Common use of Extension of Interest Payment Period Clause in Contracts

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 22 contracts

Samples: Second Bancorp Incorporated (Second Bancorp Inc), Indenture (Paradigm Capital Trust Ii), Indenture (Paradigm Capital Trust Ii)

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Extension of Interest Payment Period. The So long as no other Event of Default has occurred and is continuing, the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on the Senior Notes by extending the Interest Period on the Senior Notes at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSenior Notes, for up to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters quarterly periods (the "Extended each such extended Interest Payment Period", together with all previous and further consecutive extensions thereof, is referred to herein as an “Extension Period”), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment . No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date or extend beyond the Maturity Date, as the case may be. To During any Extension Period, interest will continue to accrue on the Senior Notes, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate equal to the Interest Rate applicable during such Extension Period, compounded on each Interest Payment Date during such Extension Period, to the extent permitted by applicable law. No interest or Deferred Interest shall be due and payable during an Extension Period, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon except at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest")end thereof. At the end of the Extended Interest Payment any Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest Deferred Interest then accrued and unpaid on the DebenturesSenior Notes; provided, including however, that during any Additional Interest and Compounded Interest (togetherExtension Period, "Deferred Interest") that the Company shall be payable subject to the holders of the Debentures restrictions set forth in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment PeriodSection 5.14. Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as Extension Period, provided, that no Event Extension Period (including all previous and further consecutive extensions that are part of Default has occurred and is continuing, provided that such period together with all such further extensions thereof Extension Period) shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datequarterly periods. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueInterest, the Company may commence a new Extended Interest Payment PeriodExtension Period for up to 20 consecutive quarterly periods as if no prior Extension Period had occurred, subject to the foregoing requirements. No interest shall be due and payable during The Company must give the Holders notice of its election to begin or extend an Extended Extension Period at least one Business Day prior to the Regular Record Date applicable to the next succeeding Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment PeriodDate.

Appears in 15 contracts

Samples: Securities Purchase Agreement, Securities Purchase Agreement, Securities Purchase Agreement

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 twenty (20) consecutive quarters (the "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Extension Period ("Compounded Interest"). At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest Payments and Compounded Interest (together, "Deferred InterestPayments") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest Payments then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Extension Period.

Appears in 8 contracts

Samples: Indenture (S Y Bancorp Inc), Indenture (S Y Bancorp Inc), Itla Capital Corp

Extension of Interest Payment Period. The So long as no Acceleration Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded Additional Interest"). At the end of any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); provided, however, that no Extension Period may extend beyond the Maturity Date; provided further, however, that during any such Extension Period, the Company shall calculate not and shall not permit any Affiliate to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany) and pay all interest accrued and unpaid on the Debentures, including or make any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable guarantee payments with respect to the holders foregoing or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Debentures Company or any Affiliate that rank pari passu in whose names all respects with or junior in interest to the Debentures are registered (other than, with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock, (c) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the Debenture Register form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the first record date after dividend is being paid or ranks pari passu with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the end of the Extended Interest Payment PeriodCapital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period by the close of business at any time all least 15 Business Days prior to the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend such Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 7 contracts

Samples: Indenture (Exchange National Bancshares Inc), Indenture (Community Bancorp Inc), Indenture (Four Oaks Fincorp Inc)

Extension of Interest Payment Period. The So long as the Company shall not be in default in the payment of interest on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment DateStated Maturity. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Compound Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Compound Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date for the first Interest Payment Date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 7 contracts

Samples: Third Supplemental Indenture (Fleet Capital Trust Viii), Indenture (Fleet Financial Group Inc), Indenture (Fleet Capital Trust Ix)

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided PROVIDED that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 7 contracts

Samples: Indenture (Independent Capital Trust Iii), Indenture (Independent Bank Corp), Indenture (Independent Bank Corp)

Extension of Interest Payment Period. The Company Issuer shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest on the Debentures by extending the interest payment period of such the Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Issuer shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, all such interest the "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Subordinated Debentures are registered in the Debenture Register on as of the first record date after Record Date relating to the Interest Payment Date that corresponds to the end of the such Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company Issuer may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Issuer may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Issuer may prepay at any time all or any portion of the interest Deferred Interest accrued during an Extended Interest Payment Period.

Appears in 6 contracts

Samples: Fourth Supplemental Indenture (Conseco Inc), First Supplemental Indenture (Conseco Inc Et Al), Fifth Supplemental Indenture (Conseco Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded Additional Interest"). At the end of any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); provided, however, that no Extension Period may extend beyond the Maturity Date; provided further, however, that during any such Extension Period, the Company shall calculate not and shall not permit any Affiliate of the Company controlled by the Company to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany or a Subsidiary of the Company) or make any guarantee payments with respect to the foregoing; or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company or any Affiliate of the Company controlled by the Company that rank pari passu in all respects with or junior in interest to the Debentures (other than, with respect to clauses (i) and pay all interest accrued and unpaid on (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the DebenturesCompany or any Subsidiary of the Company in connection with any employment contract, including any Additional Interest and Compounded Interest benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company or of such Subsidiary (together, "Deferred Interest"or securities convertible into or exercisable for such capital stock) that shall be payable as consideration in an acquisition transaction entered into prior to the holders applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Debentures in whose names Company's capital stock (or any capital stock of a Subsidiary of the Debentures are registered Company) for any class or series of the Company's capital stock (or in the Debenture Register on the first record date after the end case of a Subsidiary of the Extended Interest Payment PeriodCompany, any class or series of such Subsidiary's capital stock) or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock (or in the case of indebtedness of a Subsidiary of the Company, of any class or series of such Subsidiary's indebtedness for any class or series of such Subsidiary's capital stock), (c) the purchase of fractional interests in shares of the Company's capital stock (or the capital stock of a Subsidiary of the Company) pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the Capital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during an Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period at any time all least 5 Business Days prior to the regular record date (as such term is used in Section 2.8) immediately preceding the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend an Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 6 contracts

Samples: Indenture (James River Group, INC), Indenture (Tower Group, Inc.), Indenture (Procentury Corp)

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Floating Interest Rate in effect for each period compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 6 contracts

Samples: Indenture (Heartland Financial Usa Inc), Indenture (United Bancorporation of Alabama Inc), Indenture (Investorsbancorp Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures or first such semi-annual period during such Extended Interest Payment Period, end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 6 contracts

Samples: Indenture (Progress Capital Trust I), Indenture (Ml Bancorp Inc), Indenture (First Western Bancorp Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, including the first such semi-annual period during such Extended Interest Payment Period, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 5 contracts

Samples: Indenture (Firstar Corp /Wi/), Indenture (Hubco Inc), Indenture (Firstar Capital Trust I)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event Debt Securities of Default has occurred and is continuingany series, to defer payments of interest by extending the interest payment period of such Debentures Debt Securities for a period an Extended Interest Period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period")quarters, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Stated Maturity Date or end on a date other than an Interest Payment Date. To for the extent permitted by applicable law, interest, the payment of which has been deferred because principal of the extension Debt Securities of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest")such series. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay on the next Interest Payment Date all interest accrued and unpaid on the DebenturesDebt Securities of such series, including any Additional Interest Payments and Compounded Additional Interest (together, the "Deferred InterestPayments") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Register Registered Securities of such series on the first record date Regular Record Date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datesuch Debt Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest Payments then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest and Additional Interest accrued during an Extended Interest Payment Period.

Appears in 5 contracts

Samples: Indenture (Rga Capital Trust Ii), Indenture (Rga Capital Trust Ii), Reinsurance Group of America Inc

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded Additional Interest"). At the end of any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); provided, however, that no Extension Period may extend beyond the Maturity Date; provided further, however, that during any such Extension Period, the Company shall calculate not and shall not permit any Affiliate to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany) and pay all interest accrued and unpaid on the Debentures, including or make any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable guarantee payments with respect to the holders foregoing or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Debentures Company or any Affiliate that rank pari passu in whose names all respects with or junior in interest to the Debentures are registered (other than, with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock, (c) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the Debenture Register form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the first record date after dividend is being paid or ranks pari passu with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the end of the Extended Interest Payment PeriodCapital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period at any time all least 5 Business Days prior to the regular record date (as such term is used in Section 2.8) immediately preceding the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend such Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 5 contracts

Samples: Indenture (Home Bancshares Inc), Indenture (CVB Financial Corp), Indenture (City National Bancshares Corp)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingJunior Subordinated Debentures, to defer payments of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.14.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Junior Subordinated Debentures, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Securities Register on the first record date after for the Interest Payment Date coinciding with the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 4 contracts

Samples: Subordinated Indenture (Flagstar Trust), BVBC Capital Trust I, Blue Valley Ban Corp

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 4 contracts

Samples: 1st Source Capital Trust Ii, 1st Source Capital Trust Ii, Mvbi Capital Trust

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period”). Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 4 contracts

Samples: Great Southern (Great Southern Capital Trust IV), First Financial (First Financial Capital Trust II), Indenture (Horizon Financial Capital Trust II)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Extension Period ("Compounded Interest"). At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest Payments and Compounded Interest (together, "Deferred InterestPayments") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest Payments then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Extension Period.

