Common use of Bonds Payable on Redemption Date Clause in Contracts

Bonds Payable on Redemption Date. Notice of redemption pursuant to Section 11.01 or having been given as provided in Section 11.02, the Bonds to be so redeemed shall, on the applicable Redemption Date, become due and payable at the Redemption Price and as of the Business Day preceding such Redemption Date (unless the Issuer shall Default in the payment of the Redemption Price) such Bonds shall cease to bear interest. On or after the Redemption Date, such Bonds shall be paid by the Issuer at the Redemption Price; provided, however, that payments due on a Payment Date on or prior to the Redemption Date shall be payable to the Holders of such Bonds registered as such on the relevant Record Dates according to their terms and the provisions of Section 3.

Bonds Payable on Redemption Date. Notice of redemption pursuant to Section 11.01 or having been given as provided in Section 11.0211.04, the Bonds of a Series or portions thereof so to be so redeemed shall, on the applicable Redemption Date, become due and payable at the Redemption Price Price, and as of the Business Day preceding on such Redemption Date (unless the Issuer Depositor shall Default in the payment of the Redemption Price) such Bonds Bonds, shall cease to bear interestinterest as specified in the related Series Supplement. On or after the Redemption Date, such Bonds shall be paid by the Issuer Depositor at the Redemption Price; provided, however, that payments due on a Payment Date on or prior to the Redemption Date shall be payable to the Holders of such Bonds registered as such on the relevant Record Dates according to their terms and the provisions of Section 3.