Provisions of Series P Bonds; Interest Accrual Sample Clauses

Provisions of Series P Bonds; Interest Accrual. The Series P Bonds shall mature on December 1, 2019 and shall bear interest at the rate of 4.50% per year, payable semiannually in arrears on June 1 and December 1 of each year (each, an “Interest Payment Date”) (except that the final Interest Payment Date will be December 1, 2019) beginning on June 1, 2010, and on the maturity date, until the Company’s obligation in respect of the principal thereof shall be discharged, and at the rate of 4.50% per annum on any overdue principal and premium and on any overdue installment of interest. The Series P Bonds shall be dated the date of authentication thereof by the Trustee and shall bear interest on the principal amount from, and including, the date of original issuance to, and excluding, the first Interest Payment Date and then from, and including, the immediately preceding Interest Payment Date to which interest has been paid or duly provided for to, but excluding, the next Interest Payment Date or the maturity date, as the case may be. Interest on the Series P Bonds will be computed on the basis of 360-day year of twelve 30-day months. The Series P Bonds shall be payable both as to principal and interest at the corporate trust office of the Trustee at U.S. Bank National Association in Morristown, New Jersey or the corporate trust office of its successors, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. The interest on the Series P Bonds shall be payable without presentation, and only to or upon the person in whose name the Series P Bonds are registered at the close of business on the business day prior to each Interest Payment Date. The Series P Bonds shall be callable for redemption in whole or in part according to the terms and provisions provided herein in Section 1.05. The Company has initially designated DTC as the depository for the Series P Bonds. For as long as the Series P Bonds or any portion thereof are in the form of a Global Security, and notwithstanding the previous paragraph, all payments of interest, principal and other amounts in respect of the Series P Bonds shall be made to DTC or its nominee in accordance with its applicable policies and procedures, in the coin or currency specified above. So long as the Series P Bonds are in the form of a Global Security, neither the Company nor the Trustee shall have any responsibility with respect to the policies and procedures of DTC, or any successor depos...
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Related to Provisions of Series P Bonds; Interest Accrual

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  • Note Distribution Account (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:

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