Common use of Extension of Interest Payment Period Clause in Contracts

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 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. Interest, which has been deferred because of the extension of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the

Appears in 1 contract

Samples: Indenture (Southside Capital Trust I)

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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 by extending extend the interest payment period of such Debentures for a period not exceeding 20 up to ten (10) consecutive quarters semi-annual periods (the "Extended Interest Payment Period"). To the extent permitted by applicable law, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond interest, the Maturity Date. Interest, payment of which has been deferred because of the extension of the interest payment period pursuant to this SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon compounded semi-annually at the rate Coupon Rate for each semi-annual period of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Compounded Interest and Additional Interest and Compounded Interest (together, "Deferred Interest") that which 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 immediately preceding the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 ten (10) consecutive quarters, semi-annual periods or extend beyond the Maturity Date of thethe Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may pay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Third Supplemental Indenture (Comed Financing Ii)

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, from time to time to defer payments the payment of interest and Additional Sums, if any, by extending the interest payment period of such Debentures Debenture for a period not exceeding 20 consecutive quarters (the an "Extended Interest Payment Extension Period"), during which Extended Interest Payment . No Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Stated Maturity Dateof the Debentures. InterestTo the extent permitted by applicable law, accrued and unpaid interest and Additional Sums, the payment of which has been deferred because of the extension of the interest payment period an Extension Period imposed pursuant to this Sectionthe Indenture, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Additional Interest compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")quarterly. At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest then accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (togetherAdditional Sums, "Deferred Interest") that shall be payable if applicable, to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after Record Date preceding the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may elect to (i) shorten the Extension Period or (ii) further extend such periodExtension Period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date Stated Maturity. At any time following the termination of theany Extension Period and upon the payment of any accrued and unpaid Additional Interest and Additional Sums, if applicable, then due, the Company may elect to begin a new Extension Period, subject to the foregoing requirements. No interest or Additional Sums shall be due and payable during an Extension Period, except at the end thereof. Subject to certain exceptions set forth in the Indenture, during any such Extension Period, 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 shares of beneficial interest, (ii) make any payment of principal of or interest or premium, if any, on, or repay, repurchase or redeem any indebtedness or debt securities of the Company that rank on a parity with or junior to the Debentures in right of payment or (iii) make any guarantee payments with respect to any guarantee by the Company of indebtedness or debt securities of any Subsidiary of the Company if such guarantee ranks on parity with or junior to the Debentures in right of payment. The Company shall give notice of its election to begin, shorten or extend an Extension Period as provided in the Indenture.

Appears in 1 contract

Samples: Supplemental Indenture (Senior Housing Properties Trust)

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 20 up to 10 consecutive quarters semiannual periods (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity DateDate of the Notes. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annumCoupon Rate, compounded quarterly during semiannually, for each semiannual period of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, 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 Interest and Compounded Interest (together, "Deferred 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 Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 10 consecutive quarters, or semiannual period and provided further that no Extended Interest Payment Period may extend beyond the Maturity Date of thethe Notes. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: Supplemental Indenture (Household International Inc)

Extension of Interest Payment Period. So long as no an Event of Default has under Section 501 of the 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 20 consecutive quarters (the "Extended Interest Payment PeriodEXTENDED INTEREST PAYMENT PERIOD"), during which Extended Interest Payment Period no interest shall be due and payable; provided PROVIDED that no Extended Interest Payment Period may extend beyond the Maturity Date or any earlier Redemption Date. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Extended Interest Payment Period (the "Compounded InterestCOMPOUNDED INTEREST"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid interest on the Convertible Debentures, including any Additional Interest and Compounded Interest (together, "Deferred InterestDEFERRED INTEREST") that shall be payable to the holders Holders of the Convertible Debentures in whose names the Convertible Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of theInterest

Appears in 1 contract

Samples: First Supplemental Indenture (Wendys International 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, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date maturity date of thethe Notes. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Supplemental Indenture (Nb Capital Trust I)

Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the SECTION 3.01. The Company shall have the right, at any time and from time to time during the term of the Series B Debentures, from time to defer payments of interest by extending time to extend the interest payment period of such Series B Debentures for a period not exceeding up to 20 consecutive quarters (the "Extended Interest Payment Period"), during at the end of which Extended Interest Payment Period no period the Company shall pay all interest shall be due accrued and payable; provided that no Extended Interest Payment Period may extend beyond unpaid thereon (together with interest thereon compounded quarterly at the Maturity Date. Interest, which has been deferred because of rate specified for the extension of the interest payment period pursuant to this Section, shall bear interest (Series B Debentures to the extent permitted under by applicable law) thereon at the rate of ___% per annum); provided that, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the such Extended Interest Payment Period, the Company shall calculate (and deliver such calculation not declare or pay any dividend on, or purchase, acquire or make a liquidation payment with respect to, any of its capital stock or make any guarantee payments with respect to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable foregoing. Prior to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any such Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such previous and further extensions thereof shall not exceed 20 consecutive quarters, quarters or extend beyond the Maturity maturity of the Series B Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all accrued and unpaid interest then due, the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof. (a) The Company shall give the holders of the Series B Debentures and the Trustee written notice of its selection of such Extended Interest Payment Period at least 10 business days prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) the date the Company is required to give notice to holders of thethe Series B Debentures (or, if applicable, to the New York Stock Exchange or other applicable self-regulatory organization), of the record or payment date of such interest payment, but in any event not less than two business days prior to such record date. (b) The quarter in which any notice is given pursuant to paragraph (a) of this Section shall constitute one of the 20 quarters which comprise the maximum Extended Interest Payment Period. ARTICLE FOUR

Appears in 1 contract

Samples: Second Supplemental Indenture (Columbus Southern Power Co /Oh/)

Extension of Interest Payment Period. So With the exception of Pre-Issuance Interest, so long as no Event the Corporation shall not be in default in the payment of Default has occurred and is continuinginterest on the Series G Debentures, the Company Corporation shall have the right, at any time and from time to time during the term of the Series G Debentures, to defer payments of interest by extending the interest payment period of such Series G Debentures for a period not exceeding 20 consecutive quarters (the "Series G Extended Interest Payment Period"), during which Series G Extended Interest Payment Period no interest shall be due and payable; provided that no Series G Extended Interest Payment Period may extend beyond the Maturity DateSeries G Stated Maturity. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Series G Extended Interest Payment Period (the "Compounded Compound Interest"). At the end of the Series G Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Series G Debentures, including any Additional Interest and Compounded Compound Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Holders in whose names the Series G Debentures are registered in the Debenture Security Register on the first record date after the end of the Series G Extended Interest Payment Period. Before the termination of any Series G Extended Interest Payment Period, the Company Corporation may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date Series G Stated Maturity. Upon the termination of theany Series G Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Corporation may commence a new Series G Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during a Series G Extended Interest Payment Period, except at the end thereof, but the Corporation may prepay at any time all or any portion of the interest accrued during a Series G Extended Interest Payment Period.

Appears in 1 contract

Samples: Second Supplemental Indenture (General Motors 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 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 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. InterestTo 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 SectionSection 4.1, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such periodperiod so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of thethe Debentures or end on a date other than an Interest

Appears in 1 contract

Samples: Indenture (Second 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 DebenturesDebt Securities of any series, to defer payments of interest by extending the interest payment period of such Debentures Debt Securities for a period an Extended Interest Period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period")quarters, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Stated Maturity Date. Interest, which has been deferred because for the principal of the extension Debt Securities of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")such series. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay on the next Interest Payment Date all interest accrued and unpaid on the DebenturesDebt Securities of such series, including any additional payments and additional interest accrued thereon ("Additional Interest and Compounded Interest Interest"), (together, the "Deferred InterestPayments") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Register Registered Securities of such series on the first record date Regular Record Date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of thesuch Debt Securities. Upon the termination of any Extended Interest Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extended Interest Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest and Additional Interest accrued during an Extended Interest Period.

Appears in 1 contract

Samples: Subordinated Indenture (Talx Corp)

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 DebenturesNotes, to defer payments of interest by extending extend the interest payment period of all, but not part, of such Debentures Notes for a period not exceeding 20 up to ten (10) consecutive quarters semiannual periods (the an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided provided, that no Extended Interest Payment Extension Period may shall extend beyond the Maturity Date. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon compounded semiannually at the rate Coupon Rate for each semiannual period of ___% per annum, compounded quarterly during the Extended Interest Payment Extension Period (the "Compounded Interest"). At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Compounded Interest and Compounded Additional Interest (together, "Deferred Interest") 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 immediately preceding the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 ten (10) consecutive quarters, semiannual periods or extend beyond the Maturity Date of thethe Notes. Upon the termination of any Extension Period and upon the payment of all Deferred 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 any Extension Period. Compounded Interest and Additional Interest shall each be treated as interest for all purposes under the Indenture and this Fourth Supplemental Indenture.

