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: Indenture (Taylor Capital Group Inc), Indenture (Colorado Business Bankshares Capital Trust I), Indenture (Front Range Capital Trust I)

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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 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: First Supplemental Indenture (Countrywide Home Loans Inc), Fourth Supplemental Indenture (Fleetboston Financial Corp), Second Supplemental Indenture (Fleet Capital Trust Vii)

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: First Supplemental Indenture (First Merchants Capital Trust I), Indenture (Independent Bank Corp), Indenture (Independent Bank 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 (Sterling Financial Corp /Wa/), Indenture (Rurban Financial Corp), Indenture (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 6 contracts

Samples: Indenture (Ml Bancorp Inc), Indenture (Progress Capital Trust I), Indenture (Ucbh Trust Co)

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: Supplemental Indenture (Conseco Inc Et Al), Supplemental Indenture (Conseco Inc), 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, 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 (Penn America Group Inc), Indenture (American Physicians Capital 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 6 contracts

Samples: Indenture (BCSB Bankcorp Inc), Indenture (United Bancorporation of Alabama Inc), Indenture (Heartland Financial Usa 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 Capital Trust I), Indenture (Firstar Corp /Wi/), Indenture (Hubco 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 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: Junior Subordinated Indenture (Reinsurance Group of America Inc), Junior Subordinated Indenture (Rga Capital Trust Ii), Subordinated Indenture (Rga 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, 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 (City National Bancshares Corp), Indenture (CVB Financial 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 4.1, 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: Subordinated Indenture (Community First Bankshares Inc), Subordinated Indenture (Community First Bankshares Inc), Subordinated Indenture (Community First Bankshares 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 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: Indenture (Mvbi Capital Trust), Indenture (1st Source Capital Trust Ii), Indenture (1st Source 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 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 (Union Bankshares Capital Trust I), Subordinated Indenture (BVBC Capital Trust I), Subordinated Indenture (Flagstar 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: Indenture (Capitol Bancorp LTD), Indenture (First Financial Capital Trust II), Indenture (Great Southern 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 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: Indenture (Ace Ina Holdings Inc), Indenture (Ace LTD), Indenture (Ace 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 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 (Argo Capital Trust Co), Indenture (R&g Financial Corp), Indenture (Independent Capital Trust I)

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. (b) The Company shall give written notice to the Administrative Trustees, but the Company may prepay at any time all or any portion Property Trustee and the Trustee of the interest accrued during an its selection of such Extended Interest Payment PeriodPeriod one Business Day before the earlier of (i) the next succeeding date on which Distributions on the Trust Securities issued by the Trust are payable, or (ii) the date the Trust is required to give notice of the record date, or the date such Distributions are payable, to any national securities exchange or to holders of the Preferred Securities issued by the Trust, but in any event at least one Business Day before such record date. The [semi-annual] period in which any notice is given pursuant to paragraphs (a) or (b) of this Section 2.13(b) shall be counted as one of the [10][semi-annual] periods permitted in the maximum Extended Interest Payment Period permitted under Section 2.13(a).

Appears in 3 contracts

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

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), Supplemental Indenture (Superior Bancorp), Supplemental Indenture (Popular 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 4.15.1, 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: Indenture (Greater Atlantic Financial Corp), Indenture (Southside Capital Trust Ii), Indenture (Ifc 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: Second Supplemental Indenture (Baltimore Gas & Electric Co), Supplemental Indenture (Public Service Co of Colorado), First Supplemental Indenture (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 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: Supplemental Indenture (Sterling Bancshares Capital Trust Ii), Supplemental Indenture (Sterling Bancshares Inc), Second Supplemental Indenture (Sterling Bancshares 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: Second Supplemental Indenture (Hartford Life Capital Ii), Supplemental Indenture (NSP Financing Ii), Supplemental Indenture (NSP Financing 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 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: First Supplemental Indenture (Oge Energy Capital Trust I), First Supplemental Indenture (Oge Energy Capital Trust Ii), First Supplemental Indenture (Oge Energy 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 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: First Supplemental Indenture (Usx Capital Trust I), First Supplemental Indenture (Usx Capital Trust I), First Supplemental Indenture (Usx 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 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 (BFD Preferred Capital Trust Ii), Indenture (New York Community Bancorp Inc), Indenture (Telebanc Capital Trust I)

