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amounts of Regular ARS, Regular IRS, Newly Fixed AIRS and Regular Fixed AIRS. On the basis of such position listings and the Applicable Factors with respect to each Auction, or portion thereof, falling within the Interest Period, the Trustee shall calculate the interest that has accrued with respect to outstanding Regular ARS, Regular IRS, Newly Fixed AIRS and Regular Fixed AIRS, and shall determine the aggregate amount of interest distributable on each Interest Payment Date to Owners as of the Record Date. (ii) The amount of interest distributable to Beneficial Owners of Regular ARS, Regular IRS, Regular Fixed AIRS and Newly Fixed AIRS, respectively, in respect of each $50,000 in principal amount thereof for any Interest Period or portion thereof shall equal (i) the Weighted Average Applicable Factor for Regular ARS, Regular IRS, Regular Fixed AIRS and Newly Fixed AIRS, respectively, for such Interest Period or portion thereof, multiplied by (ii) the principal amount of $50,000, multiplied by (iii) the number of days, on the applicable Day Count Basis, in the Interest Period or portion thereof, divided by (iv) 360, and rounding the resultant figure to the nearest cent (half a cent being rounded upward). (h) Defaulted Interest. (i) The Trustee shall determine not later than 12:00 noon, New York City time, on the Business Day next succeeding an Interest Payment Date, whether a Payment Default has occurred. If a Payment Default has occurred, the Trustee shall, not later than 12:15 p.m. New York City time on such Business Day, send a Notice of Payment Default to the Auction Agent by telecopy or similar means and, if such Payment Default is cured, the Trustee shall immediately send a Notice of Cure of Payment Default to the Auction Agent by telecopy or similar means. (ii) Defaulted Interest shall forthwith cease to be payable to the Beneficial Owner on the relevant Record Date by virtue of having been such Beneficial Owner and such Defaulted Interest shall be payable to the person in whose name the ARS and the IRS are registered at the close of business on a special record date fixed therefor by the Trustee, which shall not be more than 15 days and not less than ten days prior to the date of the proposed payment of Defaulted Interest. The Trustee shall promptly notify the Authority of the special record date and at its expense mail to each Beneficial Owner of a Series 1994 B Bond or Series 1994 C Bond as to which Defaulted Interest is payable, not less than ten days before the special record date, of the date of the proposed payment of such Defaulted Interest. Section 4. Calculation of Maximum Rate, Minimum Rate, Non-Payment Rate and Applicable Factors. (a) The Auction Agent shall calculate the Maximum Rate and the Minimum Rate on each Auction Date. If all outstanding ARS are Fixed at the close of business on any Auction Record Date, the Auction Agent shall calculate the Minimum Rate on the LA1-63221.5 A-14