Deferral of Interest. (a) Prior to June 15, 2012, in accordance with Section 2.06(c) below and subject to the restrictions set forth in Section 9.02, the Company may elect at one or more times to defer payment of interest on the Notes (such unpaid interest, the “Deferred Interest”) for one or more consecutive Interest Periods; provided that each deferred Interest Payment may only be deferred until the earlier of (i) the third anniversary of the Interest Payment Date on which the original Interest Payment was scheduled to be paid and (ii) June 15, 2014. For the avoidance of doubt, the Company shall have paid all Deferred Interest in full, the Company may again defer Interest Payments subject to and in accordance with the terms of this Section 2.06.
(b) Deferred Interest on the Notes will bear interest at the Coupon Rate or the Reset Rate, as applicable, and such interest will be compounded on each Interest Payment Date unless paid on the applicable Interest Payment Date, in each case in accordance with the fourth sentence of Section 2.05(a).
(c) In the event that the Company elects to defer any Interest Payment, the Company shall notify the Trustee and the Holders in writing of such election at least one Business Day prior to the Regular Record Date for the Interest Payment Date on which the Company intends to begin a Deferral Period; provided, however, that the Company’s failure to pay the interest owed on a particular Interest Payment Date shall also constitute the commencement of a Deferral Period, unless such interest is paid within five (5) Business Days after such Interest Payment Date, whether or not the Company provides a notice of deferral.
(d) The Company may pay Deferred Interest (including compounded interest thereon) in cash on any scheduled Interest Payment Date occurring on or prior to June 15, 2014. Deferred Interest paid on any Interest Payment Date shall be payable to the Person in whose name the Notes are registered at the closing of business on the Regular Record Date next preceding such Interest Payment Date.
(e) In connection with any Successful Remarketing of the Notes, all then-outstanding Deferred Interest (including compounded interest thereon) shall be paid to the Holders of Notes that participated in the Remarketing on the immediately following scheduled Interest Payment Date from the proceeds of the Successful Remarketing. As of the Reset Effective Date for any Successful Remarketing, solely with respect to Separate Notes that were not remarketed in ...
Deferral of Interest. So long as no Default or Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time to defer the payment of interest of each Note for a period of up to four consecutive quarterly interest payment periods (any such quarterly interest period, an “Interest Deferral Period”), during which Interest Deferral Period(s), the Company shall have the right to make no payments or partial payments of interest on any Interest Payment Date. No Interest Deferral Period shall end on a date other than an Interest Payment Date and no Interest Deferral Period shall extend beyond the stated maturity of the principal of the Notes or if such extension would cause the Interest Deferral Period to exceed four fiscal quarters in the aggregate through the Maturity Date. No interest shall be due and payable during an Interest Deferral Period (and during such period the interest otherwise payable shall cease), except at the end thereof. At the end of any such Interest Deferral Period, the Company shall pay all interest then accrued and unpaid on each Note, including during the applicable Interest Deferral Periods. Prior to the termination of any quarterly interest payment period within an Interest Deferral Period, the Company may extend such Interest Deferral Period and further defer the payment of interest through the next quarterly interest payment period; provided that (i) all such previous and further extensions comprising such Interest Deferral Period do not exceed four quarterly interest payment periods in the aggregate through the Maturity Date, (ii) no Interest Deferral Period shall end on a date other than an Interest Payment Date, (iii) no Interest Deferral Period shall extend beyond the stated maturity of the principal of the Notes or if such extension would cause the Interest Deferral Period to exceed four fiscal quarters in the aggregate through the Maturity Date and (iv) no Default or Event of Default has occurred 26
Deferral of Interest. The Company may at any time and from time to time, if it is not in default in the payment of interest on the Series A Securities, extend the interest payment period on the Series A Securities for up to 60 consecutive months, but not later than , . At the end of such period the Company will pay all interest then accrued and unpaid (including interest on such interest if legally permitted), provided that during such interest extension period, which the Company may shorten at its option, neither the Company nor any Subsidiary will declare or pay any dividend on or purchase, redeem or acquire or make a liquidation payment on its Capital Stock.
Deferral of Interest. All interest that has accrued between January 24, 2003 and the date hereof under the terms of the Note (the “Accrued Interest”) shall be deferred and shall be payable on August 13, 2007.
Deferral of Interest. The Issuer must pay interest on each Compulsory Interest Payment Date and may elect to defer interest on any Optional Interest Payment Date. Interest which the Issuer elects to defer and interest the Issuer does not pay because the Solvency Condition is not satisfied constitutes “Deferred Interest”. Deferred Interest may be satisfied at any time by the Issuer at its discretion but the Issuer will only be required to satisfy Deferred Interest upon:
Deferral of Interest. Notwithstanding anything herein to the contrary, interest payments hereunder may be deferred for so long as the Corporation is required to defer interest payments hereunder by any law, regulation, policy, pronouncement, statement or action of any applicable Bank Regulator(s) or the Bank is prohibited from declaring and paying dividends to the Corporation in an amount sufficient to cover interest payments on all Serial Debentures, and such failure to pay interest hereunder during this period of deferral shall not constitute an Event of Default under Section 5.1 hereof. Upon the expiration of any such deferral period, all deferred interest shall be payable forthwith without demand by the Holder, provided, however, that, prior to such payment, the Holder may convert any interest amount so deferred into Common Shares in accordance with Article IV.
Deferral of Interest. (a) Prior to July 1, 2013, in accordance with Section 2.06(c) below and subject to the restrictions set forth in Section 8.01, the Company may elect at one or more times to defer payment of interest on the Notes (such unpaid interest, the “Deferred Interest”) for one or more consecutive Interest Periods; provided that each deferred Interest Payment may only be deferred until the earlier of (i) the third anniversary of the Interest Payment Date on which the original Interest Payment was scheduled to be paid and (ii) July 1, 2015. If all Deferred Interest has been paid (including compounded interest thereon), the Company may again defer Interest Payments subject to and in accordance with the terms of this Section 2.06. For the avoidance of doubt, in all cases, including in the event of a Failed Remarketing, the Company shall have no right to defer the payment of interest on the Notes beyond July 1, 2015.
Deferral of Interest. In partital consideration for amending and restating the Existing Credit Agreement, Lender has agreed to defer all interest accrued and/or due under this Agreement, beginning the quarter ended June 30, 2020, until the Company completes a capital raise of at least $5,000,000.
Deferral of Interest. The Buyer has no current intention to exercise, after the Closing Date, the rights of the obligor under the Indenture to defer any interest payments, except as may be required by circumstances not now known by Buyer or as a result of an unanticipated default under the financing arrangements entered into in connection with the purchase of the Acquired Assets.
7. Section 6(a)(xii) and Section 6(b)(xi) of the Asset Purchase Agreement are each hereby amended to delete from each the words "the Deferred Payment Schedule and."
8. Section 9(a)(ii)(B) and Section 9(a)(iii)(B) of the Asset Purchase Agreement are hereby amended to change the date in each from June 30, 2003, to October 31, 2003.
9. Exhibit H, Section 1 of the Asset Purchase Agreement is hereby amended to provide as follows:
Deferral of Interest. The Holder and the Company hereby agree that all interest payments due and payable pursuant to Section 2(a) of the Debentures shall continue to accrue and all such payments shall be deferred until the earliest of (i) each Debenture’s Maturity Date or (ii) such earlier date as the Debentures are repaid or required to be repaid; provided, however, upon an Event of Default, such accrued interest shall become immediately due and payable.
