Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a) and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, will for the first 45 days after the occurrence of the Event of Default consist exclusively of the right to receive special interest on the Securities at a rate equal to 0.50% per annum of the principal amount of the Securities (the “Special Interest”). The Special Interest shall be paid semi-annually in arrears, with the first semi-annual payment due on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue on all Outstanding Securities from and including the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, but not including, the 45th day thereafter (or any earlier date on which the Event of Default shall have been cured or waived). On such 45th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to such 45th day), the Special Interest shall cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th day, the Securities shall be subject to acceleration as provided in Section 5.2
Appears in 2 contracts
Samples: Third Supplemental Indenture (Globalstar, Inc.), Second Supplemental Indenture (Globalstar, Inc.)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the this Indenture, to the extent elected by the Company, the sole remedy of Holders under this Indenture for an Event of Default relating to the failure of the Company to comply with the reporting its obligations under Section 3.05(a) and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, 4.02 will for the first 45 60 days after the occurrence of the such an Event of Default consist exclusively of the right to receive special additional interest (“Additional Interest”) on the Securities at a an annual rate equal to 0.500.25% per annum of the aggregate principal amount of the Securities (to and including the “Special Interest”)60th day following the occurrence of such Event of Default and at an annual rate of 0.50% of the aggregate principal amount of the Securities from and including the 61st day following the occurrence of such Event of Default. The Special In no event will Additional Interest shall under this Section accrue at a rate exceeding 0.50% per annum. Any such Additional Interest will be paid semi-annually payable in arrears, with the first semi-annual payment due same manner and on the first regular Interest Payment Date following same dates as the date stated interest payable on which the Special Interest began to accrue on any Securities. The Special Additional Interest shall will accrue on all Outstanding outstanding Securities from and including the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall 4.02 first occur occurs to, but not including, the 45th 365th day thereafter (or any or, if applicable, the earlier date on which the Event of Default relating to a failure to comply with Section 4.02 shall have been cured or waived). On If such 45th Event of Default is continuing on the 365th day (or earlier, if the after an Event of Default relating to the a failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to such 45th day), the Special Interest shall cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th day4.02 first occurs, the Securities shall will be subject to acceleration and other remedies as provided in Section 5.2this Article 6.
Appears in 1 contract
Samples: Indenture (Molson Coors Brewing Co)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the this Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure of the Company to comply with the reporting obligations its agreements under Section 3.05(a) and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, 4.01 will for the first 45 180 calendar days after the occurrence of the such an Event of Default consist exclusively of the right to receive special additional interest (“Reporting Additional Interest”) on the Securities principal amount of the Notes at a rate equal to 0.50% per annum of annum. This Reporting Additional Interest will be payable in the principal amount of the Securities (the “Special Interest”). The Special Interest shall be paid semi-annually in arrears, with the first semi-annual payment due same manner and on the first regular same Interest Payment Date following Dates and subject to the same terms as other interest payable under this Indenture. Reporting Additional Interest will accrue on all Outstanding Notes from, and including, the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue on all Outstanding Securities from and including the date on which an such Event of Default relating to a failure to comply with the provisions of such Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall 4.01 first occur occurs to, but not and including, the 45th 180th calendar day thereafter (or any such earlier date on which the Event of Default relating to a failure to comply with such Section 4.01 shall have been cured or waived). On the calendar day after such 45th 180th calendar day (or earlier, if such earlier date on which the Event of Default relating to the a failure to comply with such Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is 4.01 shall have been cured or waived prior to such 45th daywaived), the Special such Reporting Additional Interest shall will cease to accrue andaccrue, and on such 181st calendar day the Notes will be subject to acceleration and other remedies as provided in this Article 6 if the Event of Default relating to is continuing. For the failure avoidance of doubt, the provisions of this Section 6.10 will not affect the rights of Holders of Notes in the event of the occurrence of any other Event of Default. For the further avoidance of doubt, the Reporting Additional Interest shall not begin accruing until the Company fails to comply with such Section 3.05(a) and 4.01 for a period of 60 calendar days after written notice of such failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior is given to the 45th day, Company by the Securities shall be subject Trustee or to acceleration as provided the Company and the Trustee by the Holders of at least 25% in Section 5.2aggregate principal amount of Outstanding Notes.
