Common use of Shortening or Extension of Stated Maturity Clause in Contracts

Shortening or Extension of Stated Maturity. Notwithstanding anything contained herein or in the Indenture to the contrary, the Company shall have the right to (i) shorten the Stated Maturity of the principal of the Securities at any time to any date not earlier than , 20 , and (ii) extend the Stated Maturity of the principal of the Securities at any time at its election for one or more periods, but in no event to a date later , 20 ; provided that, if the Company elects to exercise its right to extend the Stated Maturity of the principal of the Securities pursuant to clause (ii), above, at the time such election is made and at the time of extension (A) the Company is not in bankruptcy, otherwise insolvent or in liquidation, (B) the Company is not in default in the payment of any interest or principal on the Securities, (C) in the case of the Securities held by PLC Capital, PLC Capital is not in arrears on payments of Distributions (as defined in the Declaration of Trust) on the Preferred Securities and no deferred Distributions are accumulated and (D) the Securities are rated not less than BBB- by Standard & Poor's Ratings Services or Baa3 by Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization; provided, further, that the Company may at any time irrevocably waive its right to extend the Stated Maturity date. In the event the Company elects to shorten or extend the Stated Maturity of the Securities or to irrevocably waive its right to extend the Stated Maturity of the Securities, it shall give notice to the Trustee, and the Trustee shall give notice of such shortening or extension or waiver to the Holders of the Securities, no less than 30 and no more than 90 days prior to the effectiveness thereof.

Shortening or Extension of Stated Maturity. Notwithstanding anything contained herein If specified as contemplated by Section 2.1 or in the Indenture Section 3.1 with respect to the contrarySecurities of a particular series, the Company shall have the right to (i) shorten the Stated Maturity of the principal of the Securities of such series at any time to any date not earlier than , 20 the first date on which the Company has the right to redeem the Securities of such series, and (ii) extend the Stated Maturity of the principal of the Securities of such series at any time at its election for one or more periods, but in no event to a date later , 20 ; provided that, if than such date as shall be so specified with respect to the Securities of such series. If the Company elects to exercise its right to extend the Stated Maturity of the principal of the Securities pursuant to clause (ii), above, at the time such election is made and at the time of extension (A) the Company is not in bankruptcy, otherwise insolvent or in liquidation, (B) the Company is not in default in the payment of any interest or principal on the Securities, (C) in the case of the Securities held by PLC Capital, PLC Capital is not in arrears on payments of Distributions (as defined in the Declaration of Trust) on the Preferred Securities and no deferred Distributions are accumulated and (D) the Securities are rated not less than BBB- by Standard & Poor's Ratings Services or Baa3 by Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization; provided, further, that the Company may at any time irrevocably waive its right to extend the Stated Maturity date. In the event the Company elects to shorten or extend the Stated Maturity of Securities of a series, the Securities or to irrevocably waive its right to extend the Stated Maturity of the Securities, it Company shall give notice to the Trustee, and the Trustee notice of such election within the time period specified as contemplated by Section 3. 1. The Company shall also give notice of such shortening or extension or waiver the Company's election to the Holders of the SecuritiesOutstanding Securities of such series in the manner and within the time period as may be specified as contemplated by Section 3.1. If requested by the Company, no less than 30 and no more than 90 days prior the Trustee, at the expense of the Company, shall give such notice to the effectiveness thereofHolders of the Outstanding Securities of such series. Securities of a series whose Stated Maturity has been shortened or extended that are authenticated and delivered after the shortening or extension of the Stated Maturity of such Securities may, and shall if required by the Company, bear a notation in such form as shall be approved by the Company as to the change of such Stated Maturity. If the Company shall so determine, new Securities of any series whose Stated Maturity has been changed, modified so as to conform in the opinion of the Company to such change, may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.