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Payment Blockage Sample Clauses

Payment Blockage. Each Subsidiary Guarantor agrees that it shall not make any payment in respect of its Guarantee (except for certain Trustee expenses and except in Permitted Junior Securities or from the trust (if any) described in Section 8.04) if: (a) a payment default on Designated Senior Debt of such Subsidiary Guarantor has occurred and is continuing beyond any applicable grace period; or (b) any other default occurs and is continuing on any Designated Senior Debt of such Subsidiary Guarantor that permits the holders of that Designated Senior Debt to accelerate its maturity and the Trustee receives a notice of such default (a “Payment Blockage Notice”) from the Issuer or the holders of such Designated Senior Debt. Payments on any such Guarantee of a Subsidiary Guarantor shall and will be resumed: (i) in the case of a payment default, when such default is cured or waived; or (ii) in the case of a non-payment default, upon the earlier of the date on which such non-payment default is cured or waived and 179 days after the date on which the applicable Payment Blockage Notice is received, unless the maturity of any Designated Senior Debt has been accelerated. Neither the Trustee, the Issuers nor any such Subsidiary Guarantor shall be required to give effect to any new Payment Blockage Notice that may be delivered unless and until (A) 360 days have elapsed since the delivery of the immediately prior Payment Blockage Notice and (B) all scheduled payments of principal, premium, if any, and interest on the Notes that have come due have been paid in full in cash. No non-payment default that existed or was continuing on the date of delivery of a Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.
Payment Blockage. No direct or indirect payment (excluding any payment or distribution of Permitted Junior Securities) by or on behalf of the [Credit Party] of principal of or interest on the Subordinated Debt Instruments, whether pursuant to the terms of the Subordinated Debt Instruments, upon acceleration, pursuant to an offer to purchase or otherwise, shall be made if, at the time of such payment, there exists a default in the payment of all or any portion of the obligations on any Designated Senior Indebtedness, whether at maturity, on account of mandatory redemption or prepayment, acceleration or otherwise, and such default shall not have been cured or waived or the benefits of this sentence waived by or on behalf of the holders of such Designated Senior Indebtedness. In addition, during the continuance of any non-payment event of default with respect to any Designated Senior Indebtedness pursuant to which the maturity thereof may be immediately accelerated, and upon receipt by the [Debtholders] [Subordinated Debt Trustee] of written notice (a “Payment Blockage Notice”) from the holder or holders of such Designated Senior Indebtedness or a trustee or agent acting on behalf of such Designated Senior Indebtedness, then, unless and until such non-payment event of default has been cured or waived or has ceased to exist or such Designated Senior Indebtedness has been discharged or repaid in full in cash or the benefits of these provisions have been waived by the holders of such Designated Senior Indebtedness, no direct or indirect payment (excluding any payment or distribution of Permitted Junior Securities) shall be made by or on behalf of the [Credit Party] of principal of or interest on the Subordinated Debt Instruments, to such holders, during a period (a “Payment Blockage Period”) commencing on the date of receipt of such notice by [the Debtholders] [the Subordinated Debt Trustee] and ending 179 days thereafter. Notwithstanding anything herein or in the Subordinated Debt Instruments to the contrary, (x) in no event shall a Payment Blockage Period extend beyond 179 days from the date the Payment Blockage Notice in respect thereof was given, (y) there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect and (z) not more than one Payment Blockage Period may be commenced with respect to the Subordinated Debt Instruments during any period of 360 consecutive days. No non-payment event of default that existed o...
Payment Blockage. Each Company Party hereby acknowledges that on November 4, 2015, the Agents delivered a Blockage Notice (as defined in the Indenture) to the indenture trustee to the holders of the Subordinated Notes thereby commencing a Payment Blockage Period (as defined in the Indenture), which Payment Blockage Period remains in full force and effect.
Payment Blockage. If an Event of Default occurs and is continuing under the Indenture and the Notes, then no cash interest payments on account of the Loan shall be made during the period commencing on the earliest date the Trustee, HomeFed, the JCE or the NCE receives notice of, or otherwise becomes aware of, such Event of Default. Payments required under the Conditional Visa Denial Acceleration Obligation, the Provisional Refund Guaranty Agreement and HomeFed Expense Advancements may continue during such Event of Default.
