Common use of Term Rates Clause in Contracts

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a), once 2023 Series N-2 Bonds are changed to the Term Rate Mode, such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 Series N-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a)). No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 Series N-2 Bonds. (ii) A 2023 Series N-2 Bond on the date it is converted to the Term Rate Mode, and while it is in the Term Rate Mode, need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 Series N-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a), once 2023 2024 Series N-2 D-2 Bonds are changed to the Term Rate Mode, such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 2024 Series N-2 D-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a)). No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 2024 Series N-2 D-2 Bonds. (ii) A 2023 2024 Series N-2 D-2 Bond on the date it is converted to the Term Rate Mode, and while it is in the Term Rate Mode, need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 2024 Series N-2 D-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a2.9(a), once 2023 Series N-2 the 2019C Bonds are changed to the Term Rate Mode, such 2019C Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture2.8 hereof. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying AgentAgent upon request. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 Series N-2 2019C Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a))Period. No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 Series N-2 BondsDate. (ii) A 2023 Series N-2 2019C Bond on the date it is converted to the Term Rate Mode, Mode and while it is in the Term Rate Mode, Mode need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 Series N-2 2019C Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate RatePrime Rate plus 1.00%.

Term Rates. The Term Rates to be borne by the Subseries B Bonds and the Subseries C Bonds from the Issue Date to (ibut not including) Except the respective Escrow Mandatory Purchase Dates shall be determined by the Underwriters not later than the Business Day immediately preceding the Issue Date as the minimum rates which, in the <PAGE> A-10 sole judgment of the Underwriters, will result in a sale of such Bonds at a price equal to the principal amount thereof on the Issue Date. The Borrower may elect that the Escrow Bonds of a subseries continue as Escrow Bonds in the Term Rate Mode beyond the original Escrow Mandatory Purchase Date as provided in paragraph (iiiby Section 3.01(c)(iv) of this Section 2.8(a), once 2023 Series N-2 the Master Agreement. The Borrower may elect that the Bonds of a subseries that no longer are Escrow Bonds continue in or be changed to the Term Rate Mode, Mode in a notice given pursuant to Section 2.07(a)(i) hereof but need not designate the Interest Period for such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenturethe Rate Determination Date. The Term Rate for the Bonds of a subseries shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, p.m. on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Borrower, the Authority and the Paying AgentTrustee upon request. The Term Rate for the Bonds of a subseries shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 Series N-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date effective date of such rate for the Interest Period selected by the AuthorityBorrower in writing delivered to the Remarketing Agent on or before the Rate Determination Date for such Interest Period. If a new Interest Period is not selected by the Authority If, at least 15 days prior to the Business Day next preceding the Purchase Date for end of the Interest Period then (other than an Interest Period ending on the day next preceding an Escrow Mandatory Purchase Date) for the Bonds of a subseries in effectthe Term Rate Mode, the new Borrower has not given a Mode Change Notice, then the Bonds of such subseries (i) shall not be purchased on the Mandatory Purchase Date occurring at the end of the Interest Period for such Bonds in accordance with Section 3.04 hereof but shall instead be the same length as the current Interest Period (or such lesser period as shall be necessary returned to comply with paragraph their Owners and remain Outstanding, (ii) shall continue in the Term Rate Mode until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at the Alternate Term Rate (with an Interest Period commencing on the Mandatory Purchase Date and ending on the actual purchase date) until so purchased, and (iii) shall be purchased upon the availability of this remarketing proceeds to purchase such Bonds (or Borrower funds as provided in Section 2.8(a3.06 hereof)). In such event the Purchase Price shall not be considered due and payable on such Mandatory Purchase Date so that no Event of Default under Section 6.01(b) of the Agreement shall be deemed to have occurred. The Remarketing Agent shall use its best efforts to cause the Bonds of a subseries in a Term Rate Mode required to be purchased on such Mandatory Purchase Date to be remarketed (in any Mode or Modes) on the first date thereafter, which shall be deemed to be a Mode Change Date, at which time all such Bonds can be sold at par, at a rate not exceeding the Maximum Rate. No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 Series N-2 Bonds. (ii) A 2023 Series N-2 Bond on the date it is converted to the Term Rate Mode, and while it is in the Term Rate Mode, need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 Series N-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a), once 2023 2024 Series N-2 B-2 Bonds are changed to the Term Rate Mode, such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 2024 Series N-2 B-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a)). No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 2024 Series N-2 B-2 Bonds. (ii) A 2023 2024 Series N-2 B-2 Bond on the date it is converted to the Term Rate Mode, and while it is in the Term Rate Mode, need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 2024 Series N-2 B-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a2.9(a), once 2023 Series N-2 the 2018A-2 Bonds are changed to the Term Rate Mode, such 2018A-2 Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture2.8 hereof. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying AgentAgent upon request. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 Series N-2 2018A-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a))Period. No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 Series N-2 BondsDate. (ii) A 2023 Series N-2 2018A-2 Bond on the date it is converted to the Term Rate Mode, Mode and while it is in the Term Rate Mode, Mode need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 Series N-2 2018A-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate RatePrime Rate plus 1.00%.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a2.9(a), once 2023 Series N-2 the 2020D-2 Bonds are changed to the Term Rate Mode, such 2020D-2 Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture2.8 hereof. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying AgentAgent upon request. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 Series N-2 2020D-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a))Period. No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 Series N-2 BondsDate. (ii) A 2023 Series N-2 2020D-2 Bond on the date it is converted to the Term Rate Mode, Mode and while it is in the Term Rate Mode, Mode need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 Series N-2 2020D-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate RatePrime Rate plus 1.00%.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a), once 2023 2024 Series N-2 C-2 Bonds are changed to the Term Rate Mode, such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 2024 Series N-2 C-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a)). No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 2024 Series N-2 C-2 Bonds. (ii) A 2023 2024 Series N-2 C-2 Bond on the date it is converted to the Term Rate Mode, and while it is in the Term Rate Mode, need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 2024 Series N-2 C-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a), once 2023 2017 Series N-2 B-1 Bonds are changed to the Term Rate Mode, such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 2017 Series N-2 B-1 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a)). No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 2017 Series N-2 B-1 Bonds. (ii) A 2023 2017 Series N-2 B-1 Bond on the date it is converted to the Term Rate Mode, Mode and while it is in the Term Rate Mode, Mode need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 2017 Series N-2 B-1 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a), once 2023 2024 Series N-2 A-2 Bonds are changed to the Term Rate Mode, such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 2024 Series N-2 A-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a)). No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 2024 Series N-2 A-2 Bonds. (ii) A 2023 2024 Series N-2 A-2 Bond on the date it is converted to the Term Rate Mode, and while it is in the Term Rate Mode, need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 2024 Series N-2 A-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