Appears in 4 contracts

Samples: Baylake Capital Trust I, Baylake Capital Trust I, Team Financial Capital Trust I

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingJunior Subordinated Debentures, to defer payments of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Junior Subordinated Debentures, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Junior Subordinated Debentures in whose names the Subordinated Debentures are registered in the Debenture Securities Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 4 contracts

Samples: Community First Bankshares Inc, CFB Capital Iv, Community First Bankshares Inc

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (Eagle Bancshares Inc), Ifc Capital Trust I, Premier Bancshares Inc /Ga

Extension of Interest Payment Period. The Provided that no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters quarterly periods (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded “Compound Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Compound Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date for the first Interest Payment Date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous or further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datequarterly periods. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Supplemental Indenture (First Merchants Corp), First Supplemental Indenture (Superior Bancorp), Indenture (Popular Inc)

Extension of Interest Payment Period. The SECTION 4.1. EXTENSION OF INTEREST PAYMENT PERIOD So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Southwest Bancorp Inc, Sbi Capital Trust, Southwest Bancorp Inc

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Stated Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Securities Register on the first record date after for the first regular Interest Payment Date next preceding the end of the Extended Interest Payment PeriodPeriod (which Interest Payment Date shall be as specified in the Debenture). Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 consecutive quartersquarterly periods, or extend beyond including the Maturity Date of the Debentures or first such quarterly period during such Extended Interest Payment Period, end on a date other than an Interest Payment Date or extend beyond the Stated Maturity Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Sterling Bancshares Inc, Sterling Bancshares Inc, Sterling Bancshares Capital Trust Ii

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures Debentures, so long as no Event of Default with respect to the Debentures has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except (i) at the end thereofthereof and (ii) upon a redemption of the Debentures during an Extended Interest Payment Period, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Public Service Co of Colorado, Baltimore Gas & Electric Co, Baltimore Gas & Electric Co

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 consecutive quartersquarterly periods, or extend beyond including the Maturity Date of the Debentures or first such quarterly period during such Extended Interest Payment Period, end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (Independent Capital Trust I), Indenture (Argo Capital Trust Co), R&g Financial Corp

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters by extending the interest payment period to a subsequent Interest Payment Date for such Debentures (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Security Register on the first record date after in respect of the Interest Payment Date occurring at the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date maturity date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at Period until the end thereof, except upon a redemption of the Debentures during an Extended Interest Payment Period, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (Oge Energy Capital Trust I), Oge Energy Capital Trust Ii, Oge Energy Capital Trust Ii

Extension of Interest Payment Period. The (a) So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 [10] consecutive quarters [semi-annual] periods (or the equivalent thereof), including the first such [semi-annual] period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may shall extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.12.13(a), shall will bear interest thereon at the Coupon Rate compounded quarterly [semi-annually] for each quarter [semi-annual] period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuing, period; provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarters[semi-annual] periods, including the first such [semi-annual] period during such Extended Interest Payment Period or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateSecurities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (Continental Airlines Finance Trust Iii), Dynegy Capital Trust Iii, Newfield Exploration Co /De/

Extension of Interest Payment Period. The As long as an ------------------------------------ Event of Default under Section 6.01(a) of the Base Indenture shall not have occurred and be continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingConvertible Debentures, to defer payments of interest by extending the interest payment period of such Convertible Debentures for a period not exceeding 20 consecutive quarters (the an "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payablepayable on the Convertible Debentures; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1during an Extended Interest Payment Period, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). Before the termination of any such Extended Interest Payment Period the Company may further extend such Extended Interest Payment Period, provided that such Extended Interest Payment Period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Convertible Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Convertible Debentures in whose names the Convertible Debentures are registered in the Debenture Security Register on the first record date after the end termination of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay pay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Rights Agreement (Usx Capital Trust I), Rights Agreement (Usx Corp), Rights Agreement (Usx Capital Trust I)

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.15.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Southside Capital Trust Ii, Ifc Capital Trust Ii, Greater Atlantic Financial Corp

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event Securities of Default has occurred and is continuingany series, to defer payments of interest by extending the interest payment period of all Securities of such Debentures series for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payablepayable on Securities of such series; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateof such Securities. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.113.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the any Extended Interest Payment PeriodPeriod with respect to any series of Securities, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debenturessuch Securities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Securities of such Series in whose names the Debentures such Securities are registered in the Debenture Security Register on the first record date after the end of the such Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, period; provided that such period period, together with all such further extensions thereof thereof, shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date ; and provided further that no prepayment of the Debentures or end on a date other than interest during an Extended Interest Payment DatePeriod shall allow the Company to extend such Extended Interest Payment Period beyond 20 consecutive quarters. Upon the termination of any Extended Interest Payment Period with respect to any series of Securities and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment PeriodPeriod with respect to such series of Securities, subject to the foregoing requirements. No interest on a series of Securities shall be due and payable during an Extended Interest Payment PeriodPeriod with respect thereto, except at the end thereof, but provided the Company may prepay at any time all or any portion of the interest accrued during an any Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (Citigroup Capital Xii), Indenture (Commercial Credit Co), CGMH Capital Iv

Extension of Interest Payment Period. The Company So long as no Event of Default has occurred and is continuing, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; , provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter of semi-annual period during the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") ), that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company Corporation may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingExtended Interest Payment Period, provided that such period Extended Interest Payment Period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not (i) exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures or first such semi-annual period during such Extended Interest Payment Period, (ii) end on a date other than an Interest Payment DateDate or (iii) extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest amounts then due, the Company Corporation may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (Telebanc Capital Trust I), BFD Preferred Capital Trust Ii, New York Community Bancorp Inc

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date maturity date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (NSP Financing Ii), Indenture (NSP Financing Ii), Hartford Life Capital Ii

Extension of Interest Payment Period. The Company So long as no Event of Default has occurred and is continuing, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; , provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the applicable periodic Coupon Rate compounded quarterly for each quarter of quarterly period during the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") ), that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company Corporation may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingExtended Interest Payment Period, provided that such period Extended Interest Payment Period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not (i) exceed 20 consecutive quartersquarterly periods, or extend beyond including the Maturity Date of the Debentures or first such quarterly period during such Extended Interest Payment Period, (ii) end on a date other than an Interest Payment DateDate or (iii) extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest amounts then due, the Company Corporation may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 3 contracts

Samples: Indenture (Hamilton Capital Trust I), Indenture (Hamilton Capital Trust I), Indenture (Haven Bancorp Inc)

Extension of Interest Payment Period. The If specified as contemplated by Section 3.1 with respect to the Securities of a particular series and subject to the terms, conditions and covenants, if any, so specified, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingsuch series, to defer payments the payment of interest on such Securities for such period or periods as may be specified as contemplated by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters Section 3.1 (the each, an "Extended Interest Payment Extension Period"), during which Extended Extension Periods the Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date day other than an Interest Payment Date. To At the end of any such Extension Period, the Company shall pay all interest then accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at the rate specified for the Securities of such series to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation Prior to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment such Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingthe interest payment period, provided that no Extension Period shall exceed the period or periods specified in such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, Securities or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateprincipal of such Securities. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred accrued and unpaid interest and any Additional Interest then duedue on any Interest Payment Date, the Company may commence elect to begin a new Extended Interest Payment Extension Period, subject to the foregoing above requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof. The Company shall give the Holders of the Securities of such series and the Trustee notice of its election to begin any such Extension Period at least one Business Day prior to the Interest Payment Date or, with respect to the Securities of a series issued to an ACE Trust, prior to the earlier of (i) the date the Distributions on the Preferred Securities of such ACE Trust are payable or (ii) the date the trustees of such ACE Trust are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or the date such Distributions are payable, but the Company may prepay at in any time all or any portion event not less than one Business Day prior to such record date. The Trustee shall promptly give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin any such Extension Period to the Holders of the outstanding Securities of such series.

Appears in 3 contracts

Samples: Ace LTD, Ace LTD, Ace Ina Holdings Inc

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding 20 consecutive quarters quarterly periods (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Third Supplemental Indenture (Bank of America Corp /De/), Indenture (Bank of America Corp /De/)

Extension of Interest Payment Period. The So long no Event of Default under Section 6.01 of the Base Indenture has occurred and is continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingJunior Subordinated Debentures, from time to time to defer payments the payment of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding 20 10 consecutive quarters semi-annual periods (the an "Extended Interest Payment Extension Period"), during which Extended Extension Period the Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity or any earlier redemption date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period an Extension Period imposed pursuant to this Section 4.14.01, shall will bear interest thereon at the Coupon Rate Additional Interest compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest")semi-annually. At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Junior Subordinated Debentures, including any Additional Interest, Special Interest and Compounded Interest (togetherAdditional Tax Sums, "Deferred Interest") that shall be payable if applicable, to the holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Register on the first record date after Record Date preceding the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingExtension Period, provided that such period together with all such further extensions thereof shall not exceed 20 10 consecutive quarterssemi- annual periods, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier redemption date. Upon At any time following the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred any accrued and unpaid Additional Interest and Special Interest then due, the Company may commence elect to begin a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: First Supplemental Indenture (DPL Inc), First Supplemental Indenture (DPL Inc)

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Floating Interest Rate in effect for each period compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Indenture (Alabama National Bancorporation), Indenture (San Rafael Bancorp)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuing, period; provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures or first such semi-annual period during such Extended Interest Payment Period, end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Dynegy Capital Trust Iii, NGC Corp

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment PeriodEXTENDED INTEREST PAYMENT PERIOD"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1SECTION 16.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded InterestCOMPOUNDED INTEREST"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred InterestDEFERRED INTEREST") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuing, period; provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures or first such semi-annual period during such Extended Interest Payment Period, end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Illinois Power Co, Illinois Power Co

Extension of Interest Payment Period. The So long as no Event of ------------------------------------ Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 twenty (20) consecutive quarters (the "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.14.1 and which remains unpaid, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Extension Period ("Compounded Interest"). At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest Payments and Compounded Interest (together, "Deferred InterestPayments") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, ; provided that such period together with all such further extensions thereof shall not exceed 20 twenty (20) consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest Payments then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Extension Period.

