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ARTICLE II Authorization and Details of Bonds Section 2.01. Bonds Authorized. There is hereby authorized the issuance under this Indenture of a series of Bonds in the aggregate principal amount of Four Million Eight Hundred Thousand Dollars ($4,800,000), which shall be designated "Indian River County, Florida Variable Rate Demand/Fixed Rate Industrial Development Revenue Refunding Bonds (Florida Convalescent Centers, Inc. Projedt), Series 198 ", for the purpose of refunding the $4,800,000 outstanding amount of the Issuer's Industrial Development Revenue Bond (Florida Convalescent Centers, Inc. Project), Series 1986. No Bonds may be issued under this Indenture except. the Bonds described in this Section. Section 2.02. Details of Bonds. The Bonds shall be issued as fully registered Bonds without coupons. The Bonds shall bear interest, be subject to mandatory and optional redemption and tender prior to maturity and mature, and shall otherwise have the terms, tenor, denominations, details and specifications, set forth in the form of Bond attached hereto as Exhibit A. The Bonds shall be substantially in the form set forth in Exhibit A attached hereto and made a part hereof with such insertions, omissions or variations as may be deemed necessary or appropriate by the officers of the issuer executing the same and as shall be permitted by the Act. The Issuer hereby adopted the form of Bond set forth in Exhibit A hereto, and all of the covenants and conditions set forth therein, as and for the form of obligation to be incurred by the Issuer. The covenants and conditions set forth in the form of Bond are incorporated in this Indenture by reference and shall be binding upon the Issuer as though set forth in full herein. The Bonds may contain, or have endorsed thereon, any notations, legends or endorsements not inconsistent with the provisions of this Indenture that are necessary or desirable to meet any law, stock exchange rule or usage if approved by an Authorized Officer of the Issuer prior to the authentication and delivery thereof. The execution and delivery of the Bonds by the Issuer in accordance with this Indenture shall be conclusive evidence of the approval of the form of the Bonds by the Issuer, including any insertions, omissions, variations, notations, legends or endorsements authorized by this Indenture. The Bonds shall be numbered in the manner determined by the Registrar and Paying Agent. Before authenticating and delivering any Bond, the Registrar and Paying Agent shall complete the form of such Bond to show the registered owner, principal amount, number and authentication date thereof. Section 2.03 Interest. (a) Initial Interest Rate and Initial Interest Period. On or prior to the date of initial delivery of the Bonds, the Remarketing Agent, in consultation with the Borrower and NHC, shall determine the Initial Interest Period for the Bonds which shall be a period of not more than 180 days extending from and including the date of initial delivery of the Bonds through and including the day preceding the first Business Day of a month. The Initial Interest Period shall - 13 -