Term Rates. (i) Except as provided in paragraph (iii) of this Section 2.8(a), once 2023 Series N-2 Q-2 Bonds are changed to the Term Rate Mode, such Bonds shall continue in the Term Rate Mode until changed to another Mode in accordance with Section 2.10 of this Series Indenture. The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate. The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent. The Term Rate shall be the minimum rate which, in the sole judgment of the Remarketing Agent, will result in a sale of such 2023 Series N-2 Q-2 Bonds at a price equal to the principal amount thereof on the Rate Determination Date for the Interest Period selected by the Authority. If a new Interest Period is not selected by the Authority prior to the Business Day next preceding the Purchase Date for the Interest Period then in effect, the new Interest Period shall be the same length as the current Interest Period (or such lesser period as shall be necessary to comply with paragraph (ii) of this Section 2.8(a)). No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2023 Series N-2 Q-2 Bonds. (ii) A 2023 Series N-2 Q-2 Bond on the date it is converted to the Term Rate Mode, and while it is in the Term Rate Mode, need not be secured by a Liquidity Facility if so determined by the Authority prior to the Mode Change Date. If, however, it is secured by a Liquidity Facility, then, notwithstanding anything to the contrary contained herein, no Interest Period for such Bond may extend beyond the Expiration Tender Date. (iii) If, for any reason, a new Term Rate for a 2023 Series N-2 Q-2 Bond that has been in the Term Rate Mode and is to continue in the Term Rate Mode is not or cannot be established, then (i) if such Bond is secured by a Liquidity Facility, it will be changed automatically to the Weekly Mode, or (ii) if such Bond is not secured by a Liquidity Facility, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.