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conditions) to produce as nearly as practical a par bid for the Project Bonds on the Interest Rate Determination Date or ( b ) in the event that the Remarketing Agent has been removed or has resigned and no successor has been appointed or the Remarketing Agent has failed to determine the Five Year Interest Rate for whatever reason, or the Five Year Interest Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the Project Bonds, without adjustment; provide that in no event shall the Five Year Interest Rate exceed 12$ per annum. "Fixed Interest Rate" means (a) the fixed rate of interest per annum determined by the Remarketing Agent, on the Interest Rate Determination Date immediately preceding the applicable Interest Period Reset Date, to be the interest rate necessary, from the Interest Period Reset Date to the final maturity date of the Project Bonds, in the judgment of the Remarketing Agent (taking into consideration current transactions and comparable securities with which the Remarketing Agent is involved or of which it is aware and prevailing financial market conditions) to produce as nearly as practical a par bid for the Project Bonds on the Interest Rate Determination Date or (b) in the event that the Remarketing Agent has been removed or has resigned and no successor has been appointed or the Remarketing Agent has failed to determine the Fixed Interest Rate for whatever reason, or the Fixed Interest Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the Project Bonds, without adjustment; provided that in no event shall the Fixed Interest Rate exceed 12$ per annum. "Holder" means, as to any Bond, the person in whose name such Bond is registered on the Bond Register. "Indenture" means the Trust Indenture dated as of December 1, 1989 between the Issuer and the Trustee, as or supplemented. "Initial Interest Period" means as to the Project Bonds, the period from and including the Closing Date to but excluding the first Interest Rate Adjustment Date after the Closing Date. "Interest Payment Date" or "Interest Payment Dates" means, (a) as to the Project Bonds, (i) while the Project Bonds bear interest at the Weekly Interest Rate, the One Month Interest Rate, or the Three Month Interest Rate, the first Business Day of each month and (ii) while the Project Bonds bear interest at the Six Month Interest Rate, the One Year Interest Rate, the Five Year Interest Rate or the Fixed Interest Rate, the first day of each February and August, and (b) as to Additional Bonds, each date or dates designated as an Interest Payment Date or Dates in the applicable Supplemental Indenture or Bond Legislation. - 4 -