Common use of Equipment Notes Payable on Prepayment Date Clause in Contracts

Equipment Notes Payable on Prepayment Date. On the Prepayment Date, the Outstanding Equipment Notes shall (except (A) if the Owner Trustee has requested the Indenture Trustee to revoke such notice of prepayment in accordance with Section 6.03 hereof or such notice is deemed to be revoked pursuant to Section 6.02(c) hereof or (B) as otherwise provided in the Lease) become due and payable and from and after such Prepayment Date (unless there shall be a default in the payment of the Prepayment Price) such Equipment Notes shall cease to bear interest. Upon surrender by any Holder of its Equipment Note for prepayment in accordance with said notice, such Holder shall be paid the principal amount of its Equipment Note then outstanding, accrued interest thereon to the Prepayment Date, all other sums due to such Holder hereunder plus, if a Make-Whole Premium is payable pursuant to Section 6.02(b) hereof, the Make-Whole Premium in respect of such Equipment Certificate. If any Equipment Note called for prepayment shall not be so paid upon timely surrender thereof for prepayment, the principal shall, until paid, continue to bear interest from the Prepayment Date at the interest rate applicable to such Equipment Note.

Appears in 2 contracts

Samples: Trust Indenture and Security Agreement (Midway Airlines Corp), Note Purchase Agreement (Midway Airlines Corp)

AutoNDA by SimpleDocs

Equipment Notes Payable on Prepayment Date. On the Prepayment ------------------------------------------ Date, the Outstanding Equipment Notes shall (except (A) if the Owner Trustee has requested the Indenture Trustee to revoke such notice of prepayment in accordance with Section 6.03 hereof or such notice is deemed to be revoked pursuant to Section 6.02(c) hereof or (B) as otherwise provided in the Lease) become due and payable and from and after such Prepayment Date (unless there shall be a default in the payment of the Prepayment Price) such Equipment Notes shall cease to bear interest. Upon surrender by any Holder of its Equipment Note for prepayment in accordance with said notice, such Holder shall be paid the principal amount of its Equipment Note then outstanding, accrued interest thereon to the Prepayment Date, all other sums due to such Holder hereunder plus, if a Make-Whole Premium is payable pursuant to Section 6.02(b) hereof, the Make-Whole Premium in respect of such Equipment CertificateNote. If any Equipment Note called for prepayment shall not be so paid upon timely surrender thereof for prepayment, the principal shall, until paid, continue to bear interest from the Prepayment Date at the interest rate applicable to such Equipment Note.

Appears in 1 contract

Samples: Note Purchase Agreement (Midway Airlines Corp)

Equipment Notes Payable on Prepayment Date. On the ------------------------------------------ Prepayment Date, the Outstanding Equipment Notes shall (except (A) if the Owner Trustee Company has requested the Indenture Trustee to revoke such notice of prepayment in accordance with Section 6.03 hereof or such notice is deemed to be revoked pursuant to Section 6.02(c) hereof or (B) as otherwise provided in the Leasehereof) become due and payable and from and after such Prepayment Date (unless there shall be a default in the payment of the Prepayment Price) such Equipment Notes shall cease to bear interest. Upon surrender by any Holder of its Equipment Note for prepayment in accordance with said notice, such Holder shall be paid the principal amount of its Equipment Note then outstanding, accrued interest thereon to the Prepayment Date, all other sums due to such Holder hereunder hereunder, plus, if a Make-Whole Premium is payable pursuant to Section 6.02(b) hereof, the Make-Whole Premium in respect of such Equipment CertificateNote. If any Equipment Note called for prepayment shall not be so paid upon timely surrender thereof for prepayment, the principal shall, until paid, continue to bear interest from the Prepayment Date at the interest rate applicable to such Equipment Note.

Appears in 1 contract

Samples: Note Purchase Agreement (Midway Airlines Corp)

Equipment Notes Payable on Prepayment Date. On the ------------------------------------------ Prepayment Date, the Outstanding Equipment Notes shall (except (A) if the Owner Trustee has requested the Indenture Trustee to revoke such notice of prepayment in accordance with Section 6.03 hereof or such notice is deemed to be revoked pursuant to Section 6.02(c) hereof or (B) as otherwise provided in the Lease) become due and payable and from and after such Prepayment Date (unless there shall be a default in the payment of the Prepayment Price) such Equipment Notes shall cease to bear interest. Upon surrender by any Holder of its Equipment Note for prepayment in accordance with said notice, such Holder shall be paid the principal amount of its Equipment Note then outstanding, accrued interest thereon to the Prepayment Date, all other sums due to such Holder hereunder plus, if a Make-Whole Premium is payable pursuant to Section 6.02(b) hereof, the Make-Whole Premium in respect of such Equipment CertificateNote. If any Equipment Note called for prepayment shall not be so paid upon timely surrender thereof for prepayment, the principal shall, until paid, continue to bear interest from the Prepayment Date at the interest rate applicable to such Equipment Note.

Appears in 1 contract

Samples: Trust Indenture and Security Agreement (Midway Airlines Corp)

AutoNDA by SimpleDocs

Equipment Notes Payable on Prepayment Date. On the Prepayment Date, the Outstanding Equipment Notes shall (except (A) if the Owner Trustee Company has requested the Indenture Trustee to revoke such notice of prepayment in accordance with Section 6.03 hereof or such notice is deemed to be revoked pursuant to Section 6.02(c) hereof or (B) as otherwise provided in the Leasehereof) become due and payable and from and after such Prepayment Date (unless there shall be a default in the payment of the Prepayment Price) such Equipment Notes shall cease to bear interest. Upon surrender by any Holder of its Equipment Note for prepayment in accordance with said notice, such Holder shall be paid the principal amount of its Equipment Note then outstanding, accrued interest thereon to the Prepayment Date, all other sums due to such Holder hereunder hereunder, plus, if a Make-Whole Premium is payable pursuant to Section 6.02(b) hereof, the Make-Whole Premium in respect of such Equipment CertificateNote. If any Equipment Note called for prepayment shall not be so paid upon timely surrender thereof for prepayment, the principal shall, until paid, continue to bear interest from the Prepayment Date at the interest rate applicable to such Equipment Note.

Appears in 1 contract

Samples: Note Purchase Agreement (Midway Airlines Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!