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: Indenture (Sbi Capital Trust), Indenture (Southwest Bancorp Inc), Indenture (Southwest Bancorp 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 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: Third Supplemental Indenture (Omnicare Inc), Third Supplemental Indenture (Omnicare Capital Trust 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 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: Indenture (Crescent Capital Trust I), Indenture (Apab Capital Trust I)

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 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 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 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 the end of the Extended Interest Payment Period. . (b) 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, including the first such quarterly 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 elect to 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: Junior Subordinated Indenture (New South Capital Trust I), Junior Subordinated Indenture (New South 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), Supplemental Indenture (Consumers Power Co Financing I)

Extension of Interest Payment Period. The So long as no Event of Default under the Indenture 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 60 consecutive quarters monthly periods (the an "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 will bear interest thereon at the Coupon Interest Rate compounded quarterly monthly for each quarter monthly period of the Extended Interest Payment Period ("Compounded Deferred 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 Deferred 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 Security Register on the first record date with respect to 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 60 consecutive quartersmonthly periods, 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: First Supplemental Indenture (Interpool Inc), First Supplemental Indenture (Interpool 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 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 (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 4.12.13, shall will bear interest thereon at the Coupon Rate rate of interest specified in the applicable Security compounded quarterly 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") ), together with all other amounts due thereon, 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, or extend beyond the Maturity Date 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. (a) If the Property Trustee is the only registered holder of the Notes at the time the Company selects an Extended Interest Payment Period, the Company shall give written notice to the Regular Trustees, the Property Trustee and the Trustee of its selection of such Extended Interest Payment Period one Business Day before the earlier of (i) the next succeeding date on which Distributions on the Trust Securities issued by the Trust are payable, or (ii) the date the Trust is required to give notice of the record date, or the date such Distributions are payable, to the New York Stock Exchange or other applicable self-regulatory organization or to holders of the Preferred Securities issued by the Trust, but in any event at least one Business Day before such record date. (b) If the Property Trustee is not the only holder of the Notes at the time the Company selects an Extended Interest Payment Period, the Company shall give the holders of the Notes and the Trustee written notice of its selection of such Extended Interest Payment Period at least 10 Business Days before the earlier of (i) the next succeeding Interest Payment Date, or (ii) the date the Company is required to give notice of the record or payment date of such interest payment to the New York Stock Exchange or other applicable self-regulatory organization or to holders of the Notes. (c) The quarter in which any notice is given pursuant to paragraphs (a) or (b) of this Section 2.13 shall be counted as one of the 20 quarters permitted in the maximum Extended Interest Payment Period permitted under Section 2.13. ARTICLE THREE

Appears in 2 contracts

Samples: Indenture (Nb Capital Trust I), Indenture (Nb Capital Trust I)

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 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, 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.any

Appears in 2 contracts

Samples: Supplemental Indenture (Allstate Financing Vi), Supplemental Indenture (Allstate 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 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: Indenture (R&g Capital Trust V), Indenture (R&g Financial 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 "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: Indenture (Assured Guaranty US Holdings Inc.), Indenture (Assured Guaranty LTD)

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 (Carolina Bank Holdings Inc), Indenture (American Community Bancshares 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 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 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/), Supplemental Indenture (Bank of America Corp /De/)

