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Long mode is enabled by a global control bit called LMA (for Long Mode Active). Long mode consists of two sub-modes: 64-bit mode and compatibility mode. Bonds are subject to mandatory tender (1) on each mode adjustment date, (2) on each rate change date for bonds in a flexible mode or adjustable long mode (3) upon substitution, expiration or stated termination of the Standby, (4) upon substitution of the bond insurer, and (5) following notice from the Bank of an event of default under the Standby that results in the termination of the Standby. |
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