Optional Deferral definition

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

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.

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.

Examples of Optional Deferral in a sentence

• No interest shall be due and payable during an Optional Deferral Period, except at the end thereof.

• Upon the termination of any such Optional Deferral Period and the payment of all amounts then due, including interest on deferred interest payments, the Company may elect to begin a new Optional Deferral Period, subject to the above requirements.

• 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.

• However, at any time, including during an Optional Deferral Period, the Company may: • pay stock dividends or distributions in additional shares of its capital stock; • declare or pay a dividend in connection with the implementation of a shareholders’ rights plan, or issue stock under such a plan or repurchase such rights; and • purchase common stock for issuance pursuant to any employee benefit plans or dividend reinvestment and direct stock purchase plans.

• 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 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 Supplemental Indenture.

Optional Deferral. On one or more occasions for up to 10 consecutive years Price to Public: 99.822% of the principal amount Estimated Net Proceeds, after underwriting discounts, to Issuer: $393,788,000 The net proceeds will be used to repay a portion of the Issuer’s outstanding commercial paper and/or to repay borrowings under its credit facility. Affiliates of certain of the underwriters are lenders under the credit facility and, accordingly, may be repaid from the proceeds of the offering. Treasury Benchmark: 4.75% due 08/15/17 Benchmark Yield: 4.626 % Spread to Benchmark Treasury: 345 basis points Reoffer Yield: 8.076% Trade Date: September 24, 2007 Settlement Date: September 27, 2007

Optional Deferral. Provision" means, as to any security or combination of securities, a provision in the terms thereof or of the related transaction agreements, to the effect that the issuer thereof may, in its sole discretion, defer in whole or in part payment of Distributions on such securities for one or more consecutive Distribution Periods of up to ten years without any remedy other than Permitted Remedies as a result of such issuer’s failure to pay Distributions.

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

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