Common use of Notes Payable on Prepayment Date Clause in Contracts

Notes Payable on Prepayment Date. If notice of prepayment, redemption or purchase is given in accordance with Section 6.2, the Notes or portions thereof shall, on the Prepayment Date, become due and payable at the principal corporate trust office of Indenture Trustee, and from and after the related Prepayment Date (unless there is a default in the payment of the Prepayment Price), all Notes then Outstanding shall cease to bear interest as to any portion the principal of which is prepaid. If any Note called in whole or in part for prepayment or purchase is not so paid, the principal amount thereof shall, until paid, continue to bear interest from the applicable Prepayment Date at the Late Rate as of such Prepayment Date through the date upon which such Note or such portion is paid.