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during the Initial Interest Period and during any period in which such Bonds bear interest at the Variable Rate, in whole or in part on any Interest Payment Date applicable to such Bonds, and (ii) in whole or in part on any Mandatory Tender Date applicable to such Bonds, in each case at a Redemption Price equal to the principal amount of such Bonds redeemed, plus accrued interest to the date fixed for redemption, Optional Redemption During Fixed Rate Period The Bonds of each Issue are subject to redemption prior to maturity at the option of the Company and NHC and, so long as the Credit Facility Provider has not wrongfully failed to honor a demand for funds under the Credit Facility, only with the consent of the Credit Facility Provider during any Fixed Rate Period applicable to such Issue that is six years or longer on any Interest Payment Date on or after the Interest Payment Data applicable to such Bonds next succeeding the date that is the earlier of (i) the tenth anniversary of the Fixed Rate Date for such Fixed Rate Period and (ii) the anniversary of such Fixed Rate Date that approximates more closely than any other such anniversary date the date that occurs at the midpoint of such Fixed Rate Period, in whole at any time or in part on any Interest Payment Date applicable to such Bonds, at a Redemption Price equal to the principal amount thereof, plus accrued interest thereon to the date fixed for redemption, plus a premium (expressed as a percentage of the principal amount of such Bonds redeemed) that, for the first redemption date of an issue of Bonds, is equal to the lesser of (A) three percent and (ii) one-half of one percent times the number of years between the calendar year of such redemption date and the calendar year during which such Fixed Rate Period applicable to such Bonds ends (including for purposes of computation the calendar year of such redemption date but excluding the calendar year during which such Fixed Rate Period ends) and that shall decline by one-half of one percent annually thereafter. Mandatory Sinking Fund Redemption The Bonds of each Issue are subject to mandatory sinking fund redemption on each January 1 (but, during the Initial Interest Period, during any Short Fixed Rate Period or any period during which such Bonds bear interest at the Variable Rate, on the first Business Day in January) of the years and in the amounts indicated under the caption "Sinking Fund Installments" in Appendix E, at a redemption price equal to the principal amount thereof plus accrued interest to the date fixed for redemption. At the election of the Company the Sinking Fund Installment due on any date with respect to an Issue shall be reduced by an amount equal to the aggregate principal amount of the Bonds of such Issue surrendered uncancelled by the Company to the Registrar and Paying Agent, purchased with amounts on deposit in the Principal Account created by the Indenture relating to such Bonds or redeemed prior to such date and not theretofore credited against a Sinking Fund Installment for such Bonds. -12-