 2028 19,740,000 50,185,000 35,760,000 53,510,000 May 1, 2029 17,355,000 40,900,000 32,725,000 43,785,000 November 1, 2029 16,100,000 33,195,000 29,855,000 35,820,000 May 1, 2030 13,730,000 26,775,000 27,035,000 29,285,000 November 1, 2030 12,520,000 21,470,000 24,515,000 24,515,000 May 1, 2031 10,150,000 17,050,000 22,060,000 22,060,000 November 1, 2031 8,995,000 13,470,000 19,750,000 19,750,000 May 1, 2032 6,760,000 10,345,000 17,495,000 17,495,000 November 1, 2032 5,715,000 7,870,000 15,380,000 15,380,000 May 1, 2033 4,020,000 5,565,000 13,330,000 13,330,000 November 1, 2033 2,965,000 3,735,000 Semi-Annual Period Ending Outstanding Balance of PAC Bonds Outstanding Balance of 2024 11,405,000 11,405,000 May 1, 2034 9,550,000 9,550,000 November 1, 2034 7,815,000 7,815,000 75% SIFMA 500% SIFMA May 1, 2035 $6,140,000 $6,140,000 November 1, 2035 4,580,000 4,580,000 May 1, 2036 3,075,000 3,075,000 November 1, 2036 1,675,000 1,675,000 May 1, 2037 340,000 340,000 November 1, 2037 -0- -0- If 2023 Series D Bonds If 2024 Series D N Bonds are redeemed from unexpended proceeds pursuant to Section 3.1(a) hereof, then (A) each amount set forth in the “5075% SIFMA Outstanding Balance of PAC Bonds” column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the PAC Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the PAC Bonds, rounded to the nearest $5,000 denomination, and (B) each amount set forth in the 500% SIFMA Outstanding Balance of 2024 2023 Series D N Bonds column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the 2024 2023 Series D N Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the 2024 2023 Series D N Bonds, rounded to the nearest $5,000 denomination.

Mortgage Repayments and Prepayments and Excess Revenues. The 2024 2023 Series D Bonds, other than the Premium Serial Bonds, Q Bonds are subject to redemption prior to their respective stated maturities as a whole or in part at a Redemption Price equal to the principal amount thereof plus accrued interest, if any, thereon to the date of redemption, without premium, on any date, from Revenues of the 2024 2023 Series D Q Mortgage Loans and excess funds deposited in the 2024 2023 Series D Q subaccount of the Class I Special Redemption Account pursuant to Section 5.5(d) of the Master Indenture. Moneys deposited in or transferred to the 2024 2023 Series D Q subaccount of the Class I Special Redemption Account shall be applied to redeem 2024 2023 Series D Q Bonds as follows: FIRST: such amounts shall be applied to redeem the PAC Bonds until the Aggregate Principal Amount of the Outstanding PAC Bonds is not less than the amounts shown in the column entitled 50“75% SIFMA Outstanding Balance of PAC Bonds” (the “5075% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; SECOND: after applying the amounts as described in clause FIRST above, any remaining amounts shall be applied to the redemption of 2024 2023 Series D Bonds, Q Bonds other than the PAC Bonds and the Premium Serial Bonds, of such maturities and in such amounts as directed by the Authority (or, in the absence of such direction, on a pro rata by maturity basis) until the Aggregate Principal Amount of the 2024 2023 Series D Q Bonds Outstanding is not less than the amount shown in the column “500% SIFMA Outstanding Balance of 2024 2023 Series D Q Bonds” (the “500% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; and THIRD: after applying the amounts as described in clauses FIRST and SECOND above, any remaining amounts may be applied to the redemption of 2024 any 2023 Series D Bonds (other than the Premium Serial Q Bonds) , including the PAC Bonds; provided that the percentage of such remaining amounts so applied to