Common use of Limitation on Right of Company to Extend Interest Payment Period Clause in Contracts

Limitation on Right of Company to Extend Interest Payment Period. Notwithstanding paragraph (a) of this Section 4.01 or any other provision herein to the contrary, the Company shall have the right in its sole and absolute discretion at any time and from time to time while the Debentures are outstanding, so long as an Event of Default has not occurred and is continuing, to extend the interest payment period for up to 60 consecutive months, provided that such extended interest period shall not extend beyond the stated maturity date or redemption date of any series of Debentures, and provided further that at the end of each Extension Period the Company shall pay all interest then accrued and unpaid (provided that with respect to any series of Debentures payable other than on a monthly basis, the Company shall, at the end of each Extension Period, pay all interest then accrued and payable), together with interest thereon compounded daily to the extent permitted by applicable law at the rate per annum borne by the Debentures. Prior to the termination of an Extension Period, the Company may shorten or may further extend the interest payment period, provided that such Extension Period together with all such further extensions may not exceed 60 months. The Company shall give the Trustee notice of its selection of such extended or shortened interest payment period at least one Business Day prior to the earlier of (i) the date selected by the Company to make the interest payment or (ii) the date PECO Energy Capital is required to give notice of the record or payment date of such related distribution to any national securities exchange on which the Preferred Securities are then listed or other applicable self-regulatory organization, but in any event not less than two Business Days prior to such record date fixed by the Company for the payment of such interest. The Company shall give or cause the Trustee to give such notice of the Company's selection of such extended interest payment period to the Holders.

Limitation on Right of Company to Extend Interest Payment Period. Notwithstanding paragraph (a) of this Section 4.01 or any other provision herein to the contrary, the Company shall have the right in its sole and absolute discretion at any time and from time to time while the Debentures are outstanding, so long as an Event of Default has not occurred and is continuing, to extend the interest payment period for up to 60 consecutive months, provided that such extended interest period shall not extend beyond the stated maturity date or redemption date of any series of Debentures, and provided further that at the end of each Extension Period Period, the Company shall pay all interest then accrued and unpaid (provided that with respect to any series of Debentures payable other than on a monthly basis, the Company shall, at the end of each Extension Period, pay all interest then accrued and payable), ) (together with interest thereon compounded daily to the extent permitted by applicable law at the rate per annum borne by the Debentures). Prior to the termination of an Extension Period, the Company may shorten or may further extend the interest payment period, provided that such Extension Period together with all such further extensions may not exceed 60 months. The Company shall give the Trustee notice of its selection of such extended or shortened interest payment period at least one Business Day prior to the earlier of (i) the date selected by the Company to make the interest payment or (ii) the date PECO Energy Capital is required to give notice of the record or payment date of such related distribution to any national securities exchange on which the Preferred Securities are then listed or other applicable self-regulatory organization, but in any event not less than two Business Days prior to such record date fixed by the Company for the payment of such interest. The Company shall give or cause the Trustee to give such notice of the Company's selection of such extended interest payment period to the Holders.