Common use of Interest Clause in Contracts

Interest. 6.1 Rate and Calculation (a) Subject to paragraph (b) below, the Bonds bear interest on their Nominal Amount from and including the Issue Date (or, in respect of Bonds issued pursuant to Condition 18, the date on which those Bonds are issued) at the rate of 61/4 per cent. per annum. (b) No Bond will bear interest between the Maturity Date applicable to that Bond and the date of effective redemption of that ▇▇▇▇ provided that the late redemption of that ▇▇▇▇ does not constitute a breach of the Conditions and is not otherwise improperly withheld or refused. (c) Where interest is to be calculated in respect of a period which is equal to or shorter than an Interest Period, the day-count fraction used will be the number of days in the relevant period, from and including the date from which interest begins to accrue to but excluding the date on which it falls due, divided by the number of days in the Interest Period in which the relevant period falls (including the first such day but excluding the last). (d) Interest in respect of the Bonds shall be calculated on the basis of the actual number of days elapsed and a year of 365 days or, in the case on an intercalary year, 366 days. (e) The amount of any interest shall be rounded to the nearest cent (half a cent being rounded upwards).