Suspension of Permitted Payments. Shareholder Liabilities), a member of the Borrower Group may make, and a Shareholder may receive, in respect, or on account, of the Shareholder Liabilities:
Suspension of Permitted Payments. No payment which would otherwise be permitted under Clause 6.2 (Permitted payments) in respect of the High Yield Notes Funding Loans may be made (or demand for payment made) without the prior consent of the Facility Agent:
(a) if a Senior Payment Default occurs, from the date of such Senior Payment Default until the date it is waived or remedied; and
(b) if a Senior Default other than a Senior Payment Default occurs, from the date the Facility Agent serves a notice (a Payment Blockage Notice) on Xxxxxxx SAS and Legrand Holding suspending payments under the High Yield Notes Funding Loans until the earliest of:
(i) the date falling 179 days after service of the Payment Blockage Notice;
(ii) the date the relevant Senior Default has been waived or remedied or has ceased to exist; and
(iii) the Senior Discharge Date,
Suspension of Permitted Payments. No payment which would otherwise be permitted under Clause 7.2 (Permitted payments) may be made (or demand for payment made) if a Senior Default has occurred and Xxxxxxx SAS has received from the Facility Agent a notice in writing specifying that payments of Intra-Group Debt are suspended, until the earliest of:
(a) the date on which Xxxxxxx SAS has received notice in writing from the Facility Agent that payment of all or part of the Intra-Group Debt is no longer suspended;
(b) the date on which the relevant Senior Default has been waived or redeemed or has ceased to exist; and
(c) the Senior Discharge Date.
Suspension of Permitted Payments. Subject to Clause 7 (Subordination on Insolvency) and without prejudice to any prohibition on payment arising out of any other provision of the Finance Documents, until the Discharge Date, except as previously consented to by the Majority Banks in writing, the Borrower may not make any payment which would be prohibited by Clause 5.1 (Undertakings by the Shareholders and Sponsors) and/or 5.2 (Undertakings by the Borrower) but for the provisions of Clause 6.1 (Permitted Payments) if and so long as there is either a Potential Event of Default, an Event of Default or any default under any material provision of a Hedging Agreement.
Suspension of Permitted Payments. No payment which would otherwise be permitted under clause 5.2 (Permitted payments) may be made without the prior consent of the Facility Agent if a Major Senior Default has occurred and the Mezzanine Facility Agent has received a corresponding Default Notice from the Facility Agent until the earliest of:-
(a) the date on which the Mezzanine Facility Agent receives notice from the Facility Agent that the relevant Major Senior Default has been waived or remedied;
(b) the Senior Discharge Date; and
(c) subject to clause 5.8(b) the date on which a Mezzanine Finance Party takes Enforcement Action permitted by clauses 5.5 (Permitted Enforcement Action).
Suspension of Permitted Payments. 8.1 XXXXX/ISSUER LOAN AGREEMENT
(a) UK Xxxxx shall not make any payment permitted under Clause 7 (Permitted Payments) upon or in respect of the Xxxxx/Issuer Loan Agreement or to the Issuer if:
(i) a default in the payment of any amount with respect to any Senior Debt occurs and is continuing (a "payment default") or
(ii) a default, other than a payment default, occurs and is continuing with respect to Senior Debt that permits holders of the Senior Debt as to which such default relates to accelerate its maturity (a "non-payment default") and UK Xxxxx receives a notice of such non-payment default (an "Issuer Blockage Notice") from the Security Agent.
(b) Payments on the Xxxxx/Issuer Loan Agreement may and shall be resumed upon the earliest of the date on which such default is cured or waived or ceases to exist and, if the Senior Debt has been accelerated, such acceleration has been rescinded or the date on which UK Xxxxx receives notice from the Security Agent terminating such Issuer Blockage Notice or the Senior Discharge Date on which such Senior Debt shall have been discharged or paid in full.
Suspension of Permitted Payments. 12.1 STOP NOTICES Any Intercreditor Obligor may make any payment in respect of the Mezzanine Liabilities permitted by Clause 10 (PERMITTED PAYMENTS) on the relevant payment date if, immediately prior to such payment being made, no Stop Notice has been issued to the Mezzanine Agent and copied to the Obligor's Agent in accordance with Clause 12.2 (RIGHT TO ISSUE A STOP NOTICE) or if a Stop Notice has been so issued, it has ceased to have effect under Clause 12.3 (DURATION OF EFFECT OF STOP NOTICE) provided that issuing the -22- Stop Notice shall not prevent any payment or transfer permitted pursuant to Clauses 10.1.1(a) or 10.1.2.
Suspension of Permitted Payments. Subject to Clause 5 (Subordination on insolvency), until the Senior Discharge Date, no Obligor may (and the Obligors shall ensure that no member of the Group will) make, and no Junior Finance Party may receive, any Permitted Payment without the prior consent of the Agent if a Default (as defined in the Senior Facility Agreement) has occurred and is continuing or would occur as a result of the relevant payment.
Suspension of Permitted Payments. SHAREHOLDER LIABILITIES
Suspension of Permitted Payments. Except in the case of:
(a) a payment made in accordance with Clause 7.2 (Filing of Claims) or 7.3 (Filing by a Subordinated Creditor); or
(b) a payment of any Indebtedness by a Material Subsidiary to the Company or any Subsidiary or the payment of dividends by a Material Subsidiary (and for the purposes of this Clause 5.2(b), the terms "Material Subsidiary", "Company", "Subsidiary" and "Indebtedness" shall have the meaning ascribed to them in the SCL Bonds); after the occurrence of an event described in Clause 7.1 (Subordination Events), no payment or receipt shall constitute a Permitted Payment if an event of default, potential event of default or other termination event under any Senior Finance Document has occurred or occurs as a result of that payment.
