Common use of Option to Extend Interest Payment Period Clause in Contracts

Option to Extend Interest Payment Period. So long as no Indenture Event of Default, and no event that, after notice or lapse of time or both, would become an Indenture Event of Default, has occurred and is continuing, the Company shall have the right at any time during the term of this Debenture to defer the payment of interest on this Debenture for one or more periods selected by the Company not exceeding 20 consecutive quarters for any such period (each, subject to extension and shortening as provided in the following two sentences, a "Deferral Period"); except that no Deferral Period may extend beyond the maturity of this Debenture. At any time prior to the end of a Deferral Period, the Company may, so long as no Indenture Event of Default, and no event that, after notice or lapse of time or both, would become an Indenture Event of Default, shall have occurred and be continuing, extend the Deferral Period and further defer the payment of interest on this Debenture, provided that the Deferral Period as so extended shall not exceed 20 consecutive quarters or extend beyond the maturity of this Debenture. At any time prior to the end of a calendar quarter ending prior to the end of a Deferral Period, the Company may shorten the Deferral Period so that it will end on the last day of such calendar quarter. On the last day of each Deferral Period, the Company shall pay all interest

Option to Extend Interest Payment Period. So long as no Indenture Event of Default, and no event that, after notice or lapse of time or both, would become an Indenture Event of Default, has occurred and is continuing, the (a) The Company shall have the right at any time during the term of this Debenture the Securities to defer interest payments from time to time by extending the interest payment of interest on this Debenture period for one or more successive periods selected by the Company (each, an "Extension Period") not exceeding 20 consecutive quarters for any each such period (eachperiod; PROVIDED, subject to extension and shortening as provided in the following two sentences, a "Deferral Period"); except that no Deferral Extension Period may extend beyond the maturity Maturity of this Debenturethe Securities. At any time prior to the end of a Deferral each Extension Period, the Company may, so long as no Indenture Event of Defaultshall be responsible for the payment of, and no event thatthe Company shall pay all interest then accrued and unpaid (including Additional Interest, after notice if any); PROVIDED, that during any Extension Period, interest on the Securities shall accrue at 7% per annum ("Extension Period Interest") instead of the stated rate of 5% per annum, together with interest thereon compounded quarterly at the rate of 7% per annum, to the extent permitted by applicable law ("Compounded Interest"). During any Extension Period, the Company shall not repay, repurchase or lapse redeem any capital stock or debt securities issued by the Company, or make any guarantee payments with respect to indebtedness for borrowed money, that rank junior to or PARI PASSU with the Securities. Prior to the termination of time or bothany such Extension Period, would become an Indenture Event of Defaultthe Company may further extend such Extension Period; PROVIDED, shall have occurred and be continuing, extend the Deferral that such Extension Period together with all previous and further defer the payment of interest on this Debenture, provided that the Deferral Period as so extended shall extensions thereof may not exceed 20 consecutive quarters or and may not extend beyond the maturity Maturity of this Debenturethe Securities. At Upon the termination of any time prior to Extension Period and the end payment of a calendar quarter ending prior to the end of a Deferral Periodall amounts then due, the Company may shorten the Deferral Period so that it will end on the last day of such calendar quarter. On the last day of each Deferral Period, the Company shall pay all interestcommence a new Extension

Option to Extend Interest Payment Period. So long as no Indenture Event of Default, On the terms and no event that, after notice or lapse of time or both, would become an Indenture Event of Default, has occurred and is continuingsubject to the conditions set forth in the Indenture, the Company shall have the right at any time during the term of this Debenture the Securities to defer interest payments (including Additional Payments) from time to time by extending the interest payment of interest on this Debenture period for one or more successive periods selected by the Company (each, an "Extension Period") not exceeding 20 consecutive quarters for any each such period (eachExtension Period; provided, subject to extension and shortening as provided in the following two sentences, a "Deferral Period"); except that no Deferral Extension Period may extend beyond the stated maturity date of this Debenturethe Securities. At any time prior to the end of a Deferral each Extension Period, the Company mayshall pay all interest then accrued and unpaid (including Additional Interest, so long as no Indenture Event if any) together with interest thereon compounded quarterly at the rate of Defaultinterest borne by the Securities to the extent permitted by applicable law ("Compounded Interest"); provided, and no event thatthat during any Extension Period, after notice or lapse the Company shall be required to comply with certain covenants set forth in the Indenture. Prior to the termination of time or bothany such Extension Period, would become an Indenture Event of Defaultthe Company may further extend such Extension Period; provided, shall have occurred and be continuingthat such Extension Period, extend the Deferral Period together with all such previous and further defer the payment of interest on this Debentureextensions thereof, provided that the Deferral Period as so extended shall may not exceed 20 consecutive quarters or extend beyond the stated maturity date of this Debenturethe Securities. At Upon the termination of any time prior to Extension Period and the end payment of a calendar quarter ending prior to the end of a Deferral Periodall amounts then due, the Company may shorten the Deferral Period so that it will end on the last day of such calendar quarter. On the last day of each Deferral select a new Extension Period, subject to the Company shall pay all interestabove require-