Common use of Terms and Form of the Series 1997 Debentures Clause in Contracts

Terms and Form of the Series 1997 Debentures. (a) The Series 1997 Debentures shall be designated "Hawaiian Electric Company, Inc., _____% Junior Subordinated Deferrable Interest Debentures, Series 1997." The Series 1997 Debentures and the Trustee's Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Series 1997 Debentures shall initially be represented by a single certificate registered in the name of The Bank of New York as Property Trustee for the benefit of Trust I. The terms and provisions contained in the Series 1997 Debentures shall constitute, and are hereby expressly made, a part of this Junior Indenture. The Company and the Trustee, by their execution and delivery of this Junior Indenture, expressly agree to such terms and provisions and to be bound thereby. (b) The Series 1997 Debentures shall be issued at 100% of their principal amount. (c) The aggregate principal amount of Series 1997 Debentures outstanding at any time may not exceed $31,546,400, except if the Debenture Exchange has occurred the aggregate principal amount of Series 1997 Debentures outstanding at any time (including the Additional Series 1997 Debentures) may not exceed $51,546,400, and except as provided in Section 2.09 hereof. The Series 1997 Debentures shall be authenticated and delivered upon receipt by Trustee of the items specified in Section 2.04(d) hereof. (d) The Stated Maturity Date of the Series 1997 Debentures is March __, 2027. The Stated Maturity Date for the Series 1997 Debentures may be shortened or extended at any time at the election of the Company for one or more periods, but in no event to a date earlier than March ___, 2002 or to a date later than March ___, 2046; provided that at the time such election is made and at the time of any such shortening or extension (i) an Event of Default described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) hereof has not occurred and is continuing and, unless the Debenture Exchange has occurred, an "Event of Default" described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) of either of the MECO Indenture and the HELCO Debenture has not occurred and is continuing (ii) Trust I is not delinquent in payment of distributions on the Trust I Preferred Securities for more than one full quarterly distribution period, (iii) no deferred distributions on the Trust I Preferred Securities are accumulated, and (iv) none of the Series 1997 Debentures and, unless the Debenture Exchange has occurred, the Subsidiary Debentures are rated less than BBB- by Standard & Poor's or Baa3 by Xxxxx'x Investors Services, Inc. or the equivalent by any other nationally recognized statistical rating organization. (e) The interest rate for the Series 1997 Debentures is _____% per annum. The Interest Payment Dates for the Series 1997 Debentures are March 31, June 30, September 30 and December 31 of each year, commencing March 31, 1997. In the event that any date on which interest is payable on the Series 1997 Debentures is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (without any reduction in interest or other payments in respect of such early payment), in each case with the same force and effect as if made on the date such payment was originally payable. The Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the Business Day immediately preceding such Interest Payment Date, provided that in the event that the Series 1997 Debentures are issued in definitive form while they are not held by Trust I, the Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the date that is 15 days prior to such Interest Payment Date, whether or not such date is a Business Day. (f) Each Series 1997 Debenture shall bear interest from its Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for with respect to such Series 1997 Debenture; except that, so long as there is no existing Defaulted Interest or Extension Period on the Series 1997 Debentures, any Series 1997 Debenture authenticated by the Trustee between the Regular Record Date for any Interest Payment Date and such Interest Payment Date shall bear interest from such Interest Payment Date. (g) Defaulted Interest on any Series 1997 Debenture shall bear additional interest at the rate per annum of 2% thereof compounded quarterly (to the extent permitted by applicable law). (h) Overdue principal of any Series 1997 Debenture shall bear interest at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture. (i) Interest on any Series 1997 Debenture which has been deferred pursuant to Section 4.01(b) hereof shall bear interest (to the extent that the payment of such interest shall be legally enforceable) at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture compounded quarterly from the most recent Interest Payment Date therefor. (j) The Series 1997 Debentures shall be redeemable prior to maturity as provided in Section 3.01(a) hereof. (k) The Series 1997 Debentures shall be issuable only in registered form without coupons and only in denominations of $25 and any integral multiple thereof. (l) The maximum Extension Period for the Series 1997 Debentures shall be 20 consecutive quarters. (m) If the Series 1997 Debentures are distributed to the holders of Trust I Preferred Securities upon liquidation of Trust I, the Company shall use its best efforts to list the Series 1997 Debentures on the New York Stock Exchange or on such other stock exchange or other organization, if any, on which the Trust I Preferred Securities are then listed. Upon any such distribution, if the Trust I Preferred Securities are then in the book-entry system, the Series 1997 Debentures will be issued in the form of a Global Debenture, subject to Section 2.12 hereof.

