Subject to pre-existing agreements with the holders of bonds, notes, or other obligations, the Agency may purchase its own bonds, notes, or other obligations which may then be cancelled upon such terms and conditions as established by the Agency.
(1) If the bonds, notes, or other obligations are redeemable, the price cannot exceed the redemption price then applicable plus accrued interest to the next interest payment; or
(2) If the bonds, notes, or other obligations are not redeemable, the price cannot exceed the redemption price applicable on the 1st date after the purchase upon which the bonds, notes or other obligations become subject to redemption plus accrued interest to that date.