Common use of Effect of notice of prepayment Clause in Contracts

Effect of notice of prepayment. Once notice of prepayment is given, Notes called for prepayment in full become due and payable on the prepayment date and at the prepayment amount stated in the notice, unless a Noteholder shall provide Corporation with a written objection as to the prepayment amount within five (5) days after receipt of the notice of prepayment. Upon receipt of a written objection, the Corporation shall recalculate the principal and interest outstanding under the Note and shall pay the amount agreed upon by the Corporation and Noteholder. Upon surrender of the Notes to the Registrar and after any prepayment adjustment is made to a Note as provided herein, such Notes shall be paid as stated in the notice.