Extension of Interest Payment Period. SECTION 3.01. 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 B Debentures, from time to defer payments of interest by extending time to extend the interest payment period of such Series B Debentures for a period not exceeding 20 consecutive quarters up to _________________________ (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 compounded quarterly at the Maturity Date or end on a date other than an Interest Payment Date. To rate specified for the Series B Debentures to the extent permitted by applicable law); provided that, 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, the Company shall calculate (and deliver such calculation not declare or pay any dividend on, or purchase, acquire or make a liquidation payment with respect to, any of its capital stock or make any guarantee payments with respect 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 foregoing. 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 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 of the Debentures or end on a date other than an Interest Payment DateSeries B Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest accrued and unpaid interest then due, 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. (a) The Company shall give the holders of the Series B Debentures and the Trustee written notice of its selection of such Extended Interest Payment Period at least 10 business days prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) the date the Company is required to give notice to holders of the Series B Debentures (or, if applicable, to the New York Stock Exchange or other applicable self-regulatory organization), of the record or payment date of such interest payment, but the Company may prepay at in any time all or event not less than two business days prior to such record date. (b) The quarter in which any portion notice is given pursuant to paragraph (a) of this Section shall constitute one of the interest accrued during an 20 quarters which comprise the maximum Extended Interest Payment Period.. ARTICLE FOUR

Appears in 2 contracts

Samples: Second Supplemental Indenture (Appalachian Power Co), Second Supplemental Indenture (Ohio 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 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: Indenture (Illinois Power Co), Indenture (Illinois Power Co)

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, 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 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 the end of the Extended Interest Payment Period. . (b) 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 elect to 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 (Vesta Insurance Group Inc), Indenture (Vesta 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, 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: Indenture (Dynegy Capital Trust Iii), Subordinated Debenture Indenture (NGC Corp)

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: Indenture (Mainstreet Bankgroup Inc), Indenture (Mainstreet Bankgroup 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 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: Supplemental Indenture (Citicorp), Supplemental Indenture (Citicorp)

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 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: Junior Subordinated Indenture (Partnerre LTD), 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 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 2 contracts

Samples: Subordinated Indenture (Ebh Capital Trust I), Subordinated Indenture (Ebh 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 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 Ii), Indenture (Agl Capital Trust Iii)

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 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: Indenture (American Bancorporation Capital Trust I), Indenture (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 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 (Puget Sound Energy Inc), First Supplemental Indenture (Laclede 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 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: Supplemental Indenture (Teco Capital Trust Iii), Supplemental Indenture (Teco Energy 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 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: Third Supplemental Indenture (Omnicare Inc), Third Supplemental Indenture (Omnicare Capital Trust Ii)

Extension of Interest Payment Period. The Company Section 3.1. So long as Holdings is not in default in the payment of interest on the Junior Subordinated Debentures, Holdings 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, from time to defer payments of interest by extending time to extend the interest payment period of such Junior Subordinated 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 Holdings 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 9 1/2% per annum, compounded quarterly 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 law ("Compounded Interest")). At During such Extended Interest Payment Period Holdings shall 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 Holdings may pay accrued dividends (and cash in lieu of fractional shares) upon the end conversion, other than at the option of Holdings, of any of its preferred stock, including its ESOP Preferred Stock, in accordance with the terms of such stock. Prior to the termination of any such Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and Holdings may pay all or any portion of the interest accrued and unpaid on the Debentures, including Junior Subordinated Debentures on any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable Payment Date to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register record on the first regular record date after the end of the Extended for such Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may 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 previous and further extensions thereof shall not exceed 20 consecutive quarters, quarterly interest periods or extend beyond the Maturity Date stated maturity of the Debentures or end on a date other than an Interest Payment DateJunior Subordinated Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest accrued and unpaid interest then due, the Company together with Compounded Interest, Holdings 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 Company may prepay at any time all or any portion end of the Extended Interest Payment Period Holdings shall pay all interest accrued during and unpaid on the Junior Subordinated Debentures including any Compounded Interest which 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 record date for the first interest payment date occurring on or after the end of the Extended Interest Payment Period. (a) So long as the Trust is the legal owner and holder of record of the Junior Subordinated Debentures, at the time Holdings selects an Extended Interest Payment Period, Holdings shall give both the Institutional Trustee and the Trustee written notice of its selection of such Extended Interest Payment Period one Business Day prior to the earlier of (i) the next succeeding date on which distributions on the Preferred Securities are payable or (ii) the next succeeding date on which the Trust is required to give notice of the record date or the date such distributions are payable to the New York Stock Exchange or other applicable self-regulatory organization or to holders of the Preferred Securities, but in any event not less than one Business Day prior to such record date. Holdings shall cause the Trust to give notice of Holdings's selection of such Extended Interest Payment Period to the holders of the Preferred Securities. (b) If as a result of a Dissolution Event, Junior Subordinated Debentures have been distributed to holders of Preferred Securities and Common Securities, at the time Holdings selects an Extended Interest Payment Period, Holdings shall give the holders of the Junior Subordinated Debentures and the Trustee written notice of its selection of such Extended Interest Payment Period 10 Business Days prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) the date Holdings is required to give notice of the record or payment date of such interest payment to the New York Stock Exchange (if the Junior Subordinated Debentures are listed thereon) or other applicable self-regulatory organization or to holders of the Junior Subordinated Debentures. Section 3.3. The quarter in which any notice is given pursuant to Section 3.02 shall be counted as one of the 20 quarters permitted in the maximum Extended Interest Payment Period permitted under this Article Three.

Appears in 1 contract

Samples: Second Supplemental Indenture (RJR Nabisco Holdings 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 4.116.01, 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 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 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 (Amcore Capital Trust I)

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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, 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 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 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 Date. To Date or extend beyond the extent permitted by applicable lawMaturity Date or, interestwith respect to any Securities called for redemption, the payment of which has been deferred because of the extension of the interest payment period pursuant Redemption Date with respect 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 Securities. 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 Corporation shall pay all Interest then accrued and unpaid (together with interest thereon at the rate specified for the Securities to the extent that payment of such interest is enforceable under applicable law). Before the termination of any such Extended Interest Payment Period, the 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, (i) shall not exceed 20 consecutive quartersquarterly periods, or including the first quarterly period during such Extended Interest Payment Period, (ii) shall not end on any date other than an Interest Payment Date, and (iii) shall not extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateSecurities or, with respect to any Securities called for redemption, the Redemption Date with respect to such Securities. Upon the termination of any such Extended Interest Payment Period and upon the payment of all Deferred accrued and unpaid Interest and any additional 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 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 (Commerce Capital Trust 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 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, right at any time time, and from time to time 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 extending, in the aggregate, beyond the Maturity Date of the Debentures (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no each Extended Interest Payment Period may extend beyond the Maturity Date or period must 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 of 8% per annum through and including August 15, 2001, and at the Reset Rate thereafter, compounded quarterly for on each quarter Interest Payment Date 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 expenses and Compounded taxes of the Trust set forth in Section 5.1 hereof and Compound 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 at the close of business on the first record date after Regular Record Date next preceding the end of the Interest Payment Date on which such Extended Interest Payment Period. Before the termination of Period ends; provided, however, that during any such Extended Interest Payment Period, (a) 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 quartersdeclare or pay dividends on, or extend beyond the Maturity Date make any distribution with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock (other than (i) purchases or acquisitions of capital stock of the Debentures Company in connection with the satisfaction by the Company of its obligations under any employee benefit plans or end the satisfaction by the Company of its obligations pursuant to any contract or security outstanding on the date of such event requiring the Company to purchase capital stock of the Company, (ii) as a date other than an Interest Payment Date. Upon result of a reclassification of the termination Company's capital stock or the exchange or conversion of one class or series of the Company's capital stock for another class or series of the Company's capital stock, (iii) 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, (iv) dividends or distributions in capital stock of the Company (or rights to acquire capital stock) or repurchases or redemptions of capital stock solely from the issuance or exchange of capital stock or (v) redemptions or repurchases 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.rights outstanding under a

