Calculation and Payment of Interest; Maximum Rate. (a) Interest on the 2024 Series 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 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 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 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.
Calculation and Payment of Interest; Maximum Rate. When a Commercial Paper Mode, a Daily Mode or a Weekly Mode is in effect, 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 or a Fixed Rate Mode is in effect, interest shall be calculated on the basis of a 360 day year comprised of twelve 30-day months. When an Auction Rate Bond Mode is in effect in an Auction Period of 180 days or less, interest shall be calculated on the basis of actual days over 360 and when the Auction Period is greater than 180 days on the basis of a 360-day year of twelve 30-day months. Payment of interest on each 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. Some or all of the Bonds in any Mode, other than a Fixed Rate Mode, may be changed to any other Mode at the times and in the manner hereinafter provided. Subsequent to such change in Mode (other than a change to a Fixed Rate Mode), any Bond may again be changed to a different Mode at the times and in the manner hereinafter provided. A Fixed Rate Mode shall be in effect until the Maturity Date, or acceleration thereof prior to the Maturity Date, and may not be changed to any other Mode. Absent manifest error, the determination of interest rates and interest periods by the Remarketing Agent and the interest rates contained in the records of the Paying Agent shall be conclusive and binding upon the Borrower, the Remarketing Agent, the Paying Agent, the Trustee and the Bondowners and with respect to the Bonds in an Auction Rate Bond Mode, the Auction Agent and the Broker-Dealers. No Bonds shall bear interest at an interest rate higher than the Maximum Rate. As of the date of original delivery of the Bonds, the Maximum Rate allowable under clause (3) of the definition thereof is set forth in Order Number 04-51 of MDTE, which provides that the variable interest rate shall not exceed 75 basis points above the then current rate for U.S. Treasury Securities of similar maturity. In the event the Maximum Rate allowable under said Order is hereafter modified, the Borrower shall promptly give notice to the Notice Parties and any such modification shall be deemed to be incorporated herein without any further action or amendment of this Agreement.
Calculation and Payment of Interest; Maximum Rate. (a) When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect with respect to the 2019C 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 is in effect with respect to 2019C Bonds, interest shall be calculated on the basis of a 360 day year comprised of twelve 30- day months. Payment of interest on each 2019C 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) When a Commercial Paper Mode, a Daily Mode or a Weekly Mode is in effect for a subseries of 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 or a Fixed Rate Mode is in effect for a subseries of Bonds, interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. When an Auction Mode is in effect for a subseries of Bonds in an Auction Period of 180 days or less, interest shall be calculated on the basis of actual days over 360, and when the Auction Period is greater than 180 days interest shall be calculated on the basis of a 360-day year of twelve 30-day months. Payment of interest on each Bond shall be made on each Interest Payment Date <PAGE> A-8 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.
