Non-Payment Defaults. No payment of Junior Obligations may be made by the Borrower in the event that an Event of Default other than a Payment Default (a “Non-Payment Default”) has occurred, and has not been cured or waived, provided that the Senior Agent delivers written notice (a “Blockage Notice”) to the Borrower and to the Junior Creditors directing the Borrower not to make payment of the Junior Obligations. Notwithstanding the foregoing, unless (i) the Senior Obligations have been declared due and payable in their entirety within 90 days after the Blockage Notice is given as set forth above (the “Blockage Period”) and (ii) such declaration has not been rescinded or waived upon expiration of the Blockage Period, the Borrower will be required to pay to the Junior Creditors all sums not paid to the Junior Creditors during the Blockage Period due to the prohibitions of this paragraph (and upon the making of such payments any acceleration of the Borrower’s obligations with regard to the Junior Obligations which was declared during the Blockage Period because of the Borrower’s failure to make payments due to the prohibitions in this paragraph will be of no further force or effect) and to resume all other payments due under the Junior Obligations as and when they are due. Not more than one Blockage Notice may be given in any consecutive 365 day period, irrespective of the number of defaults with respect to Senior Obligations that may occur during such period. In no event may the number of days during which any Blockage Period is, or Blockage Periods are, in effect exceed 180 days in the aggregate during any consecutive 365 day period.
Non-Payment Defaults. Except as provided in subsection (a) above, during the continuance of any Event of Default for a period of more than 30 days from the date Airgas receives notice thereof from the U.S. Agent, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall, at the discretion of the Required Lenders, bear interest, payable on demand, at a per annum rate 2% greater than the rate which would otherwise be applicable (or if no rate is applicable, whether in respect of interest, fees or other amounts, then 2% greater than the U.S. Base Rate plus the Applicable Percentage).
Non-Payment Defaults. Except as provided in Section 4.1(a), during the continuance of any Event of Default for a period of more than 30 days from the date Airgas receives notice thereof from the Agent, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall, at the discretion of the Required Lenders, bear interest, payable on demand, at the Default Rate.
Non-Payment Defaults. Upon the occurrence of an Event of Default, other than a payment default as set forth in Section 3.04.B(i) above, the interest rate on the Advance shall be the Default Rate until such Event of Default is cured. A default under Section 5.01E(ii), (iii) and (iv) shall only be considered an Event of Default thirty (30) days following such event, at which time the interest rate on the Advance shall be the Default Rate until such Event of Default is cured.
Non-Payment Defaults. During the continuance of any event of default on or in respect of Senior Notes (other than a Payment Default, when Section 11.1 shall apply) that entitles the holders of Senior Notes to accelerate the maturity of the obligations outstanding thereunder (a “Non-payment Default”), no direct or indirect payment of any kind shall be made with respect to principal or interest on the Subordinated Notes or other amounts due hereunder or thereunder, and no Subordinated Note Purchaser shall accept any such payment, for a period (a “Blockage Period”) beginning on the date on which written notice of such default (a “Blockage Notice”) is given to the Issuer and to the record Subordinated Note Purchasers by the Issuer or by the First Lien Collateral Agent and ending on the earliest to occur of the following: (a) the date on which such Non-payment Default is cured or waived or shall have ceased to exist, (b) a number of days shall have elapsed from the beginning of such Blockage Period as shall cause the total number of days elapsed under any Blockage Period in effect during any consecutive 365-day period to exceed 180 days in the aggregate; (c) the Senior Notes have been paid in full or (d) the Senior Notes shall have been accelerated. Upon termination of a Blockage Period, the Issuer shall immediately make all past-due payments (including default rate interest thereon, as applicable) and shall resume all other required payments under this Agreement or the Subordinated Notes (but only to the extent that such payments are not otherwise prohibited under the terms hereof). No single Non-payment Default may serve as the basis for more than one Blockage Notice (other than a Non-payment Default that has been cured or waived or otherwise ceased to exist for a period of 90 consecutive days); no Non-payment Default in existence on the date of delivery of a Blockage Notice shall serve as the basis for any subsequent Blockage Notice, unless such Non-payment Default shall have been cured or waived or otherwise ceased to exist for a period of 90 consecutive days; no more than one Blockage Notice shall be issued within any period of 365 consecutive days; and no more than three Blockage Notices shall be issued while the Subordinated Notes remain outstanding.
Non-Payment Defaults. (i) the Defaults and Events of Defaults asserted by the Administrative Agent and expressly referred to in that certain letter dated as of December 10, 2008 from the Administrative Agent to Borrower,
Non-Payment Defaults. Each of the following shall constitute a Non-Payment Default:
Non-Payment Defaults. Neither Isolyser nor any person on behalf of Isolyser shall, directly or indirectly, make any payment or distribution on account of the principal of, or premium or interest, if any, on this Debenture or any other Subordinated Indebtedness (whether by payment, acquisition, retirement, defeasance, redemption or otherwise) in cash or property during the period (a "Deferral Period") from the date Isolyser receives from any holder or holders of Senior Indebtedness (or a trustee or agent on behalf of such holder or holders) in accordance with the terms of such agreements or other documents evidencing such Senior Indebtedness, a notice of the existence of any default (other than a Payment Default) with respect to any Senior Indebtedness (a "Non-Payment Default") until the earliest of (i) the date such Non-Payment Default is cured (if capable of being cured) or waived in writing in accordance with the terms of such Senior Indebtedness, and (ii) the date application of this subsection 6.4.2 has been waived in writing by all holders of Senior Indebtedness (or the trustee or agent on behalf of such holders) in accordance with the terms of the agreements or other documents evidencing such Senior Indebtedness, and in the event of any Non-Payment Default, the Holder shall not (A) ask, demand or sue for axx payment, distribution or any other remedy in respect of any claim hereunder, (B) commence, or join with any other creditor in commencing, any litigation or other proceeding against Isolyser or any holder of any Senior Indebtedness, nor (C) declare any amount of this Debenture to be due and payable.
Non-Payment Defaults. Borrower fails to comply with, or to perform any other term, debt, obligation, covenant, condition, warranty or representation, contained in this Agreement, the Promissory Note, or the Mortgage, or the occurrence of any Event of Default set forth in this Agreement, the Promissory Note, or the Mortgage, other than for non-payment, and said default continues for a period of thirty (30) days or more after the date Borrower receives written notice from the Lender of such failure; provided, however, that if curing such Event of Default cannot reasonably be accomplished within said thirty (30) day period, then Borrower shall have an additional sixty (60) day period to cure such Event of Default and no Event of Default shall be deemed to exist hereunder so long as Borrower commences such cure within the initial thirty (30) days period and diligently and in good faith pursues such cure to completion within such resulting ninety (90) day period from the date of Lender’s notice.
Non-Payment Defaults. Concessionaire shall default in fulfilling any of the terms, covenants or conditions (other than those described in Section 22.1) required to be performed by this Concession Agreement and shall fail to commence and pursue with due diligence to remedy said default within thirty (30) days following receipt by the Concessionaire of a written demand from the SFRAA to do so.
