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certificates representing ARS shall equal the Maximum Rate on the Business Day immediately preceding the first day of such succeeding Auction Period; provided, however, 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, shall equal the Non-Payment Rate plus the Service Charge Rate, which Service Charge Rate shall continue to be paid to the Auction Agent and the Broker-Dealer notwithstanding the fact that no Auction may be held. Applicable IRS Rate. The rate per annum at which interest is payable on the IRS for each Auction Period is referred to as the "Applicable IRS Rate". Interest on the IRS shall be computed on the basis of the number of days elapsed (based on twelve 30-daymonths) in ayear of 360 days. The y Applicable IRS Rate for each maturity of IRS for each Auction Period shall be equal to the result, taken to one thousandth (.001) of one percent (without rounding), of: (i) two times the Fixed Rate (defined below) for such maturity, minus (ii) the Applicable ARS Rate for such maturity for such Auction Period multiplied by the Applicable Day Count Fraction. For purposes of the Applicable IRS Rate, the Applicable ARS Rate is PPmultiplied bythe Applicable DayCount Fraction PpP PP 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. "Fixed Rate" shall mean 5.75% per annum. "Applicable Day Count Fraction" shall mean, with respect to any Interest Period or Auction Period, the actual number of days in such period divided by the number of days in such Interest Period or Auction Period, on the basis of twelve 30-day months. No payments of current interest will be payable on the IRS for any Auction Period in the event that the Applicable ARS Rate is 11.171%. Service Charge. On each Interest Payment Date, the Trustee shall calculate the amount of service fees to be paid, on behalf of any Beneficial Owners of Regular ARS and Newly Fixed AIRS, in immediately available funds out of amounts in the Interest Account to the Auction Agent and any Broker-Dealer. The amount of such fees shall equal (i) the Service Charge Rate, multiplied by (ii) (A) in the case of the first Interest Payment Date, the aggregate principal amount of outstanding ARS as of the date of initial delivery thereof or (B) in the case of each Interest Payment Date thereafter, the aggregate principal amount of outstanding Regular ARS and one-half of the aggregate principal amount of outstanding Newly Fixed AIRS, at the close of business on the Record Date immediately preceding such Interest Payment Date, multiplied by (iii) the actual number of days in the applicable Interest Period, divided by (iv)360. See APPENDIX G for a description of the circumstances under which the Auction Agent Fee or the Broker-Dealer Fee may be changed. 9