redeem PAC Bonds may not exceed the ratio of the Aggregate Principal Amount of Outstanding PAC Bonds to the Aggregate Principal Amount of Outstanding 2024 2023 Series D Q Bonds prior to such redemption. Such redemptions may occur at such times and with such frequency as the Authority elects; provided that any redemptions described in clause FIRST above must occur at least once during each semiannual period commencing with the semiannual period ending on November May 1, 2025 2024 to the extent moneys in the 2024 2023 Series D Q subaccount of the Class I Special Redemption Account are legally available therefor. To the extent PAC Bonds are to be redeemed on a date that is not a Stated Interest Payment Date, the 5075% SIFMA Outstanding Balance of the PAC Bonds and the 500% SIFMA Outstanding Balance of 2024 2023 Series D Q Bonds as set forth in the table below shall be deemed to be the respective amounts determined by interpolating such respective Outstanding Balances, using the straight line method, by reference to the respective Outstanding Balances for the Semi-Annual Period Ending dates listed in the table below which are immediately prior to and immediately subsequent to such redemption date, and the number of calendar days elapsed since the Semi-Annual Period Ending date which is immediately prior to such redemption date. Semi-Annual Period 5075% SIFMA Outstanding Balance of 500% SIFMA Outstanding Balance of Closing Date $28,970,000 42,235,000 $150,000,000 170,000,000 May 1, 2024 42,185,000 169,280,000 November 1, 2024 28,970,000 150,000,000 41,225,000 163,705,000 May 1, 2025 28,970,000 150,000,000 38,750,000 152,540,000 November 1, 2025 28,845,000 138,050,000 35,420,000 137,505,000 May 1, 2026 27,825,000 124,790,000 33,345,000 118,935,000 November 1, 2026 26,860,000 109,040,000 31,205,000 99,590,000 May 1, 2027 24,540,000 90,635,000 28,840,000 81,790,000 November 1, 2027 23,170,000 75,020,000 26,615,000 67,160,000 May 1, 2028 21,055,000 61,300,000 24,435,000 55,005,000 November 1, 2028 19,740,000 50,185,000 22,380,000 44,580,000 May 1, 2029 17,355,000 40,900,000 20,380,000 35,865,000 November 1, 2029 16,100,000 33,195,000 18,495,000 28,610,000 May 1, 2030 13,730,000 26,775,000 16,655,000 22,525,000 November 1, 2030 12,520,000 21,470,000 15,035,000 17,455,000 May 1, 2031 10,150,000 17,050,000 13,465,000 13,465,000 November 1, 2031 8,995,000 13,470,000 12,005,000 12,005,000 May 1, 2032 6,760,000 10,345,000 10,590,000 10,590,000 November 1, 2032 5,715,000 7,870,000 9,270,000 9,270,000 May 1, 2033 4,020,000 5,565,000 8,000,000 8,000,000 November 1, 2033 2,965,000 3,735,000 Semi-Annual Period Ending Outstanding Balance of PAC Bonds Outstanding Balance of 2024 6,830,000 6,830,000 May 1, 2034 5,705,000 5,705,000 November 1, 2034 4,670,000 4,670,000 May 1, 2035 3,690,000 3,690,000 75% SIFMA 500% SIFMA November 1, 2035 $2,790,000 $2,790,000 May 1, 2036 1,930,000 1,930,000 November 1, 2036 1,155,000 1,155,000 May 1, 2037 425,000 425,000 November 1, 2037 - - If 2023 Series D Bonds If 2024 Series D Q Bonds are redeemed from unexpended proceeds pursuant to Section 3.1(a) hereof, then (A) each amount set forth in the “5075% SIFMA Outstanding Balance of PAC Bonds” column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the PAC Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the PAC Bonds, rounded to the nearest $5,000 denomination, and (B) each amount set forth in the 500% SIFMA Outstanding Balance of 2024 2023 Series D Q Bonds column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the 2024 2023 Series D Q Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the 2024 2023 Series D Q Bonds, rounded to the nearest $5,000 denomination.

