Common use of Interest; Extension of Maturity Clause in Contracts

Interest; Extension of Maturity. Otelco Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this 13% senior surbordinated note due 2019 (the “Note”) at the rate per annum shown above. The Company shall pay interest from December 21, 2004 or from the most recent date to which interest has been paid or provided for, payable quarterly in arrears on March 30, June 30, September 30 and December 30, to Holders of record at the close of business on the 15th day of such month, commencing March 30, 2005, provided that if any such day is not a Business Day, such day shall be the next Business Day, and no interest on such payment shall accrue for the period from and after such interest payment date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. Prior to December 30, 2009, the Company may, at its election, defer interest payments on the Notes on one or more occasions for not more than eight quarters in the aggregate (any such period, an “Initial Interest Deferral Period”); provided that (1) at the end of each occasion, the Company will be obligated to resume quarterly payments of interest on the Notes including interest on deferred interest; and (2) no later than December 30, 2009, the Company must pay in full all deferred interest, together with accrued interest thereon. In addition, after December 30, 2009 the Company may, at its election, defer interest payments on the Notes on up to four occasions with respect to up to two quarters per occasion (each such occasion together with the Initial Interest Deferral Period, an “Interest Deferral Period”); provided that (1) the Company may not defer interest on any occasion after December 30, 2009 unless and until all interest deferred on any prior occasion, together with accrued interest thereon, has been paid in full; (2) at the end of each occasion, the Company will be obligated to resume quarterly payments of interest on the Notes including interest on deferred interest; and (3) no later than December 30, 2019, the Company must pay all deferred interest, together with accrued interest thereon. On each occasion that the Company elects to defer interest, it will be required to deliver to the Trustee a copy of a resolution of the Company’s Board of Directors to the effect that, based upon a good-faith determination of the Company’s Board of Directors, (x) such interest deferral is reasonably necessary for bona-fide cash management purposes, whether indicated by cumulative distributable cash shortfall or otherwise, or to reduce the likelihood of or avoid a payment default under any Designated Senior Indebtedness or (y) as long the Credit Agreement remains in effect, the Company has failed to maintain a fixed charge coverage ratio of at least 1.15:1:00 or a senior leverage ratio of not more than 3.20 to 1.00, in each case, as calculated in accordance with the provisions contained in the Credit Agreement the date hereof, irrespective of any subsequent changes to the Credit Agreement; provided no such deferral may be commenced, and any ongoing deferral shall cease, if a default in payment of interest, principal or premium, if any, on the Notes has occurred and is continuing, or another Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default. Deferred interest on the Notes shall bear interest at the same rate as the stated rate on the Notes, compounded quarterly, until paid in full. Following the end of any Interest Deferral Period, the Company shall be obligated to resume quarterly payments of interest on the Notes, including interest on deferred interest. All interest deferred prior to December 30, 2009, shall be repaid no later than December 30, 2009. All interest deferred after December 30, 2009 shall be repaid on or before maturity. The Company may prepay all or part of the deferred interest, at any time other than during an Interest Deferral Period. The Notes will mature on December 30, 2019.

Interest; Extension of Maturity. Otelco Inc.AMERICAN SEAFOODS CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “CompanyIssuer”), promises to pay interest on the principal amount of this 13% senior surbordinated note due 2019 Note (the “Note”) at the rate per annum shown above. The Company Issuer shall pay interest from December 21, 2004 or from the most recent date to which interest has been paid or provided for, payable quarterly in arrears on March 30the 15th day of each March, June 30June, September 30 and December 30December, to Holders of record at the close of business on the 15th 5th day of such month, commencing March 30, 20052004, provided that if any such day is not a Business Day, such day shall be the next Business Day, and no interest on such payment shall accrue for the period from and after such interest payment date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. Prior to December 30, 2009, the Company may, at its election, Issuer shall be permitted to defer interest payments on the Notes if and for so long as