Payment Block definition

Payment Block means any of the circumstances described in Section 2.05(b)(viii) and (ix).

Payment Block has the meaning specified in Section 2.05(2)(g).

Payment Block is defined in Section 2.4.

Examples of Payment Block in a sentence

• Following a Payment Block Event and for as long as it is continuing, no payments may be made by the Issuer to the Bondholders under or in relation to the Bonds (notwithstanding any other provisions to the contrary herein).

• Following a Payment Block Event and for as long as it is continuing, no payments may be made by the Issuer to the Noteholders under or in relation to the Notes (notwithstanding any other provisions to the contrary herein).

• For the avoidance of doubt, the failure by the Issuer to timely make any payments due under the Notes as a result of a Payment Block Event shall constitute an Event of Default and the unpaid amount shall carry default interest pursuant to Clause 7.4.

• No repurchases or redemption of Notes may be made by the Issuer or any Group Company for as long as a Payment Block Event is continuing.

• Pursuant to the terms of the Intercreditor Agreement, following the occurrence of a Payment Block Event and for as long as it is continuing, no payment of Interest or principal in respect of the Notes shall be made to the Noteholders.

More Definitions of Payment Block

Payment Block means any of the circumstances described in Section 2.10(h).

Payment Block means any of the circumstances described in Section 2.05(b)(viii) and (ix). “PBGC” means the Pension Benefit Guaranty Corporation.

Payment Block means any of the circumstances described in Section 2.05(b)(viii) and (ix). "Payment Recipient" has the meaning assigned to it in Section 9.19(a).

Payment Block means any of the circumstances described in Section 2.10(h). “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. “Permitted Acquisition” shall mean any transaction or series of related transactions by the Borrower or any of its Restricted Subsidiaries for (a) the direct or indirect acquisition of all or substantially all of the property of any Person, or of any assets constituting an entire line of business, business unit, division or product line (including research and development and related assets in respect of any product) of any Person; (b) the acquisition (including by merger or consolidation) of the Equity Interests (other than director qualifying shares) of any Person that becomes a Restricted Subsidiary after giving effect to such transaction; or (c) a merger or consolidation or any other combination with any Person (so long as a Credit Party (including for the avoidance of doubt (except in the case of a merger, consolidation or other combination involving the Borrower) any such Person that becomes a Credit Party upon the consummation of such merger, consolidation or other combination), to the extent such Credit Party is a party to such merger, consolidation or other combination, is the surviving entity); provided that each of the following conditions shall be met or waived by the Required Lenders:

Payment Block has the meaning specified in Section 2.05(b)(viii)(A).

Payment Block means either of the following:

Payment Block means any of the circumstances described in Section 2.10(h). “Payment Notice” shall have the meaning assigned to such term in Section 9.13(b). “Payment Recipient” shall have the meaning assigned to such term in Section 9.13(a). “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 38 US-DOCS\121951479.16133960081.2