Terms and Form of the Series 1997 Debentures. (a) The Series 1997 Debentures shall be designated "Hawaiian Maui Electric Company, Inc.Limited, _____8.05% Junior Subordinated Deferrable Interest Debentures, Series 1997." The Series 1997 Debentures and the Trustee's Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Series 1997 Debentures shall initially be represented by a single certificate registered in the name of The Bank of New York as Property Trustee for the benefit of Trust I. The terms and provisions contained in the Series 1997 Debentures shall constitute, and are hereby expressly made, a part of this Junior Indenture. The Company Company, the Trustee and the TrusteeGuarantor, by their execution and delivery of this Junior Indenture, expressly agree to such terms and provisions and to be bound thereby. (b) The Series 1997 Debentures shall be issued at 100% of their principal amount. (c) The aggregate principal amount of Series 1997 Debentures outstanding at any time may not exceed $31,546,40010,000,000, except if the Debenture Exchange has occurred the aggregate principal amount of Series 1997 Debentures outstanding at any time (including the Additional Series 1997 Debentures) may not exceed $51,546,400, and except as provided in Section 2.09 hereof. The Series 1997 Debentures shall be authenticated and delivered upon receipt by the Trustee of the items specified in Section 2.04(d) hereof. (d) The Stated Maturity Date of the Series 1997 Debentures is March __27, 2027. The Upon the shortening or extension of the fixed date on which the principal of the HECO Series 1997 Debentures is due and payable pursuant to the HECO Junior Indenture, the Stated Maturity Date for the Series 1997 Debentures may shall be shortened or extended at the same time for the same period as the HECO Series 1997 Debentures, without any time at action on the election part of the Company for one or more periods, but in no event to a date earlier than March ___, 2002 or to a date later than March ___, 2046; provided that at the time such election is made and at the time of any such shortening or extension (i) an Event of Default described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) hereof has not occurred and is continuing and, unless the Debenture Exchange has occurred, an "Event of Default" described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) of either of the MECO Indenture and the HELCO Debenture has not occurred and is continuing (ii) Trust I is not delinquent in payment of distributions on the Trust I Preferred Securities for more than one full quarterly distribution period, (iii) no deferred distributions on the Trust I Preferred Securities are accumulated, and (iv) none of the Series 1997 Debentures and, unless the Debenture Exchange has occurred, the Subsidiary Debentures are rated less than BBB- by Standard & Poor's or Baa3 by Xxxxx'x Investors Services, Inc. or the equivalent by any other nationally recognized statistical rating organizationPerson. (e) The interest rate for the Series 1997 Debentures is _____8.05% per annum. The Interest Payment Dates for the Series 1997 Debentures are March 31, June 30, September 30 and December 31 of each year, commencing March 31June 30, 1997. In the event that any date on which interest is payable on the Series 1997 Debentures is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (without any reduction in interest or other payments in respect of such early payment), in each case with the same force and effect as if made on the date such payment was originally payable. The Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the Business Day immediately preceding such Interest Payment Date, ; provided that in the event that the Series 1997 Debentures are issued in definitive form while they are not held by Trust I, the Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the date that is 15 days prior to such Interest Payment Date, whether or not such date is a Business Day. (f) Each Series 1997 Debenture shall bear interest from its Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for with respect to such Series 1997 Debenture; except that, so long as there is no existing Defaulted Interest or Extension Period on the Series 1997 Debentures, any Series 1997 Debenture authenticated by the Trustee between the Regular Record Date for any Interest Payment Date and such Interest Payment Date shall bear interest from such Interest Payment Date. (g) Defaulted Interest on any Series 1997 Debenture shall bear additional interest at the rate per annum of 2% thereof