Common use of Payment of Note Called for Redemption Clause in Contracts

Payment of Note Called for Redemption. If notice of redemption has been given as above provided, this Note or the portion of this Note with respect to which such notice has been given shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued and unpaid to the date fixed for redemption, and on and after such date (unless the Company shall default in the payment of this Note or portion hereof to be redeemed at such redemption price, together with interest accrued to such date) interest on this Note or portion hereof so called for redemption shall cease to accrue, and this Note or portion hereof so called for redemption shall be deemed not to be outstanding and shall not be entitled to any benefit under this Note except to receive payment of such redemption price, together with accrued interest to the date fixed for redemption. On presentation and surrender of this Note on or after the date fixed for redemption at the place of payment in such notice specified, this Note or the specified portion hereof to be redeemed shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption.