Common use of Option to Defer Interest Payments Clause in Contracts

Option to Defer Interest Payments. So long as no Event of Default with respect to the Subordinated Debentures has occurred or is continuing, the Company shall have the right, at any time and from time to time, to defer the payment of interest on the Subordinated Debentures for one or more Optional Deferral Period (as defined below) of up to five consecutive years, provided, however, that no Optional Deferral Period shall extend beyond the Maturity Date, any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption of the Subordinated Debentures. If the Company has paid all deferred interest (including compounded interest thereon) on the Subordinated Debentures, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this Section 1.04. During any Optional Deferral Period, interest shall continue to accrue on the Subordinated Debentures, and deferred interest payments shall accrue additional interest at the then applicable interest rate on the Subordinated Debentures, compounded semi-annually as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due during an Optional Deferral Period shall be due and payable on the Subordinated Debentures until the end of such Optional Deferral Period except upon an acceleration or redemption of the Subordinated Debentures during such deferral period. At the end of any Optional Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the Subordinated Debentures to the Persons in whose names the Subordinated Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Optional Deferral Period. At the end of five years following the commencement of any Optional Deferral Period, the Company shall pay all accrued and unpaid deferred interest, including compounded interest thereon, and the Company’s failure to pay all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after the conclusion of such five-year period shall result in an Event of Default giving rise to a right of acceleration. If, at the end of any Optional Deferral Period, the Company shall have paid all deferred interest due on the Subordinated Debentures, including compounded interest, the Company may again defer interest payments on the Subordinated Debentures as described above.

Option to Defer Interest Payments. SECTION 4.1 Option to Defer Interest Payments. So long as there is no Event of Default under the Indenture with respect to the Subordinated Debentures has occurred or Notes that is continuing, the Company shall have the right, at any time and from time to time, to Partnership may defer the payment of interest payments on the Subordinated Debentures Notes for one or more a period of up to 10 consecutive years (each period, commencing on the date that the first such interest payment would otherwise have been made, an “Optional Deferral Period”), except that no such Optional Deferral Period (as defined below) of up to five consecutive years, provided, however, that no Optional Deferral Period shall may extend beyond the Stated Maturity Dateor redemption date, any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption if earlier, of the Subordinated Debentures. If Notes and the Company has paid all deferred interest (including compounded interest thereon) on the Subordinated Debentures, the Company shall have the right to elect to Partnership may not begin a new Optional Deferral Period pursuant to this Section 1.04until it has paid all accrued interest on the Notes from the previous Optional Deferral Period. A deferral of interest payments may not extend beyond the Stated Maturity of the Notes, and the Company may not begin a new Optional Deferral Period until it has paid all accrued interest on the Notes from the previous Optional Deferral Period. During any the Optional Deferral Period, the interest shall on the Notes will continue to accrue at the Three-Month LIBOR Rate plus 301.75 basis points (3.0175%) reset quarterly. In addition, Additional Interest on the Subordinated Debentures, and any deferred interest payments shall will accrue additional interest at a rate equal to the Coupon Rate then applicable interest rate on to the Subordinated DebenturesNotes, compounded semi-annually as of each Interest Payment Date quarterly, to the extent permitted by applicable law. No interest otherwise due during an Before the end of any Optional Deferral Period shall be due and payable on that is shorter than 10 consecutive years, the Subordinated Debentures until Partnership may extend the end of such Optional Deferral Period, so long as the entire Optional Deferral Period except upon an acceleration does not exceed 10 consecutive years or redemption extend beyond the Stated Maturity or Redemption Date, if earlier, of the Subordinated Debentures during such deferral periodNotes. The Partnership may also elect to shorten the length of any Optional Deferral Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the last day of a scheduled quarterly Interest Payment Period. At the end of any Optional Deferral Period, the Company shall pay if all deferred interest (including compounded interest thereon) amounts then due on the Subordinated Debentures Notes, including any Additional Interest, have been paid, the Partnership may elect to the Persons in whose names the Subordinated Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such begin a new Optional Deferral Period. At the end of five years following the commencement of any Optional Deferral Period, the Company shall pay all accrued and unpaid deferred interest, including compounded interest thereon, and the Company’s failure to pay all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after the conclusion of such five-year period shall result in an Event of Default giving rise to a right of acceleration. If, at the end of any Optional Deferral Period, the Company shall have paid all deferred interest due on the Subordinated Debentures, including compounded interest, the Company may again defer interest payments on the Subordinated Debentures as described above.

