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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 8 contracts
Samples: Indenture (S Y Bancorp Inc), Indenture (Itla Capital Corp), Indenture (S Y Bancorp Inc)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, 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 Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Period. Before the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 6 contracts
Samples: Indenture (Peoples Bancshares Inc), Indenture (Peoples Bancshares Inc), Indenture (Stifel Financial Capital Trust)
Extension of Interest Payment Period. So long as no Event SECTION 4.01. Subject to Section 4.06 of Default has occurred the Indenture and is continuingSection 5.06 of this First Supplemental Indenture, the Company shall have the right, at any time during the term of the Series A Debentures, to defer the payment of interest on such Series A Debentures at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty to exceed 20 consecutive calendar quarters from the last Interest Payment Date to which interest was paid in full (20but in no event beyond the maturity of the Series A Debentures) consecutive quarters (the each, an "Extension Period"), during which Extension Period no periods the Company shall have the right to make partial payments of interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an any 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 and at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the such Extension Period, Period the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") that shall be payable thereon. 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 Extension Period. Before the termination of any 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 such period Extension Period together with all such previous and further extensions thereof of such Extension Period shall not exceed twenty (20) 20 consecutive quarters, quarters or extend beyond the Maturity Date maturity of the Debentures or Series A Debentures. No such Extension Period shall end on a date other than an Interest Payment Date. Upon the termination of any such Extension Period and upon the payment of all Deferred Payments accrued and unpaid interest then due, the Company may commence elect to begin a new Extension Period, subject to the foregoing above requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but .
SECTION 4.02. The Company shall give the Trustee and the Administrative Trustees written notice of (i) any election by the Company may prepay at to initiate an Extension Period and the duration thereof, (ii) any time all election by the Company to extend an Extension Period beyond the Interest Payment Date on which that Extension Period is then scheduled to terminate and the duration of such extension and (iii) any election by the Company to make a full or any portion partial payment of the interest accrued on the Series A Debentures on any Interest Payment Date during an Extension Period and the amount of such payment. In no event shall such notice by the Company be given less than one Business Day prior to the earlier of (A) the date the Administrative Trustees are required to give notice to The New York Stock Exchange or other applicable self-regulatory organization or to the holders of the Preferred Securities of the record date or the date Distributions are payable but in any event not less than one Business Day prior to such record date or (B) one Business Day prior to such date the Distributions on the Preferred Securities would have been payable except for the election to begin such Extension Period. Upon receipt of any such notice, the Trustee shall give written notice of the Company's election by mail to the Series A Debentureholders within five Business Days. The Company shall make a public announcement of any such election in accordance with New York Stock Exchange rules not less than five Business Days prior to such Record Date.
Appears in 6 contracts
Samples: First Supplemental Indenture (West Texas Utilities Co), First Supplemental Indenture (Public Service Co of Oklahoma), First Supplemental Indenture (Southwestern Electric Power Co)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during prior to the term of the DebenturesMaturity Date, to defer payments of interest by extending extend the interest payment period of such Debentures Notes for a period not exceeding up to twenty (20) consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon compounded quarterly at the Coupon Rate compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments and Compounded Interest (together, "Deferred PaymentsInterest") that ), which shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Register security register maintained by the Registrar on the first record date Regular Record Date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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, however, that such period together with all previous and such further extensions thereof shall not exceed twenty (20) consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence select a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 5 contracts
Samples: First Supplemental Indenture (Delphi Financial Group Inc/De), First Supplemental Indenture (Xl Capital LTD), Second Supplemental Indenture (Coastal Corp)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, from time to time, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) up to 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension Period, 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 Payments and Compounded Deferred Interest (together, "Deferred Payments") that shall be payable 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension PeriodExtended Interest Payment Period as if no Extended Interest Payment Period had previously been declared, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 5 contracts
Samples: Second Supplemental Indenture (Great Western Financial Corp), Second Supplemental Indenture (Great Western Financial Trust I /De/), Third Supplemental Indenture (Great Western Financial Trust Iii)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, from time to time to defer payments the payment of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) up to 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateof the Notes. 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 Rate, compounded quarterly quarterly, for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension Period, 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, Notes including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") that which shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Note Register on the first record date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20 consecutive quarters, or quarters and provided further that no Extended Interest Payment Period may extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence select a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 5 contracts
Samples: Supplemental Indenture (Household Capital Trust Vii), Supplemental Indenture (Household Capital Trust Vi), Supplemental Indenture (Household Capital Trust Iv)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during prior to the term of the DebenturesMaturity Date, to defer payments of interest by extending extend the interest payment period of such Debentures Notes for a period not exceeding up to twenty (20) consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon compounded quarterly at the Coupon Rate compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments and Compounded Interest (together, "Deferred PaymentsInterest") that ), which shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Register security register maintained by the Registrar on the first record date Regular Record Date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence select a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 4 contracts
Samples: Third Supplemental Indenture (Tci Communications Inc), First Supplemental Indenture (Tci Communications Financing Iv), Third Supplemental Indenture (Tci Communications Financing Vi)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 4 contracts
Samples: Indenture (First Busey Capital Trust I), Indenture (Baylake Capital Trust I), Indenture (Baylake Capital Trust I)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during prior to the term of the DebenturesMaturity Date, to defer payments of interest by extending extend the interest payment period of such Debentures for a period not exceeding up to twenty (20) consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon compounded quarterly at the Coupon Rate compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments and Compounded Interest (together, "Deferred PaymentsInterest") that ), which shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Register security register maintained by the Registrar on the first record date Regular Record Date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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, however, that such period together with all previous and such further extensions thereof shall not exceed twenty (20) consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence select a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 4 contracts
Samples: First Supplemental Indenture (Circus Finance Ii), First Supplemental Indenture (Circus Finance Ii), First Supplemental Indenture (Circus Finance Ii)
Extension of Interest Payment Period. So Subject to Section 4.06 of the Indenture, so long as no Event the Company shall not be in default in the payment of Default has occurred and is continuinginterest 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty to exceed 20 consecutive calendar quarters from the last Interest Payment Date to which interest was paid in full and not to extend beyond the maturity of the Series A Debentures (20) consecutive quarters (the each, an "Extension Period"), during which provided that such Extension Period no ends on another Interest Payment Date. No interest shall be due and payable; provided that no payable during an Extension Period, but on the Interest Payment Date occurring at the end of each Extension Period may extend beyond the Maturity Company shall pay to the holders of record on the Record Date or end on a date other than an for such Interest Payment Date. To Date (regardless of who the extent permitted by applicable lawholders of record may have been on other dates during the Extension Period) all accrued and unpaid interest on the Series A Debentures, 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 together with interest thereon at the Coupon Rate compounded quarterly rate specified for each quarter of the Extension Period ("Compounded Interest")Series A Debentures. At the end of the Extension 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 Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any Extension Period, the Company may pay all or 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 from time to time further extend such period so long as no Event of Default has occurred and is continuingthe interest payment period, provided that any such period Extension Period, together with all such previous and further extensions thereof thereof, shall not exceed twenty (20) 20 consecutive quarters, calendar quarters or extend beyond the Maturity Date maturity of the Series A Debentures. If the Company shall elect to pay all of the interest accrued on the Series A Debentures or end on a date other than an Interest Payment Date during an Extension Period, that Extension Period shall automatically terminate on that Interest Payment Date. Upon the termination of any an Extension Period and upon the payment of all Deferred Payments amounts of interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 3 contracts
Samples: First Supplemental Indenture (Southwestern Electric Power Co), First Supplemental Indenture (Central Power & Light Co /Tx/), First Supplemental Indenture (Public Service Co of Oklahoma)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, 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 Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 3 contracts
Samples: Indenture (Intrust Financial Corp /), Indenture (Intrust Capital Trust), Indenture (Indiana United Bancorp)