Appears in 1 contract
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture (including, but not limited to, Section 5.2(b) of the Original Indenture), to the extent elected by the CompanyIssuer elects, the sole remedy for an Event of Default relating to the failure to comply with Section 4.02(A), which shall apply in lieu of Section 7.4 of the reporting obligations under Original Indenture, or failure by the Issuer to comply with the requirements of Section 3.05(a314(a)(1) of the Trust Indenture Act shall, for the first 180 days immediately following the occurrence of such an Event of Default, consist exclusively of the right to receive additional interest on the Securities at a rate per year equal to (i) 0.25% of the outstanding principal amount of Securities for the first 90 days following the occurrence of such Event of Default and (ii) 0.50% of the outstanding principal amount of Securities for any the next 90 days after the first 90 days following the occurrence of such Event of Default, in each case, payable semi-annually at the same time and in the same manner as the stated interest payable on the Securities. Such Additional Interest shall accrue on all outstanding Securities from, and including, the date on which such Event of Default first occurs to, and including, the 180th day thereafter (or such earlier date on which such Event of Default shall have been cured or waived). In addition to the accrual of Additional Interest pursuant to this Section 6.02, on and after the 181st day immediately following an Event of Default relating to a failure to comply with Section 4.02(A), or failure by the Issuer to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, such Additional Interest will for cease to accrue and, if such Event of Default has not been cured or waived prior to such 181st day, the Securities will be subject to acceleration as provided in Section 5.2 of the Original Indenture. The provisions of this Section 6.02 shall not affect the rights of Holders in the event of the occurrence of any other Event of Default. In order to elect to pay Additional Interest as the sole remedy during the first 45 180 days after the occurrence of the Event of Default consist exclusively of the right to receive special interest on the Securities at a rate equal to 0.50% per annum of the principal amount of the Securities (the “Special Interest”). The Special Interest shall be paid semi-annually in arrears, with the first semi-annual payment due on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue on all Outstanding Securities from and including the date on which an Event of Default relating to a failure to comply with Section 4.02(A), or failure by the provisions of Section 3.05(a) or a failure Issuer to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act shall first occur to, but not includingAct, the 45th Issuer must notify all Holders of the Securities, the Trustee and the Paying Agent of such election prior to the beginning of such 180-day thereafter (or any earlier date on which the Event of Default shall have been cured or waived)period. On such 45th day (or earlier, if the Event of Default relating to Upon the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to timely give such 45th day), the Special Interest shall cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th daynotice, the Securities shall be immediately subject to acceleration as provided in Section 5.25.2 of the Original Indenture. This Section 6.02 shall apply in lieu of the first paragraph in Section 5.2(b) of the Original Indenture.
