Common use of Payment Blockage Periods Clause in Contracts

Payment Blockage Periods. (a) The Administrative Agent may, while any Event of Default is continuing, give to each Subordinated Creditor a written notice ("Payment Blockage Notice") of such Event of Default and the imposition of a Payment Blockage Period pursuant to this Section 2.4. (b) With respect to each Payment Blockage Notice identifying any one or more Senior Payment Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earlier to occur of: (i) the date on which each of the Senior Payment Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (ii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Payment Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Payment Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (b). (c) With respect to each Payment Blockage Notice identifying any one or more Senior Compliance Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earliest to occur of: (i) the date that is 179 days after the commencement of such Payment Blockage Period (or such earlier date as may be required by the next sentence); (ii) the date on which each of the Senior Compliance Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (iii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Compliance Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Compliance Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (c), but the aggregate duration of all Payment Blockage Periods commenced by the Administrative Agent pursuant to this paragraph (c) during any period of 365 consecutive days shall not exceed 179 days. Notwithstanding any other provision of this paragraph (c), no Senior Compliance Event of Default which existed or was continuing on the date of the commencement of any Payment Blockage Period pursuant to this paragraph (c) shall be, or be made, the basis for the commencement of a second Payment Blockage Period pursuant to this paragraph (c).

Payment Blockage Periods. (a) The Administrative Agent may, while any Event of Default is continuing, give to each Subordinated Creditor a written notice ("“Payment Blockage Notice"”) of such Event of Default and the imposition of a Payment Blockage Period pursuant to this Section 2.4. (b) With respect to each Payment Blockage Notice identifying any one or more Senior Payment Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earlier to occur of: (i) the date on which each of the Senior Payment Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (ii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Payment Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Payment Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (b). (c) With respect to each Payment Blockage Notice identifying any one or more Senior Compliance Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earliest to occur of: (i) the date that is 179 days after the commencement of such Payment Blockage Period (or such earlier date as may be required by the next sentence); (ii) the date on which each of the Senior Compliance Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (iii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Compliance Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Compliance Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (c), but the aggregate duration of all Payment Blockage Periods commenced by the Administrative Agent pursuant to this paragraph (c) during any period of 365 consecutive days shall not exceed 179 days. Notwithstanding any other provision of this paragraph (c), no Senior Compliance Event of Default which existed or was continuing on the date of the commencement of any Payment Blockage Period pursuant to this paragraph (c) shall be, or be made, the basis for the commencement of a second Payment Blockage Period pursuant to this paragraph (c).

Payment Blockage Periods. (a) The Administrative Agent may, while any Event of Default is continuing, give to each Subordinated Creditor a written notice ("Payment Blockage Notice") of such Event of Default and the imposition of a Payment Blockage Period pursuant to this Section 2.4. (b) With respect to each Payment Blockage Notice identifying any one or more Senior Payment Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earlier to occur of: (i) the date on which each of the Senior Payment Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (ii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Payment Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Payment Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (b). (c) With respect to each Payment Blockage Notice identifying any one or more Senior Compliance Events of Default, a Payment Blockage Period shall commence on the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earliest earlier to occur of: (i) the date that is 179 days after the commencement of such Payment Blockage Period (or such earlier date as may be required by the next sentence); (ii) the date on which each of the Senior Compliance Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (iii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Compliance Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Compliance Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (c), but the aggregate duration of all Payment Blockage Periods commenced by the Administrative Agent pursuant to this paragraph (c) during any period of 365 consecutive days shall not exceed 179 days. Notwithstanding any other provision of this paragraph (c), no Senior Compliance Event of Default which existed or was continuing on the date of the commencement of any Payment Blockage Period pursuant to this paragraph (c) shall be, or be made, the basis for the commencement of a second Payment Blockage Period pursuant to this paragraph (c).