Option to Defer Interest Payments. So long as no Event of Default with respect to the Subordinated Debentures has occurred or is continuing, the Company shall have the right, at any time and from time to time, to defer the payment of interest on the Subordinated Debentures for one or more Optional Deferral Period (as defined below) of up to five consecutive years, provided, however, that no Optional Deferral Period shall extend beyond the Maturity Date, any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption of the Subordinated Debentures. If the Company has paid all deferred interest (including compounded interest thereon) on the Subordinated Debentures, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this Section 1.04. During any Optional Deferral Period, interest shall continue to accrue on the Subordinated Debentures, and deferred interest payments shall accrue additional interest at the then applicable interest rate on the Subordinated Debentures, compounded semi-annually quarterly as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due during an Optional Deferral Period shall be due and payable on the Subordinated Debentures until the end of such Optional Deferral Period except upon an acceleration or redemption of the Subordinated Debentures debentures during such deferral period. At the end of any Optional Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the Subordinated Debentures to the Persons in whose names the Subordinated Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Optional Deferral Period. At the end of five years following the commencement of any Optional Deferral Period, the Company shall pay all accrued and unpaid deferred interest, including compounded interest thereon, and the Company’s failure to pay all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after the conclusion of such five-year period shall result in an Event of Default giving rise to a right of acceleration. If, at the end of any Optional Deferral Period, the Company shall have paid all deferred interest due on the Subordinated Debentures, including compounded interest, the Company may again defer interest payments on the Subordinated Debentures as described above.

Option to Defer Interest Payments. So long as no Event of Default with respect to the Subordinated Debentures Notes has occurred or and is continuing, the Company shall have the rightmay, at any time and from time to timeon one or more occasions, to defer the payment of interest payments on the Subordinated Debentures Notes for one or more Optional Deferral Period (as defined below) Periods of up to five consecutive years, provided, however, provided that no Optional Deferral Period shall extend beyond the Maturity DateMay 15, 2061, any earlier accelerated maturity date arising from an Event of Default or any other earlier repurchase or redemption of the Subordinated Debentures. If the Company has paid all deferred interest (including compounded interest thereon) on the Subordinated Debentures, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this Section 1.04Notes. During any Optional Deferral Period, interest shall continue to accrue on the Subordinated DebenturesNotes, and deferred interest payments shall accrue additional interest at the then applicable interest rate on the Subordinated DebenturesNotes, compounded semi-annually quarterly as of each Interest Payment Date to the extent permitted by applicable law. During any Optional Deferral Period, the Company shall be prohibited from paying current interest on the Notes until all accrued and unpaid deferred interest plus any accrued interest thereon has been paid. No interest otherwise due during an Optional Deferral Period shall be due and payable on the Subordinated Debentures Notes until the end of such Optional Deferral Period except upon an acceleration acceleration, repurchase or redemption of the Subordinated Debentures Notes during such deferral period. At the end of any Optional Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the Subordinated Debentures to the Persons in whose names the Subordinated Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Optional Deferral Period. At the end of five years following the commencement of any Optional Deferral Period, the Company shall pay all accrued and unpaid deferred interest, including compounded interest thereon, and the Company’s failure to pay all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after the conclusion of such five-year period shall result in an Event of Default giving rise to a right of accelerationthereon if it has not been paid before that time. If, at the end of any Optional Deferral Period, the Company shall have paid all deferred interest due on the Subordinated DebenturesNotes, including compounded interest, the Company may again defer interest payments on the Subordinated Debentures as described aboveNotes. The Company shall give written notice of its election to commence or continue any Optional Deferral Period to the Trustee and the Holders of the Notes at least two Business Days and not more than 60 Business Days before the next Interest Payment Date.