Appears in 2 contracts

Samples: Abc Bancorp Capital Trust I, Abc Bancorp Capital Trust I

Extension of Interest Payment Period. The Company Issuer shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Issuer shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before Prior to the termination of any Extended Interest Payment Period, the Company Issuer may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Issuer may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Issuer may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period. The limitations set forth in Section 3.5 of the Indenture shall apply during any Extended Interest Payment Period.

Appears in 2 contracts

Samples: First Supplemental Indenture (Laclede Capital Trust I), Supplemental Indenture (Puget Sound Energy Inc)

Extension of Interest Payment Period. The So long as no ---------------------------------------- Acceleration Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period ----------------- no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded Additional Interest"). At the end of -------------------- any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); provided, -------- however, that no Extension Period may extend beyond the Maturity Date; provided ------- -------- further, however, that during any such Extension Period, the Company shall calculate not ------- ------- and shall not permit any Affiliate to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany) and pay all interest accrued and unpaid on the Debentures, including or make any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable guarantee payments with respect to the holders foregoing or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Debentures Company or any Affiliate that rank pari passu in whose names all respects with or junior in interest to the Debentures are registered (other than, with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock, (c) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the Debenture Register form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the first record date after dividend is being paid or ranks pari passu with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the end of the Extended Interest Payment PeriodCapital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period by the close of business at any time all least 15 Business Days prior to the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend such Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 2 contracts

Samples: Indenture (First Banks, Inc), Indenture (First Banks, Inc)

Extension of Interest Payment Period. The Company So long as no Debenture Event of Default has occurred and is continuing, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingJunior Subordinated Debentures, to defer payments of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Stated Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Extension Period ("Compounded Interest"). At the end of the Extended Interest Payment Extension Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Junior Subordinated Debentures, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Register on the first record date after preceding the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company Corporation may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extension Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures or first such semi-annual period during such Extension Period, end on a date other than an Interest Payment Date or extend beyond the Stated Maturity Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then due, the Company Corporation may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Extension Period.

Appears in 2 contracts

Samples: Satisfaction And (Mainstreet Bankgroup Inc), Mainstreet Bankgroup Inc

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment PeriodEXTENSION PERIOD"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded InterestADDITIONAL INTEREST"). At the end of any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); PROVIDED, HOWEVER, that no Extension Period may extend beyond the Maturity Date; PROVIDED FURTHER, HOWEVER, that during any such Extension Period, the Company shall calculate not and shall not permit any Affiliate of the Company controlled by the Company to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany or a Subsidiary of the Company) or make any guarantee payments with respect to the foregoing; or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company or any Affiliate of the Company controlled by the Company that rank PARI PASSU in all respects with or junior in interest to the Debentures (other than, with respect to clauses (i) and pay all interest accrued and unpaid on (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the DebenturesCompany or any Subsidiary of the Company in connection with any employment contract, including any Additional Interest and Compounded Interest benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company or of such Subsidiary (together, "Deferred Interest"or securities convertible into or exercisable for such capital stock) that shall be payable as consideration in an acquisition transaction entered into prior to the holders applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Debentures in whose names Company's capital stock (or any capital stock of a Subsidiary of the Debentures are registered Company) for any class or series of the Company's capital stock (or in the Debenture Register on the first record date after the end case of a Subsidiary of the Extended Interest Payment PeriodCompany, any class or series of such Subsidiary's capital stock) or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock (or in the case of indebtedness of a Subsidiary of the Company, of any class or series of such Subsidiary's indebtedness for any class or series of such Subsidiary's capital stock), (c) the purchase of fractional interests in shares of the Company's capital stock (or the capital stock of a Subsidiary of the Company) pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks PARI PASSU with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the Capital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during an Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period at any time all least 5 Business Days prior to the regular record date (as such term is used in Section 2.8) immediately preceding the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend an Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 2 contracts

Samples: Indenture (Tower Group, Inc.), Indenture (Tower Group, Inc.)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable lawInterest, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate rate of _____% per annum, compounded quarterly for each quarter of during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: American Bancorporation Capital Trust I, Pittsburgh Home Capital Trust I

Extension of Interest Payment Period. The Company Issuer shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Issuer shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before Prior to the termination of any Extended Interest Payment Period, the Company Issuer may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Issuer may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Issuer may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period. The limitations set forth in Section 3.5 of the Indenture shall apply during any Extended Interest Payment Period.

Appears in 2 contracts

Samples: Indenture (CMS Energy Corp), Consumers Power Co Financing I

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate rate of _____% per annum, compounded quarterly for each quarter of during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Bankunited Capital Ii, Bankunited Capital Ii

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 60 consecutive quarters months (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly monthly for each quarter month of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 60 consecutive quartersmonths, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: R&g Financial Corp, R&g Capital Trust V

Extension of Interest Payment Period. The Company So long as no Event of Default has occurred and is continuing, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable lawInterest, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate rate of __% per annum, compounded quarterly for each quarter of during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest in respect of such period (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register as of the close of business on the first record date after Regular Record Date immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company Corporation may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Corporation may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period, which prepayments shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register as of the close of business on the Regular Record Date immediately preceding the date of prepayment.

Appears in 2 contracts

Samples: Apab Capital Trust I, Crescent Capital Trust I

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters quarterly interest periods, including the first such quarterly interest period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Scheduled Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of quarterly interest period within the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Register security register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 consecutive quartersquarterly interest periods, including the first such quarterly interest period during such Extended Interest Payment Period, or extend beyond the Scheduled Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, Period except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Citicorp, Citicorp

Extension of Interest Payment Period. The So long as no Extension Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded Additional Interest"). At the end of any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); provided, however, that no Extension Period may extend beyond the Maturity Date; provided further, however, that during any such Extension Period, the Company shall calculate not and shall not permit any Affiliate to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany) and pay all interest accrued and unpaid on the Debentures, including or make any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable guarantee payments with respect to the holders foregoing or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Debentures Company or any Affiliate that rank PARI PASSU in whose names all respects with or junior in interest to the Debentures are registered (other than, with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock, (c) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the Debenture Register form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the first record date after dividend is being paid or ranks PARI PASSU with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the end of the Extended Interest Payment PeriodCapital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period by the close of business at any time all least 5 Business Days prior to the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend such Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 2 contracts

Samples: Indenture (Westbank Corp), Indenture (Westbank Corp)

Extension of Interest Payment Period. The If specified as contemplated by Section 3.1 with respect to the Securities of a particular series and subject to the terms, conditions and covenants, if any, so specified, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingsuch series, to defer payments the payment of interest on such Securities for such period or periods as may be specified as contemplated by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters Section 3.1 (the each, an "Extended Interest Payment Extension Period"), during which Extended Extension Periods the ---------------- Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date day other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment any such Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest (including, without limitation, any Additional Interest) then accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable Securities. Prior to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment such Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingthe interest payment period, provided that no Extension Period shall exceed the period or periods specified in such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, Securities or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateprincipal of such Securities. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest, the Company may commence elect to begin a new Extended Interest Payment Extension Period, subject to the foregoing above requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof. The Company shall give the Holders of the Securities of such series and the Trustee written notice of its election to begin any such Extension Period at least one Business Day prior to the Interest Payment Date or, with respect to the Securities of a series issued to a PartnerRe Trust, prior to the earlier of (i) the date the Distributions on the Preferred Securities of such PartnerRe Trust are payable or (ii) the date the trustees of such PartnerRe Trust are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or the date such Distributions are payable, but the Company may prepay at in any time all or any portion event not less than one Business Day prior to such record date. The Trustee shall promptly give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin any such Extension Period to the Holders of the outstanding Securities of such series.

