Common use of Periodic Interest Clause in Contracts

Periodic Interest. “Periodic Interest” will be payable on each Payment Date in an amount equal to one-half of the product of (i) the applicable Bond Interest Rate and (ii) the Outstanding Amount of the Series 2023-A Securitized Utility Tariff Bonds as of the close of business on the preceding Payment Date after giving effect to all payments of principal made to the Holders of the Series 2023-A Securitized Utility Tariff Bonds on such preceding Payment Date; provided, however, that, with respect to the Initial Payment Date, or if no payment has yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date.

Periodic Interest. “Periodic Interest” will be payable on each Tranche of the Rate Reduction Bonds on each Payment Date in an amount equal to one-half of the product of (i) the applicable Bond Interest Rate and (ii) the Outstanding Amount of the Series 2023-A Securitized Utility Tariff related Tranche of Rate Reduction Bonds as of the close of business on the preceding Payment Date after giving effect to all payments of principal made to the Holders of the Series 2023-A Securitized Utility Tariff related Tranche of Rate Reduction Bonds on such preceding Payment Date; provided, however, that, with respect to the Initial initial Payment Date, or if no payment has yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date.