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r-. following the 'last day of such Fixed Rate Period, (ii) for each Long Fixed Rate Period (other than a Long Fixed Rate Period described in clause (iii) of this sentence), the first day of the calendar month commencing each six calendar month period after the commencement of such Fixed Rate Period that occurs during such Fixed Rate Period and the day following the last day of such Fixed Rate Period and (iii) for any Long Fixed Rate Period extending to the maturity date of the Bonds, January 1 and July 1 of each year. (c) Default Rate.; Alternate Rates. Notwithstanding the foregoing provisions of this Section, (i) if any payment of the principal or redemption price of or interest on, or the purchase price of, any Bond shall not be made when due, the Bonds shall bear interest at the last interest rate borne by the Bonds prior to the due date for such payment until such payment is made or provided for in accordance with the Indenture and (ii) if the Remarketing Agent does not determine the Variable Rate on any Adjustment Date or the Fixed Rate on any Computation Date or a court of competent jurisdiction holds that the rate so determined is invalid or unenforceabler (A) the Variable Rate for such Adjustment Date shall be equal to 85% of the per annum bond equivalent yield applicable to 13 -week United States Treasury bills and (B) the Fixed Rate for such Computation Date shall be equal to 95: of the per annum bond equivalent yield applicable to United States Treasury obligations having the same number of months to maturity as the number of months in the applicable Fixed Rate Period .(determined by linear interpolation between the yields for instruments having the next shorter and next longer number of months to maturity if no yield is announced for Treasury obligations having the number of months to maturity prescribed herein), in each case as published by the Federal Reserve Bank of New York on the most recent date prior to the applicable Adjustment Date or Computation Date (as the case may be). (d) Business Days. As used herein, "Business Day" means a day other than (i) a Saturday, Sunday or other day on which banking institutions in the State of Florida or the city in which (A) the corporate trust office of the Registrar and Paying Agent or the Trustee, designated, in accordance with the Indenture, by the Registrar and Paying Agent and the Trustee, respectively, (B) the office of the Remarketing Agent designated, in accordance with the Indenture, by the Remarketing Agent, or (C) the office of the Credit Facility Provider at which demands for payment under the Credit Facility must be presented, is located are authorized or required to close and (ii) a day on which the New York Stock Exchange is closed. (e) Interest Rates Conclusive and Binding. The determination of the interest rates borne from time to time by the Bonds as provided herein and in the Indenture shall be conclusive and binding on the owner of this Bond. 5. Method of Payment• Record Dates. The principal or redemption price of, or purchase price of, this Bond will be payable upon presentation and surrender of this Bond at the principal corporate trust office of Chemical Bank in New York, New York, or at the corporate trust office of any successor or additional registrar and paying agent under the Indenture (the "Registrar and Paying Agent"). Interest on this Bond will be paid (by check mailed] to B-7