Appears in 1 contract

Samples: First Supplemental Indenture (Kaufman & Broad Home 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 on the Debentures by extending the interest payment period of such Debentures for a period not exceeding 20 10 consecutive quarters semiannual periods (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall (except on the date on which such Extended Interest Payment Period terminates) be due and payable; provided that no Extended Interest Payment Period shall be initiated while accrued interest with respect to prior, completed Extended Interest Payment Periods is unpaid or while the Company is in default in the payment of interest that has become due and payable on the Debentures, and provided further 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 semiannually for each quarter semiannual period of the Extended Interest Payment Period ("Compounded Interest"). At On the end of the date on which any Extended Interest Payment PeriodPeriod ends, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then 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 Security Register on the first record date after for the end payment of the Extended Interest Payment Periodinterest immediately preceding such date. 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 each such period Extended Interest Payment Period, together with all such previous and further extensions thereof 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 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 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 shall have the right, at any time and from time to time during the term of any series 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 all Securities of that series for that number of periods established and described in a period not exceeding 20 consecutive quarters supplemental indenture or Board Resolution establishing the series (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 4.12.13, shall will bear interest thereon at the Coupon Rate rate of interest specified in the applicable Security compounded quarterly periodically for each quarter interest payment 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") ), together with all other amounts due thereon, 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 quartersthe maximum Extended Interest Payment Period established and described in the supplemental indenture or Board Resolution establishing a series of Securities, 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. (a) If the Property Trustee (as defined in the Declaration) is the only registered holder of the Notes at the time the Company selects an Extended Interest Payment Period, the Company shall give written notice to the Regular Trustees (as defined in the Declaration), the Property Trustee and the Trustee of its selection of such Extended Interest Payment Period one Business Day before the earlier of (i) the next succeeding date on which Distributions on the Trust Securities issued by the Trust are payable, or (ii) the date the Trust is required to give notice of the record date, or the date such Distributions are payable, to the New York Stock Exchange or any other exchange upon which the Securities or Trust Securities are listed or other applicable self-regulatory organization or to holders of the Capital Securities issued by the Trust, but in any event at least one Business Day before such record date. (b) If the Property Trustee is not the only holder of the Notes at the time the Company selects an Extended Interest Payment Period, the Company shall give the holders of the Securities and the Trust Securities and the Trustee written notice of its selection of such Extended Interest Payment Period at least 10 Business Days before the earlier of (i) the next succeeding Interest Payment Date, or (ii) the date the Company is required to give notice of the record or payment date of such interest payment to the New York Stock Exchange or any other exchange upon which the Securities or Trust Securities are listed or other applicable self-regulatory organization or to holders of the Securities. (c) The interest payment period in which any notice is given pursuant to paragraphs (a) or (b) of this Section 2.13 shall be counted as one of the interest payment periods permitted in computing the maximum Extended Interest Payment Period.

Appears in 1 contract

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

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 80 89 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, 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 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 (Peoples Heritage Financial 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 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 1 contract

Samples: First Supplemental Indenture (Nationwide Financial Services 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 1 contract

Samples: Indenture (Florida Banks Inc)

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 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 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 1 contract

Samples: Supplemental Indenture (CMS Energy 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 (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 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 1 contract

Samples: First Supplemental Indenture (Comcast Cable Trust Iii)

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 payablepayable on the Securities; 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 1 contract

Samples: Indenture (Equitable of Iowa Companies)

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 prepay, on any time date that would be an Interest Payment Date but for the deferral of interest pursuant to this Section 4.1, all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Independent Bank Corp /Mi/)

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 that no Extended Interest Payment Deferral Period may extend beyond (i) the Maturity Date maturity (whether at February 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 February 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: Indenture (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 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; 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 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 interest shall be due and payable during The Company must give the Trustee 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 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: Indenture (Kingsway Financial Services Inc)

