Initial Rate – General Clause Samples

Initial Rate – General. The Series 2014_ Bonds shall bear interest as provided herein from the Issue Date to the date of payment in full of the Series 2014_ Bonds. Interest accrued on the Series 2014_ Bonds (or the applicable portion of the Series 2014_ Bonds if the Series 2014_ Bonds then bear interest at a Flexible Term Rate) shall be paid on each Interest Payment Date (or, if such day is not a Business Day, the next succeeding Business Day) commencing on the earlier of the first Interest Payment Date following the Issue Date or the first Conversion Date. The interest rate on the Series 2014_ Bonds will be determined as provided in this Section except that no rate shall exceed the lesser of (i) the Ceiling Rate or (ii) the Maximum Lawful Rate. The Series 2014_ Bonds shall initially bear interest at the Weekly Rate from the Issue Date until the date on which the Interest Rate Determination Method is changed as described in Section 2.04 and interest on the Series 2014_ Bonds shall be calculated on the Principal Amount. Notwithstanding anything herein to the contrary, each Interest Rate Determination Method in effect from time to time shall continue in effect until the date on which such Interest Rate Determination Method is changed as described in Sections 2.03(d) or (e) or Section 2.04. The same Interest Rate Determination Method shall apply to all Series 2014_ Bonds.