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22 <br /> appearing on the registration books of the Issuer hereinafter <br /> provided for as the registered owner of such bond (or the <br /> previous bond or bonds evidencing the same debt as that evidenced <br /> by such bond) at the close of business on the record date for <br /> such interest, which shall be the 15th day (whether or not a <br /> business day) of the calendar month next preceding such interest <br /> payment date, by check mailed to such person at his address as it <br /> appears on such registration books or, in the case of a bond <br /> registered in the name of the FmHA, as hereinafter provided. If <br /> the FmHA is the registered owner of the bonds, payment of the <br /> installments of principal and interest with respect thereto shall <br /> be made at the office of such fiscal agent as the FmHA shall <br /> designate without presentation or surrender thereof. <br /> Section 3. The bonds maturing prior to June 1, 1999 <br /> will not be subject to redemption prior to maturity. The bonds <br /> maturing on June 1, 1999 and thereafter will be redeemable, at <br /> the option of the Issuer, from any moneys that may be made <br /> available for such purpose, either in whole on any date not <br /> earlier than June 1, 1998, or in part on any interest payment <br /> date not earlier than June 1, 1998, at the principal amount of <br /> the bonds to be redeemed, together with interest accrued thereon <br /> to the date fixed for redemption, plus a redemption premium of <br /> 1/2 of 1% of the principal amount of each bond to be redeemed for <br /> each calendar year or part thereof between the redemption date <br /> and the maturity date of such bond, such premium not to exceed 2% <br /> of such principal amount. <br /> If less than all of the bonds of any one maturity shall <br /> be called for redemption, the particular bonds or portions of <br /> bonds of such maturity to be redeemed shall be selected by lot by <br /> the Issuer in such manner as the Issuer in its discretion may <br /> determine; provided, however, that the portion of any bond to be <br /> redeemed shall be in the principal amount of $500 or some <br /> -4- <br /> BROWN&WOOD.ONE WORLD TRADE CENTER.NEW YORK.N.V.10040 <br />