Common use of Deferral of Subordinated Note Interest Clause in Contracts

Deferral of Subordinated Note Interest. Pay any interest on the Holdings Subordinated Notes or any Deferred Subordinated Note Interest otherwise due and payable on any Subordinated Note Interest Payment Date if, on such Subordinated Note Interest Payment Date, (a) the Interest Coverage Ratio, the Total Leverage Ratio or the Senior Leverage Ratio as of the last day of the most recently ended Monthly Fiscal Period for which a Monthly Report has been delivered does not meet the threshold required in clauses (i), (ii) or (iii), respectively, below, as reported in such Monthly Report, or (b) the Monthly Report for the second Monthly Fiscal Period immediately preceding such Subordinated Note Interest Payment Date is not timely delivered to the Lenders pursuant to Section 5.4(a) for such Monthly Fiscal Period. If one or more of the conditions described in the immediately preceding clauses (a) and (b) exist, then the payment of interest on the Holdings Subordinated Notes and on Deferred Subordinated Note Interest otherwise due and payable on such Subordinated Note Interest Payment Date shall be deferred, and such deferred interest shall not be required to be paid, prior to December 18, 2008. Payment of interest on a Subordinated Note Interest Payment Date will be deferred on the Holdings Subordinated Notes if on the last day of the Monthly Fiscal Period for which a Monthly Report was most recently delivered prior to such Subordinated Note Interest Payment Date: (i) The Interest Coverage Ratio is less than 1.90 to 1.00; (ii) The Total Leverage Ratio is greater than 4.95 to 1.00; or (iii) The Senior Leverage Ratio is greater than: As of the Closing Date and for all Monthly Fiscal Periods ending on March 31, 2005 and thereafter through and including the Annual Fiscal Period 2007 2.40 to 1.00 Monthly Fiscal Periods ending in Annual Fiscal Period 2008 and thereafter 2.30 to 1.00 Notwithstanding the foregoing or any other provision of any Loan Document, but subject to the terms of Article 10 of the Subordinated Notes Indenture, (i) the payment of interest on the Holdings Subordinated Notes may be deferred on no more than twenty-four (24) Subordinated Note Interest Payment Dates during the initial five-year period during which the Holdings Subordinated Notes are outstanding, (ii) the payment of interest on the Holdings Subordinated Notes may be deferred for no more than ten (10) Subordinated Note Interest Payment Dates in the aggregate during any subsequent five-year period during which the Holdings Subordinated Notes are outstanding, before current interest payments, including interest on Deferred Subordinated Note Interest, must be resumed; provided, however, that for purposes of calculating the foregoing limitation, (x) any payment of deferred interest by Holdings will be applied, first, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on the most recent Subordinated Note Interest Payment Date on which interest was deferred, and thereafter (to the extent of any excess), successively, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on each next preceding Subordinated Note Interest Payment Date on which interest was deferred, and (y) the number of Subordinated Note Interest Payment Dates for which interest will be treated as being deferred will be reduced by the number of Subordinated Note Interest Payment Dates, if any, with regard to which interest was treated as paid in full pursuant to the foregoing ordering rule; and (iii) the payment of interest on the Holdings Subordinated Notes shall not be deferred (A) after December 10, 2008 unless all Deferred Subordinated Note Interest accrued on and prior to December 10, 2008 (together with accrued and unpaid interest thereon) has been paid in cash or (B) if an Event of Default (as defined in the Holdings Subordinated Note Indenture) has occurred and is continuing and payment of the Holdings Subordinated Notes has been accelerated. Notwithstanding anything contained in the Loan Documents to the contrary, but subject to the provisions of Article 10 of the Subordinated Notes Indenture, all Deferred Subordinated Note Interest, all unpaid interest thereon and all unpaid interest on the Holdings Subordinated Notes may be paid on December 10, 2008. Payments of current interest on the Holdings Subordinated Notes and current interest on Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, and (y) all conditions set forth in Section 6.16(f) have been satisfied. Payments of Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, all on a subsequent Subordinated Note Interest Payment Date and (y) all conditions set forth in Section 6.16(g) have been satisfied.