compounded quarterly (to the extent permitted by applicable law). (h) Overdue principal of any Series 1997 Debenture shall bear interest at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture. (i) Interest on any Series 1997 Debenture which has been deferred pursuant to Section 4.01(b) hereof shall bear interest (to the extent that the payment of such interest shall be legally enforceable) at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture Debenture, compounded quarterly from the most recent Interest Payment Date therefor. (j) The Series 1997 Debentures shall be redeemable prior to maturity as provided in Section 3.01(a) hereof. (k) The Series 1997 Debentures shall be issuable only in registered form without coupons and only in denominations of $25 and any integral multiple thereof. (l) The maximum Extension Period for the Series 1997 Debentures shall be 20 consecutive quarters. (m) If The Guarantee with respect to the Series 1997 Debentures are distributed shall terminate as set forth in Section 11.11 hereof and, in addition, shall terminate upon the distribution of the Distributable Debentures (as defined in the HECO Junior Indenture) to the holders of Trust I Preferred Securities upon liquidation of Trust I, the Company shall use its best efforts to list the Series 1997 Debentures on the New York Stock Exchange or on such other stock exchange or other organization, if any, on which the Trust I Preferred Securities are then listed. Upon any such distribution, if the Trust I Preferred Securities are then in the book-entry system, the Series 1997 Debentures will be issued in the form of a Global Debenture, subject to Section 2.12 hereofSecurities.

Terms and Form of the Series 1997 Debentures. (a) The Series 1997 Debentures shall be designated "Hawaiian Hawaii Electric Light Company, Inc., _____8.05% Junior Subordinated Deferrable Interest Debentures, Series 1997." The Series 1997 Debentures and the Trustee's Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Series 1997 Debentures shall initially be represented by a single certificate registered in the name of The Bank of New York as Property Trustee for the benefit of Trust I. The terms and provisions contained in the Series 1997 Debentures shall constitute, and are hereby expressly made, a part of this Junior Indenture. The Company Company, the Trustee and the TrusteeGuarantor, by their execution and delivery of this Junior Indenture, expressly agree to such terms and provisions and to be bound thereby. (b) The Series 1997 Debentures shall be issued at 100% of their principal amount. (c) The aggregate principal amount of Series 1997 Debentures outstanding at any time may not exceed $31,546,40010,000,000, except if the Debenture Exchange has occurred the aggregate principal amount of Series 1997 Debentures outstanding at any time (including the Additional Series 1997 Debentures) may not exceed $51,546,400, and except as provided in Section 2.09 hereof. The Series 1997 Debentures shall be authenticated and delivered upon receipt by the Trustee of the items specified in Section 2.04(d) hereof. (d) The Stated Maturity Date of the Series 1997 Debentures is March __27, 2027. The Upon the shortening or extension of the fixed date on which the principal of the HECO Series 1997 Debentures is due and payable pursuant to the HECO Junior Indenture, the Stated Maturity Date for the Series 1997 Debentures may shall be shortened or extended at the same time for the same period as the HECO Series 1997 Debentures, without any time at action on the election part of the Company for one or more periods, but in no event to a date earlier than March ___, 2002 or to a date later than March ___, 2046; provided that at the time such election is made and at the time of any such shortening or extension (i) an Event of Default described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) hereof has not occurred and is continuing and, unless the Debenture Exchange has occurred, an "Event of Default" described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) of either of the MECO Indenture and the HELCO Debenture has not occurred and is continuing (ii) Trust I is not delinquent in payment of distributions on the Trust I Preferred Securities for more than one full quarterly distribution period, (iii) no deferred distributions on the Trust I Preferred Securities are accumulated, and (iv) none of the Series 1997 Debentures and, unless the Debenture Exchange has occurred, the Subsidiary Debentures are rated less than BBB- by Standard & Poor's or Baa3 by Xxxxx'x Investors