Appears in 1 contract

Samples: Fourth Supplemental Indenture (Commonwealth Edison Co)

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 20 consecutive quarters quarterly periods (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity DateStated Maturity. InterestTo 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 SectionSection 4.1, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annumCoupon Rate, compounded quarterly, for each quarterly during period of the Extended Interest Payment Period (the "Compounded Compound Interest"). At After the end expiration of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Compound Interest and Compounded Interest Additional Interest, if any (together, "Deferred Interest") that shall be payable ), on the first Interest Payment Date following the Extended Interest Payment Period to the holders of the Debentures Holders in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended for such Interest Payment PeriodDate. Before Prior to the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period period, together with all such further extensions thereof thereof, shall not exceed 20 consecutive quarters, quarterly periods or extend beyond the Stated Maturity Date of the

Appears in 1 contract

Samples: Supplemental Indenture (Potomac Electric Power 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 DebenturesDebt Securities of any series, to defer payments of interest by extending the interest payment period of such Debentures Debt Securities for a period an Extended Interest Period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period")quarters, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Stated Maturity Date. Interest, which has been deferred because for the principal of the extension Debt Securities of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")such series. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay on the next Interest Payment Date all interest accrued and unpaid on the DebenturesDebt Securities of such series, including any Additional Interest Payments and Compounded Additional Interest (together, "the “Deferred Interest"Payments”) that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Register Registered Securities of such series on the first record date Regular Record Date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of thesuch Debt Securities. Upon the termination of any Extended Interest Period and upon the payment of all Deferred Payments then due, the Company may commence a new Extended Interest Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and payable during an Extended Interest Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest and Additional Interest accrued during an Extended Interest Period.

Appears in 1 contract

Samples: Junior Subordinated Indenture (Reinsurance Group of America 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 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 20 up to twenty (20) consecutive quarters (the "Extended Interest Payment PeriodEXTENDED INTEREST PAYMENT PERIOD"). To the extent permitted by applicable law, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond interest, the Maturity Date. Interest, payment of which has been deferred because of the extension of the interest payment period pursuant to this SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon compounded quarterly at the rate Coupon Rate for each quarter of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded InterestCOMPOUNDED INTEREST"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Interest and Compounded Interest (together"DEFERRED INTEREST"), "Deferred 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 Register security register maintained by the Registrar on the first record date Regular Record Date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided provided, however, that such period together with all previous and such further extensions thereof shall not exceed 20 twenty (20) consecutive quarters, quarters or extend beyond the Maturity Date Date. Upon the termination of theany Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: First Supplemental Indenture (Xl Capital LTD)

Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the Section 3.01 The Company shall have the right, at any time and from time to time during the term of the Series B Debentures, from time to defer payments of interest by extending time to extend the interest payment period of such Series B Debentures for a period not exceeding 20 up to 60 consecutive quarters months (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. Interest, which has been deferred because of the extension of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, which period the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on thereon (together with interest thereon at the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable rate specified for the Series B Debentures 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 extent permitted by applicable law); PROVIDED, HOWEVER, that, during such Extended Interest Payment PeriodPeriod the Company shall not declare or pay, directly or indirectly, any dividend on, or purchase, acquire or make a liquidation payment with respect to, any of its common or preferred stock, or make any guarantee payments with respect thereto, or acquire for cash or other property any indebtedness of any Affiliate of the Company (other than an Affiliate in which the Company or a Subsidiary of the Company has a direct or indirect equity interest and participates in its management or provides it with operational services) for money borrowed or make any loan or advance to, or guarantee or become contingently liable in respect of indebtedness of, any Affiliate of the Company (other than an Affiliate in which the Company or a Subsidiary of the Company has a direct or indirect equity interest and participates in its management or provides it with operational services). Before Prior to the termination of any such Extended Interest Payment Period, the Company may further extend such period, provided PROVIDED that such period together with all such further extensions thereof shall not exceed 20 60 consecutive quartersmonths. Upon the termination of any Extended Interest Payment Period and upon the payment of all accrued and unpaid interest and any Additional Interest then due, the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof. (a) If Mission Capital is the sole holder of the Series B Debentures at the time the Company selects an Extended Interest Payment Period, the Company shall give both Mission Capital and the Trustee written notice of its selection of such Extended Interest Payment Period one Business Day prior to the earlier of (i) the next succeeding date on which distributions on the Series B Preferred securities are payable or extend beyond (ii) the Maturity date Mission Capital 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 Series B Preferred Securities, but in any event not less than one Business Day prior to such record date. The Company shall cause Mission Capital to give notice of the Company*s selection of such Extended Interest Payment Period to the holders of the Series B Preferred Securities. (b) If Mission Capital is not the sole holder of the Series B Debentures at the time the Company selects an Extended Interest Payment Period, the Company shall give the holders of the Series B Debentures and the Trustee written notice of its selection of such Extended Interest Payment Period ten Business Pays prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) the date the Company is required to give notice of thethe record or payment date of such interest payment to the New York Stock Exchange or other applicable self-regulatory organization or to holders of the Series B Debentures, but in any event not less than two Business Days prior to such record date. (c) The month in which any notice is given pursuant to paragraphs (a) or (b) of this Section shall constitute one of the 60 months included in the maximum Extended Interest Payment Period.

Appears in 1 contract

Samples: Second Supplemental Indenture (Edison Mission Energy)

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 20 consecutive quarters (the each such period an "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures in whose names the Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of thethe Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Indenture (Pikeville National 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 Convertible Debentures, to defer payments of interest by extending the interest payment period of such Convertible Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Convertible Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Convertible Debentures in whose names the Convertible Debentures are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date maturity date of thethe Convertible Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: First Supplemental Indenture (Kmart Corp)

Extension of Interest Payment Period. So long Unless otherwise specified as no Event contemplated by Section 301 with respect to Securities of Default has occurred and is continuingany series, the Company shall have the rightright at any time, so long as the Company is not in default in the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all Securities of such series for a period of up to 60 consecutive months, and at, or at any time prior to, the end of any such extended interest payment period, the Company shall pay all interest then accrued and from time unpaid (together with interest thereon at the rate specified for such Securities to time the extent permitted by applicable law) in the same manner as provided for the payment of Defaulted Interest in Section 307 hereof; provided that, during any such extended interest payment period, the term Company shall not pay or declare any dividend on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock or make any guarantee payments with respect to the Debentures, foregoing (other than payments under the Guarantee). Prior to defer payments the end of interest by extending the any such extended interest payment period of such Debentures for a period not exceeding 20 less than 60 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. Interest, which has been deferred because of the extension of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Periodmonths, the Company may further extend such the interest payment period, provided that such extended interest payment period together with all such further extensions thereof shall may not exceed 20 a period of 60 consecutive quartersmonths. Following the termination of any extended interest payment period, if the Company has paid all accrued and unpaid interest (together with interest thereon at the rate specified for such Securities to the extent permitted by applicable law) required by the Securities for such period, the Company shall have the right to again extend the interest payment periods for up to 60 consecutive months as herein provided. If the Partnership is the sole holder of Securities at the time the Company elects to extend an interest payment period, the Company shall give the Partnership and the Trustee notice of its selection of such extended interest payment period one Business Day prior to the earlier of (i) the date dividends on any series of the Preferred Securities would otherwise be payable and (ii) the date the Partnership is required to give notice of the record or payment date of such dividends to any national securities exchange on which the Preferred Securities of such series shall be listed or to holders of the Preferred Securities of such series, but in any event not less than two Business Days prior to such record date. The Company shall cause the Partnership to give such notice of the Company's selection of any such extended interest payment period to the holders of the Preferred Securities. If the Partnership is not the sole holder of Securities at the time the Company elects to extend beyond an interest payment period, the Maturity Date Company shall give the holders of thethe Securities and the Trustee notice of its selection of such extended interest payment period ten Business Days prior to the related Interest Payment Date.