Appears in 2 contracts

Samples: Indenture (Partnerre LTD), Partnerre LTD

Extension of Interest Payment Period. The So long as the Company is not in Default in the payment of interest, including contingent interest, if any, on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest interest, other than contingent interest, by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment an “Extension Period"), during which Extended Interest Payment Extension Period no interest (other than contingent interest) shall be due and payable; provided provided, that no Extended Interest Payment Extension Period may shall extend beyond the Stated Maturity or, with respect to any Debentures called for redemption, the Redemption Date or end on a date other than an Interest Payment Datewith respect to such Debentures. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.16.01 of the Third Supplemental Indenture, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Extension Period ("Compounded Interest"). At the end of the Extended Extension Period, which is an Interest Payment PeriodDate, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest Debentures (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register Holders on the first record date after Regular Record Date immediately preceding the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend defer payments of interest (other than contingent interest) by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extension Period, shall not exceed 20 consecutive quartersquarterly periods, including the first such quarterly period during such Extension Period, or extend beyond the Stated Maturity Date of the Debentures or end or, with respect to any Debentures called for redemption, the Redemption Date with respect to such Debentures. If any Extension Period ends on a date other than day that is not an Interest Payment Date, then on or prior to the last day of such Extension Period, the Company shall deposit with the Trustee the full amount of unpaid interest that has accrued on the Debentures through the last Interest Payment Date that falls prior to the last day of the Extension Period, and on the Interest Payment Date following the last day of the Extension Period, all unpaid interest accrued on the Debentures through that following Interest Payment Date will be due and payable unless the Company further extends the Extension Period to a later date, in which case the amounts deposited with the Trustee shall be returned to the Company. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest (other than contingent interest) shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Extension Period. The payment of contingent interest may not, under any circumstances, be subject to an Extension Period.

Appears in 2 contracts

Samples: Indenture (Omnicare Capital Trust Ii), Omnicare Inc

Extension of Interest Payment Period. The So long as the Company is not in Default in the payment of interest, including contingent interest, if any, on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest interest, other than contingent interest, by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment an “Extension Period"), during which Extended Interest Payment Extension Period no interest (other than contingent interest) shall be due and payable; provided that no Extended Interest Payment Extension Period may shall extend beyond the Stated Maturity or, with respect to any Debentures called for redemption, the Redemption Date or end on a date other than an Interest Payment Datewith respect to such Debentures. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.16.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Extension Period ("Compounded Interest"). At the end of the Extended Extension Period, which is an Interest Payment PeriodDate, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest Debentures (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register Holders on the first record date after Regular Record Date immediately preceding the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend defer payments of interest (other than contingent interest) by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extension Period, shall not exceed 20 consecutive quartersquarterly periods, including the first such quarterly period during such Extension Period, or extend beyond the Stated Maturity Date of the Debentures or end or, with respect to any Debentures called for redemption, the Redemption Date with respect to such Debentures. If any Extension Period ends on a date other than day that is not an Interest Payment Date, then on or prior to the last day of such Extension Period, the Company shall deposit with the Trustee the full amount of unpaid interest (other than contingent interest) that has accrued on the Debentures through the last Interest Payment Date that falls prior to the last day of the Extension Period, and on the Interest Payment Date following the last day of the Extension Period, all unpaid interest accrued on the Debentures through that following Interest Payment Date will be due and payable unless the Company further extends the Extension Period to a later date, in which case the amounts deposited with the Trustee shall be returned to the Company. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest (other than contingent interest) shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Extension Period. The payment of contingent interest may not, under any circumstances, be subject to an Extension Period.

Appears in 2 contracts

Samples: Indenture (Omnicare Capital Trust Ii), Omnicare Inc

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so So long as no Event of Default has occurred and is continuing, the Company shall have the right, after March 15, 2000, at any time during the term of this Security, from time to time to defer payments of interest by extending the interest payment period of such Debentures Security for a period not exceeding up to 20 consecutive quarters (the a "Extended Interest Payment Deferral Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided PROVIDED that no Extended Interest Payment Deferral Period may extend beyond the Maturity Date or end on a date other than an Interest Payment DateMarch 15, 2030. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.13.13 of the Indenture, shall will bear interest thereon at the Coupon Applicable Rate compounded quarterly for each quarter of the Extended Interest Payment Deferral Period ("Compounded Interest"). At On the end of the Extended Interest applicable Payment PeriodResumption Date, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after the end of the Extended Interest fixed for such Payment PeriodResumption Date. Before the termination of any Extended Interest Payment Deferral Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingprovided in the Indenture, provided PROVIDED that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment DateSecurity. Upon the termination of any Extended Interest Payment Deferral Period and upon the payment of all Deferred Compounded Interest and Additional Sums (together, "Additional Payments"), if any, then due, the Company may commence a new Extended Interest Payment Deferral Period, subject to the foregoing requirements. No interest shall be due and payable during a Deferral Period except on the applicable Payment Resumption Date. The Company shall give the Holder of the Security and the Trustee written notice (a "Deferral Notice") of its selection of a Deferral Period at least ten days prior to the record date for any distributions that would have been payable on the Trust Securities except for the decision to begin or extend such Deferral Period. The Company may elect to pay all interest then accrued and unpaid on the Securities, including Compound Interest, on an Extended Interest Payment PeriodDate prior to its most recently established Payment Resumption Date, except at the end thereof, but PROVIDED that the Company may prepay at any time all or any portion gives the Holder of the interest accrued during an Extended Interest Security and the Trustee a new Deferral Notice setting forth the revised Payment PeriodResumption Date at least three Business Days prior to the Regular Record Date for such revised Payment Resumption Date. The quarter in which any Deferral Notice is given pursuant to the second paragraph of this Section 3 shall be counted as one of the 20 quarters permitted in the maximum Deferral Period permitted under the first paragraph of this Section 3.

Appears in 2 contracts

Samples: Indenture (Chemed Corp), Indenture (Chemed Capital Trust)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 consecutive quarters quarters, including the first such quarter during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment -------- ---- Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period -------- period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 consecutive quarters, including the first such quarter during such Extended Interest Payment Period, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Indenture (Agl Capital Trust Iii), Agl Capital Trust Ii

Extension of Interest Payment Period. The So long as the Company shall not be in default in the payment of interest on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment DateStated Maturity. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Compound Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Compound Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Indenture (Fleet Financial Group Inc), Fourth Supplemental Indenture (Fleet Financial Group Inc)

Extension of Interest Payment Period. The Unless otherwise specified as contemplated by Section 3.1 for the Securities of any series, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event Securities of Default has occurred and is continuingany series, to defer payments of interest by extending the interest payment period of all Securities of such Debentures series for a period not exceeding 20 consecutive quarters interest periods (the an "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payablepayable on Securities of such series; provided that no Extended Interest Payment Period may extend beyond the Stated Maturity Date or end on a date other than an Interest Payment Dateof such Securities. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.113.1, shall will bear interest thereon at the Coupon Interest Rate compounded quarterly for each quarter interest period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the any Extended Interest Payment PeriodPeriod with respect to any series of Securities, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debenturessuch Securities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Securities of such Series in whose names the Debentures such Securities are registered in the Debenture Security Register on the first record date after the end of the such Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, period; provided that such period period, together with all such further extensions thereof thereof, shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date ; and provided further that no prepayment of the Debentures or end on a date other than interest during an Extended Interest Payment DatePeriod shall allow the Company to extend such Extended Interest Payment Period beyond 20 consecutive interest periods. Upon the termination of any Extended Interest Payment Period with respect to any series of Securities and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment PeriodPeriod with respect to such series of Securities, subject to the foregoing requirements. No interest on a series of Securities shall be due and payable during an Extended Interest Payment PeriodPeriod with respect thereto, except at the end thereof, but provided the Company may prepay at any time all or any portion of the interest accrued during an any Extended Interest Payment Period.

Appears in 2 contracts

Samples: Travelers Property Casualty Corp, Travelers Property Casualty Corp

Extension of Interest Payment Period. The Company So long as no Event of Default has occurred and is continuing, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest (other than Additional Interest) by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest (other than Additional Interest) shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable lawInterest, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate Rate, compounded quarterly for each quarter of during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest in respect of such period (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register as of the close of business on the first record date after Regular Record Date immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, subject to the Company foregoing requirements, the Corporation may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Debentures. The foregoing notwithstanding, any Extended Interest Payment DatePeriod shall automatically expire upon the occurrence of an Event of Default. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Corporation may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period, which prepayments shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register as of the close of business on the Regular Record Date immediately preceding the date of prepayment.

Appears in 2 contracts

Samples: Indenture (American Community Bancshares Inc), Carolina Bank Holdings Inc

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so So long as no Event of Default has occurred and is continuing, the Company shall have the right at any time, and from time to time and for varying lengths of time, during the term of the Debentures to defer payments of interest by extending the interest payment period of such on the Debentures for a period not exceeding 20 consecutive quarters quarterly periods (the "Extended Interest Payment each, an “Extension Period"). Despite such deferral, during which Extended Interest Payment Period no quarterly interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To will continue to accumulate with interest thereon (to the extent permitted by applicable law, interest, the payment of which has been deferred because ) at an annual rate of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon applicable Interest Rate plus 2.0% per annum compounded quarterly for each quarter of the Extended Interest Payment during any such Extension Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, Extension Period the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable payable, to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date Regular Record Date after the end of the Extended Interest Payment Extension Period. Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event defer payments of Default has occurred and is continuinginterest by extending the interest payment period, provided that such period Extension Period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datequarterly periods. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest amounts then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirementsrequirements and the last sentence of this Section 2.06. No interest shall be due and payable during an Extended Interest Payment Period, Extension Period except at the end thereof. An Extension Period with respect to any Debenture may not extend beyond the Maturity of the principal of such Debenture or, but as to each Debenture being redeemed or, the portion thereof being redeemed, beyond the relevant Redemption Date. Notwithstanding any provision of this Indenture to the contrary, if the Debentures are “applicable high yield discount obligations” within the meaning of Section 163(i)(1) of the Internal Revenue Code of 1986 as amended (the “Code”), on each Payment Date falling after the fifth anniversary of the date hereof (or, if such Payment Date is not a Business Day, the immediately preceding Business Day), the Company may prepay at any time all or any portion will pay the amount necessary for the Debentures to be treated as not having “significant original issue discount” for purposes of Section 163(i)(2) of the interest accrued during an Extended Interest Payment PeriodCode.

