Optional Deferral definition

Optional Deferral has the meaning set forth in Section 4.1(a).

Optional Deferral. So long as no event of default has occurred and is continuing, the Company may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years. Day Count Convention: Fixed Rate Period: 360-day year consisting of twelve 30-day months. Floating Rate Period: Actual number of days elapsed during each interest period and a 360-day year. Business Day: Any day other than a day on which banks are permitted or required to be closed in New York City, New York or Xxxxxxx, Xxxxxxx.

Optional Deferral. The portion of the Profit Sharing Contribution for any Year made on behalf of a Participant that is paid to the Trust Fund by reason of his failure to elect to receive a Cash Distribution.

Examples of Optional Deferral in a sentence

• There is no limit on the number of Optional Deferral Periods that the Company may begin.

• The Company shall provide a notice of any Optional Deferral no more than sixty and no fewer than fifteen days prior to the relevant Interest Payment Date.

• So long as no Event of Default has occurred and is continuing, prior to the termination of any Optional Deferral Period, the Company may further defer the payment of interest by extending such Optional Deferral Period; provided that such Optional Deferral Period together with all such previous and further deferrals of interest payments shall not exceed forty (40) consecutive quarterly periods at any one time or extend beyond the Stated Maturity.

• A deferral of interest payments may not extend beyond the Stated Maturity of the Junior Subordinated Notes, and the Company may not begin a new Optional Deferral Period and may not pay current interest on the Junior Subordinated Notes until it has paid all accrued interest on the Junior Subordinated Notes from the previous Optional Deferral Period.

• A deferral of interest payments may not end on a date other than an Interest Payment Date and may not extend beyond the Stated Maturity of the Junior Subordinated Notes, and the Company may not begin a new Optional Deferral Period and may not pay current interest on the Junior Subordinated Notes until it has paid all accrued interest on the Junior Subordinated Notes from the previous Optional Deferral Period.

More Definitions of Optional Deferral

Optional Deferral has the meaning specified in the Indenture.

Optional Deferral. So long as no event of default has occurred and is continuing, the Company may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years.

Optional Deferral has the meaning provided in Section 4.1.

Optional Deferral has the meaning provided in Section 4.01(a) hereof.

Optional Deferral shall have the meaning specified in Section 2.04(a).

Optional Deferral has the meaning set forth in Section 4.1.

Optional Deferral. The Issuer may elect at one or more times to defer payment of interest for one or more consecutive periods for up to ten years. The Issuer may not defer interest past the maturity date.