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Section 6(c) of this Appendix such adjustment shall not have taken effect, then an Auction shall not be held on the Auction Date immediately preceding the next succeeding Auction Period and the Applicable ARS Rate for such next succeeding Auction Period shall equal the sum of the Maximum Rate on such Auction Date and the Service Charge Rate on such Auction Date; (ii) if, at the close of business on the Auction Record Date all outstanding ARS are Fixed, then an Auction shall not be held with respect to the succeeding Auction Period and the Applicable ARS Rate for such Auction Period shall equal the Fixed Rate on the Business Day immediately preceding the first day of such Auction Period; and (iii) if, on any Auction Date, an Auction is not held for any reason other than because all outstanding ARS are Fixed, then the Applicable ARS Rate for the next succeeding Auction Period shall equal the sum of the Maximum Rate on such Auction Date and the Service Charge Rate on such Auction Date. Notwithstanding the foregoing: (x) if the ownership of ARS is no longer maintained in book-entry form by the Securities Depository, the Applicable ARS Rate for any Auction Period commencing after the delivery of certificates representing ARS pursuant to Section 3.01 of the Indenture shall equal the Maximum Rate on the Business Day immediately preceding the first day of such succeeding Auction Period; or (y) if a Payment Default shall have occurred, the Applicable ARS Rate for each Auction Period commencing on or immediately after the occurrence of such Payment Default to and including the Auction Period, if any, during which, or commencing less than two Business Days after, such Payment Default is cured in accordance with this Appendix, shall equal the Non-Payment Rate plus the Service Charge Rate; the Applicable ARS Rate for each Auction Period commencing at least two Business Days after any cure or waiver of a Payment Default shall be the rate determined through implementation of the Auction Procedures plus the Service Charge Rate. (d) Applicable IRS Rate. For each maturity of Regular IRS, the Applicable IRS Rate for each Auction Period shall be equal to the result taken to one thousandth (.001) of 1% (without rounding), of (A) the applicable Fixed Rate multiplied by two, minus (ii) the Applicable ARS Rate for such maturity for such Auction Period multiplied by the Applicable Day Count Fraction. Interest on the IRS shall be computed on the basis of the number of days elapsed (based on twelve 30-day months) in a year of 360 days. For purposes of the Applicable IRS Rate, the Applicable ARS Rate is multiplied by the Applicable Day Count Fraction in order to adjust such rate (which is calculated on the basis of actual days elapsed) to a rate per annum calculated on the basis of twelve 30-day months. LA1-63221.5 A-12