Common use of Effect of Notices of Redemption Clause in Contracts

Effect of Notices of Redemption. Securities called for redemption will become due on the Redemption Date. On and after the Redemption Date, interest will cease to accrue on the Securities or portions of Securities called for redemption unless the Company defaults in the payment of the Redemption Price. Upon surrender to the Paying Agent of Securities called for redemption, such Securities shall be paid out at the Redemption Price, plus accrued and unpaid interest to, but not including, the Redemption Date; provided, however, that if the Redemption Date is after the taking of a record of the Holders on a record date and on or prior to the related Interest Payment Date, the accrued and unpaid interest shall be payable to the Person in whose name the redeemed Securities are registered on such record date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.