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r 84--, 0066i8 of Interest computed 'semiannually on November 1 and May 1 of each year in accordance with the above paragraph and such interest shall be payable at the ti_s the tax exempt interest Is payable. Any :interest preViously patcllJbjJ:l credited to the interest due hereunder. On or after November 1. 1989. and each and every. v ,*7' thereafter. the interest determination for the period succeedf.n& bureat payaent date sball be made baaecl Interest as of the date of interest determinatioe. with beiq payable on the next succeeding payaent date. semiannually on the first day of Kay and November of 1. 1985. The Base Rate of Interest is defined &8 a periocUcally for administrative convenience that in the reflects the Bank's costs of funds and administrative coata compute an appropriate rate for a particular loan contract. All intel'est payable "per annUlll" herein a 365 day year rather than a 360 day year. The Trustee shall calculate the interest duft bereunder ten day. to its due date and notify the Lessee of tbe amount of the iDterest .... The principal of and payable to the registered owners of the Initial Series of BoRda. shall on each interest payment date mail a check for the iDterest due OR date to the registered owners of the Initial Series of Bonds at the acWreaa,af auch owners as shown on the records maintained by the Trustee. unle.. othenrtae requested in writinl by the owner. Prior to payaent ~n full of the priwc!..l amount. the Initial Series of Bonds shall be surrendered to the Trustee. Payments. as aforesaid. shall be made in lawful money of the United States of America. Section 3. In the event any interest on or principal of the Initial Series of londs is not paid when due. the amount of such interest or priac1pal shall continua to be an obligation of the !sauer hereunderi and tuuer aareea to pay interest on INch interest or principal at a rate equal to the Default ilate af Interest until such interest or principal is paid in full. Section 4. Tbe Initial Series of Bonds shall be executed on behalf of the Issuer with the sanual of the official signature of the De.ianated Officers 23 u L -1 L ~