1987-139 - Laserfiche WebLink

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M Variable Rate then in effect for such Bonds, as if such notice had not been given or, if a Fixed Rate Period for such Bonds is then in effect, a new Fixed Rate Period for such Bonds shall be established as described below. The Registrar and Paying Agent is required under the Indenture to mail notice immediately of any such rescission to the holders of such Bonds. If, 40 days before the last day of any Fixed Rate Period applicable to the Bonds of an Issue for which a successor Fixed Rate Period has not been established, the Company shall not have elected to change the interest rate applicable to such Bonds to the Variable Rate or to establish a new Fixed Rate Period for such Bonds by delivery of the notice and opinion described above, or if the Company rescinds its election to establish a new Fixed Rate Period for such Bonds at the end of any Fixed Rate Period, a new Fixed Rate Period shall be deemed to have been established for such Bonds having the same number of months as the Fixed Rate Period then ending if the Fixed Rate Period then ending had fewer than 12 months and otherwise having 12 months (or such fewer number of months as shall remain until the maturity date of the Issue), and a new Fixed Rate shall be determined for such Issue as described above. If any Fixed Rate Period established as described in this paragraph (other than any such Fixed Rate Period established upon any rescission by the Issuer of its election to establish a Fixed Rate Period of different length) ends after the due date for the payment of any Sinking Fund Installment for that issue of Bonds, at least 35 days before the Fixed Rate Date for such Bonds on which such Fixed Rate Period begins, the Registrar and Paying Agent shall select the Bonds of the affected Issue to be redeemed from such Sinking Fund Installment. Each Fixed Rate determined by the Remarketing Agent for any Fixed Rate Period applicable to the Bonds of an Issue shall remain in effect from and including the Fixed Rate Date on which such Fixed Rate Period commences to and including the last day of such Fixed Rate Period. During any Short Fixed Rate Period, interest will be computed on the basis of the actual number of days elapsed over a year of 365 days (366 days in leap years) and during any Long Fixed Rate Period, interest will be computed on the basis of a 360 -day year of twelve 30 -day months. The Interest Payment Dates applicable to the Bonds of an Issue to which a Fixed Rate Period applies will be (i) for each Short Fixed Rate Period, the day following the last day of such Fixed Rate Period, (ii) for each Long Fixed Rate Period (other than described in clause (iii) of this sentence), the first day of the calendar month beginning each six calendar month period following the first day of such Fixed Rate Period and (iii) for any Fixed Rate Period that extends to the maturity date of such Issue, January 1 and July 1 of each year. Default Rate; Alternate Rates If any payment of the principal or Redemption •Price of, or interest on, or the purchase price of, any Bonds is not made when due, such Bonds will bear interest at the last interest rate borne by such Bonds prior to the due date for such payment until such payment is made or provided for in accordance with the applicable Indenture. -8-