the Interest Coverage Ratio of Holdings for the most recently ended twelve-month period ending on one the last day of any fiscal quarter for which internal financial statements are available, is less than the applicable Interest Deferral Threshold, unless a default in payment of interest, principal or premium, if any, on the Notes has occurred and is continuing, or any other Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default (any such period, a “Mandatory Interest Deferral Period”). The interest payments will be deferred under this provision from the time the Issuer provides the Trustee with a calculation demonstrating that such deferral is permitted (provided, however, that such calculation shall be provided to the Trustee not later than 60 days after the end of the applicable quarter) until such time as the Issuer provides the Trustee with a calculation demonstrating that such deferral is no longer permitted (provided, however, that such calculation shall be provided to the Trustee not later than 60 days after the end of the applicable quarter) or, if earlier, until such time as a default in payment of interest, principal or premium, if any, on the Notes has occurred or any other Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default. Interest payments on the Notes will not be deferred under this provision for more than 8 quarters in the aggregate or beyond , 2009. In addition, after , 2009, the Issuer may at its election defer interest on the Notes on not more than four occasions for not more than eight quarters in the aggregate (any such period, an “Initial Interest Deferral Period”); provided that (1) at the end of each occasion, the Company will be obligated to resume quarterly payments of interest on the Notes including interest on deferred interest; and (2) no later than December 30, 2009, the Company must pay in full all deferred interest, together with accrued interest thereon. In addition, after December 30, 2009 the Company may, at its election, defer interest payments on the Notes on up to four occasions with respect to up to two quarters per occasion (each such occasion an “Optional Interest Deferral Period”) and, together with the Initial Mandatory Interest Deferral Period, Period (an “Interest Deferral Period”); provided that (1) the Company may not defer interest on any occasion after December 30, 2009 unless and until all interest deferred on any prior occasion, together with accrued interest thereon, has been paid in full; (2) at the end of each occasion, the Company will be obligated to resume quarterly payments of interest on the Notes including interest on deferred interest; and (3) no later than December 30, 2019, the Company must pay all deferred interest, together with accrued interest thereon. On each occasion that the Company elects to defer interest, it will be required to deliver by delivering to the Trustee a copy of a resolution of the CompanyIssuer’s Board of Directors certified by an Officers’ Certificate of the Issuer to the effect that, based upon a good-faith determination of the CompanyIssuer’s Board of Directors, (x) such interest deferral is reasonably necessary for bona-bona fide cash management purposes, whether indicated by cumulative distributable cash shortfall or otherwise, or to reduce the likelihood of or avoid a payment default under any on the Designated Senior Indebtedness or (y) as long the Credit Agreement remains in effect, the Company has failed to maintain a fixed charge coverage ratio of at least 1.15:1:00 or a senior leverage ratio of not more than 3.20 to 1.00, in each case, as calculated in accordance with the provisions contained in the Credit Agreement the date hereof, irrespective of any subsequent changes to the Credit AgreementIndebtedness; provided no such deferral may be commenced, and any ongoing deferral shall cease, if a default in payment of interest, principal or premium, if any, on the Notes has occurred and is continuing, or another any other Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default. No Optional Interest Deferral Period may commence unless and until all interest deferred pursuant to any preceding Interest Deferral Period, together with interest thereon, has been paid in full. Deferred interest on the Notes shall bear interest at the same rate as the stated rate on the Notes, compounded quarterly, until paid in full. Following the end of any Interest Deferral Period, the Company Issuer shall be obligated to resume quarterly payments of interest on the Notes, including interest on deferred interest. All interest deferred prior to December 30, 2009, shall must be repaid no later than December 30on , 2009. All interest deferred after December 30, 2009 shall be repaid on or before maturity. The Company Issuer may prepay all or part of the deferred interest, at any time other than during an Interest Deferral Period. The Notes will shall mature on December 30September 15, 20192019 unless redeemed earlier pursuant to Article 3 of the Indenture.

