Optional Deferral of Interest. (a) As long as no Event of Default has occurred and is continuing, and as long as a Failed Remarketing has not occurred, the Company has the right, at any time and from time to time, to defer payments of interest on the Debentures by extending the interest payment period on the Debentures for a period (each, an "Extension Period") not exceeding 20 consecutive quarters, during which Extension Period no interest shall be due and payable on the Debentures; provided that no Extension Period shall end on a date other than an Interest Payment Date or extend beyond the Stated Maturity. Upon the occurrence of a Failed Remarketing, any such Extension Period shall terminate, and interest shall become payable in cash on the next Interest Payment Date. Despite such deferral, interest shall continue to accrue with additional interest thereon (to the extent permitted by applicable law) at the Coupon Rate of the principal amount of the Debentures or the Reset Rate of the Accreted Value of the Debentures on the Remarketing Date, as applicable, compounded quarterly during any such Extension Period ("Compounded Interest"). Prior to the termination of any such Extension Period, the Company may further defer payments of interest by further extending such Extension Period; provided that such Extension Period, together with all such previous and further extensions of such Extension Period, may not exceed 20 consecutive quarters or extend beyond the Stated Maturity. At the termination of any Extension Period, the Company shall pay all interest then accrued and unpaid, plus Compounded Interest. Upon the termination of any Extension Period and the payment of all amounts then due, the Company may commence a new Extension Period, subject to the above requirements.
(b) The procedure the Company must follow to exercise its option to defer payments of interest on the Debentures for an Extension Period shall be as follows:
(i) If the Property Trustee shall be the only Holder of the Debentures, the Company shall give notice of its election of such Extension Period to the Property Trustee, the Administrative Trustees and the Trustee at least one Business Day prior to the earlier of:
(A) the next date on which Distributions on the Preferred Securities are payable; or
(B) the date the Administrative Trustees are required to give notice of the record date or the date such Distributions are payable for the first quarter of such Extension Period to (x) any national stock exchange or other orga...
Optional Deferral of Interest. So long as no Event of Default has occurred and is continuing under the Indenture, the Company may elect at any time during the term of the Capital Securities, and from time to time, to defer one or more payments of interest on such Capital Securities (an “Optional Deferral” and any such deferred interest, “Optionally Deferred Interest”) for up to five years. During any Optional Deferral (an “Optional Deferral Period”), the Company may pay Optionally Deferred Interest out of any source of funds. Optionally Deferred Interest will continue to accrue and compound quarterly on each Interest Payment Date, to the extent permitted by applicable law, at the applicable Coupon Rate. Additionally, during any Optional Deferral Period, the restrictions on payment by the Company of dividends and other distributions on capital stock pursuant to Section 6.2 hereof will apply. There is no limit on the number of Optional Deferral Periods that the Company may begin.”
Optional Deferral of Interest. Subject to the terms of the Indenture, the Company shall have the right, at any time and from time to time during the term of the Notes, to elect to defer payment of all or any portion of any Current Interest and/or Deferred Interest otherwise due on the Notes on any Interest Payment Date. No Interest on the Notes shall be due and payable on any Interest Payment Date during an Optional Deferral Period; however, Interest shall accrue on the Notes during such period in accordance with the Eighteenth Supplemental Indenture.
Optional Deferral of Interest. The Company may defer, at its sole discretion, on one or more occasions, payment for all (but not part) of the scheduled interest payment otherwise due and payable on any Interest Payment Date that falls on or after the earlier of (a) the Conversion Date and (b) March 31, 2017. The Company will give the Holder and the Debenture Trustee notice of any interest deferral not more than 30 nor less than 10 Business Days prior to the applicable Interest Payment Date. If the Interest Payment Date for which interest deferral is proposed is also the Conversion Date, no election to defer interest due on that date shall be effective unless the Company shall have converted the interest rate on the Securities and paid in full any Conversion Payment due in connection with the conversion. Any deferred amounts on the Securities not paid on an Interest Payment Date will accumulate but will bear no interest. The Company may at any time pay in whole or in part any deferred interest by providing at least five Business Days written notice to the Holder and the Debenture Trustee. The Company may not defer application of any available Conversion Credits, which shall be applied on each Interest Payment Date to reduce the amount of interest paid or deferred, as applicable, on the Securities. The Company may not elect to defer any scheduled interest on the Securities due on any Interest Payment Date at any time when CEMEX or any of its Subsidiaries has:
Optional Deferral of Interest. Subject to the terms of the Indenture, the Partnership shall have the right, at any time and from time to time during the term of the Notes, to elect to defer payment of all or any portion of any Current Interest and/or Deferred Interest otherwise due on the Notes on any Interest Payment Date. No Interest on the Notes shall be due and payable on any Interest Payment Date during an Optional Deferral Period; however, Interest shall accrue on the Notes during such period in accordance with the First Supplemental Indenture.
Optional Deferral of Interest. Subject to the terms of the Indenture, the Company shall have the right, at any time and from time to time during the term of the LoTSSM, to elect to defer payment of all or any portion of any Current Interest and/or Deferred Interest otherwise due on the LoTSSM on any Interest Payment Date. No Interest on the LoTSSM shall be due and payable on any Interest Payment Date during an Optional Deferral Period; however, Interest shall accrue on the LoTSSM during such period in accordance with the Eighth Supplemental Indenture.
Optional Deferral of Interest. 2.3 Section 4.1 (“Optional Deferral of Interest”) set forth in the Third Supplemental Indenture is hereby amended and restated in its entirety as follows:
Optional Deferral of Interest. 2.3 Section 4.1 (“Optional Deferral of Interest”) set forth in the Fifth Supplemental Indenture is hereby amended and restated in its entirety as follows:
Optional Deferral of Interest. Subject to Section 3.2 of the First Supplemental Indenture, as long as no Event of Default has occurred and is continuing, the Company shall have the right at any time and from time to time, to defer payments of interest on this Debenture by extending the Interest Payment Period on the Debenture for a period not exceeding 10 years, in the aggregate, following the Interest Payment Date on which interest was deferred (an “Optional Deferral Period”). During an Optional Deferral Period, Deferred Interest on this Debenture shall not be due and payable, but will continue to accrue and compound semi-annually, to the extent permitted by applicable law, at the Debenture Interest Rate. An Optional Deferral Period shall terminate on such date as all accrued and unpaid interest, together with Compounded Interest, if any, has been paid by the Company, provided that in no event shall an Optional Deferral Period extend beyond the date which is 10 years following the commencement of the Optional Deferral Period, beyond the Automatic Conversion Date or beyond the Maturity Date of this Debenture. Upon termination of an Optional Deferral Period, the Company may commence a new Optional Deferral Period, subject to the other conditions in Section 2.6 of the First Supplemental Indenture, there being no limit to the number of such new Optional Deferral Periods the Company may elect.
Optional Deferral of Interest elects to defer payment of all (but not some only) of the interest in respect of Tier 2 Notes pursuant to Tier 2 Condition 9(a), the relevant Issuer shall give notice to the Fiscal Agent as soon as it becomes aware thereof and shall give to the Fiscal Agent such information as it shall require to enable it to comply with the relevant requirement under the Conditions. However, any failure to provide such notice will not invalidate the relevant withholding or deduction obligation, deferral of interest, suspension of principal or payment of Arrears of Interest. The Fiscal Agent will not, and will procure that none of the Paying Agents will, make any payments in respect of the Notes to the extent it has received notice of withholding or deduction, deferral or suspension under this Clause 9.1 (Notice by the relevant Issuer). In the absence of receipt of any such notice, the Fiscal Agent shall be entitled to assume, with no further enquiry or liability, that no amounts are to be withheld or deducted, deferred or suspended.
