Common use of Class A Notes Payable on Redemption Date Clause in Contracts

Class A Notes Payable on Redemption Date. Notice of redemption having been given as aforesaid and not withdrawn, the Class A Notes so to be redeemed shall, on the Redemption Date, become due and payable at the amounts therein specified, and from and after the Redemption Date (unless a default is made in the payment of any such amounts) such Class A Notes shall cease to bear interest. Upon final payment on a Class A Note to be redeemed, the Holder shall present and surrender such Class A Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if there is delivered to the Issuer and the Trustee such security or indemnity as may be required by them to save each of them harmless and an undertaking thereafter to surrender such Class A Note, then, in the absence of notice to the Issuer or the Trustee that the applicable Class A Note has been acquired by a Protected Purchaser, such final payment shall be made without presentation or surrender. If any Class A Note called for optional redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the Note Interest Rate for each successive Interest Accrual Period the Class A Note remains Outstanding.