Option to Defer Interest Payments. So long as no Event of Default with respect to the Subordinated Debentures has occurred or is continuing, the Company shall We will have the rightright under the subordinated indenture to defer, at and will defer if directed to do so by any time and from time to timethen applicable regulatory authority, to defer the payment of interest on the Subordinated Debentures junior subordinated debentures at any time or from time to time. We may not defer interest payments for one any period of time that (i) exceeds 20 consecutive interest payment dates (or more Optional Deferral Period the equivalent if interest periods are not at the time quarterly), or (as defined belowii) of up to five consecutive years, provided, however, that no Optional Deferral Period shall extend extends beyond the Maturity Date, any earlier accelerated stated maturity date arising from an Event of Default or any other earlier redemption date of the Subordinated Debenturesjunior subordinated debentures. If Any deferral period must end on an interest payment date. Prior to the Company has paid termination of any deferral period, we may extend such deferral period, provided such extended deferral period complies with these limitations. No interest will be due and payable during a deferral period except at the end thereof. At the end of a deferral period, we must pay all deferred interest (including compounded then accrued and unpaid, together with any interest thereon) on the Subordinated Debenturesaccrued and unpaid interest, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this Section 1.04. During any Optional Deferral Period, interest shall continue to accrue on the Subordinated Debentures, and deferred interest payments shall accrue additional interest at the then applicable interest rate on the Subordinated Debentures, compounded semi-annually as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due during an Optional Deferral Period shall be due Upon the termination of any deferral period, and payable the payment of all amounts then due, we may begin a new deferral period, subject to the limitations described above. Subject to the foregoing, there is no limitation on the Subordinated Debentures until the end number of such Optional Deferral Period except upon an acceleration times that we may begin or redemption of the Subordinated Debentures during such extend a deferral period. At We may pay any deferred interest on the end junior subordinated debentures, including additional interest accrued thereon, in cash on any interest payment date following the beginning of the deferral period. If on the stock purchase date we elect not to pay any Optional Deferral Periodaccrued and unpaid deferred interest on the junior subordinated debentures and there is a successful remarketing, we will pay such deferred interest out of the proceeds of the successful remarketing. If we exercise our right to defer payments of interest on the junior subordinated debentures, we intend to treat the junior subordinated debentures as reissued, solely for U.S. federal income tax purposes, with original issue discount, and you would generally be required to accrue such original issue discount as ordinary income using a constant yield method prescribed by Treasury regulations. As a result, the Company shall income that you would be required to accrue would exceed the interest payments that you would actually receive. If we are deferring interest on the junior subordinated debentures and there is a failed final remarketing, then on the stock purchase date we will pay all the holders of Corporate Units deferred interest (including compounded interest thereon) on the Subordinated Debentures junior subordinated debentures in “additional subordinated notes” that have a principal amount equal to the Persons in whose names aggregate amount of deferred interest as of the Subordinated Debentures are registered stock purchase date, mature on a maturity date determined at the close time of business on their issuance but in no event earlier than the Regular Record Date with respect to later of August 17, 2012 and the Interest Payment Date at the end of such Optional Deferral Period. At the end of date that is five years following the commencement of the deferral period, bear interest at a rate per annum equal to the rate of interest originally in effect on the junior subordinated debentures, are subordinate and rank junior in right of payment to all of our senior debt on the same basis as the junior subordinated debentures, and are redeemable by us at any Optional Deferral Period, the Company shall pay all time prior to their stated maturity at their principal amount plus accrued and unpaid deferred interestinterest through the redemption date. If the property trustee is the sole holder of the junior subordinated debentures, including compounded interest thereon, Xxxxxx Xxxxxxx will give the property trustee and the Company’s failure Delaware trustee written notice of its selection of a deferral period no more than 15 business days before the next succeeding date on which the distributions on the PEPS Units are payable. If such selection is made prior to pay all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after the conclusion of such five-year period shall result in an Event of Default giving rise to a right of acceleration. If, at the end of any Optional Deferral Periodstock purchase date, the Company shall have paid all deferred property trustee will give notice of Xxxxxx Xxxxxxx’x selection of a deferral period to the holders of the Corporate Units. If the property trustee is not the sole holder, or is not itself the holder, of the junior subordinated debentures, Xxxxxx Xxxxxxx will give the holders of the junior subordinated debentures and the property trustee written notice of its selection of a deferral period at least 10 business days before the earlier of: • the next interest due payment date; and • the date Xxxxxx Xxxxxxx is required to give notice to holders of the junior subordinated debentures of the record or payment date for the related interest payment. Xxxxxx Xxxxxxx has no present intention of exercising its right to defer payments of interest on the Subordinated Debentures, including compounded interest, the Company may again defer interest payments on the Subordinated Debentures as described abovejunior subordinated debentures.

