Common use of Nonpayment of Interest Clause in Contracts

Nonpayment of Interest. Whenever interest payable on the Subordinated Debt will not be paid in full for any Interest Period (as defined in the Subordinated Debt), including nonpayment because interest will be deferred pursuant to the applicable provisions of this Agreement and the Subordinated Security, then no later than three (3) business days prior to the applicable Interest Payment Date (as defined in the Subordinated Debt) the principal executive officer and principal financial officer of the Recipient shall provide written notice, in a form reasonably satisfactory to the Investor, informing the Investor that the Recipient will not make the applicable interest payment and providing the rationale of the Recipient for not making such interest payment.

Nonpayment of Interest. Whenever interest payable on the Subordinated Debt will not be paid in full for any Interest Period (as defined in the Subordinated Debt), including nonpayment because interest will be deferred pursuant to the applicable provisions of this Agreement and the Subordinated Security, then no later than three (3) business days prior to the applicable Interest Payment Date (as defined in the Subordinated Debt) the principal executive officer and principal financial officer of the Recipient Credit Union shall provide written notice, in a form reasonably satisfactory to the Investor, informing the Investor that the Recipient Credit Union will not make the applicable interest payment and providing the rationale of the Recipient Credit Union for not making such interest payment.

Nonpayment of Interest. Whenever interest payable on the Subordinated Debt will not be paid in full for any Interest Period (as defined in the Subordinated Debt), including nonpayment because interest will be deferred pursuant to the applicable provisions of this Agreement and the Subordinated Security, then no later than three (3) business days prior to the applicable Interest Payment Date (as defined in the Subordinated Debt) the principal executive officer and principal financial officer of the Recipient Credit Union shall provide written notice, in a form reasonably satisfactory to the Investor, informing the Investor that the Recipient Credit Union will not make the applicable interest payment and providing the rationale of the Recipient Credit Union for not making such interest payment.payment.‌‌