Services, Inc. or the equivalent by any other nationally recognized statistical rating organizationPerson. (e) The interest rate for the Series 1997 Debentures is _____8.05% per annum. The Interest Payment Dates for the Series 1997 Debentures are March 31, June 30, September 30 and December 31 of each year, commencing March 31June 30, 1997. In the event that any date on which interest is payable on the Series 1997 Debentures is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (without any reduction in interest or other payments in respect of such early payment), in each case with the same force and effect as if made on the date such payment was originally payable. The Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the Business Day immediately preceding such Interest Payment Date, ; provided that in the event that the Series 1997 Debentures are issued in definitive form while they are not held by Trust I, the Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the date that is 15 days prior to such Interest Payment Date, whether or not such date is a Business Day. (f) Each Series 1997 Debenture shall bear interest from its Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for with respect to such Series 1997 Debenture; except that, so long as there is no existing Defaulted Interest or Extension Period on the Series 1997 Debentures, any Series 1997 Debenture authenticated by the Trustee between the Regular Record Date for any Interest Payment Date and such Interest Payment Date shall bear interest from such Interest Payment Date. (g) Defaulted Interest on any Series 1997 Debenture shall bear additional interest at the rate per annum of 2% thereof compounded quarterly (to the extent permitted by applicable law). (h) Overdue principal of any Series 1997 Debenture shall bear interest at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture. (i) Interest on any Series 1997 Debenture which has been deferred pursuant to Section 4.01(b) hereof shall bear interest (to the extent that the payment of such interest shall be legally enforceable) at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture Debenture, compounded quarterly from the most recent Interest Payment Date therefor. (j) The Series 1997 Debentures shall be redeemable prior to maturity as provided in Section 3.01(a) hereof. (k) The Series 1997 Debentures shall be issuable only in registered form without coupons and only in denominations of $25 and any integral multiple thereof. (l) The maximum Extension Period for the Series 1997 Debentures shall be 20 consecutive quarters. (m) If The Guarantee with respect to the Series 1997 Debentures are distributed shall terminate as set forth in Section 11.11 hereof and, in addition, shall terminate upon the distribution of the Distributable Debentures (as defined in the HECO Junior Indenture) to the holders of Trust I Preferred Securities upon liquidation of Trust I, the Company shall use its best efforts to list the Series 1997 Debentures on the New York Stock Exchange or on such other stock exchange or other organization, if any, on which the Trust I Preferred Securities are then listed. Upon any such distribution, if the Trust I Preferred Securities are then in the book-entry system, the Series 1997 Debentures will be issued in the form of a Global Debenture, subject to Section 2.12 hereofSecurities.

Terms and Form of the Series 1997 Debentures. (a) The Series 1997 Debentures shall be designated "Hawaiian Electric Company, Inc., _____8.05% Junior Subordinated Deferrable Interest Debentures, Series 1997." The Series 1997 Debentures and the Trustee's Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Series 1997 Debentures shall initially be represented by a single certificate registered in the name of The Bank of New York as Property Trustee for the benefit of Trust I. The terms and provisions contained in the Series 1997 Debentures shall constitute, and are hereby expressly made, a part of this Junior Indenture. The Company and the Trustee, by their execution and delivery of this Junior Indenture, expressly agree to such terms and provisions and to be bound thereby. (b) The Series 1997 Debentures shall be issued at 100% of their principal amount. (c) The aggregate principal amount of Series 1997 Debentures outstanding at any time may not exceed $31,546,400, except if the Debenture Exchange has occurred the aggregate principal amount of Series 1997 Debentures outstanding at any time (including the Additional Series 1997 Debentures) may not exceed $51,546,400, and except as provided in Section 