“accrual period”, in relation to an instrument, means –

 

(a)     where in terms of such instrument regular payments at intervals of equal length and not exceeding 12 months per interval are to be made throughout the term of such instrument, the period between such regular payments; or

 

(b)     any period not exceeding 12 months elected by the holder or issuer, as the case may be,

 

which period shall be applied consistently throughout the term of such instrument;