Extension of Interest Payment Period. SECTION 4.1 The Company shall have the right, subject to the conditions set forth herein, to defer payments of interest on the Debentures of a series by extending the interest payment period on the Debentures of a series 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 10 consecutive quarters semiannual periods (the each such extended interest payment period, an "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 prior completed Extension Period. At the termination of an Extension Period for the Debentures of a series or, if not an Interest Payment Date. To , on 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 Date immediately following termination of such Extension Period ("Compounded Interest"). At for the end Debentures of the Extended Interest Payment Periodsuch series, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Debentures, including together with interest thereon at an annual rate of 8.40%, compounded semiannually (to the extent permitted by applicable law) ("Compounded Interest") and any Additional Interest and (together with Compounded Interest (togetherInterest, "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 . (a) If the Institutional Trustee is the only registered holder of the Debentures of a series at the time the Company initiates an Extension Period, the Company shall be due give written notice to the Administrators, the Institutional Trustee and payable during the Trustee of its initiation of such Extension Period one Business Day before the earlier of (i) the date on which distributions on the Capital Securities of the corresponding series are payable, or (ii) the date the Institutional Trustee is required to give notice to holders of the Capital Securities of the corresponding series (or any 10 13 national securities exchange or other organization on which such Capital Securities are listed, if any) of the record date or the distribution payment date, in each case with respect to distributions on the Trust Securities the payment of which is being deferred. (b) If the Institutional Trustee is not the only registered holder of the Debentures of a series at the time the Company initiates an Extended Extension Period, the Company shall give the holders of the Debentures of such series and the Trustee written notice of its initiation of such Extension Period at least ten Business Days before the earlier of (i) the next succeeding Interest Payment Period, except at Date or (ii) the end thereof, but date the Company may prepay at any time all is required to give notice to holders of the Debentures of such series (or any portion national securities exchange or other organization on which the Capital Securities of the corresponding series are listed, if any) of the record or payment date of such interest, in each case with respect to interest accrued during an Extended Interest Payment Periodpayments the payment of which is being deferred.

Appears in 1 contract

Samples: Supplemental Indenture (Summit Capital Trust I)

Extension of Interest Payment Period. The So long as an Event of Default under Section 501(1) of the 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 "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 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 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 interest 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 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 or any earlier Redemption Date of the Debentures or end on a date other than an Interest Payment DateConvertible Debentures. 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 Subordinated Indenture (Nuevo Energy 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, 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, reclassification, combination 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 Capital Securities Guarantee). Notwithstanding the foregoing, the limitation described in this Section shall apply only to the Company and its subsidiaries, as such term is defined in Rule 1-02, Regulation S-X of the Extended Interest Payment PeriodSecurities Act and shall not apply to any subsidiary of the Company with a class of common stock registered under the Securities Exchange Act of 1934 or any successor statute. 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 (Bankatlantic Bancorp 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 1 contract

Samples: Indenture (Intervest Bancshares 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 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 1 contract

Samples: Subordinated Indenture (United Community Bancshares Inc)

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 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 1 contract

Samples: Third Supplemental Indenture (Consumers Energy Co Financing 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 semiannual 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 (Nara Bancorp Inc)

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 if 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 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 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 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 thereofthereof or upon redemption of the Debentures, 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 1 contract

Samples: Supplemental Indenture (Laclede 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 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: Indenture (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, 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 Subject to Section 4.06 of the Indenture, so long as there shall not be an Event of Default with respect to the payment of interest on the Series A Debentures, the Company shall have the right, at any time during the term of the Series A Debentures, to extend any interest payment period of such Series A 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 continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding to exceed 20 consecutive calendar quarters (from the "Extended last Interest Payment Date to which interest was paid in full (each, an "Extension Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment such Extension Period may extend beyond the Maturity Date or end ends on a date other than an another 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 Extension Period, but on the Interest Payment Period, except Date occurring at the end thereofof each Extension Period the Company shall pay to the holders of record on the Record Date for such Interest Payment Date (regardless of who the holders of record may have been on other dates during such Extension Period) all accrued and unpaid interest on the Series A Debentures, but together with interest thereon compounded quarterly at the rate specified for the Series A Debentures. Prior to the termination of any Extension Period, the Company may prepay at any time pay all or (subject to the last sentence of the first paragraph of Section 1.03 above) any portion of the interest accrued on the Series A Debentures on any Interest Payment Date to holders of record on the Record Date for that Interest Payment Date or may from time to time further extend such Extension Period, provided that any such Extension Period, together with all such previous and further extensions thereof, shall not exceed 20 consecutive calendar quarters. If the Company shall elect to pay all of the interest accrued on the Series A Debentures on an Interest Payment Date during an Extended Extension Period, that Extension Period shall automatically terminate on that Interest Payment Date. Upon the termination of an Extension Period and the payment of all amounts of interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements.

