So long as no Event of Default (as defined under “Description of the Notes—Events of Default”) has occurred and is continuing, we have the right to defer the interest payable on the notes for one or more Optional Deferral Periods (as defined under “Description of the Notes—Optional Interest Deferral”) of up to five consecutive years. Such deferral will not constitute an Event of Default with respect to the notes or any other breach under the indenture (as defined below under “—Indenture”). We may not defer interest beyond the maturity date of the notes, any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption in full of the notes. During an Optional Deferral Period, interest will continue to accrue on the notes at the interest rate described above, compounded on each subsequent interest payment date, subject to applicable law, until paid. If we have paid all deferred interest on the notes (including compounded interest thereon), we can again defer the interest payable on the notes as described above. There is no limit on the number of Optional Deferral Periods that may occur.