Mortgage Repayments and Prepayments and Excess Revenues. The 2024 Series D Bonds, other than the Premium Serial Bonds, B Bonds are subject to redemption prior to their respective stated maturities as a whole or in part at a Redemption Price equal to the principal amount thereof plus accrued interest, if any, thereon to the date of redemption, without premium, on any date, from Revenues of the 2024 Series D B Mortgage Loans and excess funds deposited in the 2024 Series D B subaccount of the Class I Special Redemption Account pursuant to Section 5.5(d) of the Master Indenture. Moneys deposited in or transferred to the 2024 Series D B subaccount of the Class I Special Redemption Account shall be applied to redeem 2024 Series D B Bonds as follows: FIRST: such amounts shall be applied to redeem the PAC Bonds until the Aggregate Principal Amount of the Outstanding PAC Bonds is not less than the amounts shown in the column entitled 50% SIFMA Outstanding Balance of PAC Bonds” (the “50% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; SECOND: after applying the amounts as described in clause FIRST above, any remaining amounts shall be applied to the redemption of 2024 Series D Bonds, B Bonds other than the PAC Bonds and the Premium Serial Bonds, of such maturities and in such amounts as directed by the Authority (or, in the absence of such direction, on a pro rata by maturity basis) until the Aggregate Principal Amount of the 2024 Series D B Bonds Outstanding is not less than the amount shown in the column “500% SIFMA Outstanding Balance of 2024 Series D B Bonds” (the “500% SIFMA Outstanding Balance”) for the applicable semiannual period as set forth in the table below; and THIRD: after applying the amounts as described in clauses FIRST and SECOND above, any remaining amounts may be applied to the redemption of any 2024 Series D Bonds (other than the Premium Serial B Bonds) , including the PAC Bonds; provided that the percentage of such remaining amounts so applied to redeem PAC Bonds may not exceed the ratio of the Aggregate Principal Amount of Outstanding PAC Bonds to the Aggregate Principal Amount of Outstanding 2024 Series D B Bonds prior to such redemption. Such redemptions may occur at such times and with such frequency as the Authority elects; provided that any redemptions described in clause FIRST above must occur at least once during each semiannual period commencing with the semiannual period ending on November May 1, 2025 to the extent moneys in the 2024 Series D B subaccount of the Class I Special Redemption Account are legally available therefor. To the extent PAC Bonds are to be redeemed on a date that is not a Stated Interest Payment Date, the 50% SIFMA Outstanding Balance of the PAC Bonds and the 500% SIFMA Outstanding Balance of 2024 Series D B Bonds as set forth in the table below shall be deemed to be the respective amounts determined by interpolating such respective Outstanding Balances, using the straight line method, by reference to the respective Outstanding Balances for the Semi-Annual Period Ending dates listed in the table below which are immediately prior to and immediately subsequent to such redemption date, and the number of calendar days elapsed since the Semi-Annual Period Ending date which is immediately prior to such redemption date. Semi-Annual Period 50% SIFMA Outstanding Balance of 500% SIFMA Outstanding Balance of Closing Date $28,970,000 31,890,000 $150,000,000 170,000,000 May 1, 2024 31,890,000 170,000,000 November 1, 2024 28,970,000 150,000,000 31,890,000 170,000,000 May 1, 2025 28,970,000 150,000,000 29,160,000 156,455,000 November 1, 2025 28,845,000 138,050,000 26,330,000 142,065,000 May 1, 2026 27,825,000 124,790,000 25,335,000 124,665,000 November 1, 2026 26,860,000 109,040,000 24,030,000 105,445,000 May 1, 2027 24,540,000 90,635,000 22,490,000 87,155,000 November 1, 2027 23,170,000 75,020,000 21,000,000 71,900,000 May 1, 2028 21,055,000 61,300,000 19,520,000 59,165,000 November 1, 2028 19,740,000 50,185,000 18,090,000 48,545,000 May 1, 2029 17,355,000 40,900,000 16,675,000 39,690,000 November 1, 2029 16,100,000 33,195,000 15,305,000 32,350,000 May 1, 2030 13,730,000 26,775,000 13,945,000 26,250,000 November 1, 2030 12,520,000 21,470,000 12,735,000 21,200,000 May 1, 2031 10,150,000 17,050,000 11,545,000 17,005,000 November 1, 2031 8,995,000 13,470,000 10,410,000 13,540,000 May 1, 2032 6,760,000 10,345,000 9,275,000 10,590,000 November 1, 2032 5,715,000 7,870,000 8,185,000 8,185,000 May 1, 2033 4,020,000 5,565,000 7,105,000 7,105,000 November 1, 2033 2,965,000 3,735,000 Semi-Annual Period Ending Outstanding Balance of PAC Bonds Outstanding Balance of 2024 Series D Bonds 6,070,000 6,070,000 May 1, 2034 5,035,000 5,035,000 November 1, 2034 4,030,000 4,030,000 May 1, 2035 3,020,000 3,020,000 50% SIFMA 500% SIFMA November 1, 2035 $2,050,000 $2,050,000 May 1, 2036 1,085,000 1,085,000 November 1, 2036 145,000 145,000 May 1, 2037 -0- -0- If 2024 Series D B Bonds are redeemed from unexpended proceeds pursuant to Section 3.1(a) hereof, then (A) each amount set forth in the “50% SIFMA Outstanding Balance of PAC Bonds” column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the PAC Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the PAC Bonds, rounded to the nearest $5,000 denomination, and (B) each amount set forth in the 500% SIFMA Outstanding Balance of 2024 Series D B Bonds column in the table above shall be reduced by a fraction (i) the numerator of which is the principal amount of the 2024 Series D B Bonds remaining Outstanding after such redemption and (ii) the denominator of which is the original principal amount of the 2024 Series D B Bonds, rounded to the nearest $5,000 denomination.