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40 notice of such rescission to the holders of the Bonds in accordance with the terms of the Bonds. (d) Rescission of Fixed Rate Periods at Election of Borrower. At any time prior to the Computation Date for any Fixed Rate Period established by the Borrower, in accordance with paragraph (c) above, the Borrower may rescind its election to establish such Fixed Rate Period by written notice to the Trustee signed by Authorized Officers of the Borrower and an Authorized Officer of NtiC; provided, however, that if such Fixed Rate Period shall be the second or any subsequent Fixed Rate Period in a succession of Fixed Rate Periods established by the Borrower in accordance with paragraph (c) of this Section, there shall first be delivered to the Trustee an opinion of Bond Counsel to the effect that such rescission will not adversely affect the excludability from gross income, for federal income tax purposes, of interest paid on the Bonds. If the borrower rescinds its election to establish a Fixed Rate Period as provided in this paragraph, the Bonds will continue to near interest at the Variable Rate then in effect, as if such notice had not been given or, if a Fixed Rate Period is then in effect, a new Fixed Rate Period shall be established as provided in paragraph (e) of this Section as if the Borrower had not elected to establish a new Fixed Rate Period for the Bonds. Upon receipt of the items required by this paragraph, the Trustee shall immediately give notice of such rescission to the Remarketing Agent, the Credit Facility Provider, the Rating Agencies and the Registrar and Paying Agent and shall deliver copies of the opinion of Bond Counsel, if any, to the Remarketing Agent, the Credit Facility Provider and the Registrar and Paying Agent. Upon receipt of such notice of rescission from the Trustee, the Registrar and Paying Agent shall immediately give notice of such rescission to the holders of the Bonds in accordance with the terms of the Bonds. (e) Aromatic Establishment of Fixed Rate Periods. If, 40 days before the last day of any Fixed Rate Period for which a successor Fixed Rate Period has not been established in accordance with paragraph (c) of this Section, the Borrower shall not have elected to change the interest rate on the Bonds to the Variable Rate or to establish a new Fixed Rare Period by delivery of the notice and opinion required by paragraph (c) of this Section, a new Fixed Rate Period shall automatically be established for the Bonds having the same number of months as the Fixed Rate Period then ending, if such Fixed Rate Period was shorter than 12 months, and otherwise having 12 months (or such fewer number of months as shall remain until the maturity date of the Bonds) , and a new Fixed Rate shall be determined as provided in the Bonds and in paragraph (f) of this Section as if the Borrower had elected to establish a new Fixed Rate Period. If such Fixed Rate Period (other than any such Fixed Rate Period established upon any rescission by the Borrower of its election to establish a Fixed Rate Period of a different length) ends after the due date for the payment of any Sinking Fund Installment, at least 35 days before the Fixed Rate Date on which such Fixed Rate Period begins, the Registrar and Paying Agent shall select Bonds in an aggregate principal amount equal to the amount of such Sinking Fund Installment to be redeemed from such Sinking Fund Installment. (f) Fixed Rate. At least 35 days before each Fixed Rate Date, the Remarketing Agent shall preliminarily determine (i) if a Long Fixed Rate Period will commence on such date, the lowest interest rate that, in its judgment, will be the Fixed Rate determined on the Computation Date for such Fixed Rate Period - 16 -