Common use of Payment of Interest; Defaulted Interest Clause in Contracts

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest payment. If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuers shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers) shall mail or deliver or cause to be mailed or delivered to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. Notwithstanding the foregoing, the Issuers may make payment in cash of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange.

Appears in 3 contracts

Samples: Execution Version, Execution Version, Execution Version

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Payment of Interest; Defaulted Interest. Interest Except as otherwise provided as contemplated by Section 2.02 with respect to any Series of Notes, interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date interest payment date shall be paid to the Person person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesNotes of any Series which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders of such Series on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereofof such Series. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note of such Series and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders of the Notes of such Series a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Unless otherwise provided in the foregoingdesignation of Notes of a Series, the Issuers may make payment defaulted interest rate shall be the rate of interest borne by such Series at the time of such default. Subject to the foregoing provisions of this Section 2.13 and Section 2.07 hereof, each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 3 contracts

Samples: Securities Indenture (Centene Corp), Centene Corp, Securities Indenture (Centene Corp)

Payment of Interest; Defaulted Interest. Interest on any Note which that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor predecessor Notes) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesNotes which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereofNotes. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note such Notes and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders of Notes a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.14 and Section 2.08 hereof, the Issuers may make payment each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 3 contracts

Samples: Signatures (Spirit AeroSystems Holdings, Inc.), Indenture (Spirit AeroSystems Holdings, Inc.), Indenture (Spirit AeroSystems Holdings, Inc.)

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person person in whose name that such Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesNotes which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereofNotes. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note the Notes and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany delivered at least 5 Business Days before such notice is to be mailed (or such other period acceptable to the Trustee), the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.14 and Section 2.08 hereof, the Issuers may make payment each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 2 contracts

Samples: Molina Healthcare Inc, Molina Healthcare Inc

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest payment. If the Issuers default Company defaults in a payment of interest on the Notes, they it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date and payment date; , provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. Notwithstanding the foregoing, the Issuers Company may make payment in cash of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange.

Appears in 2 contracts

Samples: Indenture (Cascades Inc), www.cascades.com

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest payment. If the Issuers default Company defaults in a payment of interest on the Notes, they it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case case, at the rate provided in the Notes and in Section 4.01 hereof. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Issuers Company shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date Payment Date for such defaulted interest. At least 15 days before the special record date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered mailed, first-class postage prepaid, to Holders each Holder, with a copy to the Trustee, a notice at his or her address as it appears in the Security Register that states the special record date, the related payment date Payment Date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.12 and for greater certainty, the Issuers may make payment each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Homer City Generation, L.P.)

Payment of Interest; Defaulted Interest. Interest Unless otherwise provided as contemplated by Section 2.04(a) hereof with respect to any series of Securities, interest on any Note Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person person in whose name that Note Security (or one or more Predecessor Notespredecessor Securities) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesSecurities of any series which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders of the series on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes Securities of that series and in Section 4.01 hereof. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note Securities of a series and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders of the series a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.14 and Section 2.08 hereof, the Issuers may make payment each Security delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Security shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Security.

Appears in 1 contract

Samples: Indenture (Centene Corp)

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesNotes which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereofNotes. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note Notes and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.14 and Section 2.08 hereof, the Issuers may make payment each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 1 contract

Samples: Indenture (Centene Corp)

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor predecessor Notes) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesNotes which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereofNotes. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note the Notes and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.14 and Section 2.08 hereof, the Issuers may make payment each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 1 contract

Samples: Signatures (Spirit AeroSystems Holdings, Inc.)

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Payment of Interest; Defaulted Interest. Interest on any Note which that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor predecessor Notes) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesNotes of a Series which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereofof such Series. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note such Notes and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders of Notes of such Series a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.14 and Section 2.08 hereof, the Issuers may make payment each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 1 contract

Samples: Spirit AeroSystems Holdings, Inc.

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is being registered at the close of business on the Regular Record Date for such interest payment. If the Issuers default Issuer defaults in a payment of interest interest, if any, on the Notes, they it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on on, at the election of the Issuer, either (i) the Regular Record Date or (ii) a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuers Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note Note, whether it is electing to pay such defaulted interest to the Persons who are Holders on the Regular Record Date or a special record date and the date of the proposed payment. The Issuers If the Issuer elects to fix a special record date, (a) the Issuer shall fix or cause to be fixed each such special record date and payment date; , provided that no such special record date shall be less than 10 5 days prior to the related payment date for such defaulted interest. At interest and (b) at least 15 10 days before the special record date, the Issuers Issuer (or, upon the written request of the IssuersIssuer, the Trustee in the name and at the expense of the IssuersIssuer) shall mail or deliver or cause to be mailed or delivered to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. Notwithstanding the foregoing, the Issuers may make payment in cash of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange.