Appears in 1 contract

Samples: Trust Indenture (Duquesne Light Co)

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 Series 6.75% Debentures, the Company shall have the right, at any time and from time to time during the term of the Series 6.75% Debentures, from time to defer payments of interest by extending time to extend the interest payment period of such Series 6.75% Debentures for a period not exceeding up to 20 consecutive quarters quarterly interest periods (the "Extended Interest Payment Period"), during at the end of which Extended Interest Payment Period no period the Company shall pay all interest shall be due accrued and payableunpaid thereon (together with interest thereon at the rate of 6.75% per annum to the extent permitted by applicable law, compounded quarterly (“Compounded Interest”)); provided that no Extended Interest Payment Period may extend beyond the Maturity Date. Interest, which has been deferred because Date or redemption date of the extension of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___Series 6.75% per annum, compounded quarterly during the Debentures. During such Extended Interest Payment Period (the "Company shall not declare or pay any dividend on, or redeem, purchase, acquire or make a distribution or liquidation payment with respect to, any of its common stock or preferred stock or make any guarantee payments with respect thereto; provided that the foregoing will not apply to any stock dividends paid by the Company in Common Stock. Prior to the termination of any such Extended Interest Payment Period, the Company may pay all or any portion of the interest accrued on the Series 6.75% 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; provided that such Period together with all such further extensions thereof shall not exceed 20 consecutive quarterly interest periods or extend beyond the maturity of the Series 6.75% Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all accrued and unpaid interest then due, together with Compounded Interest"), the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof. At the end of the Extended Interest Payment Period, Period the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, Series 6.75% Debentures including any Additional Interest and Compounded Interest (together, "Deferred Interest") that which shall be payable to the holders of the Series 6.75% Debentures in whose names the Series 6.75% Debentures are registered in the Debenture Register register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the.

Appears in 1 contract

Samples: Third Supplemental Indenture (Aes 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, so long as no Event of Default with respect to the Notes has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures Notes for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. InterestTo 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 SectionSection 206, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesNotes, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Notes in whose names the Debentures Notes are registered in the Debenture Security Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of theconsecutive

Appears in 1 contract

Samples: Third Supplemental Indenture (Teco Energy Inc)

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Extension of Interest Payment Period. So With the exception of Pre-Issuance Interest, so long as no Event the Corporation shall not be in default in the payment of Default has occurred and is continuinginterest on the Series D Debentures, the Company Corporation shall have the right, at any time and from time to time during the term of the Series D Debentures, to defer payments of interest by extending the interest payment period of such Series D Debentures for a period not exceeding 20 consecutive quarters (the "Series D Extended Interest Payment Period"), during which Series D Extended Interest Payment Period no interest shall be due and payable; provided that no Series D Extended Interest Payment Period may extend beyond the Maturity DateSeries D Stated Maturity. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Series D Extended Interest Payment Period (the "Compounded Compound Interest"). At the end of the Series D Extended Interest Payment Period, the Company Corporation shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Series D Debentures, including any Additional Interest and Compounded Compound Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures Holders in whose names the Series D Debentures are registered in the Debenture Security Register on the first record date after the end of the Series D Extended Interest Payment Period. Before the termination of any Series D Extended Interest Payment Period, the Company Corporation may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date Series D Stated Maturity. Upon the termination of theany Series D Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Corporation may commence a new Series D Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during a Series D Extended Interest Payment Period, except at the end thereof, but the Corporation may prepay at any time all or any portion of the interest accrued during a Series D Extended Interest Payment Period.

Appears in 1 contract

Samples: Supplemental Indenture (General Motors Corp)