Extension of Interest Payment Period. So long as no Event of Default has with respect to the Debentures under Section 2.9 of this First Supplemental shall have occurred and is be continuing, the Company shall have the right, right at any time and from time to time time, during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period successive periods not exceeding twenty (20) 20 consecutive quarters for any such period (the each, an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date maturity of the Debentures 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 Extension Period ("Compounded Compound Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid interest on the Debentures, including including, to the extent permitted by law, any Additional Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") ), to the Holders of record of the Debentures as they appear on the books and records of the Company at the close of business on the Regular Record Date for the Interest Payment Date upon which such Extension Period terminates; provided that any Additional Interest 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 Extension PeriodTrust rather than to such Holders. Before the termination of any Extension PeriodPeriod of less than 20 consecutive quarters, 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 twenty (20) 20 consecutive quarters, or extend beyond the Maturity Date maturity of the Debentures or and end on a date other than on an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 3 contracts
Samples: First Supplemental Indenture (Bay View Capital I), First Supplemental Indenture (Bay View Capital I), First Supplemental Indenture (Bay View Capital I)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 3 contracts
Samples: Indenture (Premier Bancshares Inc /Ga), Indenture (Ifc Capital Trust I), Indenture (Eagle Bancshares Inc)
Extension of Interest Payment Period. So long as no Event the Company shall not be in default in the payment of Default has occurred and is continuinginterest on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period ("Compounded Compound Interest"). At the end of the Extension 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 Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 2 contracts
Samples: Fourth Supplemental Indenture (Fleet Financial Group Inc), Third Supplemental Indenture (Fleet Financial Group Inc)
Extension of Interest Payment Period. So long as no Event of Default under Section 6.01 of the Base Indenture has occurred and is continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Junior Subordinated Debentures, from time to time to defer payments the payment of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding twenty 10 consecutive semi-annual periods (20) consecutive quarters (the an "Extension Period"), during which Extension Period no the Company shall have the right to make partial payments of interest shall be due and payable; provided that no on any Interest Payment Date. No Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity or any earlier redemption date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period an Extension Period imposed pursuant to this Section 4.14.01, shall will bear interest thereon at the Coupon Rate Additional Interest compounded quarterly for each quarter of the Extension Period ("Compounded Interest")semi-annually. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Junior Subordinated Debentures, including any Additional Payments Interest, Special Interest and Compounded Interest (togetherAdditional Tax Sums, "Deferred Payments") that shall be payable if applicable, to the holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Register on the first record date after Record Date preceding the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingExtension Period, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 10 consecutive quarterssemi- annual periods, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier redemption date. Upon At any time following the termination of any Extension Period and upon the payment of all Deferred Payments any accrued and unpaid Additional Interest and Special Interest then due, the Company may commence elect to begin a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Samples: First Supplemental Indenture (DPL Inc), First Supplemental Indenture (DPL Inc)
Extension of Interest Payment Period. So long as 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 60 consecutive quarters months (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 monthly for each quarter month of the Extension Extended Interest Payment Period ("Compounded Compound Interest"). At the end of the Extension 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 Payments and Compounded Compound Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 60 consecutive quartersmonths, 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 2 contracts
Samples: Supplemental Indenture (Popular Inc), Second Supplemental Indenture (Popular Inc)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the Company shall have the right, right at any time time, and from time to time and for varying lengths of time, during the term of the Debentures, Debentures to defer payments of interest by extending the interest payment period of such on the Debentures for a period not exceeding twenty 20 consecutive quarterly periods (20) consecutive quarters (the "each, an “Extension Period"”). Despite such deferral, during which Extension Period no quarterly interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To will continue to accumulate with interest thereon (to the extent permitted by applicable law, interest, the payment of which has been deferred because ) at an annual rate of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon applicable Interest Rate plus 2.0% per annum compounded quarterly for each quarter of the during any such Extension Period ("“Compounded Interest"”). At the end of the Extension Period, 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 Payments and Compounded Interest (together, "Deferred Payments") that shall be payable payable, to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date Regular Record Date after the end of the Extension Period. Before Prior to the termination of any Extension Period, the Company may further extend such period so long as no Event defer payments of Default has occurred and is continuinginterest by extending the interest payment period, provided that such period Extension Period together with all such previous and further extensions thereof shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments amounts then due, the Company may commence a new Extension Period, subject to the foregoing requirementsrequirements and the last sentence of this Section 2.06. No interest shall be due and payable during an Extension Period, Period except at the end thereof. An Extension Period with respect to any Debenture may not extend beyond the Maturity of the principal of such Debenture or, but as to each Debenture being redeemed or, the portion thereof being redeemed, beyond the relevant Redemption Date. Notwithstanding any provision of this Indenture to the contrary, if the Debentures are “applicable high yield discount obligations” within the meaning of Section 163(i)(1) of the Internal Revenue Code of 1986 as amended (the “Code”), on each Payment Date falling after the fifth anniversary of the date hereof (or, if such Payment Date is not a Business Day, the immediately preceding Business Day), the Company may prepay at any time all or any portion will pay the amount necessary for the Debentures to be treated as not having “significant original issue discount” for purposes of Section 163(i)(2) of the interest accrued during an Extension PeriodCode.
Appears in 2 contracts
Samples: Indenture (Berkshire Hathaway Energy Co), Indenture (Midamerican Energy Holdings Co /New/)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate rate of _____% per annum, compounded quarterly for each quarter of during the Extension Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 2 contracts
Samples: Indenture (Bankunited Capital Ii), Indenture (Bankunited Capital Ii)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, right at any time and from time to time during time, so long as no Event of Default with respect to the term of the DebenturesNotes 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 twenty extending beyond the Maturity Date (20) consecutive quarters (the an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that however, upon no Extension Period may extend beyond less than two Business Days' notice to the Maturity Remarketing Agent prior to the Initial Remarketing Date or end on a date other than an Interest Payment the Secondary Remarketing Date, as the case may be, the Company may elect that payments of interest will not be deferrable after the Reset Effective 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 4.1207, shall bear interest thereon will accrue (i) in the event of an Extension Period prior to the Reset Effective Date or in the event of a Failed Secondary Remarketing, at the Coupon rate of 10.25% per annum, and (ii) in the event of an Extension Period, if any, following the Reset Effective Date, at the Reset Rate per annum, in either case until such Deferred Interest is paid. Deferred Interest shall be compounded ("Compounded Interest") (x) quarterly for each quarter of the such Extension Period prior to the Reset Effective Date, ("Compounded Interest")y) quarterly for each quarter of such Extension Period prior to November 16, 2007 in the event of a Failed Secondary Remarketing, or (z) semiannually for each semiannual period of such Extension Period, if any, subsequent to the Reset Effective Date. At the end of the such Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Notes and Compounded Interest (together, "Deferred PaymentsInterest") 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 Regular Record Date after the end of the Extension Period. Before Prior to the termination expiration of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to provided that such Extension Period, together with all extensions thereof, may not extend beyond the foregoing requirementsMaturity Date. No interest shall be due and payable during an Extension Period, Period except at the end thereof, but the Company Company, at its option, may prepay at on any time Interest Payment Date all or any portion of the interest accrued during the then elapsed portion of an Extension Period.
Appears in 2 contracts
Samples: First Supplemental Indenture (Public Service Electric & Gas Co), First Supplemental Indenture (Public Service Enterprise Group Inc)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.14.1 and which remains unpaid, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, ; provided that such period together with all such further extensions thereof shall not exceed twenty (20) consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Samples: Indenture (Abc Bancorp Capital Trust I), Indenture (Abc Bancorp Capital Trust I)
Extension of Interest Payment Period. So long as no Event the Company is not in default in the payment of Default has occurred and is continuinginterest on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures, from time to defer payments of interest by extending time to extend the interest payment period of such Debentures for a period not exceeding twenty (20) up to 60 consecutive quarters months (the "Extension Period"), during at the end of which Extension Period no period the Company shall pay all interest shall be due accrued and payable; provided that no Extension 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 11.6% per annum to the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period monthly ("Compounded Interest")). At the end of the During such Extension Period, Period the Company shall calculate (and deliver such calculation not declare or pay any dividend on, or redeem, purchase, acquire or make a distribution or liquidation payment with respect to, any of its common stock or preferred stock, or make any guarantee payments with respect thereto. Prior to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any such Extension Period, the Company may pay all or any portion of the interest accrued on the Debentures on any Interest Payment Date to holders of record on the regular record date for such Interest Payment Date or from time to time further extend such period so long as no Event of Default has occurred and is continuingPeriod, provided that such period Extension Period together with all such further extensions thereof shall not exceed twenty (20) 60 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datemonths. Upon the termination of any Extension Period and upon the payment of all Deferred Payments accrued and unpaid interest then due, together with Compounded Interest, the Company may commence select a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but . At the end of the Extension Period the Company may prepay at shall pay all interest accrued and unpaid on the Debentures including any time all or any portion Compounded Interest which shall be payable to the holders of the interest accrued during an Debentures in whose names the Debentures are registered in the Debenture register on the first record date after the end of the Extension Period.
