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Except as otherwise provided herein, upon the occurrence of an Event of <br /> Taxability and for as long as any portion of the 2022B Bond remains outstanding, <br /> the 2022B Interest Rate shall be converted to the Taxable Rate. This adjustment <br /> shall survive full payment on the 2022B Bond until such time as the federal statute <br /> of limitations under which the interest on the 2022B Bond could be declared taxable <br /> under the Code has expired. In addition, upon an Event of Taxability, the County <br /> shall, immediately upon demand, pay to the Bondholder (or prior Bondholders, if <br /> applicable) (i) an additional amount equal to the difference between (A) the amount <br /> of interest actually paid on the 2022B Bond during the Taxable Period and (B) the <br /> amount of interest that would have been paid during the Taxable Period had the <br /> 2022B Bond borne interest at the Taxable Rate, and (ii) an amount equal to any <br /> interest, penalties and additions to tax (as referred to in Subchapter A of Chapter 68 <br /> of the Code) owed by the Bondholder as a result of the Event of Taxability. <br /> As appropriate, each affected Bondholder shall promptly prepare a substitute <br /> Exhibit D reflecting the new interest rate and resulting payment schedule, and <br /> deliver a copy of the new schedule to the County, the Trustee and to the LGC. The <br /> Trustee has no responsibility to calculate any such additional interest, penalties or <br /> charges, or to confirm that any have been paid, with those matters lying only <br /> between the County and the affected Bondholders. <br /> Section 1.06. Default Rate. While any default by the County under the 2022 <br /> Bonds, the Deed of Trust or the Trust Agreement is continuing, the 2022 Bonds will <br /> bear interest (but only during the pendency of the default) at the Default Rate. If a <br /> default only applies to the 2022A or the 2022B Bond, then only the affected 2022 <br /> Bond will be subject to interest at this default rate. As appropriate, each affected <br /> Bondholder shall promptly prepare a substitute Exhibit D reflecting the new <br /> interest rate and resulting payment schedule, and deliver a copy of the new <br /> schedule to the County, the Trustee and to the LGC. The Trustee has no <br /> responsibility to calculate any such additional interest, penalties or charges, or to <br /> confirm that any have been paid, with those matters lying only between the County <br /> and the affected Bondholders. <br /> Section 1.07. Redemption Dates and Prices. The 2022 Bonds are subject <br /> to redemption as described in Section 2.01. <br /> 5 <br />