Appears in 1 contract
Samples: First Supplemental Indenture (Hawaiian Holdings Inc)
Sole Remedy for Failure to Report. Notwithstanding any other provision of anything to the contrary in this Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the Company’s failure to comply with the reporting obligations under covenant set forth in Section 3.05(a6.02 hereof, for the failure to file any documents or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) and of the Exchange Act, after taking into account any grace period afforded by Rule 12b-25 of the Exchange Act, or for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture ActTIA (any such obligation, will the “Reporting Obligations”), shall (i) for the first 45 120 days after the occurrence of the such an Event of Default consist exclusively of the right to receive special additional interest on the Securities at a an annual rate amount equal to 0.500.25% per annum of the principal amount of the Securities and (ii) for the next 90 days after the expiration of such 120 day period consist exclusively of the right to receive additional interest on the Securities at an annual rate equal to 0.50% of the principal amount of Securities (such amounts under each of clause (i) and (ii), “Special Additional Interest”). The Special If the Company so elects, such Additional Interest shall will be paid semi-annually in arrears, with the first semi-annual payment due on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue payable on all Outstanding outstanding Securities from and including the date on which an the Event of Default relating first occurs to a failure to comply with but excluding the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, but not including, the 45th 210th day thereafter (or any such earlier date on which the such Event of Default shall have has been cured or waived). On the 210th day after such 45th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) (or such earlier date on which such Event of the Trust Indenture Act is Default has been cured or waived prior to such 45th daywaived), the Special Additional Interest shall will cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall Reporting Obligations has not have been cured or waived prior to the 45th day), the Securities will be subject to acceleration as provided above. The provisions set forth in this paragraph will not affect the rights of Holders of Securities in the event of the occurrence of any other Event of Default. To the extent that the Company elects to pay Additional Interest, it shall be payable at the same time and in the same manner as ordinary interest. If the Company does not elect to pay the Additional Interest in accordance with this paragraph, the Securities will be subject to acceleration as provided in Section 5.28.02. In order to elect to pay the Additional Interest as the sole remedy in respect of the first 210 days after the occurrence of an Event of Default relating to failure to comply with the Reporting Obligations, the Company must (i) notify the Trustee and the Paying Agent in writing of such election and (ii) pay all such Additional Interest as described above, in the case of the first extension period, on or before the Close of Business on the date on which such Event of Default first occurs and, in the case of the second extension period, on or before the 120th day after such Event of Default first occurs. Upon the Company’s failure to timely give such notice or pay the Additional Interest, the Securities will be subject to acceleration as provided above.
Appears in 1 contract
Samples: Indenture (Rambus Inc)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a) 11.01 of this First Supplemental Indenture, and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, will for the first 45 365 days after the occurrence of the such an Event of Default consist exclusively of the right to receive special interest Additional Interest on the principal amount of the Securities at a rate equal to 0.500.25% per annum of annum. This Additional Interest will be payable in the principal amount of same manner and subject to the Securities (the “Special Interest”)same terms as other interest payable under this First Supplemental Indenture. The Special Additional Interest shall be paid semi-annually in arrears, with the first semi-annual payment due on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall will accrue on all Outstanding outstanding Securities from and including the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) 11.01 or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, occurs to but not including, excluding the 45th 365th day thereafter (or any such earlier date on which the Event of Default relating to the reporting obligations under Section 11.01 or Section 314(a)(1) of the Trust Indenture Act shall have been cured or waived). On such 45th 365th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act such reporting obligations is cured or waived prior to such 45th 365th day), the Special such Additional Interest shall will cease to accrue and, and the Securities will be subject to acceleration and other remedies as provided in this Article 5 if the Event of Default relating to is continuing. For the failure to comply with avoidance of doubt, the provisions of this Section 3.05(a) and failure to comply with Section 314(a)(1) 5.02 will not affect the rights of Holders of Securities in the event of the Trust Indenture Act shall not have been cured or waived prior to the 45th day, the Securities shall be subject to acceleration as provided in Section 5.2occurrence of any other Event of Default.
Appears in 1 contract
Samples: First Supplemental Indenture (Flotek Industries Inc/Cn/)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a) and for 3.08 of this First Supplemental Indenture, or any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, will for the first 45 120 calendar days after the occurrence of the such an Event of Default consist exclusively of the right to receive special additional interest on the Securities principal amount of the Notes at a rate equal to 0.500.25% per annum of the principal amount of the Securities (the “Special Additional Interest”). The Special This Additional Interest shall will be paid semi-annually payable in arrears, with the first semi-annual payment due on same manner and subject to the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securitiessame terms as other interest payable under this First Supplemental Indenture. The Special Additional Interest shall will accrue on all Outstanding Securities from Notes from, and including including, the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) 3.08 or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur occurs to, but not including, the 45th 120th calendar day thereafter (or any such earlier date on which the Event of Default relating to the reporting obligations under Section 3.08 or Section 314(a)(1) of the Trust Indenture Act shall have been cured or waived). On such 45th 120th calendar day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act such reporting obligations is cured or waived prior to such 45th 120th calendar day), the Special such Additional Interest shall will cease to accrue and, if unless such Event of Default has been cured or waived, the Notes will be subject to acceleration as provided in the Indenture. For the avoidance of doubt, the provisions of this Section 4.02 will not affect the rights of Noteholders in the event of the occurrence of any other Event of Default. In order to elect to pay the Additional Interest as the sole remedy during the first 120 calendar days after the occurrence of an Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with 3.08 or the requirements of Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th dayAct, the Securities shall Company must notify all Noteholders and the Trustee and Paying Agent in writing of such election on or before the close of business on the date on which such Event of Default occurs, which will be subject the 60th calendar day after receipt by the Company of notice of its failure to acceleration as provided in Section 5.2so comply.