Appears in 2 contracts
Samples: Indenture (Sunsource Inc), Indenture (Sunsource Inc)
Extension of Interest Payment Period. So long as no an Event of Default has under Section 6.01 of the Base Indenture shall not have occurred and is be continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) ____ consecutive quarters semi-annual periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity or any earlier redemption date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.14.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period semiannually ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums, Additional Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 preceding the end of the Extension Period. Before the termination of any 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 twenty (20) 10 consecutive quarterssemi-annual periods, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier redemption date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Samples: Supplemental Indenture (Bear Stearns Capital Trust V), Supplemental Indenture (Bear Stearns Capital Trust V)
Extension of Interest Payment Period. So long as no Event Subject to Section 3.13 of Default has occurred and is continuingthe Indenture, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period an Extension Period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period")quarters, during which Extension Period no interest shall be due and payable; provided that 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. 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 Interest Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and --------------------- pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") 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 relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 further -------- extensions thereof thereof, shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Samples: Fourth Supplemental Indenture (Bank One Corp), Eighth Supplemental Indenture (Bank One Corp)
Extension of Interest Payment Period. So long as no an Event of Default has under Section 6.01 of the Base Indenture shall not have occurred and is be continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity or any earlier redemption date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.14.01, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period semiannually ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums, Additional Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 preceding the end of the Extension Period. Before the termination of any 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 twenty (20) 20 consecutive quartersquarterly periods, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier redemption date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Samples: Second Supplemental Indenture (Bear Stearns Companies Inc), Indenture (Bear Stearns Companies Inc)
Extension of Interest Payment Period. So long as no Event the Company shall not be in default in the payment of Default has occurred and is continuinginterest on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 10 consecutive quarters semi-annual periods (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 semi-annually for each quarter semi-annual period of the Extension Extended Interest Payment Period ("Compounded Compound Interest"). At the end of the Extension 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 Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 10 consecutive quarterssemi-annual periods, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 2 contracts
Samples: First Supplemental Indenture (Fleet Capital Trust V), Supplemental Indenture (Fleet Financial Group Inc)
Extension of Interest Payment Period. So long as no Event of Default with respect to the Debentures 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1205, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Compound Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") 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 Extension Period. Before the termination of any Extension Period, the Company may shorten or 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Samples: Fourth Supplemental Indenture (Dte Energy Co), Fourth Supplemental Indenture (Dte Energy Co)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other 23 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 Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Samples: Indenture (Mb Financial Capital Trust I), Indenture (Mb Financial Inc /Md)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, from time to time, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) up to 20 consecutive quarters (the "Extension Extended Interest Payment Period"); provided, that during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an any such Extended Interest Payment DatePeriod, (a) the Company shall not declare or pay dividends on, make any distribution with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to any of its capital stock, and (b) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities issued by the Company that rank pari passu with or junior to the Notes. 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 Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension Period, 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 Payments and Compounded Deferred Interest (together, "Deferred Payments") that shall be payable 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 Regular Record Date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 2 contracts
Samples: Second Supplemental Indenture (Reliastar Financing Ii), First Supplemental Indenture (Reliastar Financing V)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 10 consecutive quarters semi-annual interest payment periods (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 semi-annual interest payment period of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 10 consecutive quarters, semi-annual interest payment periods 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 2 contracts
Samples: First Supplemental Indenture (Arvin Capital I), Supplemental Indenture (Arvin Industries Inc)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, from time to defer payments of interest by extending time to extend the interest payment period of such Debentures Notes for a period not exceeding twenty (20) up to 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest")Extended Interest Payment Period. At the end of the Extension Period, 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, Notes including any Additional Payments and Compounded Interest (together, "Deferred PaymentsInterest") that which shall be payable to the 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence select a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 2 contracts
Samples: First Supplemental Indenture (Mediaone Finance Trust Ii), Second Supplemental Indenture (Mediaone Finance Trust Ii)
Extension of Interest Payment Period. So With the exception of Pre-Issuance Interest, so long as no Event the Company shall not be in default in the payment of Default has occurred and is continuinginterest on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period ("Compounded Compound Interest"). At the end of the Extension 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 Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 2 contracts
Samples: Second Supplemental Indenture (Fleet Capital Trust I), Second Supplemental Indenture (Fleet Financial Group Inc)
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 Subordinated Debentures, from time to time to defer payments of interest by extending the interest payment period of such Subordinated Debentures for a period up to 20 consecutive quarters, but not exceeding twenty (20) consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an of the Subordinated Debentures (the "Extended Interest Payment DatePeriod"). 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 Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension Period, Extended Interest Payment Period the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Subordinated Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable payable, to the holders Holders of the Subordinated Debentures in whose names the Subordinated Debentures are registered in the Debenture Security Register on the first record date Regular Record Date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 2 contracts
Samples: Fourth Supplemental Indenture (Northwestern Corp), Third Supplemental Indenture (Northwestern Corp)
Extension of Interest Payment Period. So As long as no an Event of Default has under Section 5.1(a) of this Indenture shall not have occurred and is be continuing, the Company shall have the right, at any time and from time to time during the term of the Convertible Debentures, to defer payments of interest by extending the interest payment period of such Convertible Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateany earlier redemption date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.111.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Compound Interest"). Each Extension Period, if any, will end on an Interest Payment Date. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Convertible Debentures, including any Additional Payments and Compounded Sums and, to the extent permitted by law, Compound Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders Holders of the Convertible Debentures in whose names the Convertible Debentures are registered in the Debenture Security Register at the close of business on the first record date after the end of the Extension Periodnext preceding such Interest Payment Date. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed twenty (20) 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier redemption date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 2 contracts
Extension of Interest Payment Period. So long as no Event Subject to Section 3.13 of Default has occurred and is continuingthe Indenture, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period an Extension Period not exceeding twenty ([20) ] consecutive quarters (the "Extension Period")quarters, during which Extension Period no interest shall be due and payable; provided -------- that 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. 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 Interest Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") 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 relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 further extensions thereof thereof, shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the 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 Debenturesthis 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 twenty (20) up to 20 consecutive quarters (the each an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1312 of the Indenture (as defined below), shall will bear interest thereon at the Coupon Rate [____]% compounded quarterly for each quarter of the 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 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 Payments and Compounded Interest (togetherPayments, "Deferred Payments") 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 Extension Period. Before the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments amounts then duedue on the Securities, including any Additional Payments, the A-1-5 Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, 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 Extension PeriodPeriod 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
Extension of Interest Payment Period. So long as no Event of Default has with respect to the Debentures under Section 2.9 of this First Supplemental Indenture shall have occurred and is be continuing, the Company shall have the right, right at any time and from time to time time, during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period successive periods not exceeding twenty (20) 20 consecutive quarters for any such period (the each, an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date maturity of the Debentures 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 Extension Period ("Compounded Compound Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid interest on the Debentures, including including, to the extent permitted by law, any Additional Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") ), to the Holders of record of the Debentures as they appear on the books and records of the Company at the close of business on the Regular Record Date for the Interest Payment Date upon which such Extension Period terminates; provided that any Additional Interest 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 Extension PeriodTrust rather than to such Holders. Before the termination of any Extension PeriodPeriod of less than 20 consecutive quarters, 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 twenty (20) 20 consecutive quarters, or extend beyond the Maturity Date maturity of the Debentures or and end on a date other than on an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the (a) The Company shall have the right, right at any time and from time to time during time, so long as no Event of Default with respect to the term of the DebenturesNotes has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period the Notes to any subsequent Interest Payment Date, but not exceeding twenty beyond February 16, 2006 (20) consecutive quarters (the an "Extension Period"). Prior to the expiration of any Extension Period, during which the Company may further extend such Extension Period to any subsequent Interest Payment Date, but not beyond February 16, 2006. During any Extension Period, including as the same may be extended as provided in the preceding sentence, no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1206, shall bear will accrue additional interest thereon at the Coupon Rate rate of [____]% per annum to but excluding the date of payment, compounded quarterly for each quarter of the such Extension Period ("Compounded Interest"). At the end of the each Extension Period, including as the same may be extended as provided above, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Notes and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Person in whose names name such Note, or any predecessor Note, is registered at the Debentures are registered in the Debenture Register close of business on the first record date after the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend Record Date for 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 twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirementsprovided that such Extension Period, together with all extensions thereof, may not extend beyond February 16, 2006. No interest shall be due and payable during an Extension Period, Period except at the end thereof, but except that prior to the Company end of such Extension Period, the Company, at its option, may prepay at on any time Interest Payment Date all or any portion of the interest Deferred Interest accrued during the then elapsed portion of such Extension Period.
(b) The Company shall give written notice to the Trustee (and the Trustee shall give notice thereof to Holders of Notes) of its election to extend any interest payment period, the expected length of any such Extension Period and any extension of any Extension Period, at least five Business Days before the earlier of (1) the Record Date for the Interest Payment Date on which interest would have been payable except for the election to begin or extend the Extension Period, or (2) the date the Trustee is required to give notice to any securities exchange or to Holders of Notes of such Record Date or such Interest Payment Date.
(c) The Company shall give written notice to the Trustee (and the Trustee shall give notice thereof to Holders of Notes) of the end of an Extension Period or its election to pay any portion of the Deferred Interest on an Interest Payment Date prior to the end of an Extension Period, at least five Business Days before the earlier of (1) the Record Date, (2) the Interest Payment Date on which interest would have been payable except for the election to begin or extend such Extension Period or (3) the date the Trustee is required to give notice to any securities exchange or to Holders of Notes of such Record Date or such Interest Payment Date.
(d) In addition to the covenants contained in Article Ten of the Base Indenture, the Company covenants and agrees for the benefit of the Holders of Notes that, during the continuance of any Extension Period, the Company shall not:
(1) declare or pay dividends on, make other distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any shares of the Company's capital stock;
(2) permit any Subsidiary of the Company to declare or pay dividends on, make other distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any shares of the Company's or such Subsidiary's capital stock; provided that the foregoing will not restrict any Subsidiary of the Company from declaring or paying such dividends, or making such distributions, to the Company or any other Subsidiary of the Company;
(3) make any payment of principal, interest or premium, if any, or repay, repurchase or redeem any security that ranks pari passu with the Notes; or
(4) make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities that rank subordinate in right of payment to the Notes or make any guarantee payments with respect to any guarantee by the Company of the Indebtedness of any Subsidiary of the Company if such guarantee ranks subordinate in right of payment to the Notes.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesDebentures 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 twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. Notice of ----------------------------------------------- Extension.
(a) So long as no Event of Default (or an event which would be an --------- Event of Default with the giving of required notice or the passage of time) has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the DebenturesSecurities, from time to time to defer payments of interest by extending the interest payment period of such Debentures for a period successive periods not exceeding twenty 10 consecutive semi-annual periods for each such period (20) consecutive quarters (the an "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.13.12, shall will bear interest thereon at the Coupon Rate __% compounded quarterly semi-annually for each quarter semi-annual period of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest and Additional Payments then accrued and unpaid on the DebenturesSecurities, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Regular Record Date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension Extended Interest Payment Period, the Company may further extend such period period, so long as no Event of Default (or an event which would be an Event of Default with the giving of required notice or the passage of time) has occurred and is continuing, continuing provided that such period together with all such further extensions thereof shall not exceed twenty (20) 10 consecutive quarters, semi-annual periods 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 Extension Extended Interest Payment Period and upon the payment of all Deferred interest and Additional Payments then due, the Company may commence a new Extension Extended Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, Extended Period except at the end thereof.
(b) If the Property Trustee is the sole holder of the Securities, the Company shall give the Holder of the Securities and the Trustee notice of its selection of an Extended Interest Payment Period at least one Business Day prior to the earlier of (i) the Interest Payment Date or (ii) if the Capital Securities are listed on the New York Stock Exchange or other stock exchange or quotation system, the date the Trust is required to give notice to the New York Stock Exchange or other applicable self-regulatory organization or to holders of the Capital Securities of the record date or the date such distributions are payable, but in any event not less than ten Business Days prior to such record date.
