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.
Blockage Event means the occurrence and continuance of (a) a Default -------------- arising under Section 7.01, 7.04 or 7.05, (b) 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
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 Company shall not pay any principal portion of this Note, or interest accrued hereon, if at such time there exists a Blockage Event (as hereafter defined) and written notice thereof has been given to the Company and the Holder by the holders of the Senior Indebtedness.
The Company shall not pay any principal portion of this Note, or interest accrued thereon, before the scheduled due date thereof if at such time there exists a Blockage Event (as hereafter defined) and written notice thereof has been given to the Company and the Holder by the holders of the Senior Indebtedness.
After the expiration of an Initial Blockage Period, no subsequent Payment Blockage Period may be commenced, until at least 90 consecutive days shall have elapsed from the last day of the Initial Blockage Period, even if a Payment Blockage Event shall occur during such 90-day period.
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), 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).
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
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.
Blockage Event has the meaning set forth in Section 8(m) of this Agreement.
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;
Blockage Event has the meaning set forth in Section 8(m) of the Loan and Security Agreement.
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).