date means each date on which interest is payable by the issuer under the terms of the bond. (c) Application of arbitrage rules For purposes of section 148, the yield on a qualified clean energy bond shall be reduced by the credit allowed under this section. (d) Qualified clean energy bond For purposes of this section, the term qualified clean energy bond means a clean energy bond (as defined in section 54(d)) issued as part of an issue if the issuer, in lieu of any credit allowed under section 54(a) with respect to such bond, makes an irrevocable election to have this section apply. . (c) Conforming amendments (1) The table of subparts for part IV of subchapter A of chapter 1 is amended by inserting after the item relating to subpart G the following: Subpart H—Clean Energy Bonds . (2) The table of sections for subchapter B of chapter 65 of subtitle F is amended by adding at the end the following new item: Sec. 6431. Credit for qualified clean energy bonds allowed to issuer. . (3) Subparagraph (A) of section 6211(b)(4) is amended by striking and 36B, 168(k)(4) and inserting 36B, and 6431 . (d) Gross-Up of payment to issuers in case of sequestration (1) In general In the case of any payment under subsection (b) of section 6431 of the Internal Revenue Code of 1986 (as added by this Act) made after the date of the enactment of this Act to which sequestration applies, the amount of such payment shall be increased to an amount equal to— (A) such payment (determined before such sequestration), multiplied by (B) the quotient obtained by dividing 1 by the amount by which 1 exceeds the percentage reduction in such payment pursuant to such sequestration. (2) Sequestration For purposes of this subsection, the term sequestration means any reduction in direct spending ordered by the President under the Balanced Budget and Emergency Deficit Control Act of 1985 or the Statutory Pay-As-You-Go Act of 2010. (e) Effective date The amendments made by this section shall apply to obligations issued after the date of the enactment of