Common use of Maturity of the Notes Clause in Contracts

Maturity of the Notes. (a) The Notes shall mature on February 18, 2014 (the “Expected Maturity Date”); provided, however, that if on or before the Business Day prior to the Expected Maturity Date the Issuer delivers a certificate, substantially in the form of Exhibit E hereto, to the Indenture Trustee and the Insurance Trustee stating that (i) either (A) the Insurance Policy is in effect and the amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal to the Required Amount or (B) the Insurance Policy is not in effect and the amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal to the Required Amount and (ii) a Currency Inconvertibility Event has occurred and is continuing, then if such certificate shall be received by the Indenture Trustee on or before the Business Day preceding the Expected Maturity Date, the Expected Maturity Date shall be extended to a date (the “Final Maturity Date”), which shall be the earliest to occur of (x) August 18, 2015 (a date which is eighteen calendar months after the Expected Maturity Date), (y) the latest date for which funds are available under any Letter of Credit or on deposit in the Reserve Account and under the Insurance Policy to pay scheduled interest on the Notes in full, and (z) 30 calendar days after the date on which the Currency Inconvertibility Event has ended. (b) In the case of any extension of the Expected Maturity Date, the Expected Maturity Date shall be considered a Payment Date under the terms of this Indenture, and interest at the Note Rate shall be due on the Notes on such Expected Maturity Date and on each Payment Date occurring thereafter until the Final Maturity Date. (c) Upon the occurrence of any extension of the Expected Maturity Date under this Section 2.6, the Issuer shall promptly, but in any event within five Business Days thereafter, deliver notice thereof to the Noteholders, any exchange on which the Notes may be listed and to the Rating Agencies in accordance with the provisions of Section 14.3 of this Indenture. (d) No payments in respect of the principal of the Notes shall be paid prior to the Expected Maturity Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes or upon redemption prior to the Expected Maturity Date pursuant to Article IV hereof; provided, however, that in the case of an extension of the Expected Maturity Date under this Section 2.6, no payments in respect of the principal of the Notes shall be paid prior to the Final Maturity Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes or upon redemption prior to the Final Maturity Date pursuant to Article IV hereof. (e) The extension of the Expected Maturity Date shall not have any effect on the rights of the Noteholders, including any right upon the occurrence of any Event of Default.

Appears in 2 contracts

Samples: Indenture (Brasil Telecom Sa), Indenture (Brasil Telecom Holding Co)

AutoNDA by SimpleDocs

Maturity of the Notes. (a) The Notes shall mature on February 181, 2014 2007 (the "Expected Maturity Date"); provided, however, that if on or before the Business Day prior to the Expected Maturity Date the Issuer delivers and the Standby Purchaser deliver a certificate, substantially in the form of Exhibit E D hereto, to the Indenture Trustee and the Insurance Trustee stating that (i) either (A) the Insurance Policy Issuer is in effect and unable to repay the principal amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal to the Required Amount or (B) the Insurance Policy is not in effect and the amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal to the Required Amount and Notes, (ii) a Currency the Standby Purchaser does not have sufficient funds available outside Brazil to satisfy its obligations under the Standby Purchase Agreement to pay the Total Payment Amount, (iii) the Standby Purchaser has funds in Brazilian Reais but is unable to convert such funds and transfer them outside of Brazil to the Trustee for payment of amounts due under or in respect of the Notes due to the occurrence and continuation of an Expropriation Event or Inconvertibility Event has occurred Event; (iv) the Issuer and is continuingthe Standby Purchaser have used their best efforts to convert and transfer the funds referred to in (iii) above, then if such certificate shall be received by the Indenture Trustee on or before the Business Day preceding the Expected Maturity Date, the Expected Maturity Date shall be extended to a the date (the “Final Maturity Date”), which shall be the earliest to occur of (xi) August 181, 2015 2008 (a the date which is eighteen calendar months after the Expected Maturity Date), (yii) the latest date for last Interest Payment Date on which funds are available under any the Letter of Credit or on deposit in the Reserve Account and under the Insurance Policy to pay scheduled interest on the Notes in fullNotes, and (ziii) 30 calendar days after the date on which the Currency Expropriation Event or Inconvertibility Event that prevented the Standby Purchaser from satisfying its payment obligations under the Standby Purchase Agreement, has endedended (such actual maturity date for the Notes being, the "Final Maturity Date"). (b) In the case of any extension of the Expected Maturity Date, the Expected Maturity Date shall be considered a Payment Date under the terms of this Indenture, and interest at the Note Rate shall be due on the Notes on such Expected Maturity Date and on each Payment Date occurring thereafter until the Final Maturity Date. (c) Upon the occurrence of any extension of the Expected Maturity Date under this Section 2.6, the Issuer shall promptly, but in any event within five two Business Days thereafter, deliver notice thereof to the Noteholders, any exchange on which the Notes may be listed Noteholders and to the Rating Agencies Luxembourg Stock Exchange in accordance with the provisions of Section 14.3 14.4 of this Indenture. (d) No payments in respect of the principal of the Notes shall be paid prior to the Expected Maturity Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes or upon redemption prior to the Expected Maturity Date pursuant to Article IV hereof; provided, however, that in the case of an extension of the Expected Maturity Date under this Section 2.6, no payments in respect of the principal of the Notes shall be paid prior to the Final Maturity Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes or upon redemption prior to the Final Maturity Date pursuant to Article IV hereof. (e) The extension of the Expected Maturity Date as permitted hereunder shall not have any effect on any of the other rights of the Noteholders, including any right upon the occurrence of any Event of Default.

