Common use of Not to Accumulate Interest Clause in Contracts

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 Corporation covenants with the Trustee that it will not, directly or indirectly, extend or assent to the extension of time for payment of any interest 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 then outstanding and of all matured coupons and interest of such 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 Debt Securities, the Corporation Bank 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 on any Debt Security 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, 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 and premium (if any) on all Debt Securities issued hereunder and Debentures then outstanding and of all matured coupons and interest of on such Debt Securities, 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, Securities the Corporation covenants with the Trustee that it will not, directly or indirectly, extend or assent to the extension of time for payment of any interest 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 then outstanding and of all matured coupons and interest of such 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 Debt Securities, Debentures the Corporation covenants with the Trustee that it will not, directly or indirectly, extend or assent to the extension of time for payment of any interest on any Debt Security 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, 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 Debentures issued hereunder and then outstanding and of all matured coupons and interest of such Debt SecuritiesDebentures, 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 Corporation Bank 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 on any Debt Security 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, 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 and premium (if any) on all Debt Securities issued hereunder and Debentures then outstanding and of all matured coupons and interest of on such Debt SecuritiesDebentures, the payment of which has not been so extended, and of all other moneys payable hereunder.