Payment Blockage. (i) In the event of any Event of Default (as defined in the Senior Credit Agreement) in the payment of principal of or premium or interest on, or any other amount owing with respect to, any Senior Debt, whether at maturity, by acceleration or otherwise ("Payment Default") or (b) in the event that any Event of Default (as defined in the Senior Credit Agreement) (other than an event described in clause (a)) (a "Non-Payment Default") with respect to any Senior Debt shall have occurred and be continuing, permitting the holder of such Senior Debt to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable, then no payment or distribution of any kind or character whether in cash, property or securities shall be made by any Debtor Party or any other Person on account of the Subordinated Obligations, and no such payment or distribution shall be accepted by any Lender, directly or indirectly, by set-off or otherwise (x) in the case of any Payment Default from the date the Lender Representative first received a written notice from the Senior Debt Representative of such Payment Default until the earlier of (1) the date upon which the Senior Debt shall be paid in full in cash or in the case of Senior Debt in respect of letters of credit to the extent they have not been drawn upon, shall be fully secured by cash collateral or (2) the date, if any, on which such Payment Default is cured or waived in writing by the Senior Debt Holders or (y) in the case of any Non-Payment Default, from the date the Lender Representative first received a written notice from the Senior Debt Representative of such Non-Payment Default and that the Senior Debt Representative intends that a Payment Blockage Period (as defined 36 41 hereinafter) is to commence until the earliest of (1) 180 days after such date, (2) the date on which the Senior Debt shall be paid in full in cash or in the case of Senior Debt in respect of letters of credit to the extent they have not been drawn upon, shall be fully secured by cash collateral or (3) the date, if any, on which such Non-Payment Default is cured or waived by the Senior Debt Holders or that the provisions of this paragraph have been waived by the Senior Debt Holders (any such period described in clauses (x) or (y) shall be referred to as a "Payment Blockage Period"), PROVIDED that: (1) during any consecutive 12-month period, no more than two Payment Blockage Periods relating to any Non-Payment...
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:
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:
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. (a) Unless the Senior Obligations shall have been indefeasibly paid in full in cash, and except as otherwise provided in subsection (b) below, no payment or distribution of any of the assets of Genesis or any Affiliate of Genesis shall be made by Genesis or any Affiliate of Genesis, or received or accepted by any Subordinated Creditor, in respect of the Subordinated Obligations:
Payment Blockage. No payment by the Guarantor on the Guaranteed ---------------- Obligations (whether pursuant to the terms of the Guaranteed Obligations or upon acceleration or otherwise) shall be made if, at the time of any such payment, there exists a default in the payment of any Senior Guaranteed Obligations (a "Senior Payment Default"), and such Senior Payment Default shall not have been cured or waived by or on behalf of the holders of such Senior Guaranteed Obligations. In addition, during the continuance of the breach of any provision in Article VII of the Senior Credit Agreement ("Financial Covenant Default"), upon the giving by the Senior Administrative Agent of written notice to the Administrative Agent of such breach, no such payment may be made by the Guarantor upon the Guaranteed Obligations for a period (the "Blockage Period") commencing on the date of the giving of such notice and ending 180 days after the date of the giving of such notice. Not more than one Blockage Period may be commenced with respect to the Guaranteed Obligations during any period of 360 consecutive days. No Financial Covenant Default which existed or was continuing on the date of commencement of any Blockage Period shall be, or be made, the basis for commencement of a second Blockage Period whether within or without a period of 360 consecutive days unless such Financial Covenant Default shall have been cured for a period of not less than 30 consecutive days or waived. During any period in which payments on the Guaranteed Obligations are not restricted pursuant to this Section 10.02, the holders of the Guaranteed Obligations shall be entitled to receive payments in accordance with the terms of the Guaranteed Obligations, including any payments that were previously restricted in accordance with this Section 10.02.
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. (a) Each Subsidiary Guarantor agrees that it shall not make a payment on its Guarantee if:
Payment Blockage. A. If (i) an Event of Default under Section 8.1 (Failure to Make Payments When Due) of the Credit Agreement occurs and is continuing, (ii) an Event of Default under Section 7.6A (Minimum Interest Coverage Ratio) or Section 7.6B (Maximum Leverage Ratio) of the Credit Agreement occurs and is continuing for two consecutive fiscal quarters,(1) or (iii) the Second Lien Agent receives payment of cash interest in excess of the Cash Interest Payment permitted for the applicable period and the Second Lien Agent has received a payment blockage notice from the Administrative Agent (as distinct from the