Appears in 1 contract
Samples: First Supplemental Indenture (Champion Enterprises Inc)
Sole Remedy for Failure to Report. Notwithstanding any other provision of anything to the contrary in this Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the Company’s failure to comply with the reporting obligations under covenant set forth in Section 3.05(a6.02 hereof, for the failure to file any documents or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) and of the Exchange Act, after taking into account any grace period afforded by Rule 12b-25 of the Exchange Act, or for any failure to comply with the requirements of Section 314(a)(1314(a)11) of the Trust Indenture ActTIA, will (any such obligation, the “Reporting Obligations”), shall (i) for the first 45 120 days after the occurrence of the such an Event of Default consist exclusively of the right to receive special additional interest on the Securities at a an annual rate amount equal to 0.500.25% per annum of the principal amount of the Securities and (ii) for the next 150 days after the expiration of such 120 day period consist exclusively of the right to receive additional interest on the Securities at an annual rate equal to 0.50% of the principal amount of Securities (such amounts under each of clause (i) and (ii), “Special Additional Interest”). The Special Additional Interest payable pursuant to this Section 8.04 shall be paid semi-annually in arrearsaddition to, with not in lieu of, any Additional Interest payable pursuant to Section 6.05, subject to the first semi-annual payment due on limitations set forth in Section 6.05(e). If the first regular Company so elects, such Additional Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue will be payable on all Outstanding outstanding Securities from and including the date on which an the Event of Default relating first occurs to a failure to comply with but excluding the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, but not including, the 45th 270th day thereafter (or any such earlier date on which the such Event of Default shall have has been cured or waived). On the 270th day after such 45th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) (or such earlier date on which such Event of the Trust Indenture Act is Default has been cured or waived prior to such 45th daywaived), the Special Additional Interest shall will cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall Reporting Obligations has not have been cured or waived prior to the 45th day), the Securities will be subject to acceleration as provided above. The provisions set forth in this paragraph will not affect the rights of Holders of Securities in the event of the occurrence of any other Event of Default. To the extent that the Company elects to pay Additional Interest, it shall be payable at the same time and in the same manner as ordinary interest. If the Company does not elect to pay the Additional Interest in accordance with this paragraph, the Securities will be subject to acceleration as provided in Section 5.28.02. In order to elect to pay the Additional Interest as the sole remedy in respect of the first 270 days after the occurrence of an Event of Default relating to failure to comply with the Reporting Obligations, the Company must (i) notify the Trustee and the Paying Agent in writing of such election and (ii) pay all such Additional Interest as described above, in the case of the first extension period, on or before the Close of Business on the date on which such Event of Default first occurs and, in the case of the second extension period, on or before the 120th day after such Event of Default first occurs. Upon the Company’s failure to timely give such notice or pay the Additional Interest, the Securities will be subject to acceleration as provided above.