Appears in 2 contracts

Samples: Indenture (Berkshire Hathaway Energy Co), Indenture (Midamerican Energy Holdings Co /New/)

Extension of Interest Payment Period. The If specified as contemplated by Section 3.1 with respect to the Securities of a particular series and subject to the terms, conditions and covenants, if any, so specified, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingsuch series, to defer payments the payment of interest on such Securities for such period or periods as may be specified as contemplated by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters Section 3.1 (the "Extended Interest Payment each, an “Extension Period"), during which Extended Extension Periods the Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date day other than an Interest Payment Date. To At the end of any such Extension Period, the Company shall pay all interest then accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at the rate specified for the Securities of such series to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation Prior to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment such Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingthe interest payment period, provided that no Extension Period shall exceed the period or periods specified in such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, Securities or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateprincipal of such Securities. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred accrued and unpaid interest and any Additional Interest then duedue on any Interest Payment Date, the Company may commence elect to begin a new Extended Interest Payment Extension Period, subject to the foregoing above requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof. The Company shall give the Holders of the Securities of such series and the Trustee notice of its election to begin any such Extension Period at least one Business Day prior to the Interest Payment Date or, with respect to the Securities of a series issued to an Assured Guaranty Trust, prior to the earlier of (i) the date the Distributions on the Preferred Securities of such Assured Guaranty Trust are payable or (ii) the date the trustees of such Assured Guaranty Trust are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or the date such Distributions are payable, but the in any event not less than one Business Day prior to such record date. The Company may prepay at any time all or any portion shall promptly give notice of the interest accrued during an Extended Interest Payment PeriodCompany’s election to begin any such Extension Period to the Holders of the outstanding Securities of such series.

Appears in 2 contracts

Samples: Assured Guaranty (Assured Guaranty US Holdings Inc.), Assured Guaranty LTD

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures Notes, so long as no Event of Default with respect to the Notes has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1206, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except (i) at the end thereofthereof and (ii) upon a redemption of the Notes during an Extended Interest Payment Period, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Indenture (Teco Energy Inc), Indenture (Teco Capital Trust Iii)

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Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingany series, to defer payments of interest by extending the interest payment period of such Debentures of such series for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; , provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Stated Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter of semi-annual period during the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesDebentures of such series, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") ), that shall be payable to the holders of the Debentures of such series in whose names the Debentures are registered in the Debenture Register on the first record date after immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingExtended Period, provided that such period Extended Period, together with all such previous and further extensions thereof within such Extended Period, shall not (i) exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures or first such semi- annual period during such Extended Period, (ii) end on a date other than an Interest Payment DateDate or (iii) extend beyond the Stated Maturity Date of the Debentures of such series. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest amounts then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 2 contracts

Samples: Indenture (New York Community Bancorp Inc), Indenture (New York Community Bancorp Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi- annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures or first such semi- annual period during such Extended Interest Payment Period, end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Patriot Capital Trust I

Extension of Interest Payment Period. The If specified as contemplated by Section 3.1 with respect to the Securities of a particular series and subject to the terms, conditions and covenants, if any, so specified, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingsuch series, to defer payments the payment of interest on such Securities for such period or periods as may be specified as contemplated by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters Section 3.1 (the "Extended Interest Payment each, an “Extension Period"), during which Extended Extension Periods the Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date day other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment any such Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest (including, without limitation, any Additional Interest) then accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable Securities. Prior to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment such Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingthe interest payment period, provided that no Extension Period shall exceed the period or periods specified in such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, Securities or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateprincipal of such Securities. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest, the Company may commence elect to begin a new Extended Interest Payment Extension Period, subject to the foregoing above requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof. The Company shall give the Holders of the Securities of such series and the Trustee written notice of its election to begin any such Extension Period at least one Business Day prior to the Interest Payment Date or, with respect to the Securities of a series issued to a PartnerRe Trust, prior to the earlier of (i) the date the Distributions on the Preferred Securities of such PartnerRe Trust are payable or (ii) the date the trustees of such PartnerRe Trust are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or the date such Distributions are payable, but the Company may prepay at in any time all or any portion event not less than one Business Day prior to such record date. The Trustee shall promptly give notice of the interest accrued during an Extended Interest Payment PeriodCompany’s election to begin any such Extension Period to the Holders of the outstanding Securities of such series.

Appears in 1 contract

Samples: Junior Subordinated Indenture (Partnerre LTD)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest Payments and Compounded Interest (together, the "Deferred InterestPayments") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest Payments then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Independent Capital Trust

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 ( ) consecutive quarters ( ) periods, including the first such ( ) period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend -------- ---- beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon (Coupon)(Interest) Rate then in effect compounded quarterly ( ) for each quarter ( ) period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with -------- all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 ( ) consecutive quarters( ) periods, including the first such ( ) period during such Extended Interest Payment Period, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateSecurities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period. Compounded Interest shall be treated as interest for all purposes under this Indenture.

Appears in 1 contract

Samples: Bankboston Capital Trust V

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 [__] consecutive quarters semi- annual periods (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.15.1, shall bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 [__] consecutive quarterssemi-annual periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period. Except as set forth herein, there shall be no limitation on the number of times that the Company may elect to commence a new Extended Interest Payment Period.

Appears in 1 contract

Samples: Americredit Capital Trust I

Extension of Interest Payment Period. The Company If specified as contemplated by Section 2.3 with respect to the Securities of a particular series and subject to the terms, conditions and covenants, if any, so specified, the Issuer shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingsuch series, to defer payments the payment of interest on such Securities for such period or periods as may be specified as contemplated by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters Section 2.3 (the each, an "Extended Interest Payment Extension Period"), during which Extended Extension Periods the Issuer shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date day other than an Interest Payment Date. To At the end of any such Extension Period, the Issuer shall pay all interest then accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at the rate specified for the Securities of such series to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation Prior to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment such Extension Period, the Company Issuer may further extend such period so long as no Event of Default has occurred and is continuingthe interest payment period, provided that no Extension Period shall exceed the period or periods specified in such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, Securities or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateprincipal of such Securities. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred accrued and unpaid interest and any Additional Interest then duedue on any Interest Payment Date, the Company Issuer may commence elect to begin a new Extended Interest Payment Extension Period, subject to the foregoing above requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof. The Issuer shall give the Holders of the Securities of such series and the Trustee written notice of its election to begin any such Extension Period at least one Business Day prior to the Interest Payment Date or, with respect to the Securities of a series issued to a Scottish Holdings Trust, prior to the earlier of (i) the date the Distributions on the Preferred Securities of such Scottish Holdings Trust are payable or (ii) the date the trustees of such Scottish Holdings Trust are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or the date such Distributions are payable, but the Company may prepay at in any time all or any portion event not less than one Business Day prior to such record date. The Trustee shall promptly give notice of the interest accrued during an Extended Interest Payment PeriodIssuer's election to begin any such Extension Period to the Holders of the outstanding Securities of such series.

Appears in 1 contract

Samples: Indenture (Scottish Annuity & Life Holdings LTD)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded Additional Interest"). At the end of the Extended Interest Payment Period, any such Extension Period the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Debentures, including any Debentures (together with Additional Interest thereon); provided, however, that no Extension Period may extend beyond the Maturity Date; provided further, however, that during any such Extension Period, the <PAGE> Company shall not and Compounded Interest shall not permit any Affiliate to (togetheri) declare or pay any dividends or distributions on, "Deferred Interest") that shall be payable or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such Affiliate's capital stock (other than payments of dividends or distributions to the holders Company) or make any guarantee payments with respect to the foregoing or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Debentures Company or any Affiliate that rank pari passu in whose names all respects with or junior in interest to the Debentures are registered (other than, with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock, (c) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the Debenture Register form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the first record date after dividend is being paid or ranks pari passu with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the end of the Extended Interest Payment PeriodCapital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period at any time all least 5 Business Days prior to the regular record date (as such term is used in Section 2.8) immediately preceding the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend such Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 1 contract

Samples: Indenture (Southern Heritage Bancorp Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSubordinated Debentures, to defer payments of interest by extending the interest payment period of such Subordinated Debentures for a period not exceeding 20 consecutive quarters (the "Extended the"Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.14.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Subordinated Debentures, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Subordinated Debentures in whose names the Subordinated Debentures are registered in the Debenture Securities Register on the first record date after for the Interest Payment Date coinciding with the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Ozark Capital Trust

