Blockage Event definition

Blockage Event means (a) a Default under Section 8.1 or (b) any Event of Default.
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Blockage Event means (A) an Event of Default exists on the date of any payment on this Note, (B) a judicial proceeding is pending with respect to any Event of Default on the date of any payment on this Note, or (C) the Consolidated Leverage Ratio as of the end of the Fiscal Quarter immediately preceding the date of any principal payment on this Note is equal to or greater than 3.5 to 1.0 and would be equal to or greater than 3.5 to 1.0 after giving pro forma effect to any such principal payment (in each case as calculated pursuant to the following sentence). Notwithstanding anything to the contrary contained in the Credit Agreement, including in the definitions of Consolidated Leverage Ratio, Consolidated Funded Debt or Funded Indebtedness, the Consolidated Leverage Ratio for purposes of this Section 7(b) only shall be calculated to include any Indebtedness remaining on this Note after giving pro forma effect to any such permitted payment hereunder. Notwithstanding the foregoing or anything to the contrary contained herein, (1) nothing in this Note shall prevent the occurrence of any Note Event of Default, the acceleration by the Subordinated Creditor of any of the indebtedness hereunder after the acceleration of the Senior Debt or the giving of any notice by the Subordinated Creditor to Payor with respect thereto, (2) Payor may at all times pay interest hereunder by capitalization of the accrued and unpaid interest as described in Section 2 of this Note, and (3) at the request of the Subordinated Creditor, Payor may at all times make payments or prepayments, in whole or in part, with respect to this Note using Equity Interests of Payor and/or using the proceeds from the contemporaneous sale or issuance of Equity Interests of Payor.
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Blockage Event means the occurrence and continuance of (a) an Event of -------------- Default arising under Section 7.01, (b) a Default or Event of Default arising ------------ under Section 7.04 or 7.05 (but only if such event is with respect to the ------------ ---- Borrower), (c) a Default arising under Section 7.11 (but only if such Default is ------------ with respect to the Operator or the Contractor) during the period of time the Operator or the Contractor, as the case may be, is being replaced in accordance with the terms of such Section 7.11 or (d) an Event of Default arising under ------------ Section 7.11 (but only if such Event of Default is with respect to the Operator ------------ or the Contractor).
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Examples of Blockage Event in a sentence

  • The Company fails to pay any installment of principal, interest or other sum due under this Note within ten days after the same becomes due, including without limitation the failure to pay due to the existence of a Blockage Event.

  • The preservation and re-use of this building will bring one of the town’s most significant listed buildings back into beneficial use and contribute to the wider regeneration of the town centre.

  • The Standstill Period shall end on the earlier of (i) 120 days after the receipt of such notice and (ii) the cure of such Blockage Event to the satisfaction of the affected Senior Creditors or the waiver thereof by such Senior Creditors or the cure of such Triggering Event to the satisfaction of the Senior Creditors or the waiver thereof by the Senior Creditors.

  • Notwithstanding the foregoing or any other provision of this Debenture to the contrary, the occurrence and continuance of a Blockage Event shall not limit or in any other manner affect the exercise of the Registered Holder's conversion rights pursuant to Section 9.

  • Upon the ending of the Standstill Period, the holders of the Notes may exercise the remedies available to them under this Agreement and the Notes, provided that any money, property, collateral or any proceeds thereof received by any holder of a Note, directly or indirectly, during such Standstill Period or while any Blockage Event remains uncured or unwaived (before or after the giving of notice thereof) shall be paid over to the Senior Creditors.

  • The Blockage Event would exist until all indebtedness is paid in full.

  • For purposes of this Agreement, “Potential Blockage Event” shall mean any event or condition that, with the giving of notice or lapse of time or determination of materiality, or any combination of the foregoing, would constitute a Blockage Event.

  • In addition, following any Blockage Event or Triggering Event and notice thereof by or on behalf the Senior Creditors to the holders of the Notes, the holders of the Notes will not ask for, sue xxx, take, demand, set-off or in any other manner, direct or indirect, attempt to enforce any right or collect any payment or distribution on account of the Notes, nor present any Note for payment for a 120 day period following such notice (the "STANDSTILL PERIOD").

  • In the event that subsequent to a Payment Blockage Event or the resumption of payments to the Holders as provided above, Bank accelerates the maturity of the Obligations, then WTI shall not pay and the Holders shall not accept further payments of the Subordinated Debt until the Senior Debt is paid in full or such acceleration is rescinded by Bank.

  • The Company shall use reasonable efforts to notify the holder of this Note in writing of the occurrence of a Blockage Event; provided, that, notwithstanding anything to the contrary in this Note (except as provided in Section 3(g)), the failure of the Company to so notify the holder of this Note of the occurrence of a Blockage Event shall have no effect on the obligations of the Company or the holder of this Note during the continuance of such Blockage Event as set forth therein.


