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percentage may be adjusted pursuant to Section 6 of this Appendix) and (ii) 11.171% per <br /> annum in the case of the ARS maturing on July 1, 2014; provided, that if an Auction was <br /> held on the Business Day immediately preceding the first day of an Auction Period during <br /> which the ARS are to be payable as to interest at the Non-Payment Rate, the Non-Payment <br /> Rate as determined above shall be reduced by an amount equal to the Service Charge Rate <br /> on such date of determination; and provided further, that in no event shall the Non-Payment <br /> Rate be more than the maximum rate permitted by State law, as the same may be modified <br /> by United States law of general application. <br /> "Notice of Conversion" shall mean a notice to the Securities Depository <br /> substantially in the form provided in the Auction Agent Agreement. <br /> "Notice of Cure of Payment Default" shall mean a notice substantially in the <br /> form of Exhibit B hereto. <br /> "Notice of Fee Rate Change" shall mean a notice of a change in the rate at <br /> which the Auction Agent Fee or the Broker-Dealer Fee accrues, substantially in the form <br /> provided in the Auction Agent Agreement. <br /> "Notice of Payment Default" shall mean a notice substantially in the form of <br /> Exhibit A hereto. <br /> "Notice of Percentage Change" shall mean a notice to the Trustee and the <br /> Auction Agent substantially in the form provided in the Market Agent Agreement <br /> "Notice of Proposed Percentage Change" shall mean a notice to the Trustee <br /> and the Auction Agent substantially in the form provided in the Market Agent Agreement <br /> "Participant" shall mean a person who is a participant in or member of the <br /> Securities Depository, as determined by the rules or bylaws of the Securities Depository. <br /> "Payment Default" shall mean (i) a default in the due and punctual payment <br /> of any installment of interest on the ARS or the IRS or (ii) a default in the due and punctual <br /> payment of any interest, principal or premium, if any, on the ARS or the IRS at their <br /> maturity or pursuant to a mandatory redemption. <br /> "PM Index" shall mean on any date, a rate determined on the basis of the <br /> seven-thy high grade market index of tax-exempt variable rate demand obligations, as <br /> produced by Municipal Market Data and published or made available by the Public <br /> Securities Association ("PSA") or any person acting in cooperation with or under the <br /> sponsorship of PSA and acceptable to the Market Agent for the AIRS, and effective from <br /> such date. <br /> "Purchaser's Letter" shall mean an executed letter substantially in the form <br /> provided in the Auction Agent Agreement. <br /> LA1-63221.5 A-8 <br />