Optional Deferral of Interest Payments. The Issuer will have the right to defer interest payments on the Bonds, in whole but not in part, on an Interest Payment Date which qualifies as an Optional Interest Payment Date by giving notice to the Bondholders and the Principal Paying Agent in accordance with Condition X not less than 3 (three) Business Days prior to the relevant Optional Interest Payment Date. An "Optional Interest Payment Date" will be deemed to be occurring on any Interest Payment Date which does not constitute a Solvency Interest Deferral Date or a Compulsory Interest Payment Date. A notice given by the Issuer according to this Condition III 2 shall no longer have any effect, in case any Interest Payment Date after such notice is a Compulsory Interest Payment Date.
Optional Deferral of Interest Payments. Interest shall be due and payable on each Interest Payment Date unless the Company elects not to pay such interest on such Interest Payment Date (which the Company may elect to do on any Interest Payment Date unless such Interest Payment Date is a Mandatory Interest Payment Date). Any such election not to pay interest shall not constitute a default of the Company, an Enforcement Event or any other breach of obligations under the Indenture or the Notes or for any other purpose. If the Company decides not to pay the interest on an Interest Payment Date, the Company shall notify the Agents and the Holders in accordance with the Indenture not less than ten and not more than 15 Business Days prior to the relevant Interest Payment Date. Any interest not paid because of such an election of the Company shall constitute “Optionally Deferred Payments.” Optionally Deferred Payments shall themselves bear interest at the Stated Interest Rate (the “Additional Interest Amount”). Additional Interest Amounts shall accrue from the Interest Payment Date on which such amounts were initially deferred, and shall compound on subsequent Interest Payment Dates, quarterly, at the Stated Interest Rate. The nominal amount of any Optionally Deferred Payments together with any Additional Interest Amount shall constitute “Optionally Outstanding Payments.”
Optional Deferral of Interest Payments. (a) Subject to Section 2.09(c), so long as no Event of Default has occurred and is continuing, the Company and the Guarantor may elect at one or more times to defer payment of interest on the Notes for one or more consecutive interest periods that do not exceed five years from the date of commencement of the Optional Deferral Period; provided that, in the event that a failure to defer payment of interest on the Notes at the conclusion of such five-year period would cause the Company or the Guarantor to breach the terms of the indenture governing the Capital Efficient Notes or the guarantees thereof, that Optional Deferral Period may be extended by the Company or the Guarantor until the earlier of the date on which payments of interest on the Notes would no longer result in such a breach and the date that is ten years from the date of commencement of the Optional Deferral Period, in each case for a single Optional Deferral Period. Any interest so deferred shall constitute Arrears of Interest. Interest may not be optionally deferred beyond the Final Maturity Date, or any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption of the Notes.
(b) If not previously paid, at the end of an Optional Deferral Period, the Company or the Guarantor must pay all Arrears of Interest arising from such Optional Deferral Period. If the Company or the Guarantor has at any time paid all Arrears of Interest on the Notes, including compounded interest on such deferred amounts, the Company and the Guarantor can again elect to optionally defer interest payments on the Notes pursuant to paragraph (a) of this Section 2.09.
(c) For the avoidance of doubt, if a Mandatory Deferral Period occurs during an Optional Deferral Period (including if such Mandatory Deferral Period and Optional Deferral Period begin on the same Interest Payment Date), and such Mandatory Deferral Period ceases to be continuing prior to the next Optional Deferral Expiration Date, then the Company and the Guarantor may continue to elect to optionally defer interest following the conclusion of such intervening Mandatory Deferral Period until the next Optional Deferral Expiration Date. If a Mandatory Deferral Event has occurred and is continuing on an Optional Deferral Expiration Date (including if a separate Mandatory Deferral Period had previously begun and ended during such Optional Deferral Period), the Optional Deferral Period will continue until such time that a Mand...
Optional Deferral of Interest Payments. The Company may elect at one or more times to defer payment of all (but not less than all) of the interest accrued on the Notes for one or more consecutive interest periods or Interest Payment Dates. Interest may not be deferred beyond the Final Maturity Date, or any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption of the Notes pursuant to Section 4.02, Section 4.03, Section 4.04 or Section 4.05 of this Indenture. During a Deferral Period, interest will continue to accrue on the Notes, and any such accrued interest, the payment of which is so deferred, so long as such interest remains unpaid, will constitute Arrears of Interest and will be subject to Section 3.05. If the Company has paid all Arrears of Interest and any current interest due on the Notes, it can again defer interest payments on the Notes as described above. The Company shall provide the Holders of the Notes and the Trustee written notice of its election to commence or continue a Deferral Period at least five and not more than 60 Business Days before the next Interest Payment Date. Notwithstanding any other provision in the Notes or this Indenture, the deferral of any interest payment in accordance with this Section 3.03 will constitute neither an Event of Default nor a default of any kind, and will not give Holders of the Notes or the Trustee any right to accelerate repayment of the Notes or any other remedies pursuant to Article 7 of this Indenture or otherwise.
