Common use of Payment Upon Prepayment by the Company Clause in Contracts

Payment Upon Prepayment by the Company. (a) If the giving of notice of prepayment shall have been completed as above provided, the Bonds or portions of Bonds to be prepaid specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable prepayment price, together with interest accrued to the date fixed for prepayment and interest on such Bonds or portions of Bonds shall cease to accrue on and after the date fixed for prepayment, unless the Company shall default in the payment of such prepayment price and accrued interest with respect to any such Bond or portion thereof. On presentation and surrender of such Bonds on or after the date fixed for prepayment at the place of payment specified in the notice, said Bonds shall be prepaid at the applicable prepayment price, together with interest accrued thereon to the date fixed for prepayment (but if the date fixed for prepayment is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.02).