Appears in 1 contract

Samples: Indenture (Petrobras International Finance Co)

Maturity of the Notes. (a) The Subject to Section 2.8, the Notes shall mature on February 18October 24, 2014 2013 (the “Expected "Stated Maturity Date"); provided, however, that if on or before the Business Day prior to the Expected Stated Maturity Date the Issuer delivers a certificate, substantially in the form of Exhibit E heretoC(1), to the Indenture Trustee and the Insurance Trustee (with a copy of such certificate to Moody's) stating that (i) either (A) it has sufficient funds in Brazilian reais at the Insurance Policy is Reference Rate of Exchange or U.S. dollars to repay the principal amount of the Notes and any other Indebtedness payable on the Stated Maturity Date and that it cannot make such payment in effect and respect of the amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal Notes due to the Required Amount or (B) the Insurance Policy is not in effect and the amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal to the Required Amount and (ii) a Currency Inconvertibility Inconvertibility/Non-Transfer Event which has occurred and is continuingcontinuing on the date of the certificate, and that it has used its reasonable best efforts to convert and transfer such funds, then if such certificate shall be received by the Indenture Trustee on or before the Business Day preceding the Expected Stated Maturity Date, the Expected Maturity Date obligation of the Issuer to repay the principal amount of the Notes then shall be extended to a date (the “Final Maturity Date”), which shall be the earliest earlier to occur of (xi) August 18April 24, 2015 (a date which is eighteen calendar months after the Expected Maturity Date), (y) the latest date for which funds are available under any Letter of Credit or on deposit in the Reserve Account and under the Insurance Policy to pay scheduled interest on the Notes in full, and (zii) 30 calendar days after the date on which the Currency Inconvertibility Inconvertibility/Non-Transfer Event that prevented the Issuer from satisfying its payment obligations under the Notes has endedended (such actual maturity date for the Notes, the "Maturity Date"). (b) In the case of any extension of the Expected Stated Maturity Date, the Expected Stated Maturity Date shall be considered a Payment Date under the terms of this Indenture, and interest at the Note Rate shall be due on the Notes on such Expected Stated Maturity Date and on each Payment Date occurring thereafter until the Final Maturity Date. (c) Upon the occurrence of any extension of the Expected Stated Maturity Date under this Section 2.6, the Issuer shall promptly, but in any event within five two Business Days thereafter, deliver notice thereof to the Noteholders, any exchange on which the Notes may be listed and to the Rating Agencies Noteholders in accordance with the provisions of Section 14.3 of this Indenture15.4. (d) No payments in respect of the principal of the Notes shall be paid prior to the Expected Maturity Date except in the case of the occurrence of an Event of Default and acceleration of in the aggregate outstanding principal amount of the Notes circumstances set out in Section 7.2 or upon redemption prior to the Expected Maturity Date pursuant to Article IV hereof; provided, however, that in the case of an extension of the Expected Maturity Date under this Section 2.6, no payments in respect of the principal of the Notes shall be paid prior to the Final Maturity Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes or upon redemption prior to the Final Maturity Date pursuant to Article IV hereof4. (e) The extension of the Expected Maturity Date shall not have any effect on the rights of the Noteholders, including any right upon the occurrence of any Event of Default.

Appears in 1 contract

Samples: Indenture (Bank Bradesco)

AutoNDA by SimpleDocs

Maturity of the Notes. (a) The Notes shall mature on February December 18, 2014 2013 (the “Expected Maturity Date”); provided, however, that if on or before the Business Day prior to the Expected Maturity Date the Issuer delivers a certificate, substantially in the form of Exhibit E hereto, to the Indenture Trustee and (with a copy to the Insurance Trustee Agent) stating that (i) either (A) the Insurance Policy is in effect and the amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal to the Required Amount or (B) the Insurance Policy is not in effect and the amount available under any Letters of Credit (together with any amounts then on deposit in the Reserve Account) is at least equal to the Required Amount and (ii) a Currency Inconvertibility Inconvertibility/Non-Transfer Event has occurred and is continuingoccurred, then if such certificate shall be received by the Indenture Trustee on or before the Business Day preceding the Expected Maturity Date, the Expected Maturity Date shall be extended to a date (the “Final Maturity Date”), which shall be the earliest to occur of (x) August June 18, 2015 (a date which is eighteen calendar months after the Expected Maturity Date), (y) the latest date for which funds are available under any Letter of Credit or on deposit in the Reserve Account and under the Insurance Policy to pay scheduled interest on the Notes in full, and (z) 30 calendar days after the date on which the Currency Inconvertibility Inconvertibility/Non-Transfer Event has ended. (b) In the case of any extension of the Expected Maturity Date, the Expected Maturity Date shall be considered a Payment Date under the terms of this Indenture, and interest at the Note Rate shall be due on the Notes on such Expected Maturity Date and on each Payment Date occurring thereafter until the Final Maturity Date. (c) Upon the occurrence of any extension of the Expected Maturity Date under this Section 2.6, the Issuer shall promptly, but in any event within five Business Days thereafter, deliver notice thereof to the Noteholders, any exchange on which the Notes may be listed Noteholders and to the Rating Agencies Agency in accordance with the provisions of Section 14.3 of this Indenture. (d) No payments in respect of the principal of the Notes shall be paid prior to the Expected Maturity Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes or upon redemption prior to the Expected Maturity Date pursuant to Article IV hereof; provided, however, that in the case of an extension of the Expected Maturity Date under this Section 2.6, no payments in respect of the principal of the Notes shall be paid prior to the Final Maturity Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes or upon redemption prior to the Final Maturity Date pursuant to Article IV hereof. (e) The extension of the Expected Maturity Date shall not have any effect on the rights of the Noteholders, including any right upon the occurrence of any Event of Default.

Appears in 1 contract

Samples: Indenture (Tele Norte Leste Participacoes Sa)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!