Common use of Not to Extend Time for Payment of Interest or Principal Clause in Contracts

Not to Extend Time for Payment of Interest or Principal. The Issuer covenants that, in order to prevent any accumulation after maturity of unpaid interest or of unpaid Trust Notes, the Issuer will not directly or indirectly extend or assent to the extension of time for payment of any interest upon any Trust Notes or of any principal payable in respect of any Trust Notes and that it will not directly or indirectly be or become a party to or approve any such arrangement by purchasing or funding any interest on the Trust Notes or any principal thereof or in any other manner and that the Issuer will deliver to the Trustee all Trust Notes when paid as evidence of such payment.

Not to Extend Time for Payment of Interest or Principal. The Issuer covenants that, in order to prevent any accumulation after maturity of unpaid interest or of unpaid Trust Notes, the Issuer will not directly or indirectly extend or assent to the extension of time for payment of any interest upon any Trust Notes or of any principal payable in respect of any Trust Notes and that it will not directly or indirectly be or become a party to or approve any such arrangement by purchasing or funding any interest on the Trust Notes or any principal thereof or in any other manner and that the Issuer will deliver to the Trustee all Trust Notes when paid as evidence of such payment.