Payment Blockage. Until the Senior Indebtedness shall have been paid in full in cash, stock or property acceptable to Senior Creditor and the Senior Indebtedness shall have been terminated pursuant to the respective terms and provisions thereof, no payments (in cash, other property, by set-off or otherwise) or other distributions whatsoever in respect of any Junior Indebtedness shall be made.
Payment Blockage. May Not Be Impaired by Parent. No right of any holder of Bank Indebtedness to enforce the payment blockage of the Obligations of Parent shall be impaired by any act or failure to act by Parent or by its failure to comply with this Indenture.
Payment Blockage. No payment or distribution shall be made on account of any Trident Debt, except for current interest at the non-default rate, or in respect of any redemption, retirement, purchase or other acquisition by the Company of any Trident Debt, at any time during which FEQ shall have notified Trident that any FEQ Debt shall have been declared due and payable prior to or upon its stated final maturity or otherwise and remains unpaid.
Payment Blockage. So long as the Discharge of First Lien Obligations has not occurred: (a) if an Event of Default under Section 9.1(a) (Nonpayment) of the First Lien Credit Agreement occurs and is continuing and the Second Lien Collateral Agent has received written notice from the First Lien Collateral Agent (a “Blockage Notice”); or (b) any Second Lien Agent or any other Second Lien Secured Party (i) receives a payment of cash interest in excess of the Cash Interest Payment permitted for the applicable period, (ii) is the beneficiary of a Capitalized Interest Payment in excess of that permitted for the applicable period or (iii) receives any payment in contravention of the terms hereof and, in each case, the Second Lien Collateral Agent has received a Blockage Notice, then no payments on account of the Second Lien Obligations (other than Expense Amounts due under the Second Lien Credit Agreement to any Agent thereunder (and as defined therein), which amounts shall be paid if and when due under the terms of the Second Lien Credit Agreement) shall be made until (y) in the case of a payment blockage in accordance with clause (a) of this Section 2.03, until the earlier to occur of (1) the 121st day after the date the applicable Blockage Notice was delivered and (2) the date on which such Event of Default is waived or otherwise cured in accordance with the terms of the First Lien Credit Agreement or (z) in the case of a payment blockage in accordance with clause (b) of this Section 2.03, until the earlier to occur of (1) the 121st day after the date the applicable Blockage Notice was delivered and (ii) the date on which either of the following occur, as applicable: (1) such excess amount of the Cash Interest Payment or the amount of the contravening payment, as applicable, is transferred to the First Lien Collateral Agent for the benefit of the First Lien Secured Parties in accordance with Section 4.02 or (2) the excess amount of the Capitalized Interest Payment is reversed or otherwise corrected as between the Borrowers and the applicable Second Lien Lender.
Payment Blockage. Each Guarantor agrees that it shall not make any payment in respect of its Guarantee (except in Permitted Junior Securities or from the trust (if any) described in Section 8.04) if: (a) a payment default on Designated Senior Debt of such Guarantor has occurred and is continuing beyond any applicable grace period; or (b) any other default occurs and is continuing on any Designated Senior Debt of such Guarantor that permits the holders of that Designated Senior Debt to accelerate its Maturity and the Trustee receives a notice of such default (a “Payment Blockage Notice”) from the Issuer or the holders of such Designated Senior Debt. Payments on any such Guarantee of a Guarantor shall and will be resumed:
Payment Blockage. In circumstances in which Section 2.6 does not apply, Subordinate Lender will not be entitled to receive or retain any direct or indirect payment (in cash, property, by set-off or otherwise) from the Borrower of or on account of any Subordinate Obligations: (a) during the first one hundred twenty (120) days following the occurrence and continuation of a monetary Senior Default which has not been cured; or (b) during the period immediately following the date on which Senior Lender has commenced legal proceedings to enforce its remedies pursuant to a monetary default under the Senior Loan Documents; or (c) during the period where there has occurred and is continuing a material non-monetary Senior Default which has not been waived by the Senior Lender and with respect to which the Senior Lender has commenced legal proceedings and so notified the Subordinate Lender. Each of the foregoing subsections (a), (b) and (c) is intended to constitute a separate and independent basis for prohibiting each Subordinate Party from receiving or retaining payment from the Borrower on account of the Subordinate Obligations.