Extension of Interest Payment Period. So long as no Event SECTION 3.01. thereon (together with interest on such accrued and unpaid interest at the rate 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 Debentures8.30% per annum, to defer payments of interest the extent permitted by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters applicable law, compounded monthly (the "Extended Interest Payment PeriodCompounded Interest")); and provided, during which Extended Interest Payment Period no interest shall be due and payable; provided further that no an Extended Interest Payment Period may not extend beyond the Maturity Date. Interest, which has been deferred because maturity of the extension of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___Series 8.30% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")Debentures. At the end of the During any Extended Interest Payment Period, the Company shall calculate not declare or pay any dividends 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 payments on guarantees with respect thereto; provided, however, that the foregoing restrictions shall not apply to (and deliver such calculation to i) dividends, redemptions, purchases, acquisitions, distributions or payments made by the TrusteeCompany by way of issuance of shares of its capital stock, (ii) and pay all interest payments of accrued and unpaid on dividends by the DebenturesCompany upon the redemption, including exchange or conversion of any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders preferred stock of the Debentures Company as may be outstanding from time to time in whose names accordance with the Debentures are registered terms of such preferred stock or (iii) cash payments made by the Company in lieu of delivering fractional shares upon the Debenture Register on the first record date after the end redemption, exchange or conversion of any preferred stock of the Extended Interest Payment PeriodCompany as may be outstanding from time to time in accordance with the terms of such preferred stock. Before Prior to the termination of any Extended Interest Payment Period, the Company may pay all or any portion of the interest accrued on the Series 8.30% 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, Extended Interest Payment Period; provided that such period Extended Interest Payment Period together with all such previous and further extensions thereof may not exceed 60 consecutive monthly interest periods. Upon the termination of any Extended Interest Payment Period and upon the payment of all accrued and unpaid interest then due, together with Compounded Interest, the Company may select a new Extended Interest Payment Period. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof. At the end of any Extended Interest Payment Period, the Company shall pay all interest accrued and unpaid on the Series 8.30% Debentures, including any Compounded Interest, to the holders in whose names the Series 8.30% Debentures are registered on the Debenture Register on the regular record date for the first Interest 12 11 Payment Date occurring at or after the end of the Extended Interest Payment Period. (a) So long as the Property Trustee is the sole record holder of the Series 8.30% Debentures, at the time the Company selects an Extended Interest Payment Period, the Company shall give both the Property Trustee and the Trustee written notice of its selection of such Extended Interest Payment Period at least one Business Day prior to the earlier of (i) the next succeeding date on which distributions on the Preferred Securities are payable and (ii) the date on which the Trust is required to give notice of the record or payment date for such distribution to the New York Stock Exchange (if the Preferred Securities are then listed thereon) or other applicable self-regulatory organization or to holders of the Preferred Securities, but in any event not less than one Business Day prior to such record date. The Company shall cause the Trust to give notice to the holders of the Preferred Securities of the Company's selection of such Extended Interest Payment Period. (b) If as a result of a Dissolution Event, Series 8.30% Debentures have been distributed to holders of Preferred Securities and Common Securities, at the time the Company selects an Extended Interest Payment Period, the Company shall give the holders of the Series 8.30% Debentures and the Trustee written notice of its selection of such Extended Interest Payment Period at least 10 Business Days prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) the date the Company is required to give notice of the record or payment date for such interest payment to the New York Stock Exchange (if the Series 8.30% Debentures are then listed thereon) or other applicable self-regulatory organization or to holders of the Series 8.30% Debentures. SECTION 3.03. ARTICLE IV Covenants Applicable to Series 8.30% Debentures SECTION 4.01. So long as any Preferred Securities remain outstanding, the Company will not declare or pay any dividends 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 payments on guarantees with respect thereto if at such time (i) the Company shall be in default with respect to its Guarantee Payments (as defined in the Guarantee Agreement dated as of December 9, 1996 (the "Guarantee Agreement"), between the Company and The Chase Manhattan Bank, as Guarantee Trustee) or other payment obligations under the Guarantee Agreement or (ii) there shall have occurred any Event of Default under the Indenture with respect to the Series 8.30% Debentures; provided, however, that the foregoing restrictions shall not exceed 20 consecutive quartersapply to (i) dividends, redemptions, purchases, acquisitions, distributions or extend beyond payments made by the Maturity Date Company by way of theissuance of shares of its capital stock, (ii) payments of accrued dividends by the Company upon the redemption, exchange or conversion of any preferred stock of the Company as may be outstanding from time to time in accordance with the terms of such preferred stock or (iii) cash payments made by the Company in lieu of delivering fractional shares upon the redemption, exchange or conversion of any preferred stock of the Company as may be outstanding from time to time in accordance with the terms of such preferred stock. SECTION 4.02. In connection with the distribution of the Series 8.30% Debentures to the holders of the Preferred Securities upon a Dissolution Event, the Company will use its best efforts to list such Series 8.30% Debentures on the New York Stock Exchange or on such other exchange as the Preferred Securities are then listed. SECTION 4.03. The Company covenants and agrees for the benefit of the holders of the Preferred Securities to comply fully with all its obligations and agreements under the Declaration of Trust, including, without limitation, its obligations under Article IV thereof. 14 13 SECTION 4.04. Prior to the distribution of Series 8.30% Debentures to the holders of Preferred Securities upon a Dissolution Event, the Company covenants and agrees for the benefit of the holders of the Preferred Securities (i) to remain the sole direct or indirect owner of all Common Securities issued by the Trust and not to cause or permit the Common Securities to be transferred except to the extent permitted by the Declaration of Trust; provided that any permitted successor of the Company under the Indenture may succeed to the Company's ownership of such Common Securities and (ii) to use reasonable efforts to cause the Trust to continue to be treated as a grantor trust for United States Federal income tax purposes, except in connection with a distribution of the Series 8.30% Debentures as provided in the Declaration of Trust.