Payment Blockage Periods. Upon the occurrence of any event of default with respect to any Senior Debt permitting the Lenders (aor any requisite percentage thereof) The Administrative Agent mayto accelerate the maturity or demand payment thereof (other than a Senior Debt Payment Default), while any Event of Default is continuing, give to each Subordinated Creditor a upon written notice of such event of default given to the Company and the Purchasers by CIT or the Ableco Group Agent or any of their respective representatives (a "Payment Blockage Notice") of such Event of Default and the imposition of a Payment Blockage Period pursuant to this Section 2.4. (b) With respect to each ), which Payment Blockage Notice identifying may be given following any one such event of default, then no payment shall be made by the Company or more Senior Payment Events any of Defaultits Subsidiaries or accepted or retained by any of the Purchasers on account of any of the Subordinated Debt for a period (each, a "Payment Blockage Period shall commence Period") commencing, with respect to any Purchaser, on the date on which the Subordinated Creditors shall receive from the Administrative Agent of receipt by such Purchaser of such Payment Blockage Notice and shall terminate and, with respect to all Purchasers, on the earlier date of receipt by Purchasers holding a majority of the outstanding principal amount of the Subordinated Debt of such Payment Blockage Notice and, in each case, terminating on the earliest to occur ofof the following dates: (ia) 180 days after the date of receipt by such Purchaser or Purchasers holding a majority of the Subordinated Debt, as the case may be, of such Payment Blockage Notice (provided the Senior Debt shall not theretofore have been accelerated and provided further, that upon the rescission (if any) of such acceleration (so long as the provisions described in Section 2.2 are not then applicable), payments in respect of the Subordinated Debt shall resume as and to the extent set forth below), (b) the date on which each such event of the Senior Payment Events of Default identified in such Payment Blockage Notice default shall have been cured or waived in writing by CIT, the Ableco Group Agent and the Required Lenders, or shall otherwise have ceased to exist; , (c) the date on which the Senior Debt shall have been discharged or paid in full, the Lenders' commitments under the Financing Agreements and the other Loan Documents shall have been terminated and CIT shall have received cash collateral in such amount as CIT deems reasonably necessary to secure CIT in connection with any issued and outstanding Letters of Credit (as defined in the CIT Financing Agreement), or (iid) the date on which such Payment Blockage Period shall be have been terminated by written notice to the Company or the Purchasers from CIT and the Ableco Group Agent and, after which, in the case of clauses (a) through (d), the Company shall resume making any and all required payments in respect of the Subordinated Creditors from Debt, including any payments not made during the Administrative AgentPayment Blockage Period due to the foregoing prohibitions, unless the provisions described in Section 2.2 above are then applicable. So long as any Senior Payment Event The right of Default shall be continuing, any number of CIT and the Ableco Group Agent to issue Payment Blockage Notices identifying Senior Payment Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (b). (c) With respect to each Payment Blockage Notice identifying any one or more Senior Compliance Events of Default, commence a Payment Blockage Period shall commence on hereunder is subject to the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earliest to occur offollowing limitations: (i) the date that is 179 days after the commencement no event of such Payment Blockage Period (or such earlier date as may be required by the next sentence); (ii) the date on which each of the Senior Compliance Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (iii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Compliance Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Compliance Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (c), but the aggregate duration of all Payment Blockage Periods commenced by the Administrative Agent pursuant to this paragraph (c) during any period of 365 consecutive days shall not exceed 179 days. Notwithstanding any other provision of this paragraph (c), no Senior Compliance Event of Default which existed or was continuing default existing on the date of the commencement of any a Payment Blockage Period pursuant to this paragraph (c) shall be, or be made, used as the basis for the commencement of a second Payment Blockage Period pursuant unless the same shall have been cured or waived for a period of at least 90 consecutive days, (ii) CIT and the Ableco Group Agent, collectively, shall not issue to this paragraph the Purchasers more than two Payment Blockage Notices in any 360 day period, and (c)iii) the aggregate duration of all Payment Blockage Periods during any period of 360 consecutive days shall not exceed 180 days.

