No Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of Default, and until such Event of Default is cured or waived, no Obligor shall make, and no Obligor shall accept or receive, any Subordinated Debt Payment.
No Payment Upon Senior Debt Defaults. Upon the occurrence and during the continuance of any Event of Default, no Debtor Obligor shall make, and no Creditor Obligor shall accept or receive, any Subordinated Debt Payment. For the avoidance of doubt, once such Event of Default is no longer continuing, and so long as no other Event of Default has occurred and is continuing, any Debtor Obligor may make and any Creditor Obligor may accept or receive any Subordinated Debt Payment, including Subordinated Debt Payments scheduled for the period of time when such Event of Default existed to the extent such Subordinated Debt Payments are permitted to be made under the Credit Agreement.
No Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of Default, and until such Event of Default is cured or waived, each Obligor shall not make, and each other Obligor shall not accept or receive, any Subordinated Debt Payment.
No Payment Upon Senior Debt Defaults. Upon the occurrence and during the continuance of any Event of Default with respect to any Senior Debt and the Subordinated Creditor for Subordinated Debt shall have received written notice from the Agent, each Subordinated Creditor shall not make, and each other Subordinated Creditor shall not accept or receive, any Subordinated Debt Payment.
No Payment Upon Senior Debt Defaults. Upon the occurrence and during the continuance of any unwaived Event of Default with respect to any Senior Debt and the receipt by the Borrower and the Subordinated Party of written notice from Senior Lender of an Event of Default, the Borrower shall not make, and the Subordinated Party shall not accept or receive, any Subordinated Debt Payment or Permitted Junior Securities Payments.
No Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of Default, and until such Event of Default is cured or waived, except for Subordinated Debt Payments made (i) to a Borrower or (ii) in connection with any transaction permitted under Section 7.3(i) of the Second Amended and Restated Loan and Security Agreement, no Obligor shall make, and no Obligor or Subsidiary shall accept or receive, any Subordinated Debt Payment.
No Payment Upon Senior Debt Defaults. Upon the occurrence and during the continuance of any Event of Default, and until such Event of Default is cured or waived in accordance with the Credit Agreement, upon written notice from the Agent to the Borrower affirmatively electing to exercise its rights to block payments permitted under this Section 4, no Debtor Obligor shall make, and no Creditor Obligor shall accept or receive, any Subordinated Debt Payment. For the avoidance of doubt, once such Event of Default is cured or waived, and so long as no other Event of Default has occurred and is continuing, any Debtor Obligor may make and any Creditor Obligor may accept or receive any Subordinated Debt Payment, including payments scheduled for the period of time when such Event of Default existed to the extent permitted by the Credit Agreement.
No Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of Default, and until such Event of Default is cured or waived in accordance with the terms of the Credit Agreement, each Obligor shall not make, and each Creditor shall not accept or receive, any Subordinated Debt Payment; provided, however, notwithstanding the foregoing, (i) any Creditor that is not a Borrower may pay to a Borrower, and such Borrower may accept and receive, payments on account of any Subordinated Debt owed to such Borrower so long as such payments are remitted to a Cash Management Account and (ii) any Creditor that is not a Borrower or a Guarantor may pay to a Guarantor, and such Guarantor may accept and receive, payments on a account of any Subordinated Debt owed to such Guarantor so long as such payments are remitted to a Cash Management Account.
No Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of Default, and until such Event of Default is cured or waived, no Loan Party shall make, and no other Loan Party shall accept or receive, any Subordinated Debt Payment.
No Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of Default, and until such Event of Default is cured or waived in accordance with the terms of the Loan Agreement, no Loan Party shall make, and no Subordinated Party shall accept or receive, any Subordinated Debt Payment; provided, however, notwithstanding the foregoing, any Loan Party that is not a Borrower may pay to a Borrower, and a Borrower may accept and receive payments on account of any Subordinated Debt owed to such Borrower so long as such payments are remitted to the Designated Deposit Account.