Appears in 1 contract
Samples: Indenture (Rambus Inc)
Sole Remedy for Failure to Report. (a) Notwithstanding any other provision of the this Indenture, to the extent elected by the Company, the sole remedy of Securityholders under this Indenture for an Event of Default relating to the failure of the Company to comply with the reporting its obligations under Section 3.05(a) and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, 5.03 will for the first 45 180 days after the occurrence of the such an Event of Default consist exclusively of the right to receive special additional interest (“Additional Interest”) on the Securities at a an annual rate equal to 0.50% per annum of the aggregate principal amount of the Securities (from and including the “Special Interest”)60th day following the occurrence of such Event of Default. The Special Any such Additional Interest will be payable in the same manner and on the same dates as the stated interest payable on the Securities and all references to interest in this Indenture shall be paid semi-annually in arrearsdeemed to include Additional Interest, with the first semi-annual payment due on the first regular if any. Additional Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall will accrue on all Outstanding outstanding Securities from and including the 60th day following the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall 5.03 first occur occurs to, but not including, the 45th 180th day thereafter (or any or, if applicable, the earlier date on which the Event of Default relating to a failure to comply with Section 5.03 shall have been cured or waived). On If such 45th Event of Default is continuing on the 180th day (or earlier, if the after an Event of Default relating to the a failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to such 45th day), the Special Interest shall cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th day5.03 first occurs, the Securities shall will be subject to acceleration and other remedies as provided herein.
(b) In the event that the Company is required to pay Additional Interest to Securityholders, the Company shall provide a direction or order in Section 5.2the form of a written notice (“Additional Interest Notice”) to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Company’s obligation to pay Additional Interest no later than ten Business Days prior to the proposed payment date set for the payment of Additional Interest, and the Additional Interest Notice shall set forth the amount of Additional Interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the extent it receives funds from the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any holder of Securities to determine whether Additional Interest is payable, or with respect to the nature, extent, or calculation of the amount of Additional Interest owed, or with respect to the method employed in such calculation of Additional Interest.
Appears in 1 contract
Samples: Indenture (Novamed Inc)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a) Article 5 of this Third Supplemental Indenture, and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, will for the first 45 365 days after the occurrence of the such an Event of Default consist exclusively of the right to receive special interest Additional Interest on the Securities Original Principal Amount of the Notes at a rate equal to 0.500.25% per annum of annum. This Additional Interest will be payable in the principal amount of same manner and subject to the Securities (the “Special Interest”)same terms as other interest payable under this Third Supplemental Indenture. The Special Additional Interest shall be paid semi-annually in arrears, with the first semi-annual payment due on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall will accrue on all Outstanding Securities outstanding Notes from and including the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) Article 5 or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, occurs to but not including, excluding the 45th 365th day thereafter (or any such earlier date on which the Event of Default relating to the reporting obligations under Article 5 or Section 314(a)(1) of the Trust Indenture Act shall have been cured or waived). On such 45th 365th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act such reporting obligations is cured or waived prior to such 45th 365th day), the Special such Additional Interest shall will cease to accrue and, and the Notes will be subject to acceleration and other remedies as provided in this Article 7 if the Event of Default relating to is continuing. For the failure to comply with avoidance of doubt, the provisions of this Section 3.05(a) and failure to comply with Section 314(a)(1) 7.03 will not affect the rights of Holders of Notes in the event of the Trust Indenture Act shall not have been cured or waived prior to the 45th day, the Securities shall be subject to acceleration as provided in Section 5.2occurrence of any other Event of Default.
