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� . <br /> , <br /> "Code" means the Internal Revenue Code of 1986, as now or hereafter amended, <br /> and applicable regulations. All references herein to sections of the Code are to the <br /> sections thereof as they existed on November 4, 1999. <br /> "Initial Interest Rate" means a rate of interest equal to 5.60% per annum. <br /> "Interest Payment Date" means monthly on the fourth (4th) day of each month <br /> during the term of the Note, as herein defined, commencing December 4, 1999. <br /> "Overdue Rate" means the applicable interest rate (Initial Interest Rate, Adjusted <br /> Interest Rate or Taxable Interest Rate, as the case may be) plus one percent (1%). <br /> "Principal Payment Date" means an Interest Payment Date occurring on or after <br /> August 4, 2000. <br /> "Taxable Interest Rate" means a rate of interest per annum equal to the Base Rate <br /> from time to time in effect, plus one percent (1%) per annum. <br /> "Tax Rate" means the maximum marginal Federal income tax rate at which a <br /> financial institution could be taxed for Federal income tax purposes pursuant to applicable <br /> provisions of the Code, or any future United States internal revenue or similar law <br /> applicable to a financial institution. <br /> "TEFRA Disallowance Deduction" means the percentage of disallowance of <br /> deduction with respect to the interest incurred to purchase or carry this Bond as set forth <br /> in Sections 265(a)(3) and 291(a)(3) ofthe Code. <br /> In the event any payment is not made when due hereunder, the Issuer shall pay to <br /> the owner of this Bond a "late charge" equal to the Overdue Rate, as defined in the <br /> Agreement, times the amount of such principal, interest or other charges. In addition, <br /> upon acceleration of the Note, as defined in the Agreement of even date herewith from the <br /> Company to the Issuer, all amounts payable as a result of such acceleration shall bear <br /> interest at the Taxable Interest Rate from the date of acceleration until paid. <br /> Interest payments shall be payable on each Interest Payment Date in amounts <br /> calculated so as to equal interest on the principal amount calculated at the applicable <br /> interest rate. Principal payments shall �e payable on each Principal Payment Date in <br /> amounts calculated in accordance with the formula set forth in the Amortization <br /> Calculation Schedule attached hereto. Said installments of interest and principal shall be <br /> paid on each Interest Payment Date and Principal Payment Date, respectively, to and <br /> including November 4, 2024, when payment shall be made of all principal then remaining <br /> unpaid together with interest thereon. <br /> In any event, the principal hereof and interest hereon shall be paid in full on or <br /> before November 4, 2024. Each installment shall be applied first to interest due and the <br /> balance to repayment of principal. Interest shall be calculated on a 360 day per year basis. <br /> 2l <br />