Common use of Securities Payable on Repurchase Date Clause in Contracts

Securities Payable on Repurchase Date. The form of option to elect repurchase having been delivered as specified in the form of Security for such series as provided in Article 2, the Securities of such series so to be repurchased shall, on the Repurchase Date, become due and payable at the Repurchase Price applicable thereto and from and after such date (unless the Company shall default in the payment of the Repurchase Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for repurchase in accordance with said notice, such Security shall be paid by the Company at the Repurchase Price together with accrued interest to the Repurchase Date; provided, however, that installments of interest whose Stated Maturity is on or prior to such Repurchase Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular and Special Record Dates according to their terms and the provisions of Section 307. If the amount deposited in accordance with Section 1203 is insufficient to pay the Repurchase Price of all of the Securities as to which the option to elect repurchase exists under this Indenture and has been exercised, the Trustee shall select the particular Securities to be repurchased on a pro rata basis among all such Holders of all series of Securities having such repurchase right and so exercising the option to elect repurchase (and in such manner as complies with applicable legal and stock exchange requirements, if any). The Trustee shall promptly notify the Company in writing of the Securities selected for repurchase and the principal amount thereof. Securities and portions of them selected shall be in amounts of $1,000 or whole multiples of $1,000. Except as provided in this paragraph, provisions of this Indenture that apply to Securities to be repurchased also apply to portions of Securities to be repurchased. If any such Security shall not be paid upon surrender thereof for repurchase, the principal (and premium, if any) shall, until paid, bear interest from the Repurchase Date at the rate prescribed therefor in such Security.

Securities Payable on Repurchase Date. The form of option to elect repurchase having been delivered as specified in the form of Security for such series as provided in Article 2, the Securities of such series so to be repurchased shall, on the Repurchase Date, become due and payable at the Repurchase Price applicable thereto and from and after such date (unless the Company shall default in the payment of the Repurchase Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for repurchase in accordance with said notice, such Security shall be paid by the Company at the Repurchase Price together with accrued interest to the Repurchase Date; provided, however, that installments of interest whose Stated Maturity is on or prior to such Repurchase Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular and Special Record Dates according to their terms and the provisions of Section 307. If the amount deposited in accordance with Section 1203 is insufficient to pay the Repurchase Price of all of the Securities as to which the option to elect repurchase exists under this Indenture and has been exercised, the Trustee shall select the particular Securities to be repurchased on a pro rata PRO RATA basis among all such Holders of all series of Securities having such repurchase right and so exercising the option to elect repurchase (and in such manner as complies with applicable legal and stock exchange requirements, if any). The Trustee shall promptly notify the Company in writing of the Securities selected for repurchase and the principal amount thereof. Securities and portions of them selected shall be in amounts of $1,000 or whole multiples of $1,000. Except as provided in this paragraph, provisions of this Indenture that apply to Securities to be repurchased also apply to portions of Securities to be repurchased. If any such Security shall not be paid upon surrender thereof for repurchase, the principal (and premium, if any) shall, until paid, bear interest from the Repurchase Date at the rate prescribed therefor in such Security.