Interest; Extension of Maturity. Otelco Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “"Company”"), promises to pay interest on the principal amount of this 13% senior surbordinated note due 2019 Note (the “"Note”") at the rate per annum shown above. The Company shall pay interest from December 21, 2004 or from the most recent date to which interest has been paid or provided for, payable quarterly in arrears on March 30, June 30, September 30 and December 30, to Holders of record at the close of business on the 15th day of such month, commencing March December 30, 20052004, provided that if any such day is not a Business Day, such day shall be the next Business Day, and no interest on such payment shall accrue for the period from and after such interest payment date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. Prior to December 30, 2009, the Company may, at its election, defer interest payments on the Notes on one or more occasions for not more than eight quarters in the aggregate (any such period, an “"Initial Interest Deferral Period”"); provided that (1) at the end of each occasion, the Company will be obligated to resume quarterly payments of interest on the Notes including interest on deferred interest; and (2) no later than December 30, 2009, the Company must pay in full all deferred interest, together with accrued interest thereon. In addition, after December 30, 2009 the Company may, at its election, defer interest payments on the Notes on up to four occasions with respect to up to two quarters per occasion (each such occasion each, a "Secondary Interest Deferral Period" and, together with the Initial Interest Deferral Period, an “"Interest Deferral Period”)") ; provided that (1) the Company may not defer interest on any occasion after December 30, 2009 unless and until all interest deferred on any prior occasion, together with accrued interest thereon, has been paid in full; (2) at the end of each occasion, the Company will be obligated to resume quarterly payments of interest on the Notes including interest on deferred interest; and (3) no later than December 30, 2019, the Company must pay all deferred interest, together with accrued interest thereon. On each occasion that the Company elects to defer interest, it will be required to deliver to the Trustee a copy of a resolution of the Company’s Board of Directors to the effect that, based upon a good-faith determination of the Company’s Board of Directors, (x) such interest deferral is reasonably necessary for bona-fide cash management purposes, whether indicated by cumulative distributable cash shortfall or otherwise, or to reduce the likelihood of or avoid a payment default under any Designated Senior Indebtedness or (y) as long as the Credit Agreement remains in effect, the Company has failed to maintain a fixed charge coverage ratio of at least 1.15:1:00 or a senior leverage ratio of not more than 3.20 to 1.00, in each case, as calculated in accordance with the provisions contained in the Credit Agreement as of the closing date hereof, irrespective of any subsequent changes to the Credit Agreement; provided no such deferral may be commenced, and any ongoing deferral shall cease, if a default in payment of interest, principal or premium, if any, on the Notes has occurred and is continuing, or another any other Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default. Deferred interest on the Notes shall bear interest at the same rate as the stated rate on the Notes, compounded quarterly, until paid in full. Following the end of any Interest Deferral Period, the Company shall be obligated to resume quarterly payments of interest on the Notes, including interest on deferred interest. All interest deferred prior to December 30_________, 2009, shall be repaid no later than December 30_________, 2009. All interest deferred after December 30_________, 2009 shall be repaid on or before maturity. The Company may prepay all or part of the deferred interest, at any time other than during an Interest Deferral Period. The Notes will mature on December 30, 2019.

Interest; Extension of Maturity. Otelco Inc.AMERICAN SEAFOODS CORPORATION., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”"Issuer"), promises to pay interest on the principal amount of this 13% senior surbordinated note due 2019 Note (the “"Note”") at the rate per annum shown above. The Company Issuer shall pay interest from December 21, 2004 or from the most recent date to which interest has been paid or provided for, payable quarterly monthly in arrears on March 30, June 30, September 30 and December 30the last day of each month, to Holders of record at the close of business on the 15th 25/th/ day of such month, commencing March 30, 2005, provided that if any such day is not a Business Day, such day shall be the next Business Day, and no interest on such payment shall accrue for the period from and after such interest payment date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months2003. Prior to December 30, 20092008, the Company may, at its election, Issuer will be permitted to defer interest payments on the Notes if and for so long as either (x) the Fixed Charge Coverage Ratio of Holdings for the twelve-month period ended on one any June 30, September 30 or more occasions December 31, or (y) the Adjusted Fixed Charge Coverage Ratio of Holdings for not more the twelve-month period ended on any March 31, as applicable, in either case for the most recently ended period for which internal financial statements are available, is less than eight quarters the applicable Interest Deferral Threshold, unless a default in payment of interest, principal or premium, if any, on the aggregate Notes has occurred and is continuing, or any other Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default (any such period, an “Initial a "Mandatory Interest Deferral Period”"); . The interest payments will be deferred under this provision from the time the Issuer provides the Trustee with a calculation demonstrating that such deferral is permitted (provided, however, that such calculation shall be provided that (1) at to the Trustee not later than 45 days after the end of each occasionthe applicable quarter) until such time as the Issuer provides the Trustee with a calculation demonstrating that such deferral is no longer