Deferral of Interest Payments. (a) So long as no Event of Default under this Indenture has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Securities, to defer payments of interest for a period (each of which periods shall end on an Interest Payment Date, each a "Deferral Period"); provided, that (i) no Deferral Period may exceed 20 consecutive quarterly periods and (ii) no Deferral Period may extend beyond the Stated Maturity or the earlier redemption of the Securities. No interest shall be due and payable during a Deferral Period. To the extent permitted by applicable law, interest, the payment of which has been deferred during a Deferral Period pursuant to this Section 2.12, will bear interest thereon at the applicable Interest Rate compounded quarterly for each quarter of any Deferral Period. At the end of each Deferral Period, the Company shall pay all interest, including any Additional Tax Sums and Compound Interest (collectively, "Deferred Interest"), accrued and unpaid on the Securities that shall be payable to the Holders in whose names the Securities are registered in the Security Register on the record date for the first Interest Payment Date after the end of such Deferral Period. Before the termination of any Deferral Period, the Company may extend such period, provided that such period, together with all such previous and further extensions within such Deferral Period, shall not exceed 20 consecutive quarterly periods or extend beyond the Stated Maturity or earlier redemption of the Securities. Upon the termination of any Deferral Period and upon the payment of all Deferred Interest then due, the Company may commence a new Deferral Period, subject to the foregoing requirements. No interest shall be due and payable during a Deferral Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during a Deferral Period.
Deferral of Interest Payments. The Issuer may, subject as provided in Conditions 5(b) (Optional Interest Deferral - Optional Settlement of Arrears of Interest) and 5(c) (Optional Interest Deferral - Mandatory Settlement of Arrears of Interest) below, elect in its sole discretion to defer (in whole or in part) any Interest Payment that is otherwise scheduled to be paid on an Interest Payment Date by giving notice (a "Deferral Notice") of such election to the Holders in accordance with Condition 14 (Notices), the Fiscal Agent and the Paying Agents not more than 14 and not less than 7 Business Days prior to the relevant Interest Payment Date. Any Interest Payment that the Issuer has elected to defer pursuant to this Condition 5(a) and that has not been satisfied is referred to as a "Deferred Interest Payment". If any Interest Payment is deferred pursuant to this Condition 5(a) then such Deferred Interest Payment shall itself bear interest (such further interest together with the Deferred Interest Payment, being "Arrears of Interest"), at the relevant Prevailing Interest Rate applicable from time to time, from (and including) the date on which (but for such deferral) the Deferred Interest Payment would otherwise have been due to be made to (but excluding) the date on which such Deferred Interest Payment is paid in accordance with Condition 5(b) (Optional Interest Deferral - Optional Settlement of Arrears of Interest) or Condition 5(c) (Optional Interest Deferral - Mandatory Settlement of Arrears of Interest) (as applicable), in each case such further interest being compounded on each Interest Payment Date. Non-payment of interest deferred pursuant to this Condition 5(a) shall not constitute a default by the Issuer or the Guarantor under the Securities or the Guarantee or for any other purpose.
Deferral of Interest Payments. So long as no event of default has occurred and is occurring under the Indenture, the Note Issuer and the Company shall have the right at any time until the Stated Maturity of the Notes to defer the payment of interest on the Notes as provided therein for a period of time not extending beyond the Stated Maturity (each such period of deferral, an “Extension Period”). If the Note Issuer and the Company so elect to defer interest payments on the Notes, the Note Issuer or the Company shall be required to pay at the end of the Extension Period all interest then accrued and unpaid, together with accrued interest at the Coupon Rate or the Reset Rate, as applicable, compounded on each succeeding Payment Date.]