Extension of Interest Payment Period. SECTION 4.1 ----------- The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such the Debentures of a series for a period not exceeding 20 10 consecutive quarters semiannual periods (the "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided that (i) no Extended Interest Payment Extension Period may extend beyond the Maturity Date and (ii) no Extension Period may commence or end on be extended so long as the Company is in default in the payment of any interest upon any Debentures of such series or has not paid all Deferred Interest from a date other than an Interest Payment Dateprior completed Extension Period. To the extent permitted by applicable law, interestinterest on the Debentures of a series, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at a rate equal to the Coupon Rate original interest rate borne by the principal of the Debentures (without regard to any increase or increases from time to time in respect of Additional Interest or Special Interest, if any), compounded quarterly semiannually for each quarter semiannual period of the Extended Interest Payment Extension Period ("Compounded Interest"). At the end termination of an Extension Period for the Extended Debentures of a series or, if not an Interest Payment PeriodDate, on the Interest Payment Date immediately following termination of such Extension Period for the Debentures of such series, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that ), which Deferred Interest shall be payable to the holders of the Debentures of such series in whose names the Debentures are registered in the Debenture Debt Security Register on the first record date after for the end payment of the Extended interest on such Interest Payment PeriodDate. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 10 consecutive quarterssemiannual periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: First Supplemental Indenture (Marshall & Ilsley Corp/Wi/)

Extension of Interest Payment Period. The SECTION 4.1 EXTENSION OF INTEREST PAYMENT PERIOD. So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Bankatlantic Bancorp Inc)

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingNotes, to defer payments of interest and the related Additional Amounts by extending the interest payment period of such Debentures Notes for a period not exceeding 20 10 consecutive quarters semi-annual periods (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. If any Additional Amounts are required to be paid on the Deferred Interest, those Additional Amounts will only be paid at the time that the Deferred Interest is paid. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Seventh Supplemental Indenture (Bank of America Corp /De/)

Extension of Interest Payment Period. The So long as no Event of Default shall have occurred and be continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event Securities of Default has occurred and is continuingany series, to defer payments of interest by extending the interest payment period of all Securities of such Debentures series for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payablepayable on Securities of such series; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateof such Securities. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.113.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the any Extended Interest Payment PeriodPeriod with respect to any series of Securities, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debenturessuch Securities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Securities of such Series in whose names the Debentures such Securities are registered in the Debenture Security Register on the first record date after immediately preceding the end of such Extended Interest Payment Period. For the avoidance of doubt, the Company shall have the right to make partial payments of interest on any Interest Payment Date during an Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, period; provided that such period period, together with all such further extensions thereof thereof, shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date ; and provided further that no prepayment of the Debentures or end on a date other than interest during an Extended Interest Payment DatePeriod shall allow the Company to extend such Extended Interest Payment Period beyond 20 consecutive quarters. Upon the termination of any Extended Interest Payment Period with respect to any series of Securities and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment PeriodPeriod with respect to such series of Securities, subject to the foregoing requirements. No interest on a series of Securities shall be due and payable during an Extended Interest Payment PeriodPeriod with respect thereto, except at the end thereof, but provided the Company may prepay at any time all or any portion of the interest accrued during an any Extended Interest Payment Period.

Appears in 1 contract

Samples: Securities Purchase and Exchange Agreement

Extension of Interest Payment Period. The Provided that no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Stated Maturity Date or end on a date other than an Interest Payment Dateof the principal of the Debentures. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Compound Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Compound Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date for the first Interest Payment Date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous or further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: First Supplemental Indenture (Countrywide Financial Corp)

Extension of Interest Payment Period. The Company 2.1 Deferral of Interest. Maker shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingthis Note, to defer payments of interest by extending the interest payment on this Note for any period of such Debentures for a period not exceeding 20 consecutive quarters time (the "Extended Interest Payment Period"), provided that such deferral is applied equally to all of the Sub Notes, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.12.1, shall will bear interest thereon at the Coupon Rate interest rate set forth above compounded quarterly for each quarter quarterly period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Maker shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debenturesthis Note, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register Payee on the first record date after the end of the Extended next Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof Date on which interest shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datebe paid. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Maker may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but but, subject to the Company terms and conditions of the Senior Bank Facility, Maker may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period, provided that all such prepayments shall be applied ratably to all outstanding Sub Notes.

Appears in 1 contract

Samples: Subscription Agreement (Nationsrent Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no -------- ---- Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together -------- with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 consecutive quartersquarterly periods, or extend beyond including the Maturity Date of the Debentures or first such quarterly period during such Extended Interest Payment Period, end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Sandy Spring Capital Trust I

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.1, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, including the first such semi-annual period during such Extended Interest Payment Period, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Satisfaction And (Imperial Capital Trust I)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Stated Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Securities Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 consecutive quartersquarterly periods, or extend beyond including the Maturity Date of the Debentures or first such quarterly period during such Extended Interest Payment Period, end on a date other than an Interest Payment Date or extend beyond the Stated Maturity Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Sterling Bancshares Capital Trust Ii

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.1, shall will bear interest thereon at the Coupon Rate annual rate of ________% compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, including the first such semi-annual period during such Extended Interest Payment Period, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Safeco Corp)

Extension of Interest Payment Period. The (a) So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 [10] consecutive quarters [semi-annual] periods (or the equivalent thereof), including the first such [semi-annual] period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may shall extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.12.13(a), shall will bear interest thereon at the Coupon Rate compounded quarterly [semi-annually] for each quarter [semi-annual] period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuing, period; provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 [10] consecutive quarters[semi annual] periods, including the first such [semi-annual] period during such Extended Interest Payment Period or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateSecurities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Spinnaker Exploration Co)

Extension of Interest Payment Period. The So long as no --------------------------------------- Acceleration Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period ----------------- no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded Additional Interest"). At the end of -------------------- any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); provided, -------- however, that no Extension Period may extend beyond the Maturity Date; provided ------- -------- further, however, that during any such Extension Period, the Company shall calculate not ------- ------- and shall not permit any Affiliate to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany) and pay all interest accrued and unpaid on the Debentures, including or make any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable guarantee payments with respect to the holders foregoing or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Debentures Company or any Affiliate that rank pari passu in whose names all respects with or junior in interest to the Debentures are registered (other than, with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock, (c) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the Debenture Register form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the first record date after dividend is being paid or ranks pari passu with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the end of the Extended Interest Payment PeriodCapital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period by the close of business at any time all least 15 Business Days prior to the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend such Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 1 contract

Samples: Indenture (First Banks Inc)

Extension of Interest Payment Period. The SECTION 3.01. So long as the Company is not in default in the payment of interest on the Series [_] Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSeries [_] Debentures, from time to defer payments of interest by extending time to extend the interest payment period of such Series [_] Debentures for a period not exceeding up to 20 consecutive quarters quarterly interest periods (the "Extended Interest Payment Period"), during at the end of which Extended Interest Payment Period no period the Company shall pay all interest shall be due accrued and payable; provided that no Extended Interest Payment Period may extend beyond unpaid thereon (together with interest thereon at the Maturity Date or end on a date other than an Interest Payment Date. To rate of [____]% per annum to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest")). At the end of the During such Extended Interest Payment Period, Period the Company shall calculate not (i) declare or pay any dividend on, or redeem, purchase, acquire or make a distribution or liquidation payment with respect to, any of its common stock or preferred stock or make any guarantee payments with respect thereto or (ii) make any payment of interest, premium (if any) or principal or any debt securities issued by the Company which rank pari passu with or junior to the Series [_] Debentures; provided that (i) the Company may pay accrued dividends (and deliver such calculation to cash in lieu of fractional shares) upon conversion of its Series D Mandatory Conversion Premium Dividend Preferred Stock or upon the Trustee) and pay all interest accrued and unpaid on the Debentures, including conversion of any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders other Preferred Stock of the Debentures Company as may be outstanding from time to time, in whose names each case in accordance with the Debentures are registered in terms of such stock and (ii) the Debenture Register on foregoing will not apply to any stock dividends paid by the first record date after the end of the Extended Interest Payment PeriodCompany. Before Prior to the termination of any such Extended Interest Payment Period, the Company may pay all or any portion of the interest accrued on the Series [_] Debentures on any Interest Payment Date to holders of record on the regular record date for such Interest Payment Date or from time to time further extend such period so long as no Event of Default has occurred and is continuing, Period; provided that such period Period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datequarterly interest periods. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest accrued and unpaid interest then due, together with Compounded Interest, the Company may commence select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but . At the end of the Extended Interest Payment Period the Company may prepay at shall pay all interest accrued and unpaid on the Series [_] Debentures including any time all or any portion Compounded Interest which shall be payable to the holders of the interest accrued during an Series [_] Debentures in whose names the Series [_] Debentures are registered in the Debenture register on the first record date after the end of the Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Sunamerica Capital Trust Iv)

Extension of Interest Payment Period. The Company So long as no Event of Default has occurred and is continuing, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no -------- ---- Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi- annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company Corporation may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all -------- such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, or extend beyond including the Maturity Date of the Debentures first such semi-annual period during such Extended Interest Payment Period, or end on a date other than an Interest Payment Date or extend beyond the Maturity Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Corporation may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (First Commonwealth Financial Corp /Pa/)