Appears in 1 contract

Samples: First Supplemental Indenture (Ubs Americas 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 time to defer payments the payment of interest by extending the interest payment period of such Debentures Notes for a period not exceeding up to 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity DateDate of the Notes. InterestTo 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 SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annumCoupon Rate, compounded quarterly during quarterly, for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, 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 Interest and Compounded Interest (together, "Deferred 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 Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or quarters and provided further that no Extended Interest Payment Period may extend beyond the Maturity Date of thethe Notes. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: Eighth Supplemental Indenture (HSBC Finance Capital Trust IX)

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 20 up to 10 consecutive quarters semi-annual (the "Extended Interest Payment Period"). To the extent permitted by applicable law, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond interest, the Maturity Date. Interest, payment of which has been deferred because of the extension of the interest payment period pursuant to this SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate Coupon Rate compounded semi-annually for each quarter of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, 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 Deferred Interest and Compounded Interest (together, "Deferred Interest") 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 Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 10 consecutive quarterssemi-annual periods. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, or extend beyond the Maturity Date of theCompany may commence a new Extended 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 Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: Third Supplemental Indenture (Great Western Financial Trust Iii)

Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuingExcept with respect to the Pre-Issuance Accrued Distribution, 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 20 up to twenty (20) consecutive quarters (the "Extended Interest Payment Period"), during which Extended . Interest Payment Period no interest shall be that is in arrears for more than one quarter (whether due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. Interest, which has been deferred because of the to an extension of the interest payment period pursuant to this Section, shall Section 4.1 or otherwise) will accrue interest at the Coupon Rate and the interest so accrued at the end of each quarter and remaining unpaid will itself bear interest thereafter at the Coupon Rate (to the extent permitted under by applicable law) thereon at until paid on the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")same basis. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that ), 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 Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 twenty (20) consecutive quarters, quarters or extend beyond the Maturity Date Date. Upon the termination of theany Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: First Supplemental Indenture (Ohio Edison Financing Trust 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, 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 not exceeding up to 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. Interest, which has been deferred because Date of the extension of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")Subordinated Debentures. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSubordinated Debentures (together with interest thereon to the extent permitted by applicable law, including any Additional Interest and at the Coupon Rate, compounded quarterly ("Compounded Interest (together, "Deferred Interest")) that shall be payable to the holders Holders of the Subordinated Debentures in whose names as of the Debentures are registered in the Debenture Register on the first record date after relating to the Interest Payment Date that corresponds to the end of the such Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of thethe Subordinated Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all deferred interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Supplemental Indenture (Pacific Telesis Financing 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 of interest by extending the interest payment period of such Debentures Notes for a period not exceeding up to 20 consecutive quarters (the "Extended Interest Payment Period"). To the extent permitted by applicable law, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond interest, the Maturity Date. Interest, payment of which has been deferred because of the extension of the interest payment period pursuant to this SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarter of the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment Period, 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 Deferred Interest and Compounded Interest (together, "Deferred Interest") 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 Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, or extend beyond the Maturity Date of theCompany may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: First Supplemental Indenture (Southwest Gas Corp)

