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(d) Interest Rate. The Project Bonds shall bear <br />interest as follows: <br />(i) Initial Interest Period. For the Initial <br />Interest Period, the Project Bonds shall bear interest <br />at the Six Month Interest Rate determined by the <br />Executive, based upon advice from the Remarketing <br />Agent, but which shall not exceed 12$ per annum,. <br />Thereafter, for each succeeding Interest Rate Period, <br />unless and until an Interest Period Reset Date shall <br />have occurred, the interest rate on the Project Bonds <br />shall be the Six Month Interest Rate established as of <br />the immediately preceding Interest Rate Determination <br />Date. <br />(ii) Changes in Interest Rate Mode. On February <br />1, 1990, and on any Interest Period Reset Date <br />thereafter, the interest rate on the Project Bonds may <br />be converted to a different Interest Rate Mode upon <br />receipt by the Trustee and the Remarketing Agent of a <br />direction from the Borrower, given on behalf of the <br />Issuer and with the prior written consent of the Letter <br />of Credit Bank, not less than 45 days prior to such <br />Interest Period Reset Date, to convert the interest <br />rate on the Project Bonds to an Interest Rate Mode <br />other than the Interest Rate Mode then in effect. No <br />Interest Period Reset Date shall be earlier than the <br />day after the end of the Interest Rate Period in effect <br />on the day of such direction from the Borrower, the end <br />of such Interest Rate Period to be determined as if <br />such direction had not been given. Such direction to <br />convert the interest rate on the Project Bonds to a <br />different Interest Rate Mode shall be accompanied by <br />the items required pursuant to Section- 2.03 of the <br />Indenture. <br />Interest shall be calculated on the basis of a 360-day <br />year and twelve 30-day months; provided that should the <br />interest be payable at the Weekly Interest Rate, the One <br />Month Interest Rate or the Three Month Interest Rate, <br />interest shall be calculated on the basis of a year of 365 <br />or 366 days as applicable for the number of days actually <br />elapsed. <br />The determination of the interest rate for any Interest <br />Rate Mode by the Remarketing Agent or if not determined by <br />the Remarketing Agent then as provided in the definition of <br />such Interest Rate Mode, shall be binding and conclusive <br />upon the Bondholders. <br />(e) Bondholder Tender Options and Mandatory Tender <br />Options. Any Holder of the Project Bonds shall have such <br />options to tender such Project Bonds for purchase and be <br />- 11 - <br />