Deferral of Interest Payments. The Company has the right at any time and from time to time to extend the interest payment period of the Series __ Notes for up to twenty (20) consecutive quarters (each, an "Extension Period"), but not beyond the Stated Maturity. Notwithstanding the foregoing, the Company has no right to extend its obligation to pay such amounts as are defined in clause (i) of the definition of Additional Interest. Prior to the termination of any such Extension Period, the Company may further extend the interest payment period, provided that such Extension Period, together with all such previous and further extensions of that Extension Period, shall not exceed twenty (20)
Deferral of Interest Payments. The Corporation has the ----------------------------- right at any time and from time to time to extend the interest payment period of the Series Notes for up to twenty (20) consecutive quarters (each, an "Extension Period"), during which Extension Period the Corporation shall have the right to make partial payments of interest on any Interest Payment Date; provided, however, that no such Extension Period may extend beyond the Stated Maturity. Notwithstanding the foregoing, the Corporation has no right to extend its obligation to pay such amounts as are defined in clause (i) of the definition of Additional Interest. Prior to the termination of any such Extension Period, the Corporation may further extend the interest payment period; provided that such Extension Period, together with all such previous and further extensions of that Extension Period, shall not exceed twenty (20)
Deferral of Interest Payments. 2.1 With effect from the date hereof, subject only to Clause 3, it is agreed that the terms of both the NatWest Facility Agreement and the RBS Facility Agreement shall be amended, so that notwithstanding any provision to the contrary contained in either Agreement, no interest payment or payment in respect of commission due under the terms of either the NatWest Facility Agreement, or the RBS Facility Agreement shall be payable until the earlier date (the "Deferral Date") of:
Deferral of Interest Payments. During the term of the Notes, interest shall accrue and such interest shall not be due currently but shall be added to the outstanding principal balance of the Notes and become due and payable on the applicable Maturity Date.
Deferral of Interest Payments. So long as no Event of Default has occurred and is continuing, the Company has the right at any time and from time to time to extend the interest payment period of the Debentures for up to 20 consecutive quarters (each, an Extension Period), but not beyond the Stated Maturity. Prior to the termination of any such Extension Period, the Company may further extend the interest payment period, provided that such Extension Period, together with all such previous and further extensions of that Extension Period, shall not exceed 20 consecutive quarters. Upon the termination of any such Extension Period and upon the payment of all accrued and unpaid interest and any Additional Interest then due, the Company may select a new Extension Period, subject to the above limitations and requirements. Upon the termination of any Extension Period, which termination shall be on an Interest Payment Date, the Company shall pay all Deferred Interest on the next succeeding Interest Payment Date to the Person in whose name the Debentures are registered on the Regular Record Date for such Interest Payment Date, provided that Deferred Interest payable at Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable. During any Extension Period, the Company shall not (i) declare or pay any dividend or distribution on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock or (ii) make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities issued by the Company that rank pari passu with or junior to the Debentures (other than (a) dividends or distributions in common stock of the Company, (b) any declaration of a dividend in connection with the implementation of a shareholders' rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, and (c) purchases of common stock related to the issuance of common stock or rights under any of the Company's benefit plans). The Company shall give the Holder or Holders of the Debentures and the Trustee notice, as provided in Sections 105 and 106, respectively, of the Original Indenture, of its selection or extension of an Extension Period at least one Business Day prior to the earlier of (i) the Regular Record Date relating to the Interest Payment Date on which the Extension Period is to commence or relating to the Interest Payment Dat...
Deferral of Interest Payments. So long as no event of default has occurred and is occurring under the Indenture, the Company shall have the right at any time until the Stated Maturity of the Notes to defer the payment of interest on the Notes as provided therein for a period of time not extending beyond the Stated Maturity (each such period of deferral, an "Extension Period"). If the Company so elects to defer interest payments on the Notes, the Company shall pay at the end of the Extension Period all interest then accrued and unpaid, together with accrued interest at the Coupon Rate or the Reset Rate, as applicable, compounded on each succeeding Payment Date.]
Deferral of Interest Payments. Subject to the prior fulfillment of the conditions precedent set forth in Section 6 hereof, Lender agrees that all interest payments due on the Loan from and after January 1, 1997 shall be deferred until the earlier of (a) December 31, 1997, (b) the date on which Borrower refinances the Loan, or (c) the date on which Borrower has funds available from other sources (such as the sale of certain properties) to pay accrued interest on the Loan.