Deferral of Subordinated Note Interest. Pay any interest on the Holdings Subordinated Notes or any Deferred Subordinated Note Interest otherwise due and payable on any Subordinated Note Interest Payment Date if, on such Subordinated Note Interest Payment Date, (a) the Interest Coverage Ratio, the Total Leverage Ratio or the Senior Leverage Ratio as of the last day of the most recently ended Monthly Quarterly Fiscal Period for which a Monthly Quarterly Report has been delivered does not meet the threshold required in clauses (i), (ii) or (iii), respectively, below, as reported in such Monthly Quarterly Report, or (b) the Monthly Quarterly Report for the second Monthly Quarterly Fiscal Period immediately preceding such Subordinated Note Interest Payment Date is not timely delivered to the Lenders pursuant to Section 5.4(a) for such Monthly Quarterly Fiscal Period. If one or more of the conditions described in the immediately preceding clauses (a) and (b) exist, then the payment of interest on the Holdings Subordinated Notes and on Deferred Subordinated Note Interest otherwise due and payable on such Subordinated Note Interest Payment Date shall be deferred, and such deferred interest shall not be required to be paid, prior to December 18, 2008. Payment of interest on a Subordinated Note Interest Payment Date will be deferred on the Holdings Subordinated Notes if on the last day of the Monthly Quarterly Fiscal Period for which a Monthly Quarterly Report was most recently delivered prior to such Subordinated Note Interest Payment Date: (i) The Interest Coverage Ratio is less than 1.90 to 1.00; (ii) The Total Leverage Ratio is greater than 4.95 to 1.00; or (iii) The Senior Leverage Ratio is greater than: As of the Closing Date and for all Monthly Fiscal Periods ending on March 31, 2005 and thereafter through and including the Annual Fiscal Period 2007 2.40 to 1.00 Monthly Fiscal Periods ending in Annual Fiscal Period 2008 and thereafter 2.30 to 1.00 than 2.30x 1.00. Notwithstanding the foregoing or any other provision of any Loan Document, but subject to the terms of Article 10 of the Holdings Subordinated Notes Note Indenture, (i) the payment of interest on the Holdings Subordinated Notes may be deferred on no more than twenty-four (24) Subordinated Note Interest Payment Dates during the initial five-year period during which the Holdings Subordinated Notes are outstandingafter December 10, (ii) 2008, the payment of interest on the Holdings Subordinated Notes may be deferred for no more than ten (10) Subordinated Note Interest Payment Dates in the aggregate during any subsequent five-year period during which the Holdings Subordinated Notes are outstanding, before current interest payments, including interest on Deferred Subordinated Note Interest, must be resumed; provided, however, that for purposes of calculating the foregoing limitation, (x) any payment of deferred interest by Holdings will be applied, first, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on the most recent Subordinated Note Interest Payment Date on which interest was deferred, and thereafter (to the extent of any excess), successively, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on each next preceding Subordinated Note Interest Payment Date on which interest was deferred, and (y) the number of Subordinated Note Interest Payment Dates for which interest will be treated as being deferred will be reduced by the number of Subordinated Note Interest Payment Dates, if any, with regard to which interest was treated as paid in full pursuant to the foregoing ordering rule; and (iii) the payment of interest on the Holdings Subordinated Notes shall not be deferred (A) after December 10, 2008 unless all Deferred Subordinated Note Interest accrued on and prior to December 10, 2008 (together with accrued and unpaid interest thereon) has been paid in cash or (B) if an Event of Default (as defined in the Holdings Subordinated Note Indenture) has occurred and is continuing and payment of the Holdings Subordinated Notes has been accelerated. Notwithstanding anything contained in the Loan Documents to the contrary, but subject to the provisions of Article 10 of the Holdings Subordinated Notes Note Indenture, all Deferred Subordinated Note Interest, all unpaid interest thereon and all unpaid interest on the Holdings Subordinated Notes may be paid on December 10, 2008. Payments of current interest on the Holdings Subordinated Notes and current interest on Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, and (y) all conditions set forth in Section 6.16(f) have been satisfied. Payments of Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, all on a subsequent Subordinated Note Interest Payment Date and (y) all conditions set forth in Section 6.16(g6.16(f) have been satisfied.

