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Upon any exchange or transfer and surrender of the Bond in <br /> accordance with the provisions of the Indenture , the Issuer <br /> shall execute and the Trustee shall authenticate and deliver one <br /> or more new Bonds in exchange therefor as provided in the <br /> Indenture . Any such new fully registered Bond shall be dated as <br /> of the interest palment date next preceding the date of its <br /> authentication, except that if authenticated on an interest <br /> payment date, it shall be dated as of such date of <br /> authentication; provided that if at the time of authentication <br /> interest thereon is in default, it shall be dated as of the date <br /> to which interest has been paid. Each Bond shall be of a single <br /> maturity, except as otherwise provided in the Indenture. The <br /> Bond delivered to the Original Purchaser shall be numbered R-1 , <br /> and subsequently issued Bonds shall be numbered consecutively <br /> from R-1 upwards in order of issuance. <br /> The Bond shall bear interest fram the date of the Bond at <br /> the rate per annum calculated and determined as follows: <br /> DEFINITION OF TERMS <br /> IR = Interest Rate <br /> BIR = Base Interest Rate <br /> CTR = Corporate Tax Rate � <br /> INTEREST RATE FORMULA <br /> IR = BIR (1-CTR) <br /> . 54 <br /> where "Base Interest Rate" shall mean and is hereby defined as <br /> Seventy-two percent (72$) of the prime rate as defined, <br /> established and announced from time to time by Continental <br /> I1linois National Bank, Chicago, Illinois, which rate may change <br /> from time to time , and where the "Corporate Tax Rate" shall mean <br /> and is hereby defined as the maximum marqinal tax rate of <br /> Federal income taxation applicable to corporate income under <br /> Section 11 of the Internal Revenue Code of 1954 , as amended {the <br /> "Code") , or any successor provision as of each quarterly <br /> Interest Payment Date (as of this date the maximum corporate <br /> rate of Federal ir.come taxation applicable to corporate income <br /> is forty-six percent (46�) ) . Interest snall be computed based <br /> upon a year of 365 days. Interest shall be payable on the last <br /> dav of each March, June, September and December from the date of <br /> the Bond until the entire grincipal of the Bond is paid in full. <br /> Proaided, however, that from and after any Effective Date of <br /> Taxability as defined in the Loan Agreement the Bond shall bear <br /> interes� at the hereinafter defined Taxable Rate of Interest <br /> from such date until paid. <br /> 10 <br />