Common use of Calculation and Payment of Interest; Maximum Rate Clause in Contracts

Calculation and Payment of Interest; Maximum Rate. (a) Interest on the 2024 Series B-1 Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 Series B-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. When a Term Rate Mode of one year or longer or a Fixed Rate Mode for 2024 Series B-2 Bonds is in effect, interest shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. Payment of interest on each 2024 Series B Bond shall be made on each Interest Payment Date for such Bond for unpaid interest accrued during the Interest Accrual Period to the Owner of record of such Bond on the applicable Record Date.

Calculation and Payment of Interest; Maximum Rate. (a) Interest on the 2024 2017 Series B-1 A Bonds and on the 2017 Series B-2 Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 2017 Series B-2 B-1 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. When a Term Rate Mode of one year or longer or a Fixed Rate Mode for 2024 2017 Series B-2 B-1 Bonds is in effect, interest shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. Payment of interest on each 2024 2017 Series A/B Bond shall be made on each Interest Payment Date for such Bond for unpaid interest accrued during the Interest Accrual Period to the Owner of record of such Bond on the applicable Record Date.

Calculation and Payment of Interest; Maximum Rate. (a) Interest on the 2024 Series B-1 2018A-1 Bonds shall be computed on the basis of a 360-360- day year of twelve 30-day months. When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 Series B-2 with respect to the 2018A-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. When a Term Rate Mode of one year or longer or a Fixed Rate Mode for 2024 Series B-2 Bonds is in effecteffect with respect to 2018A-2 Bonds, interest shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. Payment of interest on each 2024 Series B 2018A Bond shall be made on each Interest Payment Date for such Bond for unpaid interest accrued during the Interest Accrual Period to the Owner of record of such Bond on the applicable Record Date.

Calculation and Payment of Interest; Maximum Rate. (a) Interest on the 2024 Series B-1 2020D-1 Bonds shall be computed on the basis of a 360-360- day year of twelve 30-day months. When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 Series B-2 with respect to the 2020D-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. When a Term Rate Mode of one year or longer or a Fixed Rate Mode for 2024 Series B-2 Bonds is in effecteffect with respect to 2020D-2 Bonds, interest shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. Payment of interest on each 2024 Series B 2020D Bond shall be made on each Interest Payment Date for such Bond for unpaid interest accrued during the Interest Accrual Period to the Owner of record of such Bond on the applicable Record Date.

Calculation and Payment of Interest; Maximum Rate. (a) Interest on the 2024 2023 Series B-1 N Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 2023 Series B-2 N-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. When a Term Rate Mode of one year or longer or a Fixed Rate Mode for 2024 2023 Series B-2 N-2 Bonds is in effect, interest shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. Payment of interest on each 2024 2023 Series B N Bond shall be made on each Interest Payment Date for such Bond for unpaid interest accrued during the Interest Accrual Period to the Owner of record of such Bond on the applicable Record Date. Mode.

Calculation and Payment of Interest; Maximum Rate. (a) Interest on the 2024 Series B-1 A-1 Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 Series B-2 A-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. When a Term Rate Mode of one year or longer or a Fixed Rate Mode for 2024 Series B-2 A-2 Bonds is in effect, interest shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. Payment of interest on each 2024 Series B A Bond shall be made on each Mode. Interest Payment Date for such Bond for unpaid interest accrued during the Interest Accrual Period to the Owner of record of such Bond on the applicable Record Date.