Common use of Deferral of Interest Payments Clause in Contracts

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 10 consecutive semi-annual periods (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 10 consecutive semi-annual periods. 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 Date on which an Extension Period that is being extended would otherwise terminate, or (ii) the date the Company is required to give notice to the New York Stock Exchange or other applicable self-regulatory organization of the record date or the date such payments are payable. At the time any of the foregoing notices are given to the Trustee, the Company shall give to the Paying Agent for the Debentures such information as said Paying Agent shall reasonably require in order to fulfill tax reporting obligations with respect to such Debentures.

Deferral of Interest Payments. So long as no Event of Default has occurred and is continuing, the The Company has the right at any time and to defer payments of interest on the Series B Debentures by extending the interest payment period from time to time to extend on the interest payment period of the Series B Debentures for up to 10 consecutive semi-annual periods (each, an “Extension Period”). During an Extension Period), but interest will continue to accrue on the Series B Debentures. If the Company decides to defer interest payments on the Series B Debentures, the Extension Period shall not exceed five consecutive years. An Extension Period shall not extend beyond the Stated Maturitystated maturity of the Series B Debentures. Prior to the termination of any such Extension Period, the Company may further extend the defer payments of interest payment period, provided that such the Extension Period, together with all such previous and further extensions of that Extension Periodthereof, shall may not exceed 10 five consecutive semi-annual periodsyears. There could be multiple Extension Periods of varying lengths throughout the term of the Series B Debentures. 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 Series B 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 If the Company shall have given notice of its election to select any Extension Period, the Company shall not (i1) declare or pay any dividend dividends or distribution distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock or stock, (ii2) make any payment of interest, principal of or interest or premium, if any, on or repay, repurchase or redeem any of its debt securities that rank equally with, or junior to, the Series B Debentures, or (3) make any guarantee payments with respect to any guarantee issued by the Company that rank pari passu if such guarantee ranks equally with, or junior to, the Series B Debentures, other than, in each case, repurchases, redemptions or other acquisitions of shares of its: (i) capital stock in connection with any employment contract, benefit plan or other similar arrangement with or junior to for the Debentures benefit of any one or more employees, officers, directors or consultants or in connection with a dividend reinvestment or shareholder stock purchase plan; (other than (aii) dividends as a result of an exchange or distributions in common conversion of any class or series of the Company’s capital stock, or any capital stock of a subsidiary of the Company, for any class or series of the Company’s capital stock or of any class or series of the Company’s then outstanding indebtedness for any class or series of the Company’s capital stock; (biii) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of the capital stock or the security being converted or exchanged; (iv) payments under any guarantee executed and delivered by the Company concurrently with the issuance of any Preferred Securities; (v) any declaration of a dividend in the form of capital stock in connection with the implementation of a any shareholders' ’ rights plan, or the issuance of rights to capital stock under any such plan in the futureshareholders’ rights plan, or the redemption or repurchase of rights pursuant to any such plan; or (vi) any dividend in the form of stock, warrants, options or other rights pursuant theretowhere the dividend stock or the stock issuable upon exercise of the warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks on a parity with or junior to the stock, if at such time (i) the Company has actual knowledge of any event that (a) with the giving of notice or the lapse of time, or both, would constitute an event of default under the applicable indenture, and (cb) purchases the Company has not taken reasonable steps to cure the same; (ii) the Company is in default with respect to payment of common stock related to any obligations under any guarantee executed and delivered concurrently with the issuance of common stock or rights under any of the Company's benefit plans)Preferred Securities; or (iii) an extension period is continuing. The Company shall give the Holder or Holders of the Debentures Series B Debentures, the Trustee, the Remarketing Agent and the Trustee noticeCalculation Agent, notice as provided in Sections 105 and 106, respectively, of the Original Indenture, 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 Date on which an Extension Period that is being extended would otherwise terminate, or (ii) the date the Company or the Trust is required to give notice to the New York Stock Exchange or other any applicable self-regulatory organization of the record date or the date such payments distributions are payable. The Company shall cause the Trust to give notice of the Company’s selection of such Extension Period to Holders of the Trust Securities, the Calculation Agent and the Remarketing Agent. At the any time any of the foregoing notices are given to the Trustee, the Company shall give to the Paying Agent for the Series B Debentures such information as said Paying Agent shall reasonably require in order to fulfill its tax reporting obligations with respect to such Series B Debentures.

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 10 20 consecutive semi-annual periods 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 10 20 consecutive semi-annual periodsquarters. 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 Date on which an Extension Period that is being extended would otherwise terminate, or (ii) the date the Company is required to give notice to the New York Stock Exchange or other applicable self-regulatory organization of the record date or the date such payments are payable. At the time any of the foregoing notices are given to the Trustee, the Company shall give to the Paying Agent for the Debentures such information as said Paying Agent shall reasonably require in order to fulfill tax reporting obligations with respect to such Debentures.