Appears in 1 contract

Samples: Indenture (GameStop Corp.)

Payment of Interest; Defaulted Interest. Interest on any Note which that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor predecessor Notes) is registered at the close of business on the Regular Record Date for such interest paymentinterest. If the Issuers default Company defaults in a payment of interest on the NotesNotes which is payable (“Defaulted Interest”), they it shall pay the defaulted interest Defaulted Interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interestDefaulted Interest, to the Persons who are Holders on a subsequent special record dateSpecial Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereofNotes. The Issuers Company shall notify the Trustee in writing of the amount of defaulted interest Defaulted Interest proposed to be paid on each Note such Notes and the date of the proposed payment. The Issuers Company shall fix or cause to be fixed each such special record date Special Record Date and payment date; , provided that no such special record date Special Record Date shall be less than 10 days prior to the related payment date for such defaulted interestDefaulted Interest. At least 15 days before the special record dateSpecial Record Date, the Issuers Company (or, upon the written request of the IssuersCompany, the Trustee in the name and at the expense of the IssuersCompany) shall mail or deliver or cause to be mailed or delivered to Holders of Notes a notice that states the special record dateSpecial Record Date, the related payment date and the amount of such interest to be paid. Notwithstanding Subject to the foregoingforegoing provisions of this Section 2.14 and Section 2.08 hereof, the Issuers may make payment each Note delivered under this Indenture upon registration of transfer of or in cash exchange for or in lieu of any defaulted other Note shall carry the rights to interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listedaccrued and unpaid, and upon such notice as may be required to accrue, which were carried by such exchangeother Note.

Appears in 1 contract

Samples: Signatures (Spirit AeroSystems Holdings, Inc.)

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date interest payment date shall be paid to the Person in whose name that such Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date regular record date for such interest paymentpayment at the office or agency of the Issuer maintained for such purpose pursuant to Section 2.3. If the Issuers default in a payment of Any interest on any Note which is payable, but is not paid when the Notessame becomes due and payable and such nonpayment continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular record date, they shall pay the and such defaulted interest in any lawful manner plus, and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Issuer, interest payable on at its election in each case, as provided in clause (a) or (b) below: (a) the defaulted interest, Issuer may elect to make payment of any Defaulted Interest to the Persons who in whose names the Notes (or their respective predecessor Notes) are Holders registered at the close of business on a subsequent special record dateSpecial Record Date (as defined below) for the payment of such Defaulted Interest, in each case at the rate provided which shall be fixed in the Notes and in Section 4.01 hereoffol-lowing manner. The Issuers Issuer shall notify the Trustee and the Paying Agent in writing of the amount of defaulted interest De-faulted Interest proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment. The Issuers shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to (the related payment date for such defaulted interest. At least 15 days before the special record date“Special Interest Payment Date”), the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense same time the Issuer shall deposit with the Trustee (or other such entity directed, designated or appointed by the Issuer and reasonably ac-ceptable to the Trustee acting for the Trustee for such purpose) an amount of money equal to the Issuers) shall mail or deliver or cause aggregate amount proposed to be mailed or delivered to Holders a notice that states the special record date, the related payment date and the amount paid in respect of such interest Defaulted Interest or shall make arrangements satisfactory to be paid. Notwithstanding the foregoing, the Issuers may make payment in cash of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange.-60-

Appears in 1 contract

Samples: Diversey Holdings, Ltd.

Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered in the register maintained by the Registrar at the close of business on the Regular Record Date for such interest. On each Interest Payment Date through and including June 1, 2005, the Company shall pay interest paymenton the Notes in the form of PIK Interest; thereafter the Company shall pay Cash Interest on each Interest Payment Date beginning on June 1, 2006. If the Issuers default Company defaults in a payment of interest on the Notes, they such interest shall forthwith cease to be payable to the Holder on the relevant Record Date by virtue of having been such Holder, and the Company shall pay the defaulted interest in any lawful manner plusinterest, plus (to the extent lawful, ) any interest payable on the defaulted interest, interest to the Persons who are Holders on a subsequent special record date, in each case at which date shall be the rate provided in fifteenth day next preceding the Notes and in Section 4.01 hereof. The Issuers shall notify date fixed by the Trustee in writing of Company for the amount payment of defaulted interest proposed to be paid on each Note and or the next succeeding Business Day if such date of the proposed payment. The Issuers shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interestis not a Business Day. At least 15 days before the subsequent special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers) Company shall mail or deliver or cause to be mailed or delivered each Holder, as of a recent date selected by the Company, with a copy to Holders the Trustee, a notice that states the subsequent special record date, the related payment date and the amount of defaulted interest, and interest payable on such interest defaulted interest, if any, to be paid. Notwithstanding the foregoing, the Issuers may make payment in cash of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange.

Appears in 1 contract

Samples: Purchase Agreement (Uti Corp)

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