permitted (provided, however, that such calculation shall be provided to the Trustee not later than 45 days after the end of the applicable quarter) or, if earlier, until such time as a default in payment of interest, principal or premium, if any, on the Notes has occurred or any other Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default. Interest payments on the Notes will not be deferred under this provision for more than 24 months in the aggregate or beyond , 2008. In addition, between , 2008 and , 2013, but not after , 2013, the Company will be obligated to resume quarterly payments of Issuer may at its election defer interest on the Notes including interest on deferred interest; and one occasion for not more than 10 months (2) no later than December 30, 2009, the Company must pay in full all deferred interest, together with accrued interest thereon. In addition, after December 30, 2009 the Company may, at its election, defer interest payments on the Notes on up to four occasions with respect to up to two quarters per occasion (each such occasion together with the Initial "Optional Interest Deferral Period, an “Interest Deferral Period”); provided that (1") the Company may not defer interest on any occasion after December 30, 2009 unless and until all interest deferred on any prior occasion, together with accrued interest thereon, has been paid in full; (2) at the end of each occasion, the Company will be obligated to resume quarterly payments of interest on the Notes including interest on deferred interest; and (3) no later than December 30, 2019, the Company must pay all deferred interest, together with accrued interest thereon. On each occasion that the Company elects to defer interest, it will be required to deliver by delivering to the Trustee a copy of a resolution of the Company’s Issuer's Board of Directors certified by an Officers' Certificate to the effect that, based upon a good-faith determination of the Company’s Issuer's Board of Directors, (x) such interest deferral is reasonably necessary for bona-bona fide cash management purposes, whether indicated by cumulative distributable cash shortfall or otherwise, or to reduce the likelihood of or avoid a payment default under any Designated on the Senior Indebtedness or (y) as long the Credit Agreement remains in effect, the Company has failed to maintain a fixed charge coverage ratio of at least 1.15:1:00 or a senior leverage ratio of not more than 3.20 to 1.00, in each case, as calculated in accordance with the provisions contained in the Credit Agreement the date hereof, irrespective of any subsequent changes to the Credit AgreementFacility; provided no such deferral may be commenced, and any ongoing deferral shall cease, if a default in payment of interest, principal or premium, if any, on the Notes has occurred and is continuing, or another any other Event of Default with respect to the Notes has occurred and is continuing and the Notes have been accelerated as a result of the occurrence of such Event of Default. Deferred interest on the Notes shall will bear interest at the same a rate as the stated rate on the Notes, compounded quarterly, per annum of % until paid in full. Following the end of any Mandatory Interest Deferral Period, the Company shall be obligated to Issuer will resume quarterly monthly payments of interest on the Notes, including interest on deferred interest. All At the end of any Mandatory Interest Deferral Period, all interest on the Notes deferred at any time prior to December 30the end of such Mandatory Interest Deferral Period (including during any prior Mandatory Interest Deferral Period), 2009together with interest accrued on such deferred interest during any such Mandatory Interest Deferral Period (such amount, as determined at the end of any Mandatory Interest Deferral Period, the "Deferred Interest"), will be repaid by the Issuer in one or more equal quarterly installments beginning on the third interest payment date following the quarter in which the Fixed Charge Coverage Ratio, or the Adjusted Fixed Charge Coverage Ratio, as applicable, of Holdings was equal to or greater than the Interest Deferral Threshold, and ending on , 2008. All Deferred Interest attributable to a Mandatory Interest Deferral Period ending on ______, 2008, shall be repaid no later than December 30, 2009. All interest deferred after December 30, 2009 shall be repaid immediately due and payable on or before maturitysuch date. The Company Issuer may prepay all or part of the deferred interestDeferred Interest, at any time other than during an interest deferral period. If the Issuer prepays less than all of the Deferred Interest, the Trustee shall apply such prepayment in the order of maturity to the remaining Deferred Interest payments. If a subsequent Mandatory Interest Deferral Period commences before the Deferred Interest is paid in full the Issuer shall discontinue the quarterly repayments of Deferred Interest for the duration of such period and the amount of Deferred Interest shall be recalculated at the end of such subsequent Mandatory Interest Deferral Period and repaid in one or more equal quarterly installments as described above. On the first interest payment date following the end of the Optional Interest Deferral Period, the Issuer must pay all deferred interest and accrued interest thereon. The Notes will mature on December , 2013. The Issuer may extend the maturity of the Notes for up to two additional successive five-year terms, if the Fixed Charge Coverage Ratio of Holdings for the most recent twelve-month period ended on June 30, 2019September 30 or December 31, or the Adjusted Fixed Charge Coverage Ratio of Holdings for the twelve-month period ended on any March 31, in each case for the most recent period ended at least 45 days prior to the end of the then current term, is equal to or greater than , and provided that as of the scheduled maturity date (i) no Event of Default has occurred and is continuing with respect to the Notes; (ii) no event of default has occurred and is continuing with respect to any Indebtedness of the Issuer or a Significant Subsidiary; and (iii) there is no interest due but unpaid on the Notes or any Indebtedness of the Issuer, other than Indebtedness that is not Indebtedness for borrowed money up to an aggregate amount of $1,000,000.