(c) If the Property Trustee is not the sole holder of the Securities, the Company may prepay at any time all or any portion shall give the Holders of the interest accrued during Securities and the Trustee notice of its selection of an Extension PeriodExtended Interest Payment Period at least ten Business Days prior to the earlier of (i) the Interest Payment Date or (ii) if the Capital Securities are listed on the New York Stock Exchange or other stock exchange or quotation system, the date the Trust is required to give notice to the New York Stock Exchange or other applicable self-regulatory organization or to holders of the Securities of the record date or the date such distributions are payable, but in any event not less than two Business Days prior to such record date.
(d) The quarter in which any notice is given pursuant to paragraphs (b) and (c) hereof shall be counted as one of the 10 semi-annual periods permitted in the maximum Extended Interest Payment Period permitted under paragraph (a) hereof.
Appears in 1 contract
Samples: Indenture (Nationwide Financial Services Capital Trust)
Extension of Interest Payment Period. So long as no Event of Default under Section 501 of the Base 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 DebenturesJunior Subordinated Notes, from time to time to defer payments the payment of interest by extending the interest payment period of such Debentures Junior Subordinated Notes for a period not exceeding twenty (20) up to 20 consecutive quarters (the "an “Extension Period"”), during which Extension Period no the Company shall have the right to make partial payments of interest shall be due and payable; provided that no on any Interest Payment Date. No Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity of the Junior Subordinated Notes. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period an Extension Period imposed pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate Additional Interest compounded quarterly for each quarter of the Extension Period ("Compounded Interest")quarterly. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the DebenturesJunior Subordinated Notes, including any Additional Payments Interest and Compounded Interest (togetherAdditional Tax Sums, "Deferred Payments") that shall be payable if applicable, to the holders of the Debentures Junior Subordinated Notes in whose names the Debentures Junior Subordinated Notes are registered in the Debenture Security Register on the first record date after Record Date preceding the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingExtension Period, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateStated Maturity. Upon At any time following the termination of any Extension Period and upon the payment of all Deferred Payments any accrued and unpaid Additional Interest and Additional Tax Sums, if applicable, then due, the Company may commence elect to begin a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof. During any such Extension Period, but the Company may prepay at shall not (i) declare or pay any time all dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s Capital Stock or (ii) make any payment of principal of or interest on or repay, repurchase or redeem any debt securities of the Company that rank on a parity with or junior to this Junior Subordinated Note or make any guarantee payments with respect to any Guarantee or other guarantee by the Company of the debt securities of any Subsidiary of the Company that by its terms ranks on a parity with or junior to this Junior Subordinated Note (other than (a) dividends or distributions in Common Stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any Capital Stock or any portion class or series of preferred stock of the interest accrued during an Extension PeriodCompany under any Rights Plan or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments under any Guarantee relating to the Trust Preferred Securities issued by the Trust and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company’s benefit plans for its directors, officers, employees, consultants or advisors).
Appears in 1 contract
Samples: Second Supplemental Indenture (Virginia Electric & Power Co)
Extension of Interest Payment Period. So long as no Event of Default under Section 6.1 of the Base Indenture has occurred and is continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Junior Subordinated Debentures, from time to time to defer payments the payment of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding twenty 10 consecutive semi-annual periods (20) consecutive quarters (the an "Extension Period"), during which Extension Period no interest the Company shall be due and payable; provided that no not have the right to make partial payments of interest. No Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity of the Junior Subordinated 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 an Extension Period imposed pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate Additional Interest compounded quarterly for each quarter of the Extension Period ("Compounded Interest")semi- annually. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Junior Subordinated Debentures, including any Additional Payments Interest and Compounded Interest (togetherAdditional Tax Sums, "Deferred Payments") that shall be payable if applicable, to the holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Register on the first record date after Record Date preceding the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingExtension Period, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 10 consecutive quarterssemi-annual periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateStated Maturity. Upon At any time following the termination of any Extension Period and upon the payment of all Deferred Payments any accrued and unpaid Additional Interest and Additional Tax Sums, if applicable, then due, the Company may commence elect to begin a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof. During any such Extension Period, but the Company may prepay at shall not (i) declare or pay any time all dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company's Capital Stock or (ii) make any payment of principal of or interest on or repay, repurchase or redeem any debt securities of the Company that rank on a parity with or junior to this Debenture or make any guarantee payments with respect to any [DRI Guarantee or other] guarantee by the Company of the debt securities of any Subsidiary of the Company that by its terms ranks on a parity with or junior to this Debenture (other than (a) dividends or distributions in Common Stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any Capital Stock or any portion class or series of preferred stock of the interest accrued during an Extension PeriodCompany under any Rights Plan or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, [(c) payments under any DRI Guarantee relating to the Capital Securities issued by the DRI Trust holding the Junior Subordinated Debentures,] and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company's benefit plans for its directors, officers, employees, consultants or advisors).
Appears in 1 contract
Samples: Supplemental Indenture (Dominion Resources Capital Trust Iv)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) consecutive quarters (the "“Extension Period"”), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.15.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("“Compounded Interest"”). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "“Deferred Payments"”) 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: Indenture (Tompkins Financial Corp)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the SECTION 4.1 The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such the Debentures of a series for a period not exceeding twenty (20) 10 consecutive quarters semiannual periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that (i) no Extension Period may extend beyond the Maturity Date and (ii) no Extension Period may commence or end on be extended so long as the Company is in default in the payment of any interest upon any Debentures of such series or has not paid all Deferred Interest from a date other than an Interest Payment Dateprior completed Extension Period. To the extent permitted by applicable law, interestinterest on the Debentures of a series, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at a rate equal to the Coupon Rate original interest rate borne by the principal of the Debentures (without regard to any increase or increases from time to time in respect of Additional Interest or Special Interest, if any), compounded quarterly semiannually for each quarter semiannual period of the Extension Period ("Compounded Interest"). At the end termination of an Extension Period for the Debentures of a series or, if not an Interest Payment Date, on the Interest Payment Date immediately following termination of such Extension PeriodPeriod for the Debentures of such series, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Periodinterest on such Interest Payment Date. Before the termination of any 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 twenty (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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during .
(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, except the Company shall give written notice to the Regular Trustees, the Institutional Trustee and 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 Regular Trustees are required to give notice to holders of the Capital Securities of the corresponding series (or any 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 end thereof, but time the Company may prepay at any time all or any portion of the interest accrued during initiates an 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 Interest Payment Date, or (ii) the date the Company is required to give notice to holders of the Debentures of such series (or any 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 payments the payment of which is being deferred.
Appears in 1 contract
Samples: Supplemental Indenture (Marshall & Ilsley Corp/Wi/)
Extension of Interest Payment Period. So long as no Event Subject to the provisions of Default has occurred and is continuingSection 7.2, the Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, from time to defer payments of interest by extending time to extend the interest payment period of such Debentures Notes for a period not exceeding twenty (20) up to 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest")Extended Interest Payment Period. At the end of the Extension Period, 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, Notes including any Additional Payments and Compounded Interest (together, "Deferred PaymentsInterest") that which shall be payable to the 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence select a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 1 contract
Samples: Supplemental Indenture (Us West Inc)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 inter- est thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
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 DebenturesSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding twenty (20) 10 consecutive quarters semi-annual periods, including the first such semi-annual period during such extension period (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 Extension Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Period. Before Prior to the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 10 consecutive quarterssemi- annual periods, including the first such semi-annual period during such Extension 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: Indenture (Xerox Capital Trust I)
Extension of Interest Payment Period. So long as no Event of Default under Section 6.01 of the Base Indenture has occurred and is continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Junior Subordinated Debentures, from time to time to defer payments the payment of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding twenty 10 consecutive semi-annual periods (20) consecutive quarters (the an "Extension --------- Period"), during which Extension Period no the Company shall have the right to make partial payments of interest shall be due and payable; provided that no on any Interest Payment Date. No Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity or any earlier prepayment date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period an Extension Period imposed pursuant to this Section 4.14.01, shall will bear interest thereon at the Coupon Rate Additional Interest compounded quarterly for each quarter of the Extension Period ("Compounded Interest")semi-annually. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Junior Subordinated Debentures, including any Additional Payments Interest, Special Interest and Compounded Interest (togetherAdditional Tax Sums, "Deferred Payments") that shall be payable if applicable, to the holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Register on the first record date after Record Date preceding the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingExtension Period, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 10 consecutive quarterssemi- annual periods, or extend beyond the Stated Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier prepayment date. Upon At any time following the termination of any Extension Period and upon the payment of all Deferred Payments any accrued and unpaid Additional Interest and Special Interest then due, the Company may commence elect to begin a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: Supplemental Indenture (Aon Corp)
Extension of Interest Payment Period. So long as no an Event of Default has under Section 4.01(a) of the Base Indenture shall not have occurred and is be continuing, the Company shall have the right, right at any time time, and from time to time time, during the term of the Debentures, Convertible Debentures to defer payments of interest by extending the interest payment period of such Convertible Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension PeriodEXTENSION PERIOD"), during which Extension Period no interest shall be due and payable; provided provided, that no Extension 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 4.1Section, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded InterestCOMPOUNDED INTEREST"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Convertible Debentures, including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsDEFERRED INTEREST") that shall be payable to the holders Holders of the Convertible Debentures in whose names the Convertible Debentures are registered in the Debenture Register on the first record date Regular Record Date after the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod; provided, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment any earlier Redemption Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
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, to defer payments of interest on the Debentures by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1, shall will bear interest thereon at the Coupon Rate a rate of _____% per annum compounded quarterly for each quarter quarterly period of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, quarterly 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but . Compounded Interest shall be treated as interest for all purposes under the Company may prepay at any time all or any portion of the interest accrued during an Extension PeriodIndenture.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) 20[10] consecutive quarters [semi-annual periods] (the "Extension “Extended Interest Payment Period"”), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly [semi-annually] for each quarter [semi-annual period] of the Extension Extended Interest Payment Period ("“Compounded Interest"”). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "“Deferred Payments"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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20[10] consecutive quartersquarters [semi-annual periods], or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. (a) So long as no Event of Default with respect to the Debentures 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided except that no Extension 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 4.1205, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Compound Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") 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 Extension Period. Before the termination of any Extension Period, the Company may shorten or 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
(i) If the Property Trustee is the sole registered Holder at the time the Company selects an Extension Period or any shortening or extension thereof, the Company shall give written notice to the Administrative Trustees, the Property Trustee and the Trustee of its selection of such Extension Period or any shortening or extension thereof before the earlier of (x) the next succeeding date on which Distributions on the Trust Securities are payable, or (y) the date the Trust is required to give notice of the record date, or the date such Distributions are payable, to the NYSE or other applicable self-regulatory organization where the Trust Preferred Securities are then listed or to holders of the Trust Preferred Securities, but in any event at least one Business Day before such record date.
