Common use of Deferrals of Interest Payment Dates Clause in Contracts

Deferrals of Interest Payment Dates. If specified as contemplated by Section 201 or Section 301 with respect to the Securities of a particular series, so long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time during the term of such series, from time to time to defer the payment of interest on such Securities for such period or periods and upon the terms as may be specified as contemplated by Section 301 (each, an “Extension Period”) during which Extension Periods the Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period shall end on a date other than an Interest Payment Date. At the end of any such Extension Period the Company shall pay all interest then accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at the rate specified for the Securities of such series to the extent permitted by applicable law); provided, however, that no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities of such series. The Company shall give the Trustee prior written notice of its election to begin any such Extension Period as specified pursuant to Section 301 at least one Business Day prior to the next succeeding Interest Payment Date on which interest on Securities of such series would be payable but for such deferral. The Trustee, at the expense of the Company, shall promptly give notice of the Company’s election to begin any such Extension Period to the Holders of the Outstanding Securities of such series.