Section 260.404  Prepayment

The Authority shall apply any Prepayment it receives as follows:

a)         to the purchase of additional Mortgage Loans in accordance with the requirements of the Program;

b)         to the purchase or redemption of Bonds, subject in each case to the requirements of the Series Resolutions relating to the issuance of its Bonds; or

c)         for other corporate purposes of the Authority, to the extent permitted by the Resolution.