Payment Blockage Periods. Upon the occurrence of any event of default with respect to any Senior Debt permitting the Lenders (aor any requisite percentage thereof) The to accelerate the maturity or demand payment thereof (other than a Senior Debt Payment Default), upon written notice of such event of default given to the Company and the Purchasers by the Administrative Agent may, while or any Event of Default is continuing, give to each Subordinated Creditor its representatives (a written notice ("Payment Blockage Notice") of such Event of Default and the imposition of a Payment Blockage Period pursuant to this Section 2.4. (b) With respect to each ), which Payment Blockage Notice identifying may be given following any one such event of default and shall be given by the Administrative Agent on the request of the Majority Lenders following any such event of default, then no payment shall be made by the Company or more Senior Payment Events any of Defaultits Subsidiaries or accepted or retained by any of the Purchasers on account of any of the Subordinated Debt for a period (each, a "Payment Blockage Period shall commence Period") commencing on the date on which of receipt by Purchasers holding a majority of the Subordinated Creditors shall receive from the Administrative Agent Debt of such Payment Blockage Notice and shall terminate terminating on the earlier earliest to occur ofof the following dates: (ia) 179 days after the date of receipt by Purchasers holding a majority of the Subordinated Debt of such Payment Blockage Notice (provided the Senior Debt shall not theretofore have been accelerated and provided further, that upon the rescission (if any) of such acceleration (so long as the provisions described in Section 2.2 are not then applicable), payments in respect of the Subordinated Debt shall resume as and to the extent set forth below), (b) the date on which each such event of the Senior Payment Events of Default identified in such Payment Blockage Notice default shall have been cured or waived in writing by the Administrative Agent and the requisite Lenders, or shall otherwise have ceased to exist; , (c) the date on which the Senior Debt shall have been discharged or paid in full and the Lenders' Commitments terminated, or (iid) the date on which such Payment Blockage Period shall be have been terminated by written notice to the Subordinated Creditors Company or the Purchasers from the Administrative AgentAgent and, after which, in the case of clauses (a) through (d), the Company shall resume making any and all required payments in respect of the Subordinated Debt, including any payments not made during the Payment Blockage Period due to the foregoing prohibitions, unless the provisions described in Section 2.2 above are then applicable. So long as any Senior Payment Event The right of Default shall be continuing, any number of the Administrative Agent to issue Payment Blockage Notices identifying Senior Payment Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (b). (c) With respect to each Payment Blockage Notice identifying any one or more Senior Compliance Events of Default, commence a Payment Blockage Period shall commence on hereunder is subject to the date on which the Subordinated Creditors shall receive from the Administrative Agent such Payment Blockage Notice and shall terminate on the earliest to occur offollowing limitations: (i) the date that is 179 days after the commencement no event of such Payment Blockage Period (or such earlier date as may be required by the next sentence); (ii) the date on which each of the Senior Compliance Events of Default identified in such Payment Blockage Notice shall have been cured or waived or shall otherwise have ceased to exist; or (iii) the date on which such Payment Blockage Period shall be terminated by written notice to the Subordinated Creditors from the Administrative Agent. So long as any Senior Compliance Event of Default shall be continuing, any number of Payment Blockage Notices identifying Senior Compliance Events of Default may be given and any number of Payment Blockage Periods may be commenced by the Administrative Agent pursuant to this paragraph (c), but the aggregate duration of all Payment Blockage Periods commenced by the Administrative Agent pursuant to this paragraph (c) during any period of 365 consecutive days shall not exceed 179 days. Notwithstanding any other provision of this paragraph (c), no Senior Compliance Event of Default which existed or was continuing default existing on the date of the commencement of any a Payment Blockage Period pursuant to this paragraph (c) shall be, or be made, used as the basis for the commencement of a second Payment Blockage Period pursuant unless the same shall have been cured or waived for a period of at least 90 consecutive days, (ii) the Administrative Agent shall not issue to this paragraph the Purchasers more than two Payment Blockage Notices in any 360 day period, and (c)iii) the aggregate duration of all Payment Blockage Periods during any period of 360 consecutive days shall not exceed 180 days.