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calculation period, divided by (ii) the number of days in such calculation period, on the applicable Day Count Basis. All terms used in this Section 1 or elsewhere in this Appendix shall include the plural as well as the singular. Section 2. Timing of Actions. Whenever in this Appendix there is specified a time of day at or by which a certain action must be taken, such time shall be local time in New York City, except as otherwise specifically provided in this Appendix. If the date for making any payment or the last day for the performance of any act or the exercise of any right, provided in this Appendix, shall not be a Business Day, such payment may be made or act performed or right exercised on the next succeeding Business Day with the same force and effect as if done on the nominal date provided in this Appendix, except as otherwise specifically provided herein. Section 3. Payments With Respect to ARS and IRS. (a) General Provisions. Interest with respect to each of the ARS and the IRS shall accrue from the Closing Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for. (b) Interest Payable by the Authority. The Trustee shall determine the aggregate amount of interest payable by the Authority in accordance with subsection (g) below with respect to the ARS and IRS on each Interest Payment Date. Notwithstanding any other provision of this Indenture, the aggregate amount of interest due with respect to any maturity of ARS and IRS on any Interest Payment Date shall equal (i) the Fixed Rate with respect to such maturity, multiplied by (ii) the aggregate principal amount of the outstanding ARS and IRS of such maturity, multiplied by (iii) the number of days (on the basis of twelve 30-day months) in the Interest Period or portion thereof, divided by (iv) 360, and rounding the resultant figure to the nearest cent (a half cent being rounded upward). The Trustee shall promptly notify the Securities Depository of its calculations, as provided in Section 5(b)(ii) of this Appendix. (c) Applicable ARS Rate. The Applicable ARS Rate for the first Auction Period shall be 3.080% per annum. Interest on the ARS shall be computed on the basis of a 360-day year for the actual number of days elapsed. The Applicable ARS Rate for each subsequent Auction Period shall be the sum of the Auction Rate and the Service Charge Rate; provided that (i) if a notice of an adjustment in the percentages used to determine the Maximum Rate, the Minimum Rate and the Non-Payment Rate shall have been given by the Market Agent in accordance with Section 6 of this Appendix and because of a failure to satisfy either of the conditions set forth in clause (i) or (ii) of LA1-63221.5 A-11