2.09 hereof. The Series 1997 Debentures shall be authenticated and delivered upon receipt by the Trustee of the items specified in Section 2.04(d) hereof. (d) The Stated Maturity Date of the Series 1997 Debentures is March __27, 2027. The Stated Maturity Date for the Series 1997 Debentures may be shortened or extended at any time at the election of the Company for one or more periods, but in no event to a date earlier than March ___27, 2002 or to a date later than March ___27, 2046; provided that at the time such election is made and at the time of any such shortening or extension (i) an Event of Default described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) hereof has not occurred and is continuing and, unless the Debenture Exchange has occurred, an "Event of Default" described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) of either each of the MECO Indenture and the HELCO Debenture Indenture has not occurred and is continuing continuing, (ii) Trust I is not delinquent in payment of distributions on the Trust I Preferred Securities for more than one full quarterly distribution period, (iii) no deferred distributions on the Trust I Preferred Securities are accumulated, and (iv) none of the Series 1997 Debentures andTrust I Preferred Securities, unless or, if the Debenture Exchange has occurred, the Subsidiary Debentures Series 1997 Debentures, are rated not less than BBB- by Standard & Poor's or Baa3 by Xxxxx'x Investors Services, Inc. or the equivalent by any other nationally recognized statistical rating organization. (e) The interest rate for the Series 1997 Debentures is _____8.05% per annum. The Interest Payment Dates for the Series 1997 Debentures are March 31, June 30, September 30 and December 31 of each year, commencing March 31June 30, 1997. In the event that any date on which interest is payable on the Series 1997 Debentures is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (without any reduction in interest or other payments in respect of such early payment), in each case with the same force and effect as if made on the date such payment was originally payable. The Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the Business Day immediately preceding such Interest Payment Date, provided that in the event that the Series 1997 Debentures are issued in definitive form while they are not held by Trust I, the Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the date that is 15 days prior to such Interest Payment Date, whether or not such date is a Business Day. (f) Each Series 1997 Debenture shall bear interest from its Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for with respect to such Series 1997 Debenture; except that, so long as there is no existing Defaulted Interest or Extension Period on the Series 1997 Debentures, any Series 1997 Debenture authenticated by the Trustee between the Regular Record Date for any Interest Payment Date and such Interest Payment Date shall bear interest from such Interest Payment Date. (g) Defaulted Interest on any Series 1997 Debenture shall bear additional interest at the rate per annum of 2% thereof compounded quarterly (to the extent permitted by applicable law). (h) Overdue principal of any Series 1997 Debenture shall bear interest at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture. (i) Interest on any Series 1997 Debenture which has been deferred pursuant to Section 4.01(b) hereof shall bear interest (to the extent that the payment of such interest shall be legally enforceable) at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture compounded quarterly from the most recent Interest Payment Date therefor. (j) The Series 1997 Debentures shall be redeemable prior to maturity as provided in Section 3.01(a) hereof. (k) The Series 1997 Debentures shall be issuable only in registered form without coupons and only in denominations of $25 and any integral multiple thereof. (l) The maximum Extension Period for the Series 1997 Debentures shall be 20 consecutive quarters. (m) If the Series 1997 Debentures are distributed to the holders of Trust I Preferred Securities upon liquidation of Trust I, the Company shall use its best efforts to list the Series 1997 Debentures on the New York Stock Exchange or on such other stock exchange or other organization, if any, on which the Trust I Preferred Securities are then listed. Upon any such distribution, if the Trust I Preferred Securities are then in the book-entry system, the Series 1997 Debentures will be issued in the form of a Global Debenture, subject to Section 2.12 hereof.