Option to Defer Interest Payments. So Pursuant to Section 3.09 of the Indenture, so long as no Event of Default has occurred and is continuing with respect to the Subordinated Debentures has occurred or is continuingDebentures, the Company Corporation shall have a right to defer quarterly interest payments on the rightDebentures, at any time and from time to time, to defer the payment of interest on the Subordinated Debentures for one or more periods (“Optional Deferral Period (as defined belowPeriods”) of up to five 10 consecutive years, provided, however, that no years per Optional Deferral Period shall Period. However, a deferral of interest payments cannot extend beyond the Maturity Date, any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption Date of the Subordinated Debentures. If the Company has paid all deferred interest (including compounded interest thereon) on the Subordinated Debentures, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this Section 1.04. During any an Optional Deferral Period, interest shall will continue to accrue on the Subordinated Debentures, compounded quarterly and deferred interest payments shall will accrue additional interest at a rate equal to the then applicable interest rate on the Subordinated Debentures, compounded semi-annually as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due during an Optional Deferral Period shall will be due and payable on the Subordinated Debentures until the end of such the Optional Deferral Period except upon an acceleration or a redemption of the Subordinated Debentures during such deferral period. At the end of any Optional Deferral Period, . The Corporation may pay at any time all or any portion of the Company shall pay all deferred interest (including compounded interest thereon) on the Subordinated Debentures accrued to the Persons in whose names the Subordinated Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such that point during an Optional Deferral Period. At the end of five the Optional Deferral Period or on any redemption date, the Corporation will be obligated to pay all accrued and unpaid interest. Once all accrued and unpaid interest on the Debentures has been paid, the Corporation again can defer interest payments on the Debentures as described above, provided that an Optional Deferral Period cannot extend beyond the Maturity Date of the Debentures. If the Corporation defers interest for a period of 10 consecutive years following from the commencement of any an Optional Deferral Period, the Company shall Corporation will be required to pay all accrued and unpaid deferred interest, including compounded interest thereon, and at the Company’s failure conclusion of the 10-year period. If the Corporation fails to pay in full all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after at the conclusion of such fivethe 10-year period shall result in and such failure continues for 30 days, an Event of Default giving that gives rise to a right acceleration of acceleration. If, at the end of any Optional Deferral Period, the Company shall have paid all deferred principal and interest due on the Subordinated Debentures, including compounded interest, Debentures will occur under the Company may again defer Indenture. During any period in which the Corporation defers interest payments on the Subordinated Debentures as described above.Debentures, the Corporation will not, and will cause its majority-owned subsidiaries not to, do any of the following:

Option to Defer Interest Payments. So long as no Event of Default with respect to the Subordinated Debentures Notes has occurred or and is continuing, the Company shall have the right, at any time and from time right on one or more occasions (subject to timethe last sentence of this Section 4.1), to defer the payment of interest otherwise due on the Subordinated Debentures Notes for one or more Interest Payment Periods up to 40 consecutive Interest Payment Periods (each such deferral period, commencing on the date that the first such interest payment otherwise would have been due, an “Optional Deferral Period (as defined below) of up to five consecutive yearsPeriod”), provided, however, provided that no Optional Deferral Period (including as extended or shortened in the manner described below) shall (i) extend beyond the Stated Maturity or, with respect to any Notes, the Redemption Date applicable to such Notes, or (ii) end on a day other than the last day of an Interest Payment Period. Before the termination of any Optional Deferral Period that is shorter than 40 consecutive Interest Payment Periods, the Company may further extend such Optional Deferral Period, provided that the Optional Deferral Period as so extended, and including all prior extensions thereof, shall not exceed 40 consecutive Interest Payment Periods, or extend beyond the Stated Maturity or, with respect to any Notes, the Redemption Date applicable to such Notes. Subject to the limitation set forth in clause (ii) of the second immediately preceding sentence, the Company may elect to shorten the duration of any Optional Deferral Period. The Company shall give the Holders and the Trustee written notice of its election of an Optional Deferral Period or any shortening or extension thereof at least ten Business Days before the earlier of (x) the next succeeding Interest Payment Date, or (y) if the Notes are then listed on any earlier accelerated maturity securities exchange, the date arising from an Event the Company is required to give notice to such securities exchange or other applicable self-regulatory organization or to Holders of Default such next succeeding Interest Payment Date or any other earlier redemption of the Subordinated DebenturesRegular Record Date therefor. If the Company has paid all shall fail to pay interest on the Notes on any Interest Payment Date, the Company shall be deemed to have elected to defer payment of such interest for the Interest Payment Period immediately preceding such Interest Payment Date, unless the Company shall pay such interest in full within five Business Days after any such Interest Payment Date. Notwithstanding the foregoing, the failure of the Company to provide notice in accordance with the immediately preceding paragraph of its election to commence or shorten or extend any Optional Deferral Period, including any deemed election as provided in the immediately preceding sentence, shall not affect the validity of such optional deferral hereunder. During an Optional Deferral Period, interest will continue to accrue on the Notes at the Interest Rate and interest on the deferred interest will accrue at the Interest Rate, compounded quarterly, as of each Interest Payment Date occurring during such Optional Deferral Period, to the extent permitted by applicable law (the “Compound Interest”). No interest shall be due and payable during an Optional Deferral Period except at the end of such Optional Deferral Period or upon a redemption of the Notes during such Optional Deferral Period. Any interest, including compounded interest thereon) Compound Interest, so deferred during an Optional Deferral Period shall forthwith cease to be payable to the Holders on the Subordinated DebenturesRegular Record Date with respect to each Interest Payment Date occurring during such Optional Deferral Period and shall be paid to the Person or Persons in whose name the Notes are registered at the close of business on a Special Record Date (the “Special Record Date”), which shall be the Regular Record Date with respect to the Interest Payment Date at the end of (that is, on the day next succeeding the conclusion of) such Optional Deferral Period. Upon payment by the Company of deferred interest on the Notes, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this Section 1.04. During any Optional Deferral Period, interest shall continue to accrue on the Subordinated Debentures, and deferred interest payments shall accrue additional interest at the then applicable interest rate on the Subordinated Debentures, compounded semi-annually as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due during an Optional Deferral Period shall be due and payable on the Subordinated Debentures until the end of such Optional Deferral Period except upon an acceleration or redemption of the Subordinated Debentures during such deferral period. At the end of any Optional Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the Subordinated Debentures to the Persons in whose names the Subordinated Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Optional Deferral Period. At the end of five years following the commencement of any Optional Deferral Period, the Company shall pay all accrued and unpaid deferred interest, including compounded interest thereon, and the Company’s failure to pay all such accrued and unpaid deferred interest, including compounded interest thereon, for a period of 30 days after the conclusion of such five-year period shall result in an Event of Default giving rise to a right of acceleration. If, at the end of any Optional Deferral Period, the Company shall have paid all deferred interest due on the Subordinated Debentures, including compounded interest, the Company may again defer interest payments on the Subordinated Debentures as described above4.1.