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time during the term of this Security, from time to time to defer payments of interest by extending the interest payment period of such Debentures Security for a period not exceeding up to 20 consecutive quarters (the a "Extended Interest Payment Deferral Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided PROVIDED that no Extended Interest Payment Deferral Period may extend beyond (i) the Maturity Date (whether at February 15, 2030 or end on by declaration of acceleration, call for redemption or otherwise) or (ii) in the case of a date other than an Interest Payment Deferral Period that begins prior to the Reset Date, the Reset Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.13.13 of the Indenture, shall will bear interest thereon at the Coupon Applicable Rate compounded quarterly for each quarter of the Extended Interest Payment Deferral Period ("Compounded Interest"). At On the end of the Extended Interest applicable Payment PeriodResumption Date, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after the end of the Extended Interest fixed for such Payment PeriodResumption Date. Before the termination of any Extended Interest Payment Deferral Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond (i) the Maturity Date (whether at February 15, 2030 or by declaration of acceleration, call for redemption or otherwise) or (ii) in the Debentures or end on case of a date other than an Interest Payment Deferral Period that begins prior to the Reset Date, the Reset Date. Upon the termination of any Extended Interest Payment Deferral Period and upon the payment of all Deferred Compounded Interest and Additional Amounts (together, "Additional Payments"), if any, then due, the Company may commence a new Extended Interest Payment Deferral Period, subject to the foregoing requirements. No interest shall be due and payable during a Deferral Period except on the applicable Payment Resumption Date. The Company shall give the Holder of the Security and the Trustee written notice (a "Deferral Notice") of its selection of a Deferral Period at least ten days prior to the record date for any distributions that would have been payable on the Trust Securities except for the decision to begin or extend such Deferral Period. The Company may elect to pay all interest then accrued and unpaid on the Securities, including Compounded Interest, on an Extended Interest Payment PeriodDate prior to its most recently established Payment Resumption Date, except at the end thereof, but PROVIDED that the Company may prepay at any time all or any portion gives the Holder of the interest accrued during an Extended Interest Security and the Trustee a new Deferral Notice setting forth the revised Payment PeriodResumption Date at least three Business Days prior to the Regular Record Date for such revised Payment Resumption Date. The quarter in which any Deferral Notice is given pursuant to the second paragraph of this Section 3 shall be counted as one of the 20 quarters permitted in the maximum Deferral Period permitted under the first paragraph of this Section 3.

Appears in 1 contract

Samples: Indenture (Titan Corp)

Extension of Interest Payment Period. The Company So long as no Event of Default has occurred and is continuing, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; , provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of quarterly period during the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums and Compounded Interest (together, "Deferred Interest") ), that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period and so long as no Event of Default has occurred and is continuingoccurring, the Corporation may further defer payments of interest by further extending such Extended Interest Payment Period, provided that such period Extended Interest Payment Period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not (i) exceed 20 consecutive quartersquarterly periods, or extend beyond including the Maturity Date of the Debentures or first such quarterly period during such Extended Interest Payment Period, (ii) end on a date other than an Interest Payment DateDate or (iii) extend beyond the Maturity Date of the Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest amounts then due, the Company Corporation may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Valley National Bancorp)

Extension of Interest Payment Period. The Company So long as the Corporation is not in Default in the payment of Interest on the Securities, the Corporation shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest Interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 consecutive quarters quarterly periods, including the first such quarterly period during such extension period (the an "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest Interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date or, with respect to any Securities called for redemption, the Redemption Date with respect to such Securities. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter quarterly period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest Interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest Sums, Liquidated Damages and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company Corporation may further extend defer payments of Interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 consecutive quartersquarterly periods, or extend beyond including the Maturity Date of the Debentures or first such quarterly period during such Extended Interest Payment Period, end on a date other than an Interest Payment DateDate or extend beyond the Maturity Date of the Securities or, with respect to any Securities called for redemption, the Redemption Date with respect to such Securities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Corporation may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest Interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Corporation may prepay at any time all or any portion of the interest Interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Commerce Capital Trust Ii)

Extension of Interest Payment Period. The As long as an Event of Default under Section 6.01(a) of the Base Indenture shall not have occurred and be continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the an "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payablepayable on the Debentures; provided PROVIDED that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1during an Extended Interest Payment Period, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). Before the termination of any such Extended Interest Payment Period, the Company may further extend such Extended Interest Payment Period, PROVIDED that such Extended Interest Payment Period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end termination of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay pay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Unocal Capital Trust Ii

Extension of Interest Payment Period. The Company Issuer shall have ------------------------------------ the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest on the Debentures by extending the interest payment period of such the Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company Issuer shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, all such interest the "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Subordinated Debentures are registered in the Debenture Register on as of the first record date after Record Date relating to the Interest Payment Date that corresponds to the end of the such Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company Issuer may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company Issuer may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company Issuer may prepay at any time all or any portion of the interest Deferred Interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: First Supplemental Indenture (Motorola Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, including the first such semi-annual period during such Extended Interest Payment Period, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, 90 100 subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Agl Resources Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on the Debt Securities by extending the interest payment period on the Debt Securities at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebt Securities, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 period, together with all previous and further consecutive quarters (the extensions thereof, is referred to herein as an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment . No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date or extend beyond the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be. To During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as "Deferred Interest") will accrue at an annual rate equal to the Interest Rate applicable during such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law. No interest or Deferred Interest (except any Additional Interest that may be due and payable) shall be due and payable during an Extension Period, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon except at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest")end thereof. At the end of the Extended Interest Payment any Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest Deferred Interest then accrued and unpaid on the DebenturesDebt Securities, including provided, however, that during any Additional Interest and Compounded Interest (togetherExtension Period, "Deferred Interest") that the Company shall be payable subject to the holders of the Debentures restrictions set forth in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment PeriodSection 3.08. Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as Extension Period, provided, that no Event Extension Period (including all previous and further consecutive extensions that are part of Default has occurred and is continuing, provided that such period together with all such further extensions thereof Extension Period) shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datequarterly periods. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueInterest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No requirements The Company must give the Trustee notice of its election to begin or extend an Extension Period at least one Business Day prior to the earlier of (i) the next succeeding date on which interest shall be due and on the Debt Securities would have been payable during except for the election to begin or extend an Extended Interest Payment Period, except at Extension Period or (ii) the end thereofdate such interest is payable, but in any event not later than the Company may prepay at any time all or any portion related regular record date. The Trustee shall give notice of the interest accrued during Company's election to begin or extend an Extended Interest Payment PeriodExtension Period to the Securityholders.

Appears in 1 contract

Samples: Kingsway Financial Services Inc

Extension of Interest Payment Period. The As long as an Event of Default under Section 5.1(a) of this Indenture shall not have occurred and be continuing, subject to the condition that the Company file with the Trustee and the transfer agent for the Convertible Preferred Securities and the Convertible Debentures a Certificate signed by the chief financial officer or Treasurer of the Company in the form attached hereto as Exhibit B ("Extension Certificate"), the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingConvertible Debentures, to defer payments of interest by extending the interest payment period of such Convertible Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided that an Extension Certificate shall be filed at the beginning of each quarter of such Extension Period and that no Extended Interest Payment Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateany earlier redemption date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.111.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Extension Period ("Compounded Compound Interest"). Each Extension Period, if any, will end on an Interest Payment Date. At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Convertible Debentures, including any Additional Interest and Compounded Sums and, to the extent permitted by law, Compound Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Convertible Debentures in whose names the Convertible Debentures are registered in the Debenture Security Register at the close of business on the first record date after the end of the Extended next preceding such Interest Payment PeriodDate. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier redemption date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Extension Period.

Appears in 1 contract

Samples: Indenture (Capital Trust)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, the "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: 1st Source Corp

Extension of Interest Payment Period. The Company shall have the right, at any time and from time to time during the term of the Debentures so So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time during the teen of this Security, from time to time to defer payments of interest by extending the interest payment period of such Debentures Security for a period not exceeding up to 20 consecutive quarters (the a "Extended Interest Payment Deferral Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Deferral Period may extend beyond (i) the Maturity Date maturity (whether at August 1, 2030 or end on by declaration of acceleration, call for redemption or otherwise) or (ii) in the case of a date other than an Interest Payment Deferral Period that begins prior to the Reset Date, the Reset Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.13.13 of the Indenture, shall will bear interest thereon at the Coupon Applicable Rate compounded quarterly for each quarter of the Extended Interest Payment Deferral Period ("Compounded Interest"). At On the end of the Extended Interest applicable Payment PeriodResumption Date, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after the end of the Extended Interest fixed for such Payment PeriodResumption Date. Before the termination of any Extended Interest Payment Deferral Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond (i) the Maturity Date maturity (whether at August 1, 2030 or by declaration of acceleration, call for redemption or otherwise) or (ii) in the Debentures or end on case of a date other than an Interest Payment Deferral Period that begins prior to the Reset Date, the Reset Date. Upon the termination of any Extended Interest Payment Deferral Period and upon the payment of all Deferred Compounded Interest and Additional Sums (together, "Additional Payments"), if any, then due, the Company may commence a new Extended Interest Payment Deferral Period, subject to the foregoing requirements. No interest shall be due and payable during a Deferral Period except on the applicable Payment Resumption Date. The Company shall give the Holder of the Security and the Trustee written notice (a "Deferral Notice") of its selection of a Deferral Period at least ten days prior to the record date for any distributions that would have been payable on the Trust Securities except for the decision to begin or extend such Deferral Period. The Company may elect to pay all interest then accrued and unpaid on the Securities, including Compounded Interest, on an Extended Interest Payment PeriodDate prior to its most recently established Payment Resumption Date, except at the end thereof, but provided that the Company may prepay at any time all or any portion gives the Holder of the interest accrued during an Extended Interest Security and the Trustee a new Deferral Notice setting forth the revised Payment PeriodResumption Date at least three business Days prior to the Regular Record Date for such revised Payment Resumption Date. The quarter in which any Deferral Notice is given pursuant to the second paragraph of this Section 3 shall be counted as one of the 20 quarters permitted in the maximum Deferral Period permitted under the first paragraph of this Section 3.

