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<br />(b) Interest Rate, Principal Maturity and Delinquencv <br />Charqe. The Project Bonds shall bear interest from their <br />date of issuance (the "Issuance Date") at the rate of thir- <br />teen and one-half percent (13-1/2$) per annum, subject to <br />adjustment as provided in subsection (d) hereof, and shall <br />mature on October l, 2008. The Project Bonds shall provide <br />that in the event any installment of principal or interest <br />is not paid when due, and such failure continues for a <br />period of ten days after receipt of written notice that the <br />same is past due, then, unless prohibited by applicable law, <br />a delinquency charge equal to four percent (0) of such <br />delinquent installment shall be payable within ten days <br />after receipt of written notice from the Bondholders, to <br />reimburse the Bondholders for extra expense incurred in <br />the administration of such delinquent payments. <br />(c) Terms of Pavment. The principal and interest on <br />each of the Project Bonds shall be payable in installments <br />as follows, provided that the Issuer shall make a single <br />installment payment to Capital on each Payment Date in an <br />amount equal to the sum of all installment payments due on <br />such Payment Date.under all Project Bonds outstanding from <br />time to time and shall have no obligation whatsoever to see <br />to the proper application by Capital of such installment <br />payments: <br />(i) Project B ond No. 1($1,000,000 principal amount) <br />(A) one installment of interest only <br />(computed on the actual number of days elapsed <br />from the Issuance Date and on the basis of a <br />365-day year) payable on the first day of the <br />first month following the Issuance Date; <br />(B) 298 equal installments, each in the <br />amount of $11,458.50 and each including prin- <br />cipal and interest (computed on the basis of a <br />360-day year of twelve 30-day months) payable <br />on the first day of the second month following <br />the Issuance Date and on the first day of each <br />successive month thereafter to and including <br />September 1, 2008; and <br />(C) one final installment, payable on <br />Octo ber 1, 2008, in an amount equal to the <br />sum of the then outstanding principal balance <br />of and interest accrued (computed on the basis <br />of a 360-day year of twelve 30-day months) on <br />Project Bond No. l. <br />7