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

Shortening or Extension of Stated Maturity. If specified as ------------------------------------------ contemplated by SECTION 2.01 or SECTION 2.02 with respect to the Securities 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 the first date on which the Company has the right, if any, 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 than the 49th anniversary of the first interest payment date following the Original Issue Date of the Securities of such series; provided that, if the Company elects to shorten or extend the Stated Maturity, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such change in Stated Maturity will not cause Securityholders to recognize income, gain or loss for United Stated federal income tax purposes as a result of such change to the Stated Maturity and will result in the Securityholders being subject to United States federal income tax on the same amount, in the same manner and at the times as would have been if such change had not occurred; and additionally, if the Company elects to exercise its right to extend the Stated Maturity of the principal of the Securities of such series pursuant to this clause (ii), 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 such Securities, (C) in the case of any series of Securities issued to a DPL Trust, such DPL Trust is not in arrears on payments of Distributions on the Preferred Securities issued by such DPL Trust and no deferred Distributions are accumulated, and (D) such 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. In the event the Company elects to shorten or extend the Stated Maturity of the Securities of a particular series, it shall give notice to the Trustee (not less than 45 days prior to the effectiveness thereof), and the Trustee shall give notice of such shortening or extension to the holders not less than 30 nor more than 60 days prior to the effectiveness thereof.

Shortening or Extension of Stated Maturity. If specified as ------------------------------------------ contemplated by SECTION 2.01 Section 2.1 or SECTION 2.02 Section 3.1 with respect to the Securities 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 the first date on which the Company has the right, if any, 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 than the 49th anniversary of the first interest payment date following the Original Issue Date of the Securities of such series; provided that, if the Company elects to shorten or extend the Stated Maturity, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such change in Stated Maturity will not cause Securityholders to recognize income, gain or loss for United Stated federal income tax purposes as a result of such change to the Stated Maturity and will result in the Securityholders being subject to United States federal income tax on the same amount, in the same manner and at the times as would have been if such change had not occurred; and additionally, if the Company elects to exercise its right to extend the Stated Maturity of the principal of the Securities of such series pursuant to this 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 such Securities, (C) in the case of any series of Securities issued to held by a DPL Trust, such DPL Trust is not in arrears on payments of Distributions on the Preferred Capital Securities issued by such DPL Trust and no deferred Distributions are accumulated, accumulated and (D) such Securities are rated not less than BBB- by Standard & Poor's Ratings Services S&P or Baa3 by Xxxxx'x Investors Service, Inc. or Moodx'x xx the equivalent by any other nationally recognized statistical rating organization. In the event the Company elects to shorten or extend the Stated Maturity of the Securities of a particular seriesSecurities, it shall give written notice to the Trustee (not less than 45 days prior to the effectiveness thereof)Trustee, and the Trustee shall give notice of such shortening or extension to the holders not Holders, no less than 30 nor and no more than 60 days prior to the effectiveness thereof. The Company's right to shorten the Stated Maturity of the principal of the Securities of such series pursuant to clause (i) above is subject to the Company having received (A) prior approval of the Federal Reserve if required under applicable capital guidelines or policies and (B) an opinion of nationally recognized independent counsel experienced in such matters to the effect that after the shortening of maturity, interest paid on the Securities will be deductible by the Company for United States federal income tax purposes; if the Securities are issued to a Trust, the holders of Capital Securities will not recognize income, gain or loss for United States federal income tax purposes as a result of the shortening of maturity, and will be taxed under United States federal income tax law in the same amount, in the manner and at the same times as would have been the case if the shortening of maturity had not occurred; and the shortening of maturity will not cause the Trust to be classified as other than a grantor trust for United States federal income tax purposes.

Shortening or Extension of Stated Maturity. If specified ------------ ------------------------------------------ as ------------------------------------------ contemplated by SECTION 2.01 Section 2.1 or SECTION 2.02 Section 3.1 with respect to the Securities 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 the first date on which the Company has the right, if any, 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 than the 49th anniversary of the first interest payment date Interest Payment Date following the Original Issue Date of the Securities of such series; provided that, if the Company elects to shorten or extend the Stated Maturity, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such change in Stated Maturity will not cause Securityholders to recognize income, gain or loss for United Stated federal income tax purposes as a result of such change to the Stated Maturity and will result in the Securityholders being subject to United States federal income tax on the same amount, in the same manner and at the times as would have been if such change had not occurred; and additionally, if the Company elects to exercise its right to extend the Stated Maturity of the principal of the Securities of such series pursuant to this 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 such Securities, (C) in the case of any series of Securities issued to a DPL Xxxxxxxxxx Capital Trust, such DPL Xxxxxxxxxx Capital Trust is not in arrears on payments of Distributions on the Preferred Capital Securities issued by such DPL Xxxxxxxxxx Capital Trust and no deferred Distributions are accumulated, accumulated and (D) such Securities are rated not less than BBB- [____ by Standard & Poor's Ratings Services S&P or Baa3 ____ by Xxxxx'x Investors Service, Inc. Xxxxx'x] or the equivalent by any other nationally recognized statistical rating organization. In the event the Company elects to shorten or extend the Stated Maturity of the Securities of a particular any series, it shall give notice to the Trustee (not less than 45 days prior to the effectiveness thereof)Trustee, and the Trustee shall give notice of such shortening or extension to the holders not Holders thereof no less than 30 nor and no more than 60 days prior to the effectiveness thereof.

Shortening or Extension of Stated Maturity. If specified as ------------------------------------------ contemplated by SECTION 2.01 Section 2.1 or SECTION 2.02 Section 3.1 with respect to the Securities 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 the first date on which the Company has the right, if any, 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 than the 49th anniversary of the first interest payment date following the Original Issue Date of the Securities of such series; provided that, if the Company elects to shorten or extend the Stated Maturity, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such change in Stated Maturity will not cause Securityholders to recognize income, gain or loss for United Stated federal income tax purposes as a result of such change to the Stated Maturity and will result in the Securityholders being subject to United States federal income tax on the same amount, in the same manner and at the times as would have been if such change had not occurred; and additionally, if the Company elects to exercise its right to extend the Stated Maturity of the principal of the Securities of such series pursuant to this 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 such Securities, (C) in the case of any series of Securities issued to held by a DPL Trust, such DPL Trust is not in arrears on payments of Distributions on the Preferred Securities issued by such DPL Trust and no deferred Distributions are accumulated, accumulated and (D) such Securities are rated not less than BBB- by Standard & Poor's Ratings Services S&P or Baa3 by Xxxxx'x Investors Service, Inc. or Mooxx'x xx the equivalent by any other nationally recognized statistical rating organization. In the event the Company elects to shorten or extend the Stated Maturity of the Securities of a particular seriesSecurities, it shall give written notice to the Trustee (not less than 45 days prior to the effectiveness thereof)Trustee, and the Trustee shall give notice of such shortening or extension to the holders not Holders, no less than 30 nor and no more than 60 days prior to the effectiveness thereof.. The Company's right to shorten the Stated Maturity of the principal of the Securities of such series pursuant to clause (i) above is subject to the Company having received (A) prior approval of the Federal Reserve if required under applicable capital guidelines or policies and (B) an opinion of nationally recognized independent counsel experienced in such matters to the effect that after the shortening of maturity, interest paid on the Securities will be deductible by the Company for United States federal income tax purposes; if the Securities are issued to a Trust, the holders of Preferred Securities will not recognize income, gain or loss for United States federal income tax purposes as a result of the shortening of maturity, and will be taxed under United States federal income tax law in the same amount, in the manner and at the same times as would have been the case if the