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(Rel <br />Solution No. ,23) <br />r mentioned and not otherwise, upon demand, to the United States <br />of 4merica or order, the sum of <br />DOLLARS <br />($ 1 ), and at such time to pay, but solely from said Fund <br />and1 not otherwise, interest on said sum, from the date of the acceptance <br />of delivery of and the payment for this Note, at the rate or rates as follows: <br />During the period from the date of the acceptance of delivery <br />of and payment for this Note to , 19 <br />(herein called the "Initial Loan Period "), said principal sum <br />shall bear interest on the unrepaid amount thereof at the rate <br />of ( %) per annum. <br />From and after said date said principal sum shall bear interest <br />on the unrepaid principal amount thereof at the rate per annum <br />(to be duly noted on behalf of the United States of America on the <br />reverse hereof) which is and shall be the higher of (a) <br />per centum ( %) per annum, <br />or (b) the rate, not to exceed, in any event, <br />per centum ( %) per annum , which, <br />subject to such limitation, shall be equal to the average yield to <br />maturity on all outstanding marketable obligations of the United <br />States having a maturity of approximately five years from the <br />first day of May or November, as the case may be, next preced- <br />ing the expiration of the Initial Loan Period, as determined by <br />the Housing and Home Finance Administrator, upon the advice <br />of the Secretary of the Treasury, by estimating such average <br />yield on the basis of daily closing market bid quotations or prices <br />during the month of May or November, as the case may be, next <br />preceding the expiration of the Initial Loan Period and by adjusting <br />such estimated average yield to the nearest one - eighth of one per <br />centum. <br />- 4 - <br />