Common use of Option to Defer Interest Payments Clause in Contracts

Option to Defer Interest Payments. The following provisions shall apply to the LoTSSM in lieu of Section 3.11 and the first paragraph of Section 10.7 of the Indenture: (i) The Company will have the right at any time and from time to time, to defer the payment of interest on the LoTSSM for up to 40 consecutive Interest Periods; provided that no Deferral Period will extend beyond the Final Repayment Date or the earlier repayment or redemption in full of the LoTSSM. Upon termination of any Deferral Period and upon the payment of all deferred interest then due on any Interest Payment Date, the Company may elect to begin a new Deferral Period pursuant to this Section 2.5. (ii) At the end of any Deferral Period, the Company will pay all deferred interest on the LoTSSM to the Persons in whose names the LoTSSM are registered in the Securities Register at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Deferral Period. (iii) The Company may elect to pay interest on any Interest Payment Date during any Deferral Period to the extent permitted by Section 2.5(b).