(ii) If the Property Trustee is not the sole Holder at the time the Company selects an Extension Period, the Company shall give the Holders of the Debentures and the Trustee written notice of its selection of such Extension Period or any shortening or extension thereof at least ten Business Days before the earlier of (x) the next succeeding Interest Payment Date, or (y) if the Debentures are then listed, the date the Company is required to give notice to the NYSE or other applicable self-regulatory organization or to Holders of the Debentures of the record date or the Interest Payment Date .
(iii) The quarter in which any notice is given pursuant to subparagraphs (i) or (ii) of this paragraph (b) shall be counted as one of the 20 quarters permitted in the maximum Extension Period permitted under paragraph (a).
(c) The Company shall cause the Trust to give written notice of the selection, shortening or extension of any Extension Period to the holders of the Trust Preferred Securities.
Appears in 1 contract
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 DebenturesSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding twenty (20) 20 consecutive quarters quarters, including the first such quarter during such extension period (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.1, shall will bear interest thereon at the Coupon Rate compounded quarterly quarterly, to the extent permitted by applicable law, for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Securities in whose names the Debentures Securities are registered in the Debenture Security Register 51 on the first record date after preceding the end of the Extension Period. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, including the first such quarter during such Extension 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Samples: Indenture (Eagle Bancshares Inc)
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 Subordinated Debentures, from time to time to defer payments of interest by extending the interest payment period of such Subordinated Debentures for a period up to 20 consecutive quarters, but not exceeding twenty (20) consecutive quarters beyond the Scheduled Maturity Date of the Subordinated Debentures (the "Extension Extended Interest Payment Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension Period, Extended Interest Payment Period the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Subordinated Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable payable, to the holders Holders of the Subordinated Debentures in whose names the Subordinated Debentures are registered in the Debenture Security Register on the first record date Regular Record Date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20 consecutive quarters, quarters or extend beyond the Scheduled Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 1 contract
Samples: Second Supplemental Indenture (Northwestern Capital Financing I)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period (the "Compounded Interest"''). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event Subject to Section 3.13 of Default has occurred and is continuingthe Indenture, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period an Extension Period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period")quarters, during which Extension Period no interest shall be due and payable; provided that 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. 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 Interest Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and ------------------- pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") 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 relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 further extensions thereof -------- thereof, shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default under Section 6.1 of the Base Indenture has occurred and is continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Junior Subordinated Debentures, from time to time to defer payments the payment of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the an "Extension Period"), during which Extension Period no interest the Company shall be due and payable; provided that no not have the right to make partial payments of interest. No Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity of the Junior Subordinated 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 an Extension Period imposed pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate Additional Interest compounded quarterly for each quarter of the Extension Period ("Compounded Interest")quarterly. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Junior Subordinated Debentures, including any Additional Payments Interest and Compounded Interest (togetherAdditional Tax Sums, "Deferred Payments") that shall be payable if applicable, to the holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Register on the first record date after Record Date preceding the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingExtension Period, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateStated Maturity. Upon At any time following the termination of any Extension Period and upon the payment of all Deferred Payments any accrued and unpaid Additional Interest and Additional Tax Sums, if applicable, then due, the Company may commence elect to begin a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof. During any such Extension Period, but the Company may prepay at shall not (i) declare or pay any time all dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company's Capital Stock or (ii) make any payment of principal of or interest on or repay, repurchase or redeem any debt securities of the Company that rank on a parity with or junior to this Debenture or make any guarantee payments with respect to any CNG Guarantee or other guarantee by the Company of the debt securities of any Subsidiary of the Company that by its terms ranks on a parity with or junior to this Debenture (other than (a) dividends or distributions in Common Stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any Capital Stock or any portion class or series of preferred stock of the interest accrued during an Extension PeriodCompany under any Rights Plan or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments under any CNG Guarantee relating to the Trust Preferred Securities issued by the CNG Trust holding the Junior Subordinated Debentures, and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company's benefit plans for its directors, officers, employees, consultants or advisors).
Appears in 1 contract
Samples: First Supplemental Indenture (Consolidated Natural Gas Co/Va)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, provided no Event of Default has occurred and is continuing to defer payments of interest (including any Liquidated Damages) by extending the interest payment period of such the Debentures for a period not exceeding twenty (20) 10 consecutive quarters semi-annual periods (the "Extension Period"), during which Extension Period no interest shall be due and payablepayable on Debentures; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateof any Debenture with respect to such Debenture. 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 4.112.1, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extension Period ("Compounded Interest"). At the end of the any Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the such Debentures, including any Additional Payments and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders Holders of the Debentures in whose names the such Debentures are registered in the Debenture Register on the first record date after the end of the such Extension Period. Before the termination of any Extension 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 together with all such further extensions thereof thereof, shall not exceed twenty (20) 10 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Datesemi-annual periods. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest on Debentures shall be due and payable during an 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 any Extension Period.
Appears in 1 contract
Samples: 8.54% Junior Subordinated Deferrable Interest Indenture (Renaissancere Holdings LTD)
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extension 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 Payments Payment and Compounded Interest (together, the "Deferred PaymentsPayment") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Payment then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. 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, 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 twenty (20) consecutive quarters (the period, an "Extension Period"), during which 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 ). 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 Extension Period (herein as "Compounded Additional Interest"). At the end of ------------------- any such Extension Period the Company shall pay all interest then accrued and unpaid on the Debentures (together with Additional Interest thereon); provided, -------- however, that no Extension Period may extend beyond the Maturity Date; provided ------- -------- further, however, that during any such Extension Period, the Company shall calculate (not ------- ------- and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty permit any Affiliate to (20i) consecutive quartersdeclare or pay any dividends or distributions on, or extend beyond the Maturity Date redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.the
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) 20 [10] consecutive quarters quarterly [semi-annual] periods (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond -------- ---- the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly [semi-annually] for each quarter quarterly [semi-annual] period of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20 [10] consecutive quartersquarterly [semi-annual] periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) consecutive quarters (the "“Extension Period"”), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("“Compounded Interest"”). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "“Deferred Payments"”) 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 Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20 consecutive quarters, 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, right at any time and from time to time during time, so long as no Event of Default with respect to the term of the DebenturesSubordinated Notes has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures Subordinated Notes for a period not exceeding twenty (20) 20 consecutive quarters or extending beyond ________, 2006 (the an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.12.8, shall will bear interest thereon at the Coupon rate of ____% per annum until _______, 2004, and at the Reset Rate thereafter, compounded quarterly for each quarter of the such Extension Period ("Compounded Interest"). At the end of the such Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Subordinated Notes and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders Holders of the Debentures Subordinated Notes in whose names the Debentures Subordinated Notes are registered in the Debenture Securities Register on the first record date after the end of the Extension Period. Before Prior to the termination expiration of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed twenty (20) 20 consecutive quarters, quarters or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date__________, 2006. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirementsprovided that such Extension Period, together with all extensions thereof, may not exceed 20 consecutive quarters or extend beyond _____, 2006. No interest shall be due and payable during an Extension Period, Period except at the end thereof, but the Company Company, at its option, may prepay at on any time Interest Payment Date all or any portion of the interest accrued during the then-elapsed portion of an Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) 20 [10] consecutive quarters [semi-annual periods] (the "Extension “Extended Interest Payment Period"”), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly [semi-annually] for each quarter [semi-annual period] of the Extension Extended Interest Payment Period ("“Compounded Interest"”). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "“Deferred Payments"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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20 [10] consecutive quartersquarters [semi-annual periods], or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Stated Maturity Date or end on a date other than an Interest Payment Dateearlier redemption 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 Extension Period ("Compounded Interest")Period. At the end of the each Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest interest, including any Additional Interest and Compound Interest (collectively, "Deferred Interest"), accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") Debentures 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 such Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof within such Extension Period shall not exceed twenty (20) 20 consecutive quartersquarterly periods, or extend beyond the Stated Maturity Date or earlier redemption of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: First Supplemental Indenture (Colonial Capital Trust Iii)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the (a) The Company shall have the right, right at any time and from time to time during time, so long as no Event of Default with respect to the term of the DebenturesNotes has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures the Notes for a period not exceeding twenty extending beyond November 16, 2005 (20) consecutive quarters (the an "Extension PeriodEXTENSION PERIOD"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.12.06, shall bear will accrue additional interest thereon at the Coupon Rate rate of [___]% per annum to but excluding the date of payment, compounded quarterly for each quarter of the such Extension Period ("Compounded InterestCOMPOUNDED INTEREST"). At the end of the such Extension Period, which must be an Interest Payment Date, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Notes and Compounded Interest (together, "Deferred PaymentsDEFERRED INTEREST") that shall be payable to the holders of the Debentures Person in whose names name such Note, or any predecessor Note, is registered at the Debentures are registered in the Debenture Register close of business on the first record date after Record Date for such Interest Payment Date. Prior to the end of the Extension Period. Before the termination expiration of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNovember 16, 2005. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirementsprovided that such Extension Period, together with all extensions thereof, may not extend beyond November 16, 2005. No interest shall be due and payable during an Extension Period, Period except at the end thereof, but except that prior to the Company end of such Extension Period, the Company, at its option, may prepay at on any time Interest Payment Date all or any portion of the interest accrued during an the then elapsed portion of such Extension Period.