Appears in 1 contract
Samples: Third Supplemental Indenture (Goodrich Petroleum Corp)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a3.06(a) and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, will for the first 45 60 days after the occurrence of the Event of Default consist exclusively of the right to receive special interest on the Securities at a rate equal to 0.50% per annum of the principal amount of the Securities (the “Special Interest”). The Special Interest shall be paid semi-annually in arrears, with the first semi-annual payment due on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue on all Outstanding Securities from and including the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a3.06(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, but not including, the 45th 60th day thereafter (or any earlier date on which the Event of Default shall have been cured or waived). On such 45th 60th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a3.06(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to such 45th 60th day), the Special Interest shall cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a3.06(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th 60th day, the Securities shall be subject to acceleration as provided in Section 5.2
Appears in 1 contract
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture, to if the extent elected by the CompanyCompany so elects, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a) and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act3.08 will, will for the first 45 days period beginning on the 91st calendar day after the written notice of the occurrence of such failure to report from the Event Trustee or holders of Default 25% of the Outstanding principal amount of the Notes, consist exclusively of the right to receive special additional interest on the Securities Notes at a rate equal to 0.500.25% per annum of the principal amount of the Securities Notes (the “Special Additional Interest”). The Special This Additional Interest shall will be paid semi-annually payable in arrears, with the first semi-annual payment due same manner and on the first regular same dates as the stated interest payable on the Notes. If the Company so elects, this Additional Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall will accrue on all Outstanding Securities Notes from and including the 91st day following the date on which an Event of Default relating to a failure to comply with such written notice of the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, 3.08 to but not including, including the 45th day thereafter (or any earlier date on which the Event of Default relating to the reporting obligations as set forth in Section 3.08 shall have been cured or waived). On the 180th calendar day after the commencement of such 45th day Additional Interest (if such violation is not cured or earlierwaived prior to such 180th calendar day), if the Notes will be subject to acceleration upon written notice from the Trustee or holders of 25% of the Outstanding principal amount of the Notes. In order to exercise the extension right and elect to pay the Additional Interest as the sole remedy following the occurrence of any Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply 3.08 in accordance with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to such 45th day)preceding paragraph, the Special Interest shall cease to accrue and, if Company must notify all Noteholders and the Event Trustee and Paying Agent of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived such election prior to the 45th dayclose of business on the 91st calendar day after the written notice to the Company of such failure to report (or, if such date is not a Business Day, on the first Business Day thereafter). Upon the Company’s failure to timely give such notice, the Securities shall Notes will be subject to acceleration as provided in this Section 5.24.02. For the avoidance of doubt, the provisions of this Section 4.02 will not affect the rights of Noteholders in the event of the occurrence of any other Event of Default.
Appears in 1 contract
Samples: Supplemental Indenture (Pioneer Natural Resources Co)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a) and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, will for the first 45 60 days after the occurrence of the Event of Default consist exclusively of the right to receive special interest in cash on the Securities at a rate equal to 0.50% per annum of the principal amount of the Securities (the “Special Interest”). The Special Interest shall be paid semi-annually in arrears, with the first semi-annual payment due on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue on all Outstanding Securities from and including the date on which an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, but not including, the 45th 60th day thereafter (or any earlier date on which the Event of Default shall have been cured or waived). On such 45th 60th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to such 45th 60th day), the Special Interest shall cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th 60th day, the Securities shall be subject to acceleration as provided in Section 5.2
Appears in 1 contract
Sole Remedy for Failure to Report. Notwithstanding any other provision of anything to the contrary in this Indenture, to the extent elected by the Company, the sole remedy for an Event of Default relating to the Company’s failure to comply with the reporting obligations under covenant set forth in Section 3.05(a) and 6.02 hereof or for any the failure to comply file any documents or reports that the Company is required to file with the requirements of SEC pursuant to Section 314(a)(113 or 15(d) of the Trust Indenture Exchange Act, will after taking into account any grace period afforded by Rule 12b-25 of the Exchange Act (any such obligation, the “Reporting Obligations”), shall (i) for the first 45 120 days after the occurrence of the such an Event of Default consist exclusively of the right to receive special additional interest on the Securities at a an annual rate amount equal to 0.500.25% per annum of the principal amount of the Securities and (ii) for the next 150 