Deferral of Subordinated Note Interest. Pay any interest on the Holdings Subordinated Notes or any Deferred Subordinated Note Interest otherwise due and payable If on any Subordinated Note Interest Payment Date if, on such Subordinated Note Interest Payment Date, (a) the Interest Coverage Ratio, the Total Leverage Ratio or the Senior Leverage Ratio as of the last day of the most recently ended Monthly Fiscal Period for which a Monthly Report has been delivered does not meet the threshold required in clauses (i), (ii) or (iii), respectively, below, as reported in such Monthly Report, or (b) the Monthly Report for the second Monthly Fiscal Period immediately preceding such Subordinated Note Interest Payment Date is not timely delivered to the Lenders pursuant to Section 5.4(a) for such Monthly Fiscal Period. If one or more of the conditions described in the immediately preceding clauses (a) and (b) exist, then the payment of interest on the Holdings Subordinated Notes and on Deferred Subordinated Note Interest otherwise due and payable on such Subordinated Note Interest Payment Date shall be deferred, and such deferred interest shall not be required to be paid, prior to December 18, 2008. Payment of interest on a Subordinated Note Interest Payment Date will be deferred on the Holdings Subordinated Notes if on the last day of the Monthly Fiscal Period for which a Monthly Report was most recently delivered prior to such Subordinated Note Interest Payment Date: (i) The Interest Coverage Ratio is less than 1.90 to 1.00; (ii) The Total Leverage Ratio is greater than 4.95 to 1.00; or (iii) The Senior Leverage Ratio is greater than: As of the Closing Date and for all Monthly Fiscal Periods ending on March 31, 2005 and thereafter through and including the Annual Fiscal Period 2007 2.40 to 1.00 Monthly Fiscal Periods ending in Annual Fiscal Period 2008 and thereafter 2.30 to 1.00 Notwithstanding the foregoing or any other provision of any Loan Document, but subject to the terms of Article 10 of the Subordinated Notes Indenture, (i) the payment of interest on the Holdings Subordinated Notes may be deferred on no more than twenty-four (24) Subordinated Note Interest Payment Dates during the initial five-year period during which the Holdings Subordinated Notes are outstanding, (ii) the payment of interest on the Holdings Subordinated Notes may be deferred for no more than ten (10) Subordinated Note Interest Payment Dates in the aggregate during any subsequent five-year period during which the Holdings Subordinated Notes are outstanding, before current interest payments, including interest on Deferred Subordinated Note Interest, must be resumed; provided, however, that for purposes of calculating the foregoing limitation, (x) any payment of deferred interest by Holdings will be applied, first, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on the most recent Subordinated Note Interest Payment Date on which interest was deferred, and thereafter (to the extent of any excess), successively, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on each next preceding Subordinated Note Interest Payment Date on which interest was deferred, and (y) the number of Subordinated Note Interest Payment Dates for which interest will be treated as being deferred will be reduced by the number of Subordinated Note Interest Payment Dates, if any, with regard to which interest was treated as paid in full pursuant to the foregoing ordering rule; and (iii) the payment of interest on the Holdings Subordinated Notes shall not be deferred (A) after December 10, 2008 unless all Deferred Subordinated Note Interest accrued on and prior to December 10, 2008 (together with accrued and unpaid interest thereon) has been paid in cash or (B) if an Event of Default (as defined in the Holdings Subordinated Note Indenture) has occurred and is continuing and payment of the Holdings Subordinated Notes has been accelerated. Notwithstanding anything contained in the Loan Documents to the contrary, but subject to the provisions of Article 10 of the Subordinated Notes Indenture, all Deferred Subordinated Note Interest, all unpaid interest thereon and all unpaid interest on the Holdings Subordinated Notes may be paid on December 10, 2008. Payments of current interest on the Holdings Subordinated Notes and current interest on Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, and (y) all conditions set forth in Section 6.16(f) have been satisfied. Payments of Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, all on a subsequent Subordinated Note Interest Payment Date and (y) all conditions set forth in Section 6.16(g) have been satisfied.:

Deferral of Subordinated Note Interest. Pay any interest on the Holdings Subordinated Notes or any Deferred Subordinated Note Interest otherwise due and payable If on any Subordinated Note Interest Payment Date if, on such Subordinated Note Interest Payment Date, (a) the Interest Coverage Ratio, the Total Leverage Ratio or the Senior Leverage Ratio as of the last day of the most recently ended Monthly Fiscal Period for which a Monthly Report has been delivered does not meet the threshold required in clauses (i), (ii) or (iii), respectively, below, as reported in such Monthly Report, or (b) the Monthly Report for the second Monthly Fiscal Period immediately preceding such Subordinated Note Interest Payment Date is not timely delivered to the Lenders pursuant to Section 5.4(a) for such Monthly Fiscal Period. If one or more of the conditions described in the immediately preceding clauses (a) and (b) exist, then the payment of interest on the Holdings Subordinated Notes and on Deferred Subordinated Note Interest otherwise due and payable on such Subordinated Note Interest Payment Date shall be deferreddeferred to the fifth anniversary of the Closing Date, and such deferred interest shall not be required to be paid, prior to December 18, 2008. Payment payment of interest on a Subordinated Note Interest Payment Date will be deferred on the Holdings Subordinated Notes if on the last day of the Monthly Fiscal Period for which a Monthly Report was most recently delivered prior to such Subordinated Note Interest Payment Date: (i) The Interest Coverage Ratio is less than 1.90 to 1.00; (ii) The Total Leverage Ratio is greater than 4.95 to 1.00; or (iii) The Senior Leverage Ratio is greater than: As of the Closing Date and for all Monthly Fiscal Periods ending on March 31, 2005 and thereafter through and including the Annual Fiscal Period 2007 2.40 to 1.00 Monthly Fiscal Periods ending in Annual Fiscal Period 2008 and thereafter 2.30 to 1.00 Notwithstanding the foregoing or any other provision of any Loan Document, but subject to the terms of Article 10 of the Subordinated Notes Indenture, (i) the payment of interest on the Holdings Subordinated Notes may be deferred on no more than twenty-four (24) Subordinated Note Interest Payment Dates during the initial five-year period during which the Holdings Subordinated Notes are outstanding, (ii) the payment of interest on the Holdings Subordinated Notes may be deferred for no more than ten (10) Subordinated Note Interest Payment Dates in the aggregate during any subsequent five-year period during which the Holdings Subordinated Notes are outstanding, before current interest payments, including interest on Deferred Subordinated Note Interest, must be resumed; provided, however, that for purposes of calculating the foregoing limitation, (x) any payment of deferred interest by Holdings will be applied, first, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on the most recent Subordinated Note Interest Payment Date on which interest was deferred, and thereafter (to the extent of any excess), successively, to the interest payment, including interest on Deferred Subordinated Note Interest, that (but for the deferral) would have been required to be made on each next preceding Subordinated Note Interest Payment Date on which interest was deferred, and (y) the number of Subordinated Note Interest Payment Dates for which interest will be treated as being deferred will be reduced by the number of Subordinated Note Interest Payment Dates, if any, with regard to which interest was treated as paid in full pursuant to the foregoing ordering rule; and (iii) the payment of interest on the Holdings Subordinated Notes shall not be deferred (A) after December 10, 2008 unless all Deferred Subordinated Note Interest accrued on and prior to December 10, 2008 (together with accrued and unpaid interest thereon) has been paid in cash or (B) if an Event of Default (as defined in the Holdings Subordinated Note Indenture) has occurred and is continuing and payment of the Holdings Subordinated Notes has been accelerated. Notwithstanding anything contained in the Loan Documents to the contrary, but subject to the provisions of Article 10 of the Subordinated Notes Indenture, all Deferred Subordinated Note Interest, all unpaid interest thereon and all unpaid interest on the Holdings Subordinated Notes may be paid on December 10, 2008. Payments of current interest on the Holdings Subordinated Notes and current interest on Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, and (y) all conditions set forth in Section 6.16(f) have been satisfied. Payments of Deferred Subordinated Note Interest may resume on any Subordinated Note Interest Payment Date if on the last day of the second Monthly Fiscal Period ending immediately preceding such Subordinated Note Interest Payment Date, (x) the Interest Coverage Ratio is greater than the level set forth above and the Total Leverage Ratio and the Senior Leverage Ratio are less than the levels set forth above, all on a subsequent Subordinated Note Interest Payment Date and (y) all conditions set forth in Section 6.16(g) have been satisfied.: