Common use of Optional Deferral Clause in Contracts

Optional Deferral. Subject to Section 2.03 (Dividend Stopper), and so long as no Event of Default has occurred and is continuing, the Company may (i) defer one or more payments of interest on the ICONs at any time and from time to time for up to five consecutive years, and (ii) subject to Section 2.05 (Alternative Payment Mechanism), may defer one or more payments of interest on the ICONs for up to ten consecutive years; provided, however, that no Optional Deferral Period shall end on a date other than an Interest Payment Date, nor shall any Optional Deferral Period extend beyond the Final Maturity Date. Deferred interest on the ICONs will continue to accrue during any Optional Deferral Period at the then-applicable interest rate, compounded on each Interest Payment Date to the extent permitted by applicable law (“Compounded Interest”). Subject to Section 2.05 (Alternative Payment Mechanism), no interest will be due an payable on the ICONs until the end of an Optional Deferral Period except upon a redemption of the ICONs or the acceleration of the ICONs following an Event of Default during an Optional Deferral Period. With respect to each Optional Deferral Period, the Company shall deliver to the Trustee written notice of any optional deferral pursuant to this clause at least 15 and not more than 30 Business Days prior to the relevant Interest Payment Date (“Deferral Notice”). Upon delivery of any Deferral Notice to the Trustee, such notice shall become irrevocable. (i) On any Interest Payment Date during an Optional Deferral Period, the Company covenants not to pay any accrued and unpaid interest (including Compounded Interest) on the ICONs except on an Interest Payment Date and except in an aggregate amount for each Interest Payment Date that does not exceed the Eligible Proceeds with respect to such Interest Payment Date raised by the Company in accordance with Section 2.05, except that the Company may pay interest for the current Interest Period from any source of funds. Notwithstanding the foregoing, the Company may pay accrued and unpaid interest on the ICONs from any source on the Maturity Date, the Acceleration Date, or upon the occurrence of a Business Combination. (ii) Upon payment of all accrued and unpaid deferred interest on the ICONs, the Company may again elect to defer interest as provided in Section 2.02(e), but in no event may any Optional Deferral Period extend beyond the Maturity Date.

Optional Deferral. Subject to Section 2.03 (Dividend Stopper), and so a) So long as no Event of Default has occurred and is continuing, the Company may (i) defer one or more payments of interest on Issuer shall have the ICONs right, at any time and from time to time for up during the term of the Notes, to five consecutive years, and (ii) subject elect to Section 2.05 (Alternative Payment Mechanism), may defer one payment of all or more payments any portion of interest any Current Interest or Deferred Interest otherwise due on the ICONs for up to ten consecutive yearsNotes on any Interest Payment Date (an “Optional Deferral”); provided, however, that the Issuer may not (i) elect to defer payment of any interest otherwise due on any Interest Payment Date if, as a result of such deferral, the Issuer shall have deferred payment of some or all of the interest due on a number of consecutive Interest Payment Dates with respect to a number of consecutive Interest Periods which, when taken together as a single period, would exceed ten (10) consecutive years, or (ii) elect to defer payment of any interest due on the final maturity date of the Notes, or, with respect to any Notes being redeemed, on the Redemption Date for such Notes. During an Optional Deferral Period, no interest on the Notes shall be due and payable until the end of such Optional Deferral Period (except upon a redemption of the Notes during such period); however, interest shall end accrue on a date other than the Notes during such period in accordance with Sections 2.06(a), 2.06(b) and 2.06(e). (b) Following the termination of an Interest Payment Date, nor shall any Optional Deferral Period extend beyond and the Final Maturity Date. payment of all Deferred interest Interest accrued during such Optional Deferral Period, the Issuer may again elect pursuant to Section 4.01(a) to make an Optional Deferral. (c) On the Interest Payment Date on which the ICONs will continue Issuer desires to accrue during any terminate an Optional Deferral Period or at the then-applicable interest rate, compounded on each Interest Payment Date to the extent permitted by applicable law (“Compounded Interest”). Subject to Section 2.05 (Alternative Payment Mechanism), no interest will be due an payable on the ICONs until the end of an Optional Deferral Period except upon a redemption pursuant to clause (ii) of the ICONs or the acceleration definition of the ICONs following an Event of Default during an “Optional Deferral Period. With respect to each Optional Deferral Period,” the Issuer shall pay all Current Interest, the Company shall deliver Deferred Interest and, to the Trustee written notice of any optional deferral pursuant to this clause at least 15 and not more than 30 Business Days prior extent permitted by applicable law, Additional Interest. Such interest shall be payable to the relevant Interest Payment Date (“Deferral Notice”). Upon delivery Holders of any Deferral Notice to the Trustee, such notice shall become irrevocable. (i) On any Interest Payment Date during an Optional Deferral Period, Notes in whose names the Company covenants not to pay any accrued and unpaid interest (including Compounded Interest) 5 Notes are registered in the Debt Security Register for the Notes on the ICONs except on an Interest Payment Regular Record Date and except in an aggregate amount for each Interest Payment Date that does not exceed the Eligible Proceeds with respect to such Interest Payment Date raised by the Company in accordance with Section 2.05, except that the Company may pay interest for the current Interest Period from any source of funds. Notwithstanding the foregoing, the Company may pay accrued and unpaid interest on the ICONs from any source on the Maturity Date, the Acceleration Date, or upon the occurrence of a Business Combination. (ii) Upon payment of all accrued and unpaid deferred interest on the ICONs, the Company may again elect to defer interest as provided in Section 2.02(e), but in no event may any Optional Deferral Period extend beyond the Maturity Date.