(b) The Company shall give written notice to the Trustee (and the Trustee shall give notice thereof to Holders of Notes) of its election of any Extension Period (or any further extension thereof) at least five Business Days before the earlier of (i) the Interest Payment Date on which interest would have been payable except for the election to begin or extend the Extension Period, (ii) the Record Date for such Interest Payment Date, or (ii) the date the Trustee is required to give notice to any securities exchange or to Holders of Notes of such Record Date or such Interest Payment Date.
(c) In addition to the covenants contained in Article Ten of the Base Indenture, the Company covenants and agrees for the benefit of the holders of the Notes that, during the continuance of any Extension Period, the Company shall not:
(i) declare or pay dividends on, make other distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any shares of the Company's capital stock;
(ii) permit any Subsidiary of the Company to declare or pay dividends on, make other distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any shares of the Company's or such Subsidiary's capital stock; provided that the foregoing will not restrict any Subsidiary of the Company from declaring or paying such dividends, or making such distributions, to the Company or any other Subsidiary of the Company;
(iii) make any payment of principal, interest or premium, if any, or repay, repurchase or redeem any security that ranks pari passu with the Notes; or
(iv) make any payment of principal, interest or premium, if any, or repay, repurchase or redeem any debt securities that rank subordinate in right of payment to the Notes or make any guarantee payments with respect to any guarantee by the Company of the Indebtedness of any Subsidiary of the Company if such guarantee ranks subordinate in right of payment to the Notes.
Appears in 1 contract
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, to defer payments of interest on the Debentures by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension PeriodEXTENSION PERIOD"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1, shall will bear interest thereon at the Coupon Rate a rate of ____% per annum compounded quarterly for each quarter quarterly period of the Extension Period ("Compounded InterestCOMPOUNDED INTEREST"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsDEFERRED INTEREST") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, quarterly 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but . Compounded Interest shall be treated as interest for all purposes under the Company may prepay at any time all or any portion of the interest accrued during an Extension PeriodIndenture.
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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 DebenturesSecurities, to defer payments of interest by extending the interest payment period of such Debentures Securities for a period not exceeding twenty (20) 20 consecutive quarters quarters, including the first such quarter during such extension period (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment Date or extend beyond the Maturity Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.116.1, shall will bear interest thereon at the Coupon Rate compounded quarterly quarterly, to the extent permitted by applicable law, for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Period. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, including the first such quarter during such Extension 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) 20 [10] consecutive quarters quarterly [semi-annual] periods (the "Extension “Extended Interest Payment Period"”), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly [semi-annually] for each quarter quarterly [semi-annual] period of the Extension Extended Interest Payment Period ("“Compounded Interest"”). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "“Deferred Payments"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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20 [10] consecutive quartersquarterly [semi-annual] periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
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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, to defer payments of interest on the Debentures by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1, shall will bear interest thereon at the Coupon Rate a rate of 8.125% per annum compounded quarterly for each quarter quarterly period of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, quarterly 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but . The provisions of this Section 4.1 and Section 4.2 shall apply to the Company may prepay at any time all or any portion Debentures in lieu of Section 3.11 of the interest accrued during an Extension PeriodIndenture.
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Extension of Interest Payment Period. So long as no Event Subject to Section 3.13 of Default has occurred and is continuingthe Indenture, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period an Extension Period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period")quarters, during which Extension Period no interest shall be due and payable; provided that 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. 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 Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") 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 relating to the end of Interest Payment Date in which the Extension PeriodPeriod ends. Before the termination of any Extension 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 further -------- extensions thereof thereof, shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: Supplemental Indenture (First Chicago NBD Capital Iv)
Extension of Interest Payment Period. So long as no Event the Company shall not be in default in the payment of Default has occurred and is continuinginterest on the Debentures, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension PeriodEXTENDED INTEREST PAYMENT PERIOD"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 Extension Extended Interest Payment Period ("Compounded InterestCOMPOUND INTEREST"). At the end of the Extension 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 Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsDEFERRED 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Samples: First Supplemental Indenture (Municipal Mortgage & Equity LLC)
Extension of Interest Payment Period. So long as no Event Subject to Section 3.13 of Default has occurred and is continuingthe Indenture, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty 10 consecutive semiannual periods (20) consecutive quarters (the an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that 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. 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 Interest Rate compounded quarterly semiannually for each quarter semiannual period of the Extension Period ("Compounded Interest"). At the ------------------- end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred PaymentsInterest") 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 relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 further extensions thereof thereof, shall not exceed twenty (20) 10 consecutive quarterssemiannual 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: Fifth Supplemental Indenture (Bank One Capital Iii)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) 10 consecutive quarters semi-annual periods (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly semi-annually for each quarter semi-annual period of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 10 consecutive quarterssemi-annual periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, right at any time and from time to time during time, so long as no Event of Default with respect to the term of the DebenturesSenior Deferrable Notes has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures Senior Deferrable Notes for a period not exceeding twenty extending beyond the Maturity Date (20) consecutive quarters (the an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1208, shall bear interest thereon will accrue at the Coupon rate of 9.5% per annum to but excluding February 16, 2005, and at the Reset Rate (which shall not be lower than 6.9% per annum nor higher than the maximum rate permitted by applicable law) thereafter, compounded quarterly for each quarter of the such Extension Period ("Compounded Interest"). At the end of the such Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Senior Deferrable Notes and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders Holders of the Debentures Senior Deferrable Notes in whose names the Debentures Senior Deferrable Notes are registered in the Debenture Security Register on the first record date Regular Record Date after the end of the Extension Period. Before Prior to the termination expiration of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to PROVIDED that such Extension Period, together with all extensions thereof, may not extend beyond the foregoing requirementsMaturity Date. No interest shall be due and payable during an Extension Period, Period except at the end thereof, but the Company Company, at its option, may prepay at on any time Interest Payment Date all or any portion of the interest accrued during the then elapsed portion of an Extension Period.
Appears in 1 contract
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interestInterest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate rate of 9.60% per annum, compounded quarterly for each quarter of during the Extension Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Samples: Indenture (Bankunited Capital Iii)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the SECTION 4.1 The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such the Debentures of a series for a period not exceeding twenty (20) 10 consecutive quarters semiannual periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that (i) no Extension Period may extend beyond the Maturity Date and (ii) no Extension Period may commence or end on be extended so long as the Company is in default in the payment of any interest upon any Debentures of such series or has not paid all Deferred Interest from a date other than an Interest Payment Dateprior completed Extension Period. To the extent permitted by applicable law, interestinterest on the Debentures of a series, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at a rate equal to the Coupon Rate original interest rate borne by the principal of the Debentures (without regard to any increase or increases from time to time in respect of Additional Interest or Special Payments, if any), compounded quarterly semiannually for each quarter semiannual period of the Extension Period ("Compounded Interest"). At the end termination of an Extension Period for the Debentures of a series or, if not an Interest Payment Date, on the Interest Payment Date immediately following termination of such Extension PeriodPeriod for the Debentures of such series, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Periodinterest on such Interest Payment Date. Before the termination of any 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 twenty (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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during .
(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, except the Company shall give written notice to the Administrators, the Institutional Trustee and 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 Administrators are required to give notice to holders of the Capital Securities of the corresponding series (or any 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 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 end thereof, but time the Company may prepay at any time all or any portion of the interest accrued during initiates an 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 Date, or (ii) the date the Company is required to give notice to holders of the Debentures of such series (or any 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 payments the payment of which is being deferred.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Subordinated Debentures, to defer payments of interest by extending the interest payment period of such Subordinated Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Subordinated Debentures, including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Subordinated Debentures in whose names the Subordinated Debentures are registered in the Debenture Security Register on the first record date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 10 consecutive quarters semiannual periods (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 accrue at the Coupon Rate compounded quarterly semiannually for each quarter semiannual period of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 together with all such further extensions thereof shall not exceed twenty (20) 10 consecutive quarterssemiannual 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Samples: Indenture (CNB Holdings Inc /Ga/)
Extension of Interest Payment Period. So long as no Event of Default pursuant to Sections 5.01(b), (e), (f), (g), (h) or (i) of this Indenture 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 DebenturesDebt 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 twenty (20) period, together with all previous and further consecutive quarters (the extensions thereof, is referred to herein as an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no . 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 Amounts 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 Extension Period ("Compounded Interest")end thereof. At the end of the 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 Payments and Compounded Interest (togetherExtension Period, "Deferred Payments") 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 Extension PeriodSection 3.08. Before Prior to the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments then dueInterest, the Company may commence a new 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 Extension PeriodPeriod no later than the close of business on the fifteenth Business Day prior to the applicable Interest Payment Date. The Trustee shall give notice of the Company's election to begin or extend an Extension Period to the Security holders, except at the end thereof, but promptly after receipt of notice from the Company may prepay at any time all of its election to begin or any portion of the interest accrued during extend an Extension Period.
