Payment Blockage Period. 6 Person ............................................... 6
Payment Blockage Period. 7 Person....................................................... 7 PIK Securities............................................... 7
Payment Blockage Period. Section 6.2................................... 36
Payment Blockage Period. 11.01(b) Payment Blockage Notice.......................................................................... 11.01(b) Payment Default.................................................................................. 11.01(b) Principal Value Conversion....................................................................... 10.02
Payment Blockage Period. 20 7.4 Acceleration of Subordinated Notes .....................20 7.5 Insolvency, Bankruptcy, etc ............................21 7.6 Maturity or Acceleration of Senior Debt ................22 7.7
Payment Blockage Period. During any Payment Blockage Period, unless and until all Senior Debt shall have been paid in full, or each Blockage Default shall have been remedied or waived or shall have ceased to exist, no direct or indirect payment (in cash, property or securities or by set-off or otherwise) shall be made or agreed to be made by or on behalf of the Company or from any of its properties or from any other source on account of the principal of, or interest on any Note, or in respect of any prepayment, redemption, retirement, purchase or other acquisition of any of the Notes or of any judgment for any of the foregoing; provided that, the Company shall promptly inform each holder of the Notes of the existence of such Blockage Default, specifying whether such Blockage Default(s) is a Senior Payment Default(s) and/or a Senior Covenant Default(s) and describing such Blockage Default(s) with particularity; provided further, that any such failure on the part of the Company to so notify each holder of the Notes of any such Blockage Default(s) shall not in any way affect the validity of the Payment Blockage Period.
Payment Blockage Period. (a) Senior Lender may issue a Payment Blockage Notice if a Default exists under the Senior Debt Documents.
(b) Senior Lender may issue any number of Payment Blockage Notices in respect of a Default under the Senior Debt Documents.
(c) Senior Lender may not issue a new Payment Blockage Notice during an existing Payment Blockage Period.
(d) Senior Lender is not obligated to send a Payment Blockage Notice upon the occurrence of a Default under the Senior Debt Documents, and Senior Lender may send a notice of Default without invoking a Payment Blockage Period.
(e) Once a Payment Blockage Period ends, to the extent permitted by Section 2, Borrower may resume making, and Subordinated Lender may receive, regularly scheduled principal and interest payments (but not mandatory or voluntary prepayments except with the prior written consent of Senior Lender) in respect of the Subordinated Debt (including, without limitation, those payments that were suspended during the Payment Blockage Period) when due and payable, together with any outstanding and past due interest payments, all as set forth in the Subordinated Debt Documents; provided, that such payments do not create a Default under the Senior Debt Documents.
(f) 4(f) Notwithstanding anything to the contrary in the Subordinated Debt Documents and except as provided below, during a Payment Blockage Period, the failure of Borrower to make any payment due in respect of the Subordinated Debt as a result of the effect of this Agrement may not be the sole basis for Subordinated Lender’s right, prior to the expiration of the Payment Blockage Period, to (i) declare a Default under the Subordinated Note or any other Subordinated Debt Document, and such failure to make a payment during the Payment Blockage Period shall not constitute a Default under the Subordinated Note or any other Subordinated Debt Document, or (ii) receive a penalty or default rate of interest under the Subordinated Debt Documents; provided, however, that following the expiration or termination of the Payment Blockage Period, all accrued and unpaid payments due under the Subordinated Note or any other Subordinated Debt Documents that have not been paid during the applicable Payment Blockage Period shall be paid in full within thirty (30) days following the expiration or termination of such Payment Blockage Period, unless and to the extent that any such payment would result in a Default under the Senior Debt Documents; and provided, further that if Borro...
Payment Blockage Period. 6 Person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Payment Blockage Period. The term "Payment Blockage Period" shall be any period commencing on the date of receipt by the Subordinated Lender from the Senior Lender (with a copy to the Companies and WC Holdings) of a written notice specifying that a Senior Payment Default has occurred and is continuing (and a brief description thereof) and ending on the earlier to occur of: (a) the date on which such Senior Payment Default has been cured, or waived in writing by the Senior Lender, or the Payment Blockage Period shall have been terminated by written notice to the Subordinated Lender from the Senior Lender; (b) the date on which the Senior Indebtedness is paid in full and the obligation of the Senior Lender to extend further credit to the Companies under the Senior Loan Documents is terminated; and (c) the commencement of a Reorganization, in which case the provisions of Section 3.3 hereof shall apply.