Terms and Form of the Series 1997 Debentures. (a) The Series 1997 Debentures shall be designated "Hawaiian Electric Company, Inc.[SUBSIDIARY NAME], _____% Junior Subordinated Deferrable Interest Debentures, Series 1997." The Series 1997 Debentures and the Trustee's Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Series 1997 Debentures shall initially be represented by a single certificate registered in the name of The Bank of New York as Property Trustee for the benefit of Trust I. The terms and provisions contained in the Series 1997 Debentures shall constitute, and are hereby expressly made, a part of this Junior Indenture. The Company Company, the Trustee and the TrusteeGuarantor, by their execution and delivery of this Junior Indenture, expressly agree to such terms and provisions and to be bound thereby. (b) The Series 1997 Debentures shall be issued at 100% of their principal amount. (c) The aggregate principal amount of Series 1997 Debentures outstanding at any time may not exceed $31,546,40010,000,000, except if the Debenture Exchange has occurred the aggregate principal amount of Series 1997 Debentures outstanding at any time (including the Additional Series 1997 Debentures) may not exceed $51,546,400, and except as provided in Section 2.09 hereof. The Series 1997 Debentures shall be authenticated and delivered upon receipt by the Trustee of the items specified in Section 2.04(d) hereof. (d) The Stated Maturity Date of the Series 1997 Debentures is March __, 2027. The Upon the shortening or extension of the fixed date on which the principal of the HECO Series 1997 Debentures is due and payable pursuant to the HECO Junior Indenture, the Stated Maturity Date for the Series 1997 Debentures may shall be shortened or extended at the same time for the same period, without any time at action on the election part of the Company for one or more periods, but in no event to a date earlier than March ___, 2002 or to a date later than March ___, 2046; provided that at the time such election is made and at the time of any such shortening or extension (i) an Event of Default described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) hereof has not occurred and is continuing and, unless the Debenture Exchange has occurred, an "Event of Default" described in Section 6.01(a)(1), 6.01(a)(3) or 6.01(a)(4) of either of the MECO Indenture and the HELCO Debenture has not occurred and is continuing (ii) Trust I is not delinquent in payment of distributions on the Trust I Preferred Securities for more than one full quarterly distribution period, (iii) no deferred distributions on the Trust I Preferred Securities are accumulated, and (iv) none of the Series 1997 Debentures and, unless the Debenture Exchange has occurred, the Subsidiary Debentures are rated less than BBB- by Standard & Poor's or Baa3 by Xxxxx'x Investors Services, Inc. or the equivalent by any other nationally recognized statistical rating organizationPerson. (e) The interest rate for the Series 1997 Debentures is _____% per annum. The Interest Payment Dates for the Series 1997 Debentures are March 31, June 30, September 30 and December 31 of each year, commencing March 31, 1997. In the event that any date on which interest is payable on the Series 1997 Debentures is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (without any reduction in interest or other payments in respect of such early payment), in each case with the same force and effect as if made on the date such payment was originally payable. The Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the Business Day immediately preceding such Interest Payment Date, provided that in the event that the Series 1997 Debentures are issued in definitive form while they are not held by Trust I, the Regular Record Date for each Interest Payment Date for the Series 1997 Debentures shall be the close of business on the date that is 15 days prior to such Interest Payment Date, whether or not such date is a Business Day. (f) Each Series 1997 Debenture shall bear interest from its Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for with respect to such Series 1997 Debenture; except that, so long as there is no existing Defaulted Interest or Extension Period on the Series 1997 Debentures, any Series 1997 Debenture authenticated by the Trustee between the Regular Record Date for any Interest Payment Date and such Interest Payment Date shall bear interest from such Interest Payment Date. (g) Defaulted Interest on any Series 1997 Debenture shall bear additional interest at the rate per annum of 2% thereof compounded quarterly (to the extent permitted by applicable law). (h) Overdue principal of any Series 1997 Debenture shall bear interest at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture. (i) Interest on any Series 1997 Debenture which has been deferred pursuant to Section 4.01(b) hereof shall bear interest (to the extent that the payment of such interest shall be legally enforceable) at a rate per annum equal to the interest rate per annum payable on such Series 1997 Debenture Debenture, compounded quarterly from the most recent Interest Payment Date therefor. (j) The Series 1997 Debentures shall be redeemable prior to maturity as provided in Section 3.01(a) hereof. (k) The Series 1997 Debentures shall be issuable only in registered form without coupons and only in denominations of $25 and any integral multiple thereof. (l) The maximum Extension Period for the Series 1997 Debentures shall be 20 consecutive quarters. (m) If The Guarantee with respect to the Series 1997 Debentures are distributed shall terminate as set forth in Section 11.11 hereof and, in addition, shall terminate upon the distribution of the Distributable Debentures (as defined in the HECO Junior Indenture) to the holders of Trust I Preferred Securities upon liquidation of Trust I, the Company shall use its best efforts to list the Series 1997 Debentures on the New York Stock Exchange or on such other stock exchange or other organization, if any, on which the Trust I Preferred Securities are then listed. Upon any such distribution, if the Trust I Preferred Securities are then in the book-entry system, the Series 1997 Debentures will be issued in the form of a Global Debenture, subject to Section 2.12 hereofSecurities.