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<br /> For the Years Following Limitations On <br /> Rate of Interest Delivery of the Bond Interest Rate <br />( c) 75% of the Prime Rate year~ 1 1 to 20, provided that <br /> of Denver National inclusive in no event <br /> Bank, such interest shall such in- <br /> rate to be fixed on terest rate be <br /> , 199 , less than 11% <br /> and to be adjusted nOr more than <br /> semiannually there- 24%. <br /> after on <br /> , and , <br /> each year. - <br />The semiannual installments shall be applied first to interest and <br />then to principal with a final payment on , 2002, of <br /> - <br />the then outstanding principal and interest, if the Bond has not <br />been prepaid in full as hereinafter provided. <br /> The maximum net effective interest rate authorized for <br />the Series 1982 Bond is: eleven percent (11%) from the date of <br />issue to , 1984 ; fourteen percent ( 14% ) per annum from <br /> - <br /> , 1984, to , 1992; and twenty-four <br /> - - <br />percent (24%) per annum from , 1992, to , <br /> - - <br />2002, provided however, that upon a Determination of Taxability, <br />as defined in Article VIII of the Loan Agreement, whereby the <br />interest accruing on the Bond becomes includable in the gross <br />income of the Bondholder, then the Bond shall bear interest at the <br />rate of interest equivalent to two percent ( 2% ) above the Prime <br />Rate of Denver National Bank, such interest rate to be fixed on <br />the Adjustment Date, as defined 1n Article VIII of the Loan <br />Agreement, and to be adjusted on each semiannual payment date <br />thereafter, such adjustment to reflect two percent (2%) above the <br />Prime Rate of Denver National Bank in effe ct on each such semi- <br />annual payment date, together with additional amounts of interest <br />as described in Section 8. 3 of the Loan Agreement, but such <br />increased rate of interest shall never exceed the maximum net <br />effective interest rate of thirty percent (30%) per annum hereby <br />authorized. <br /> To the extent permitted by law, in the event that any <br />semiannual payment of principal and interest is not paid when due, <br />such payment shall become delinquent, and upon demand of the <br />Bondholder, additional interest will become due in the amount of <br /> - 7 - <br />