EXTENSION OF INTEREST PAYMENT Clause Samples
The Extension of Interest Payment clause allows for the postponement of scheduled interest payments under certain conditions. Typically, this clause outlines the circumstances under which a borrower may delay interest payments, such as during financial hardship or specific events, and may specify any additional interest or penalties that accrue during the extension period. Its core practical function is to provide flexibility for borrowers facing temporary cash flow issues while ensuring that lenders are compensated for the delay, thereby balancing the interests of both parties.
EXTENSION OF INTEREST PAYMENT. The Company shall have the right at any time, so long as the Company is not in default in the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all Securities of one or more series, if so specified as contemplated by Section 301 with respect to such Securities and upon such terms as may be specified as contemplated by Section 301 with respect to such Securities.
EXTENSION OF INTEREST PAYMENT. The Company shall have the right at any time, so long as the Company is not in default in the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all Securities of one or more series, if so specified as contemplated by Section 301 with respect to such Securities and upon such terms as may be specified as contemplated by Section 301 with respect to such Securities. If the Company ever so extends any such interest payment period, the Company shall promptly notify the Trustee in writing.
EXTENSION OF INTEREST PAYMENT. PERIOD SECTION 4.1. Extension of Interest Payment Period . . . . . . . . . 12 SECTION 4.2.
EXTENSION OF INTEREST PAYMENT. The Company shall have the right at any time, so long as the Company is not in default in the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all Securities of one or more series, if so specified as contemplated by Section 301 with respect to such Securities and upon such terms as may be specified as contemplated by Section 301 with respect to such Securities. ARTICLE FOUR Redemption of Securities Section 401. Applicability of Article. Securities of any series, or any Tranche thereof, which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of such series or Tranche) in accordance with this Article.
EXTENSION OF INTEREST PAYMENT. The Company shall have the right at any time, to extend interest payment periods on all the Securities of any series hereunder, if so specified as contemplated by Section 301 with respect to such Securities and upon such terms as may be specified as contemplated by Section 301 with respect to such Securities. The Company in issuing the Securities may use CUSIP, ISIN or other similar numbers (if then generally in use), and, if so, the Company, the Trustee or the Security Registrar may use CUSIP, ISIN or such other numbers in notices or redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, in which case none of the Company or, as the case may be, the Trustee or the Security Registrar, or any agent of any of them, shall have any liability in respect of any CUSIP, ISIN or other number used on any such notice, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee and Security Registrar of any change in the CUSIP, ISIN or other such number. Security Agreement
EXTENSION OF INTEREST PAYMENT. The Company shall have the right at any time, so long as the Company is not in default in the payment of interest on the Debt Securities of any series hereunder, to extend interest payment periods on all Debt Securities of one or more series, or Tranches thereof, if so specified as contemplated by Section 301 with respect to such Debt Securities and upon such terms as may be specified as contemplated by Section 301 with respect to such Debt Securities.]* ---------------------- * Bracketed language will be inserted in the Indenture under which subordinated Debt Securities will be issued.
EXTENSION OF INTEREST PAYMENT. PERIOD Section 4.1. Extension of Interest Payment Period Section 4.2. Notice of Extension Section 4.3. Limitation on Transactions
EXTENSION OF INTEREST PAYMENT a. Notwithstanding any provision to the contrary in the Applicable Transaction Documents, the Company’s obligation to make the interest payment under the Notes and the Facility Agreement, as amended, due on April 1, 2013, (the “April 1 Interest Payment”), shall be extended to April 2, 2013. For purposes of clarity, interest at the Interest Rate (as defined in the Facility Agreement) shall accrue on the amount of the April 1 Interest Payment until paid. Furthermore, for purposes of calculating the number of shares of Common Stock to be issued in lieu of any cash interest payment as provided in Section 2.9(c) of the Facility Agreement, all references to Interest Payment Date shall mean, solely with respect to this April 1 Interest Payment, April 2, 2013. Notwithstanding the change in the April 1 Interest Payment date, the Company shall, solely with respect to this April 1 Interest Payment, have no further obligation to deliver any notice of interest payment or make any public disclosure of the same on a Current Report on Form 8-K as provided in Section 2.9 of the Facility Agreement.
EXTENSION OF INTEREST PAYMENT. The Company shall have the right at any time, so long as no Event of Default hereunder has occurred and is continuing with respect to the Securities of any series, to extend interest payment periods (i.e., defer interest payments) from time to time on all Securities of such series, if so specified as contemplated by Section 301 with respect to such Securities and upon such terms as may be specified as contemplated by Section 301 with respect to such Securities. The Company shall give prompt written notice (upon which the Trustee may conclusively rely) to the Trustee in advance of any exercise of the right to extend interest payment periods pursuant to this Section, and such notice shall describe the Securities to which such extension relates and the Interest Payment Date for such Securities following such extension. DB1/ 154080392.9 -28- SECTION 313. CUSIP Numbers. The Company in issuing the Securities of any series may use CUSIP, ISIN or other similar identifying numbers (if then generally in use), and, if so, the Company, the Trustee or the Security Registrar may use CUSIP, ISIN or such other identifying numbers in notices or redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, in which case none of the Company or, as the case may be, the Trustee or the Security Registrar, or any agent of any of them, shall have any liability in respect of any CUSIP, ISIN or other number used on any such notice, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee and Security Registrar of any change in the CUSIP, ISIN or other such number. ARTICLE FOUR Redemption of Securities SECTION 401. Applicability of Article. Securities of any series, or any Tranche thereof, which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of such series or Tranche) in accordance with this Article. SECTION 402.
EXTENSION OF INTEREST PAYMENT. PERIOD Section 4.1. Extension of Interest Payment Period................................................. 16 Section 4.2.