Appears in 1 contract

Samples: Calpine Corp

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on the Debt Securities by extending the interest distribution period on the Debt Securities at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebt Securities, for up to defer payments of twenty consecutive quarterly periods (each such extended interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the distribution period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable (except any Additional Interest that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date or extend beyond the Maturity Date, any Redemption Date or any Special Redemption Date, as the case may be. To During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as "Deferred Interest") will accrue at an annual rate equal to the Interest Rate applicable during such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law. No interest or Deferred Interest shall be due and payable during an Extension Period, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon except at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest")end thereof. At the end of any such Extension Period the Extended Company shall pay all Deferred Interest Payment then accrued and unpaid on the Debt Securities; provided, however, that no Extension Period may extend beyond the Maturity Date; and provided further, however, that during any such Extension Period, the Company shall calculate (and deliver such calculation be subject to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable restrictions set forth in Section 3.08 of this Indenture. Prior to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided provided, that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 twenty consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueInterest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended The Company must give the Trustee notice of its election to begin such Extension Period ("Notice") at least five Business Days prior to the next succeeding Interest Payment Date on which interest on the Debt Securities would have been payable except for the election to begin such Extension Period. The Notice shall describe, except at the end thereofin reasonable detail, but why the Company may prepay at any time all or any portion has elected to begin an Extension Period. The Notice shall acknowledge and affirm the Company's understanding that it is prohibited from issuing dividends and other distributions during the Extension Period. Upon receipt of the interest accrued during Notice, an Extended Interest Payment Initial Purchaser shall have the right, at its sole discretion, to disclose the name of the Company, the fact that the Company has elected to begin an Extension Period and other information that such Initial Purchaser, at its sole discretion, deems relevant to the Company's election to begin an Extension Period. The Trustee shall give notice of the Company's election to begin a new Extension Period to the Securityholders.

Appears in 1 contract

Samples: Indenture (QCR Holdings Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments the payment of interest by extending the interest payment period of such Debentures at any time or from time to time for a period not exceeding 20 ten consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided provided, that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod; provided, provided that such period period, together with all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, [including the first such semi-annual period during such Extended Interest Payment Period], or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateSecurities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Madison Bancshares Group LTD)

Extension of Interest Payment Period. The SECTION 3.01. So long as the Company is not in default in the payment of interest on the Series 5.375% Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSeries 5.375% Debentures, from time to defer payments of interest by extending time to extend the interest payment period of such Series 5.375% Debentures for a period not exceeding up to 20 consecutive quarters quarterly interest periods (the "Extended Interest Payment Period"), during at the end of which Extended Interest Payment Period no period the Company shall pay all interest shall be due accrued and payableunpaid thereon (together with interest thereon at the rate of 5.375% per annum to the extent permitted by applicable law, compounded quarterly ("Compounded Interest")); provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a redemption date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Series 5.375% Debentures. During such Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation not declare or pay any dividend on, or redeem, purchase, acquire or make a distribution or liquidation payment with respect to, any of its common stock or preferred stock or make any guarantee payments with respect thereto; provided that the foregoing will not apply to any stock dividends paid by the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable Company in Common Stock. Prior to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any such Extended Interest Payment Period, the Company may pay all or any portion of the interest accrued on the Series 5.375% Debentures on any Interest Payment Date to holders of record on the regular record date for such Interest Payment Date or from time to time further extend such period so long as no Event of Default has occurred and is continuing, Period; provided that such period Period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datequarterly interest periods. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest accrued and unpaid interest then due, together with Compounded Interest, the Company may commence select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but . At the end of the Extended Interest Payment Period the Company may prepay at shall pay all interest accrued and unpaid on the Series 5.375% Debentures including any time all or any portion Compounded Interest which shall be payable to the holders of the interest accrued during an Series 5.375% Debentures in whose names the Series 5.375% Debentures are registered in the Debenture register on the first record date after the end of the Extended Interest Payment Period.

Appears in 1 contract

Samples: Aes Corporation

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding 20 10 consecutive quarters semiannual periods, including the first such semi-annual period during such extension period (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the -------- ---- Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.01, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSecurities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend defer payments of interest by further extending such period so long as no Event of Default has occurred and is continuingperiod, provided that such period period, together with -------- all such previous and further extensions thereof within such Extended Interest Payment Period, shall not exceed 20 10 consecutive quarterssemi-annual periods, including the first such semi-annual period during such Extended Interest Payment Period, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateSecurities. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Bank of Boston Corp)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment PeriodEXTENSION PERIOD"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During an Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the law (such interest payment period pursuant referred to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period (herein as "Compounded InterestADDITIONAL INTEREST"). At the end of any such Extension Period the Extended Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest Payment thereon); PROVIDED, HOWEVER, that no Extension Period may extend beyond the Maturity Date; PROVIDED FURTHER, HOWEVER, that during any such Extension Period, the Company shall calculate not and shall not permit any Affiliate of the Company controlled by the Company to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany or an Affiliate of the Company controlled by the Company) or make any guarantee payments with respect to the foregoing; or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company or any Affiliate of the Company controlled by the Company that rank PARI PASSU in all respects with or junior in interest to the Debentures (other than, with respect to clauses (i) and pay all interest accrued and unpaid on (ii) above, (a) repurchases, redemptions or other acquisitions of shares of capital stock of the DebenturesCompany or any Affiliate of the Company controlled by the Company in connection with any employment contract, including any Additional Interest and Compounded Interest benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company or of such Affiliate (together, "Deferred Interest"or securities convertible into or exercisable for such capital stock) that shall be payable as consideration in an acquisition transaction entered into prior to the holders applicable Extension Period, (b) as a result of any exchange or conversion of any class or series of the Debentures in whose names Company's capital stock (or any capital stock of an Affiliate of the Debentures are registered Company controlled by the Company) for any class or series of the Company's capital stock (or in the Debenture Register on the first record date after the end case of an Affiliate of the Extended Interest Payment PeriodCompany controlled by the Company, any class or series of such Affiliate's capital stock) or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock (or in the case of indebtedness of an Affiliate of the Company controlled by the Company, of any class or series of such Affiliate's indebtedness for any class or series of such Affiliate's capital stock), (c) the purchase of fractional interests in shares of the Company's capital stock (or the capital stock of an Affiliate of the Company controlled by the Company) pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholders' rights plan, or the issuance of rights, stock or other property under any stockholders' rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks PARI PASSU with or junior to such stock and any cash payments in lieu of fractional shares issued in connection therewith, or (f) payments under the Capital Securities Guarantee). Before Prior to the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueaccrued and unpaid interest and Additional Interest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Payment Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during an Extension Period shall bear Additional Interest to the extent permitted by applicable law. The Company may prepay must give the Trustee notice of its election to begin or extend an Extension Period at any time all least 5 Business Days prior to the regular record date (as such term is used in Section 2.8) immediately preceding the Interest Payment Date with respect to which interest on the Debentures would have been payable except for the election to begin or any portion extend an Extension Period. The Trustee shall give notice of the interest accrued during an Extended Interest Payment PeriodCompany's election to begin a new Extension Period to the Securityholders.

Appears in 1 contract

Samples: Indenture (Fpic Insurance Group Inc)

Extension of Interest Payment Period. The So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on the Debt Securities by extending the interest payment period on the Debt Securities at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuingDebt Securities, for up to defer payments of interest by extending the twenty consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable (except any Additional Interest that may be due and payable; provided that no Extended Interest Payment ). No Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as "Deferred Interest") will accrue at an annual rate equal to the Interest Rate in effect for such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law. No interest or Deferred Interest shall be due and payable during an Extension Period, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon except at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest")end thereof. At the end of any such Extension Period the Extended Company shall pay all Deferred Interest Payment then accrued and unpaid on the Debt Securities; provided, however, that no Extension Period may extend beyond the Maturity Date; and provided further, however, that during any such Extension Period, the Company shall calculate (and deliver such calculation be subject to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable restrictions set forth in Section 3.08 of this Indenture. Prior to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided provided, that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 twenty consecutive quartersquarterly periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest then dueInterest, the Company may commence a new Extended Interest Payment Extension Period, subject to the foregoing requirements. No The Company must give the Trustee notice of its election to begin such Extension Period at least one Business Day prior to the earlier of (i) the next succeeding date on which interest shall be due and on the Debt Securities would have been payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.for the

Appears in 1 contract

Samples: Employment Agreement (Columbia Bancorp \Or\)

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