Common use of Option to Defer Interest Payments Clause in Contracts

Option to Defer Interest Payments. (i) The Company shall have the right, at any time and from time to time prior to the Final Maturity Date, to defer the payment of interest on the Debentures for one or more consecutive Interest Periods that do not exceed 10 years; provided that no Deferral Period shall extend beyond the Final Maturity Date or the earlier redemption of the Debentures. If an Event of Default has occurred and is continuing or the Company has given notice of its election to defer interest payments but the Deferral Period has not yet commenced or a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary, subject to the exceptions specified in clause (vii) of this Section 2.1(g), to: (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Capital Stock of the Company, (b) make any payment of principal of, or interest or premium, if any, on, or repay, purchase or redeem any debt securities of the Company that rank pari passu with or junior to the Debentures or (c) make any payments with respect to any Guarantee by the Company of the junior subordinated debt securities of any Subsidiary if such Guarantee ranks pari passu with, or junior in interest to, the Debentures.

Option to Defer Interest Payments. (i) The Company shall have the right, at any time and from time to time prior to the Final Maturity Date, Repayment Date to defer the payment of interest on the Subordinated Debentures for one or more consecutive Interest Periods that do not exceed 10 years; provided that no Deferral Period shall extend beyond the Final Maturity Repayment Date or the earlier repayment or redemption in full of the Subordinated Debentures. If an Event of Default has occurred and is continuing or ; provided, further, that if the Company has given notice of its election to defer interest payments but the Deferral Period has not yet commenced or a Deferral Period is continuingcontinuing or the Company is in default regarding its payment of any obligation under the Guarantee, the Company shall not, and shall not permit any Subsidiary, subject to the exceptions specified in clause (vii) Section 3.11 of this Section 2.1(g)the Indenture, to: (ai) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Capital Stock of the Company’s capital stock, (bii) other than any repayment of the Subordinated Debentures pursuant to Section 2.1(d) and, except for any partial payments of deferred interest that may be made pursuant to Section 2.1(h), make any payment of principal of, or interest or premium, if any, on, or repay, purchase repurchase or redeem any of the Company’s debt securities of the Company that rank pari passu equally with or junior to the Subordinated Debentures or (ciii) make any guarantee payments with respect to any Guarantee guarantee by the Company of the junior subordinated debt securities debentures of any Subsidiary if such Guarantee guarantee ranks pari passu with, equally with or junior in interest to, to the Subordinated Debentures.