Optional Deferral. Subject to Section 2.03 (Dividend Stopper), and so a) So long as no Event of Default has occurred and is continuing, the Company may (i) defer one or more payments of interest on Issuer shall have the ICONs right, at any time and from time to time for up during the term of the Notes, to five consecutive years, and (ii) subject elect to Section 2.05 (Alternative Payment Mechanism), may defer one payment of all or more payments any portion of interest any Current Interest or Deferred Interest otherwise due on the ICONs for up to ten consecutive yearsNotes on any Interest Payment Date (an “Optional Deferral”); provided, however, that the Issuer may not (i) elect to defer payment of any interest otherwise due on any Interest Payment Date if, as a result of such deferral, the Issuer shall have deferred payment of some or all of the interest due on a number of consecutive Interest Payment Dates with respect to a number of consecutive Interest Periods which, when taken together as a single period, would exceed ten (10) consecutive years, or (ii) elect to defer payment of any interest due on the final maturity date of the Notes, or, with respect to any Notes being redeemed, on the Redemption Date for such Notes. During an Optional Deferral Period, no interest on the Notes shall be due and payable until the end of such Optional Deferral Period (except upon a redemption of the Notes during such period); however, interest shall end accrue on a date other than the Notes during such period in accordance with Sections 2.06(a), 2.06(b) and 2.06(e). (b) Following the termination of an Interest Payment Date, nor shall any Optional Deferral Period extend beyond and the Final Maturity Date. payment of all Deferred interest Interest accrued during such Optional Deferral Period, the Issuer may again elect pursuant to Section 4.01(a) to make an Optional Deferral. (c) On the Interest Payment Date on which the ICONs will continue Issuer desires to accrue during any terminate an Optional Deferral Period or at the then-applicable interest rate, compounded on each Interest Payment Date to the extent permitted by applicable law (“Compounded Interest”). Subject to Section 2.05 (Alternative Payment Mechanism), no interest will be due an payable on the ICONs until the end of an Optional Deferral Period except upon a redemption pursuant to clause (ii) of the ICONs or the acceleration definition of the ICONs following an Event of Default during an “Optional Deferral Period. With respect to each Optional Deferral Period,” the Issuer shall pay all Current Interest, the Company shall deliver Deferred Interest and, to the Trustee written notice of any optional deferral pursuant to this clause at least 15 and not more than 30 Business Days prior extent permitted by applicable law, Additional Interest. Such interest shall be payable to the relevant Interest Payment Date (“Deferral Notice”). Upon delivery Holders of any Deferral Notice to the Trustee, such notice shall become irrevocable. (i) On any Interest Payment Date during an Optional Deferral Period, Notes in whose names the Company covenants not to pay any accrued and unpaid interest (including Compounded Interest) Notes are registered in the Security Register for the Notes on the ICONs except on an Interest Payment Regular Record Date and except in an aggregate amount for each Interest Payment Date that does not exceed the Eligible Proceeds with respect to such Interest Payment Date raised by the Company in accordance with Section 2.05, except that the Company may pay interest for the current Interest Period from any source of funds. Notwithstanding the foregoing, the Company may pay accrued and unpaid interest on the ICONs from any source on the Maturity Date, the Acceleration Date, or upon the occurrence of a Business Combination. (ii) Upon payment of all accrued and unpaid deferred interest on the ICONs, the Company may again elect to defer interest as provided in Section 2.02(e), but in no event may any Optional Deferral Period extend beyond the Maturity Date.