Appears in 1 contract
Samples: Indenture (Hf Financial Corp)
Extension of Interest Payment Period. So As long as no an Event of Default has under Section 5.1(a) of this Indenture shall not have occurred and is be continuing, subject to the condition that the Company file with the Trustee and the transfer agent for the Convertible Preferred Securities and the Convertible Debentures a Certificate signed by the chief financial officer or Treasurer of the Company in the form attached hereto as Exhibit B ("Extension Certificate"), the Company shall have the right, at any time and from time to time during the term of the Convertible Debentures, to defer payments of interest by extending the interest payment period of such Convertible Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that an Extension Certificate shall be filed at the beginning of each quarter of such Extension Period and that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateany earlier redemption date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.111.1, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Compound Interest"). Each Extension Period, if any, will end on an Interest Payment Date. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Convertible Debentures, including any Additional Payments and Compounded Sums and, to the extent permitted by law, Compound Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders Holders of the Convertible Debentures in whose names the Convertible Debentures are registered in the Debenture Security Register at the close of business on the first record date after the end of the Extension Periodnext preceding such Interest Payment Date. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof shall not exceed twenty (20) 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Dateany earlier redemption date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: Indenture (Capital Trust)
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, to defer payments of interest on the Debentures by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1, shall 4.1 will bear interest thereon at the Coupon Rate a rate of _______% per annum compounded quarterly for each quarter quarterly period of the Extension Period ("Compounded Additional Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Additional Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, quarterly 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but . Additional Interest shall be treated as interest for all purposes under the Company may prepay at any time all or any portion of the interest accrued during an Extension PeriodIndenture.
Appears in 1 contract
Samples: First Supplemental Indenture (Fw Preferred Capital Trust I)
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, from time to time to defer payments the payment of interest by extending the interest payment period of such Debentures Notes for a period not exceeding twenty (20) up to 10 consecutive quarters semiannual periods or 20 consecutive quarters, as applicable, or no more than 5 years in the aggregate (the "Extension “Extended Interest Payment Period"”), during which Extension Period no interest shall be due and payable; provided that no Extension Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Dateof the Notes. 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 applicable Coupon Rate Rate, compounded semiannually or quarterly as applicable, for each semiannual period or quarter of the Extension Extended Interest Payment Period ("“Compounded Interest"”). At the end of the Extension Period, 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, Notes including any Additional Payments Interest and Compounded Interest (together, "“Deferred Payments"Interest”) that which shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Note Register on the first record date after the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 10 consecutive semiannual periods or 20 consecutive quarters, as applicable, or more than 5 years in the aggregate and provided further that no Extended Interest Payment Period may extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateNotes. Upon the termination of any Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence select a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Period.
Appears in 1 contract
Samples: Eighth Supplemental Indenture (HSBC Finance Capital Trust IX)
Extension of Interest Payment Period. (a) So long as no Event of Default with respect to the Debentures 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 40 consecutive quarters (the "an “Extension Period"”), during which Extension Period no interest shall be due and payable; provided except that no Extension 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 4.1205, shall will bear interest thereon at the Coupon Rate an annual rate of 5.25% compounded quarterly for each quarter of the Extension Period ("Compounded “Compound Interest"”). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Compound Interest (together, "“Deferred Payments"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 Extension Period. Before the termination of any Extension Period, the Company may shorten or further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that 8 such period together with all such further extensions thereof shall not exceed twenty (20) 40 consecutive quarters, or extend beyond the Stated Maturity Date or Redemption Date, if earlier, of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
(b) The Company shall give the Holders of the Debentures and the Trustee written notice of its selection of such Extension Period or any shortening or extension thereof at least ten Business Days before the earlier of (x) the next succeeding Interest Payment Date, or (y) if the Debentures are then listed, the date the Company is required to give notice to the NYSE or other applicable self-regulatory organization or to Holders of the Debentures of the record date or the Interest Payment Date. The quarter in which any notice is given pursuant to this paragraph (b) shall be counted as one of the 40 quarters permitted in the maximum Extension Period permitted under paragraph (a).
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided -------- that no Extension 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 Extension Extended Interest Payment Period ("Compounded Interest"). At On the next Interest Payment Date following the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") ), 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 payment of Deferred Interest on the next Interest Payment Date following the end of the Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event the Company is not in Default in the payment of Default has occurred and is continuinginterest, 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, to defer payments of interest interest, other than contingent interest, by extending the interest payment period of such Debentures for a period not exceeding twenty 20 consecutive quarterly periods, including the first such quarterly period during such extension period (20) consecutive quarters (the "an “Extension Period"”), during which Extension Period no interest (other than contingent interest) shall be due and payable; provided that no 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 Extension Period ("“Compounded Interest"”). At the end of the Extension Period, which is an Interest Payment Date, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest Debentures (together, "“Deferred Payments"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 preceding the end of the Extension Period. Before the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest (other than contingent interest) shall be due and payable during an 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 Extension Period. The payment of contingent interest may not, under any circumstances, be subject to an Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the (a) The Company shall have the right, right at any time and from time to time during time, so long as no Event of Default with respect to the term of the DebenturesNotes has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period the Notes to any subsequent Interest Payment Date, but not exceeding twenty beyond November 16, 2005 (20) consecutive quarters (an "EXTENSION PERIOD"). Prior to the "expiration of any Extension Period"), during which the Company may further extend such Extension Period to any subsequent Interest Payment Date, but not beyond November 16, 2005. During any Extension Period, including as the same may be extended as provided in the preceding sentence, no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.12.06, shall bear will accrue additional interest thereon at the Coupon Rate rate of 7.25% per annum to but excluding the date of payment, compounded quarterly for each quarter of the such Extension Period ("Compounded InterestCOMPOUNDED INTEREST"). At the end of the each Extension Period, including as the same may be extended as provided above, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Notes and Compounded Interest (together, "Deferred PaymentsDEFERRED INTEREST") that shall be payable to the holders of the Debentures Person in whose names name such Note, or any predecessor Note, is registered at the Debentures are registered in the Debenture Register close of business on the first record date after the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend Record Date for 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 twenty (20) consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirementsprovided that such Extension Period, together with all extensions thereof, may not extend beyond November 16, 2005. No interest shall be due and payable during an Extension Period, Period except at the end thereof, but except that prior to the Company end of such Extension Period, the Company, at its option, may prepay at on any time Interest Payment Date all or any portion of the interest Deferred Interest accrued during the then elapsed portion of such Extension Period.
(b) The Company shall give written notice to the Trustee (and the Trustee shall give notice thereof to Holders of Notes) of its election to extend any interest payment period, the expected length of any such Extension Period and any extension of any Extension Period, at least five Business Days before the earlier of (i) the Record Date for the Interest Payment Date on which interest would have been payable except for the election to begin or extend the Extension Period, or (ii) the date the Trustee is required to give notice to any securities exchange or to Holders of Notes of such Record Date or such Interest Payment Date.
(c) The Company shall give written notice to the Trustee (and the Trustee shall give notice thereof to Holders of Notes) of the end of an Extension Period or its election to pay any portion of the Deferred Interest on an Interest Payment Date prior to the end of an Extension Period, at least five Business Days before the earlier of (i) the Record Date for the Interest Payment Date on which such Extension Period shall end or such payment of Deferred Interest shall be made or (ii) the date the Trustee is required to give notice to any securities exchange or to Holders of Notes of such Record Date or such Interest Payment Date.
(d) In addition to the covenants contained in Article Ten of the Base Indenture, the Company covenants and agrees for the benefit of the Holders of the Notes that, during the continuance of any Extension Period, the Company shall not:
(i) declare or pay dividends on, make other distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any shares of the Company's capital stock;
(ii) permit any Subsidiary of the Company to declare or pay dividends on, make other distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any shares of the Company's or such Subsidiary's capital stock; provided that the foregoing will not restrict any Subsidiary of the Company from declaring or paying such dividends, or making such distributions, to the Company or any other Subsidiary of the Company;
(iii) make any payment of principal, interest or premium, if any, or repay, repurchase or redeem any security that ranks pari passu with the Notes; or
(iv) make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities that rank subordinate in right of payment to the Notes or make any guarantee payments with respect to any guarantee by the Company of the Indebtedness of any Subsidiary of the Company if such guarantee ranks subordinate in right of payment to the Notes.
Appears in 1 contract
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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, 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 Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") 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 Extension Period. Before the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.an
Appears in 1 contract
Extension of Interest Payment Period. 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "“Extension Period"”), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Stated Maturity Date or end on a date other than an Interest Payment Dateearlier redemption 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 Extension Period ("Compounded Interest")Period. At the end of the each Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest interest, including any Additional Interest and Compound Interest (collectively, “Deferred Interest”), accrued and unpaid on the Debentures, including any Additional Payments and Compounded Interest (together, "Deferred Payments") Debentures 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 such Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingperiod, provided that such period together with all such previous and further extensions thereof within such Extension Period shall not exceed twenty (20) 20 consecutive quartersquarterly periods, or extend beyond the Stated Maturity Date or earlier redemption of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Samples: Second Supplemental Indenture (Colonial Capital Trust Iv)
Extension of Interest Payment Period. (a) [So long as no Event of Default with respect to the Debentures 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1205, shall will bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extension Period ("Compounded Compound Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Compound Interest (together, "Deferred PaymentsInterest") 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 Extension Period. Before the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.]
(i) [If the Property Trustee is the only registered Holder at the time the Company selects an Extension Period, the Company shall give written notice to the Administrative Trustees, the Property Trustee and the Trustee of its selection of such Extension Period one Business Day before the earlier of (x) the next succeeding date on which Distributions on the Trust Securities issued by the Trust are payable, or (y) 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 Trust Preferred Securities issued by the Trust, but in any event at least one Business Day before such record date.]
(ii) [If the Property Trustee is not the only Holder at the time the Company selects an Extension Period, the Company shall give the Holders of the Debentures and the Trustee written notice of its selection of such Extension Period at least ten Business Days before the earlier of (x) the next succeeding Interest Payment Date, or (y) the date the Company is required to give notice of the record date or the Interest Payment Date to the New York Stock Exchange or other applicable self-regulatory organization or to Holders of the Debentures.]