Extension of Interest Payment Period. So long as no Event of Default has occurred and is continuing, the Company shall have the right, from time to time, and without causing an Event of Default, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures at any time and from time to time during the term of the Debentures, for up to defer payments of interest by extending the 20 consecutive quarterly periods (each such extended interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the period, an "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest (including Additional Interest) shall be due and payable (except any Additional Sums that may be due and payable). No Extension Period may end on a date other than an Interest Payment Date. 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 law (such interest referred to herein as "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 provided, however, that no Extended Interest Payment Extension Period may extend beyond the Maturity Date. Interest; provided further, which has been deferred because of the extension of the interest payment period pursuant to this Sectionhowever, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly that during the Extended Interest Payment Period (the "Compounded Interest"). At the end of the Extended Interest Payment any such Extension Period, the Company shall calculate not and shall not permit any Affiliate to (and deliver i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's or such calculation Affiliate's capital stock (other than payments of dividends or distributions to the TrusteeCompany) and pay all interest accrued and unpaid on the Debentures, including or make any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable guarantee payments with respect to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, foregoing or extend beyond the Maturity Date of theForm 10.Exhibit 4.1

Appears in 1 contract

Samples: Indenture (Southwest Community Bancorp)

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 DebenturesDebt Securities, to defer payments of interest by extending the interest payment period of such Debentures Debt Securities for a period not exceeding 20 twenty (20) consecutive quarters quarterly periods (the "Extended Interest Payment Extension Period"), during which Extended Interest Payment Extension Period no interest shall be due and payable; provided that no Extended Interest Payment Extension Period may extend beyond Maturity. To the Maturity Date. Interestextent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, Coupon Rate compounded quarterly during for each quarterly period of the Extended Interest Payment Extension Period (the "Compounded Interest"). At the end of the Extended Interest Payment Extension Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesDebt Securities, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders Holders of the Debentures Debt Securities in whose names the Debentures Debt Securities are registered in the Debenture Securities Register on the first record date after the end of the Extended Interest Payment Extension Period. Before the termination of any Extended Interest Payment Extension Period, the Company may further extend such period, provided that such period together with all such previous and further extensions thereof shall not exceed 20 twenty (20) consecutive quartersquarterly periods, or extend beyond Maturity of the Maturity Date Debt Securities. Upon the termination of theany Extension Period and upon the payment of all Deferred 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 (Compass 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 defer payments of interest by extending time to extend the interest payment period of such Debentures Notes for a period not exceeding 20 up to [ ] consecutive quarters [ ] periods (the "Extended Interest Payment Period"). To the extent permitted by applicable law, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond interest, the Maturity Date. Interest, payment of which has been deferred because of the extension of the interest payment period pursuant to this SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate Coupon Rate for each [ ] period of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")Period. At the end of the Extended Interest Payment Period, 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 Interest and Compounded Interest (together, "Deferred Interest") 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 Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided PROVIDED that such period together with all such further extensions thereof shall not exceed 20 [ ] consecutive quarters[ ] periods. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, or extend beyond the Maturity Date of theCompany may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: Supplemental Indenture (Mediaone Finance Trust Vi)

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 Subordinated Debentures, 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 not exceeding up to 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date. Interest, which has been deferred because Date of the extension of the interest payment period pursuant to this Section, shall bear interest (to the extent permitted under applicable law) thereon at the rate of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")Subordinated Debentures. At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the DebenturesSubordinated Debentures (together with interest thereon to the extent permitted by applicable law, including any Additional Interest and at the Coupon Rate, compounded quarterly ( Compounded Interest (together, "Deferred Interest")) that shall be payable to the holders Holders of the Subordinated Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after relating to the Interest Payment Date that corresponds to the end of the such Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of thethe Subordinated Debentures. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

Appears in 1 contract

Samples: Supplemental Indenture (Pacific Telesis Financing 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 defer payments of interest by extending time to extend the interest payment period of such Debentures Notes for a period not exceeding up to 20 consecutive quarters quarterly periods (the "Extended Interest Payment Period"). To the extent permitted by applicable law, during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond interest, the Maturity Date. Interest, payment of which has been deferred because of the extension of the interest payment period pursuant to this SectionSection 4.1, shall will bear interest (to the extent permitted under applicable law) thereon at the rate Coupon Rate for each quarterly period of ___% per annum, compounded quarterly during the Extended Interest Payment Period (the "Compounded Interest")Period. At the end of the Extended Interest Payment Period, 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 Interest and Compounded Interest (together, "Deferred Interest") 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 Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quartersquarterly periods. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, or extend beyond the Maturity Date of theCompany may select a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof.

Appears in 1 contract

Samples: Supplemental Indenture (Mediaone Group Inc)

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