Common use of Not to Accumulate Interest Clause in Contracts

Not to Accumulate Interest. In order to prevent any accumulation after maturity of coupons or interest the Bank covenants with the Trustee that it will not, except with the approval of the Debentureholders expressed by extraordinary resolution, directly or indirectly extend or assent to the extension of time for payment of any coupons or interest payable hereunder or be a party to or approve any such arrangement by purchasing or funding any of said coupons or interest or in any other manner. In case the time for payment of any such coupons or interest shall be so extended, whether for a definite period or otherwise, such coupons or interest shall not be entitled in case of default hereunder to the benefit of these presents except subject to the prior payment in full of the principal of and premium (if any) on all Debentures then outstanding and of all matured coupons and interest on such Debentures the payment of which has not been so extended, and of all other moneys payable hereunder.

Not to Accumulate Interest. In order to prevent any accumulation after maturity of unpaid coupons or of unpaid interest or of unpaid Debt Securities, the Bank Corporation covenants with the Trustee that it will not, except with the approval of the Debentureholders expressed by extraordinary resolution, directly or indirectly indirectly, extend or assent to the extension of time for payment of any coupons or interest payable hereunder on any Debt Security or be a party to or approve any such arrangement by purchasing or funding any of said coupons or interest or in any other manner. In case the time for payment of any such coupons or interest shall be so extended, whether for a definite period or otherwise, such coupons or interest shall not be entitled entitled, in case of default hereunder hereunder, to the benefit of these presents except subject to the prior payment in full of the principal of all Debt Securities issued hereunder and premium (if any) on all Debentures then outstanding and of all matured coupons and interest on of such Debentures Debt Securities, the payment of which has not been so extended, and of all other moneys payable hereunder.

Not to Accumulate Interest. In order to prevent any accumulation after maturity of unpaid coupons or of unpaid interest or of unpaid Debentures the Bank Corporation covenants with the Trustee that it will not, except with the approval of the Debentureholders expressed by extraordinary resolution, directly or indirectly indirectly, extend or assent to the extension of time for payment of any coupons or interest payable hereunder on any Debenture or be a party to or approve any such arrangement by purchasing or funding any of said coupons or interest or in any other manner. In case the time for payment of any such coupons or interest shall be so extended, whether for a definite period or otherwise, such coupons or interest shall not be entitled in case of default hereunder to the benefit of these presents except subject to the prior payment in full of the principal of and premium (if any) on all Debentures issued hereunder and then outstanding and of all matured coupons and interest on of such Debentures Debentures, the payment of which has not been so extended, and of all other moneys payable hereunder.

Not to Accumulate Interest. In order to prevent any accumulation after maturity of unpaid coupons or of unpaid interest or of unpaid Debt Securities the Bank Corporation covenants with the Trustee that it will not, except with the approval of the Debentureholders expressed by extraordinary resolution, directly or indirectly indirectly, extend or assent to the extension of time for payment of any coupons or interest payable hereunder on any Debt Security or be a party to or approve any such arrangement by purchasing or funding any of said coupons or interest or in any other manner. In case the time for payment of any such coupons or interest shall be so extended, whether for a definite period or otherwise, such coupons or interest shall not be entitled in case of default hereunder to the benefit of these presents except subject to the prior payment in full of the principal of all Debt Securities issued hereunder and premium (if any) on all Debentures then outstanding and of all matured coupons and interest on of such Debentures Debt Securities, the payment of which has not been so extended, and of all other moneys payable hereunder.

Not to Accumulate Interest. In order to prevent any accumulation after maturity of coupons or interest the Bank covenants with the Trustee that it will not, except with the approval of the Debentureholders expressed by extraordinary resolution, directly or indirectly extend or assent to the extension of time for payment of any coupons or interest payable hereunder or be a party to or approve any such arrangement by purchasing or funding any of said coupons or interest or in any other manner. In case the time for payment of any such coupons or interest shall be so extended, whether for a definite period or otherwise, such coupons or interest shall not be entitled in case of default hereunder to the benefit of these presents except subject to the prior payment in full of the principal of and premium (if any) on all Debentures then outstanding and of all matured coupons and interest on such Debentures Debentures, the payment of which has not been so extended, and of all other moneys payable hereunder.