Common use of Interest on the Bonds Clause in Contracts

Interest on the Bonds. (i) The Bonds shall bear interest from and including the Date of the Bonds as shown on Exhibit B until payment of the principal or redemption price thereof shall have been made or provided for in accordance with the provisions hereof, whether at maturity, upon redemption or otherwise. Interest on the Bonds shall be paid on each Interest Payment Date. During any Interest Rate Period other than a Long-Term Interest Rate Period, interest on the Bonds shall be computed upon the basis of a 365 or 366-day year, as applicable, for the number of days actually elapsed. During any Long-Term Interest Rate Period, interest on the Bonds shall be computed upon the basis of a 360-day year, consisting of twelve (12) thirty (30) day months.