days after the expiration of such 120 day period consist exclusively of the right to receive additional interest on the Securities at an annual rate equal to 0.50% of the principal amount of Securities (such amounts under each of clause (i) and (ii), “Special Additional Interest”). The Special Additional Interest payable pursuant to this Section 8.04 shall be paid semi-annually in arrearsaddition to, with not in lieu of, any Additional Interest payable pursuant to Section 6.05, subject to the first semi-annual payment due on limitations set forth in Section 6.05(e). If the first regular Company so elects, such Additional Interest Payment Date following the date on which the Special Interest began to accrue on any Securities. The Special Interest shall accrue will be payable on all Outstanding outstanding Securities from and including the date on which an the Event of Default relating first occurs to a failure to comply with but excluding the provisions of Section 3.05(a) or a failure to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur to, but not including, the 45th 270th day thereafter (or any such earlier date on which the such Event of Default shall have has been cured or waived). On the 270th day after such 45th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) (or such earlier date on which such Event of the Trust Indenture Act is Default has been cured or waived prior to such 45th daywaived), the Special Additional Interest shall will cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall Reporting Obligations has not have been cured or waived prior to the 45th day), the Securities will be subject to acceleration as provided above. The provisions set forth in this paragraph will not affect the rights of Holders of Securities in the event of the occurrence of any other Event of Default. To the extent that the Company elects to pay Additional Interest, it shall be payable at the same time and in the same manner as ordinary interest. If the Company does not elect to pay the Additional Interest in accordance with this paragraph, the Securities will be subject to acceleration as provided in Section 5.28.02. In order to elect to pay the Additional Interest as the sole remedy in respect of the first 270 days after the occurrence of an Event of Default relating to failure to comply with the Reporting Obligations, the Company must (i) notify the Trustee and the Paying Agent in writing of such election and (ii) pay all such Additional Interest as described above, in the case of the first extension period, on or before the Close of Business on the date on which such Event of Default first occurs and, in the case of the second extension period, on or before the 120th day after such Event of Default first occurs. Upon the Company’s failure to timely give such notice or pay the Additional Interest, the Securities will be subject to acceleration as provided above.
Appears in 1 contract
Samples: Indenture (Rambus Inc)
Sole Remedy for Failure to Report. Notwithstanding any other provision of the Indenture (including, but not limited to, Section 6.1 of this First Supplemental Indenture, to the extent elected by the Company), the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.05(a) and for any failure to comply with the requirements 4.03(A), which shall apply in lieu of Section 314(a)(1) 7.4 of the Trust Indenture ActOriginal Indenture, will shall, for the first 45 180 days after immediately following the occurrence of the such an Event of Default Default, consist exclusively of the right to receive special interest Additional Interest (“Additional Interest”) on the Securities Notes at a rate per year equal to 0.50(i) 0.25% per annum of the outstanding principal amount of Notes for the Securities first 90 days following the occurrence of such Event of Default and (ii) 0.50% of the “Special Interest”). The Special Interest shall be paid outstanding principal amount of Notes for the next 90 days after the first 90 days following the occurrence of such Event of Default, in each case, payable semi-annually in arrears, with the first semi-annual payment due same manner and at the same time as the stated interest payable on the first regular Interest Payment Date following the date on which the Special Interest began to accrue on any SecuritiesNotes. The Special Such Additional Interest shall accrue on all Outstanding Securities from outstanding Notes from, and including including, the date on which such Event of Default first occurs to, and including, the 180th day thereafter (or such earlier date on which such Event of Default shall have been cured or waived). In addition to the accrual of Additional Interest pursuant to this Section 6.02, on and after the 181st day immediately following an Event of Default relating to a failure to comply with the provisions of Section 3.05(a) or a failure 4.03(A), such Additional Interest will cease to comply with Section 314(a)(1) of the Trust Indenture Act shall first occur toaccrue and, but not including, the 45th day thereafter (or any earlier date on which the if such Event of Default shall have has not been cured or waived). On such 45th day (or earlier, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act is cured or waived prior to such 45th day), the Special Interest shall cease to accrue and, if the Event of Default relating to the failure to comply with Section 3.05(a) and failure to comply with Section 314(a)(1) of the Trust Indenture Act shall not have been cured or waived prior to the 45th 181st day, the Securities shall Notes will be subject to acceleration as provided in Section 5.26.01. The provisions of this Section 6.02 shall not affect the rights of Holders in the event of the occurrence of any other Event of Default. In order to elect to pay Additional Interest on the Notes as the sole remedy during the first 180 days after the occurrence of an Event of Default pursuant to this Section 6.02, the Issuer must notify all Holders of Notes and the Trustee and Paying Agent of such election on or before the Business Day preceding the date on which such Event of Default first occurs. If the Issuer fails to timely give such notice, the Notes will be immediately subject to acceleration as provided in Section 6.01.
Appears in 1 contract