Appears in 1 contract

Samples: First Supplemental Indenture (Portland General Electric Co /Or/)

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 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 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 5:00 p.m., New York, New York time 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 quarters00 xxxxxxxxxxx xxxxxxxx, or extend xxxxxx beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. The foregoing notwithstanding, any Extended Interest Payment Period 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 5:00 p.m., New York, New York time on the Regular Record Date immediately preceding the date of prepayment.

Appears in 1 contract

Samples: Indenture (Southern Community Financial 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, 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: Indenture (Independent Capital Trust)

Extension of Interest Payment Period. The Company TECO 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 and such Extended Interest Payment Period shall end on a date other than an Interest Payment Date; provided further that if there has not been a Successful Remarketing then no Extended Interest Payment Period may extend beyond January 15, 2005. 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 TECO 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 TECO 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 and shall 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 TECO 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 TECO may prepay at on any time Interest Payment Date all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Sixth Supplemental Indenture (Teco Energy Inc)

Extension of Interest Payment Period. The Company shall have the right, at any time on or after February 15, 2004 and from time to time thereafter during the term of the Debentures so long as no Event of Default has occurred and is continuingthis Security, to defer payments of interest (including Compounded Interest (as defined below), and Additional Interest, if any) by extending the interest payment period of such Debentures Security for a period not exceeding up to 20 consecutive quarters (the each 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 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 4.1312 of the Indenture (as defined below), shall will bear interest thereon at the Coupon Rate 9.75% compounded quarterly for each quarter of the Extended Interest Payment Extension Period ("Compounded Interest"); provided, that during an Extension Period, the Company shall be subject to the provisions of Section 1008 of the Indenture. 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 DebenturesSecurities, including any Additional Interest and Compounded Interest (togetherPayments, "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 ("Holders") on the first record date Regular 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 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 maturity of the Debentures Securities or end on a date other than on an Interest Payment Date. Upon the termination of any Extended Interest Payment Extension Period and upon the payment of all Deferred Interest amounts then duedue on the Securities, including any Additional Payments, 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, Extension Period except at the end thereof. The Company must give the Property Trustee, the Regular Trustees and the Trustee notice of its election to begin an Extension Period at least one Business Day Prior to the earliest of (i) the date the distribution on the Preferred Securities would have been payable except for the election to begin such Extension Period, or (ii) if applicable, the date the Regular Trustees are required to give notice to the New York Stock Exchange, the Nasdaq National Market or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or (iii) the date such distribution is payable, but in any event not less than one Business Day prior to the Company may prepay at any time all or any portion record date. The Trustee shall give notice of the interest accrued during Company's election to begin an Extended Interest Payment PeriodExtension Period to the holders of the Securities and the Regular Trustees shall give notice of the Company's election to the holders of the Preferred Securities. The quarter in which any 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 Extension Period permitted under the first paragraph of this Section 3.

Appears in 1 contract

Samples: Indenture (Fleetwood Enterprises Inc/De/)

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 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 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: Indenture (M&t Bank 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 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 [__] 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 [__] consecutive quarters[semi-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 redeem at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Commerce Bancorp Inc /Nj/)

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 EXHIBIT 4(c)(1) 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 (1st Source 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 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 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 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: Indenture (Independent 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 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 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 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 "Extended Interest Payment 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, 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; 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 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 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: Indenture (American Safety Insurance Group LTD)

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