Parallel Payments of Notes and First Mortgage Bonds. The First Mortgage Bonds of each series shall contain optional and mandatory redemption provisions (including Make-Whole Amount, if any) which correspond to the optional and mandatory prepayment provisions of the related Notes. In addition, the First Mortgage Bonds shall be subject to mandatory redemption if the Company or the Mortgage Trustee is notified that an Event of Default under this Agreement has occurred and is continuing and that the principal amount of all Notes then outstanding has become due and payable in accordance with this Agreement.
Parallel Payments of Notes and First Mortgage Bonds. The First Mortgage Bonds shall contain optional and mandatory redemption provisions (including Make-Whole Amount, if any) which correspond to the optional and mandatory prepayment provisions of the Notes; provided, however, that the interest rate on defaulted principal, Make-Whole Amount, if any, and interest on the First Mortgage Bonds, to the extent permitted by law, is 6% per annum. In addition, the First Mortgage Bonds shall be subject to mandatory redemption if the Company or the Mortgage Trustee is notified that an Event of Default under this Agreement has occurred and is continuing and that the principal amount of all Notes then outstanding has become due and payable in accordance with this Agreement. Prior to the Release Date:
