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"One Year Interest Rate" means (a) the rate of interest per <br />annum determined by the Remarketing Agent, on the Interest Rate <br />Determination Date immediately preceding the applicable Interest <br />Rate Adjustment Date, to be the interest rate necessary during <br />the Interest Rate Period commencing on the applicable Interest <br />Rate Adjustment Date and ending on the January 31 or July 31 <br />nearest to but not later than the date which is one year from the <br />Interest Rate Adjustment Date, in the judgment of the Remarketing <br />Agent (taking into consideration current transactions and <br />comparable securities with which the Remarketing Agent is <br />involved or of which it is aware and prevailing financial market <br />conditions) to produce as nearly as practical a par bid for the <br />Project Bonds on the Interest Rate Determination Date or (b) in <br />the event that the Remarketing Agent has been removed or has <br />resigned and no successor has been appointed, or the Remarketing <br />Agent has failed to determine the One Year Interest Rate for <br />whatever reason, or the One Year Interest Rate cannot be <br />determined pursuant to clause (a) for whatever reason, the <br />interest rate then in effect with respect to the Project Bonds, <br />without adjustment; provided that in no event shall the One Year <br />Interest Rate exceed 12~ per annum. <br />"Remarketing Agent" means, initially, Meuse, Rinker, <br />Chapman, Endres & Brooks, and any successor Remarketing Agent <br />appointed pursuant to the Indenture. <br />"Six Month Interest Rate" means (a) the rate of interest per <br />annum determined by the Remarketing Agent, on the Interest Rate <br />Determination Date immediately preceding the applicable Interest <br />Rate Adjustment Date, to be the interest rate necessary during <br />the Interest Rate Period commencing on the applicable Interest <br />Rate Adjustment Date and ending on the January 31 or July 31 <br />nearest to but not later than the date which is six months from <br />the Interest Rate Adjustment Date, in the judgment of the <br />Remarketing Agent (taking into consideration current transactions <br />and comparable securities with which the Remarketing Agent is <br />involved or of which it is aware and prevailing financial market <br />conditions) to produce as nearly as practical a par bid for the <br />Project Bonds on the Interest Rate Determination Date or (b) in <br />the event that the Remarketing Agent has been removed or has <br />resigned and no successor has been appointed, or the Remarketing <br />Agent has failed to determine the Six Month Interest Rate for <br />whatever reason, or the Six Month Interest Rate cannot be <br />determined pursuant to clause (a) for whatever reason, the <br />interest rate then in effect with respect to the Project Bonds, <br />without adjustment; provided that in no event shall the Six Month <br />Interest Rate exceed 12$ per annum. <br />"Three Month Interest Rate" means (a) the rate of interest <br />per annum determined by the Remarketing Agent, on the Interest <br />Rate Determination Date immediately preceding the applicable <br />Interest Rate Adjustment Date, to be the interest rate necessary <br />during the Interest Rate Period commencing on the applicable <br />Interest Rate Adjustment Date to and including the day preceding <br />-11- <br />