the Trustee, in the Borough of Manhattan, City and State of New York, the principal thereof, together with (if the redemption date shall be an interest payment date) accrued interest thereon to the redemption date, and that from and after such date interest thereon will cease to accrue."


5
The language used seems clear enough. The interest payment date was April 15th each year. There was no other interest payment date. The entire issue of bonds could be redeemed at one time, and such time could be any time. The bonds could also be redeemed in part, chosen by lot, but such partial redemption could be only on an interest payment date, i. e., on an April 15th. The interest was on an "if earned" basis and depended upon aat the time shall have become payable in accordance with the provisions of Article I, Section 1 of this Indenture, and which shall not at the time have been paid." Under the provisions mentioned in that definition (Article I, Section 1 of the Indenture), interest became "payable" only on April 15th, after the net earnings for the preceding calendar year had been computed and the availability of earnings for the payment of this interest had been determined. So "accrued interest" under the definition meant interest computed and payable on the April 15th then present or last past. Other provisions of the bonds and indenture were consistent with that concept as to the interest.


7
The bonds were not redeemed on an April 15th. The whole outstanding issue was redeemed at