More Definitions of Blockage Event

Blockage Event means the occurrence of any of the following: (x) an Default or Event of Default has occurred or is continuing under the Senior Debt Agreement or (y) (i) if such payment date is on or prior to March 31, 2013, as of such payment date, the Total Leverage Ratio (as defined in the Senior Debt Agreement and as set forth in the officer’s certificate delivered pursuant to Section 7.01(f) of the Senior Debt Agreement for the fiscal quarter or fiscal year, as the case may be, of Borrower then last ended for which financial statements are available) is less than 2.50:1:00 or (ii) if such date is after March 31, 2013, Borrower is in compliance with the financial covenants contained in Sections 8.07 through 8.11, inclusive, of the Senior Debt Agreement, on a Pro Forma Basis (as defined in the Senior Debt Agreement).
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Blockage Event has the meaning set forth in Section 8(m) of this Agreement.
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Blockage Event has the meaning set forth in Section 8(m) of the Loan and Security Agreement.
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Blockage Event means the giving of written notice by the Company or any holder of Senior Indebtedness to the Holder specifying: (a) the occurrence of a default or event of default under any of the terms of any agreement relating to, or instrument evidencing, any Senior Indebtedness; or (ii) the payment proposed to be made with respect to any amount owing under this Debenture which, if made, would give rise to the occurrence of any default or event of default under any of the terms of any agreement relating to, or instrument evidencing, any Senior Indebtedness;
Sample 1
Blockage Event means (a) an Event of Default with respect to the payment of principal, interest or fees described in Section 7.1(a) occurs and is continuing; or (b) any other default under the terms of any Indebtedness (including Indebtedness hereunder) of any Borrower or any Guarantor which is senior to Subordinated Debt of any Borrower or any Guarantor occurs and is continuing that permits (or with the giving of notice would permit) the Administrative Agent or any Lender (or any other Person permitted to act on behalf of the Administrative Agent or any Lender) to accelerate the maturity of any of the Advances and the holder of or trustee with respect to such Subordinated Debt receives a payment blockage notice from any Person permitted to give such notice (subject to any limitation on the number of payment blockage notices that may be delivered); provided, each Blockage Event described in this clause (b) shall end on the first to occur of (i) 179 days after the commencement date of such Blockage Event, (ii) the date determined by the Administrative Agent, in its reasonable discretion, to be the last day for a blockage period with respect to Indebtedness of Persons (other than the Company or any of its Subsidiaries) which Indebtedness had a principal amount, terms of payment and rating issued by a Selected Rating Agency at the time of its issuance similar to the principal amount, terms of payment and rating issued by a Selected Rating Agency of the Subordinated Debt with respect to which the Blockage Event exists, (iii) the date such default shall have been cured or waived or such Indebtedness shall have been repaid in full, or (iv) the date of written termination or withdrawal of the suspension of payments on the Subordinated Debt by the Administrative Agent.
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Blockage Event has the meaning set forth within Section 4 hereof. “Board of Directors” means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person or any committee thereof duly authorized to act on behalf of such board, (b) in the case of any limited liability company, the board of managers, board of directors, manager or managing member of such Person or the functional equivalent of the foregoing or any committee thereof duly authorized to act on behalf of such board, manager or managing member, (c) in the case of any
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Related to Blockage Event

  • Blockage Period has the meaning provided in Section 10.02.

  • Blockage Notice has the meaning specified in Section 12.4.

  • Breakage Event shall have the meaning assigned to such term in Section 2.16.

  • Payment Blockage Period shall have the meaning specified in Section 12.2(b).

  • Payment Blockage Notice has the meaning specified in Section 15.2.

  • placing on the market means the first making available of a product on the Union market;

  • Senior Nonmonetary Default means the occurrence or existence and continuance of any event of default with respect to any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise become due and payable. In the event that, notwithstanding the foregoing, the Company shall make any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1203 would be applicable.

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Exchange Event means with respect to any Global Registered Receipt:

  • Stepdown Date The earlier to occur of (1) the Distribution Date on which the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero and (2) the later to occur of (x) the Distribution Date in July 2009 and (y) the first Distribution Date on which the Credit Enhancement Percentage of the Class A Certificates (calculated for this purpose only after taking into account distributions of principal on the Loans, but prior to any distribution of the Principal Distribution Amount to the Certificateholders then entitled to distributions of principal on such Distribution Date) is greater than or equal to 14.50%.

  • Lookback Period means the three completed fiscal years immediately preceding the Accounting Restatement Date, as well as any transition period (resulting from a change in the Company’s fiscal year) within or immediately following those three completed fiscal years (except that a transition period of at least nine months shall count as a completed fiscal year). Notwithstanding the foregoing, the Lookback Period shall not include fiscal years completed prior to the Effective Date.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;

  • Ex-Date means, when used with respect to any issuance of or distribution in respect of the Common Stock or any other securities, the first date on which the Common Stock or such other securities trade without the right to receive such issuance or distribution.

  • Senior Secured Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Secured Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

  • date of the making of the offer means the date on which the Company announces its intention to make an offer for the purchase or acquisition of Shares from holders of Shares, stating therein the purchase price (which shall not be more than the Maximum Price calculated on the foregoing basis) for each Share and the relevant terms of the equal access scheme for effecting the Off-Market Purchase.

  • Permitted Junior Securities means Equity Interests in the Company or debt securities that are subordinated to all Senior Debt (and any debt securities issued in exchange for Senior Debt) to substantially the same extent as, or to a greater extent than, the Notes are subordinated to Senior Debt pursuant to this Indenture.

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.