(iii) [The quarter in which any notice is given pursuant to subparagraphs (i) or (ii) of this paragraph (b) shall be counted as one of the 20 T quarters permitted in the maximum Extension Period permitted under paragraph (a).]
(c) [If (i) the Company shall exercise its right to defer payment of interest as provided in paragraph (a) and the Extension Period is continuing, or (ii) there shall have occurred any Event of Default, as defined in the Indenture, or (iii) there shall have occurred any Event of Default, as defined in the Trust Preferred Securities Guarantee, then (a) the Company shall not (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 Capital Stock or (ii) make any payment of principal of or interest on or repay, repurchase or redeem any debt securities of the Company that rank equally with or junior to the Debentures or make any guarantee payments with respect to any guarantee by the Company of the debt securities of any Subsidiary of the Company that by its terms ranks equally with or junior to the Debentures (other than (a) dividends or distributions in Common Stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any Capital Stock of the Company under any Rights Plan or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments under any Guarantee relating to the Trust Securities issued by the Trust holding the Debentures, and (d) purchases of Common Stock related to the issuance of Common Stock or rights under the Company's dividend reinvestment plan, or under any of the Company's benefit plans for its directors, officers, employees, consultants or advisors). ]
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event Subject to Section 3.13 of Default has occurred and is continuingthe Indenture, the Company shall have the right, at any time and from time to time during the term of the Debentures, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that 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. 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 Interest Rate compounded quarterly for each quarter of the Extension Period ("Compounded Interest"). At the end of the Extension ------------------- Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Sums and Compounded Interest (together, "Deferred Payments-------- 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 relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 further extensions thereof thereof, shall not exceed twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
Appears in 1 contract
Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the 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, 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 twenty (20) consecutive quarters (the period, an "Extension Period"), during which Extension Period no interest shall be due and payable; provided that -------- ---- (i) no 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 Interest Payment Date immediately following termination 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 such Extension Period ("Compounded Interest"). At for the end Debentures of the Extension 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 a variable annual rate equal to LIBOR plus 0.85%, compounded quarterly (to the extent permitted by applicable law) ("Compounded Interest") and any Additional Payments and Compounded Interest (togethertogether with Compounded Interest, "Deferred PaymentsInterest") 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 Extension Periodinterest on such Interest Payment Date. Before the termination of any 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during .
(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, except the Company shall give written notice to the Administrators, the Institutional Trustee and 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 Administrators are required to give notice to holders of the Capital Securities of the corresponding series (or any 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 end thereof, but time the Company may prepay at any time all or any portion of the interest accrued during initiates an 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 Date or (ii) the date the Company is required to give notice to holders of the Debentures of such series (or any 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 payments the payment of which is being deferred.
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Samples: Supplemental Indenture (Mercantile Bancorporation Inc)
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, to defer payments of interest on the Debentures by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1, shall will bear interest thereon at the Coupon Rate interest rate then in effect compounded quarterly for each quarter quarterly period of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Sumsand Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, quarterly 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but . Compounded Interest shall be treated as interest for all purposes under the Company may prepay at any time all or any portion of the interest accrued during an Extension PeriodIndenture.
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Extension of Interest Payment Period. (a) So long as no Event of Default with respect to the Debentures 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters (the "an “Extension Period"”), during which Extension Period no interest shall be due and payable; provided except that no Extension 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 4.1205, shall will bear interest thereon at the Coupon Rate an annual rate of 5.25% compounded quarterly for each quarter of the Extension Period ("Compounded “Compound Interest"”). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Compound Interest (together, "“Deferred Payments"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 Extension Period. Before the termination of any Extension Period, the Company may shorten or 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 twenty (20) 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
(b) The Company shall give the Holders of the Debentures and the Trustee written notice of its selection of such Extension Period or any shortening or extension thereof at least ten Business Days before the earlier of (x) the next succeeding Interest Payment Date, or (y) if the Debentures are then listed, the date the Company is required to give notice to the NYSE or other applicable self-regulatory organization or to Holders of the Debentures of the record date or the Interest Payment Date. The quarter in which any notice is given pursuant to this paragraph (b) shall be counted as one of the 20 quarters permitted in the maximum Extension Period permitted under paragraph (a). ARTICLE THREE Redemption of the Debentures
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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, to defer payments of interest on the Debentures by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 20 consecutive quarters quarterly periods (the "Extension Period"), during which Extension Period no interest shall be due and payable; provided that no Extension 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 4.1, shall will bear interest thereon at the Coupon Rate a rate of 8.10% per annum compounded quarterly for each quarter quarterly period of the Extension Period ("Compounded Interest"). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") that shall be payable to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after relating to the end of Interest Payment Date on which the Extension PeriodPeriod ends. Before the termination of any Extension 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 Extension Period, shall not exceed twenty (20) 20 consecutive quarters, quarterly 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 Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof, but . The provisions of this Section 4.1 and Section 4.2 shall apply to the Company may prepay at any time all or any portion Debentures in lieu of Section 3.11 of the interest accrued during an Extension PeriodIndenture.
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Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the The Company shall have the right, at any time and from time to time during the term of the DebenturesNotes, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period selected by the Company not exceeding twenty (20) 20 consecutive quarters (the "Extension Extended Interest Payment Period"), during which Extension Extended Interest Payment Period no interest shall be due and payable; provided that no Extension 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 will accrue additional interest thereon at the applicable Coupon Rate or Rates compounded quarterly for each quarter of the Extension Extended Interest Payment Period ("Compounded Interest"). At the end of the Extension 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 Payments Interest and Compounded Interest (together, "Deferred PaymentsInterest") 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 Extension Extended Interest Payment Period. Before the termination of any Extension 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 twenty (20) 20 consecutive quarters, quarters 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 Extension Extended Interest Payment Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension 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 Extension Extended Interest Payment Period.. 10
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Extension of Interest Payment Period. So long as no Event of Default under Section 6.1 of the Base Indenture has occurred and is continuing, the Company shall have the right, subject to the provisions of Section 2.10 of the Base Indenture, at any time and from time to time during the term of the Junior Subordinated Debentures, from time to time to defer payments the payment of interest by extending the interest payment period of such Junior Subordinated Debentures for a period not exceeding twenty 10 consecutive semi-annual periods (20) consecutive quarters (the an "Extension Period"), during which Extension Period no the Company shall have the right to make partial payments of interest shall be due and payable; provided that no on any Interest Payment Date. No Extension Period may extend beyond the Maturity Date or shall end on a date other than an Interest Payment DateDate or extend beyond the Stated Maturity of the Junior Subordinated 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 an Extension Period imposed pursuant to this Section 4.1, shall will bear interest thereon at the Coupon Rate Additional Interest compounded quarterly for each quarter of the Extension Period ("Compounded Interest")semi-annually. At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Junior Subordinated Debentures, including any Additional Payments Interest and Compounded Interest (togetherAdditional Tax Sums, "Deferred Payments") that shall be payable if applicable, to the holders of the Junior Subordinated Debentures in whose names the Junior Subordinated Debentures are registered in the Debenture Register on the first record date after Record Date preceding the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such period so long as no Event of Default has occurred and is continuingExtension Period, provided that such period together with all such further extensions thereof shall not exceed twenty (20) 10 consecutive quarterssemi-annual periods, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment DateStated Maturity. Upon At any time following the termination of any Extension Period and upon the payment of all Deferred Payments any accrued and unpaid Additional Interest and Additional Tax Sums, if applicable, then due, the Company may commence elect to begin a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension Period, except at the end thereof. During any such Extension Period, but the Company may prepay at shall not (i) declare or pay any time all dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company's Capital Stock or (ii) make any payment of principal of or interest on or repay, repurchase or redeem any debt securities of the Company that rank on a parity with or junior to this Debenture or make any guarantee payments with respect to any [DRI Guarantee or other] guarantee by the Company of the debt securities of any Subsidiary of the Company that by its terms ranks on a parity with or junior to this Debenture (other than (a) dividends or distributions in Common Stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any Capital Stock or any portion class or series of preferred stock of the interest accrued during an Extension PeriodCompany under any Rights Plan or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, [(c) payments under any DRI Guarantee relating to the Preferred Securities issued by the DRI Trust holding the Junior Subordinated Debentures,] and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company's benefit plans for its directors, officers, employees, consultants or advisors).
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Samples: Second Supplemental Indenture (Dominion Resources Inc /Va/)
Extension of Interest Payment Period. 1. So long as no Event of Default with respect to the Debentures 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, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding twenty (20) 40 consecutive quarters (the "an “Extension Period"”), during which Extension Period no interest shall be due and payable; provided except that no Extension 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 4.1205, shall will bear interest thereon at the Coupon Rate an annual rate of 4.375% compounded quarterly for each quarter of the Extension Period ("Compounded “Compound Interest"”). At the end of the Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Payments and Compounded Compound Interest (together, "“Deferred Payments"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 Extension Period. Before the termination of any Extension Period, the Company may shorten or 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 twenty (20) 40 consecutive quarters, or extend beyond the Stated Maturity Date or Redemption Date, if earlier, of the Debentures or end on a date other than an Interest Payment DateDebentures. Upon the termination of any Extension Period and upon the payment of all Deferred Payments Interest then due, the Company may commence a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an 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 Extension Period.
2. The Company shall give the Holders of the Debentures and the Trustee written notice of its selection of such Extension Period or any shortening or extension thereof at least ten Business Days before the earlier of (x) the next succeeding Interest Payment Date, or (y) if the Debentures are then listed, the date the Company is required to give notice to the NYSE or other applicable self-regulatory organization or to Holders of the Debentures of the record date or the Interest Payment Date. The quarter in which any notice is given pursuant to this paragraph (b) shall be counted as one of the 40 quarters permitted in the maximum Extension Period permitted under paragraph (a).
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