Payment Block Event means: (1) any Event of Default described in clause (1) or (2) of Section 6.01(a) has occurred and is continuing; (2) any Event of Default described in Section 6.01(a)(6) has occurred and is continuing; and (3) any other Event of Default has occurred and is continuing and the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have declared all the Notes to be due and payable immediately (and such acceleration has not been rescinded). No Payment Block Event shall be deemed to have occurred unless the Trustee has delivered notice of the occurrence of such Payment Block Event to the Issuer.
Payment Block Event means when the Super Senior Representative serves a written notice to the Issuer, the Security Agent, the Bonds Agent and any New Debt Creditor(s) (or its agent(s)) that an event of default (for the avoidance of doubt, after the expiration of any applicable grace period in respect of the default giving rise to the event of default) relating to:
Payment Block Event means: (1) any Event of Default described in Section 7.01(a) of the Credit Agreement has occurred and is continuing; (2) any Event of Default described in Section 7.01(g) has occurred and is continuing; and (3) any other Event of Default has occurred and is continuing and the Administrative Agent has declared all the Loans to be due and payable immediately (and such acceleration has not been rescinded). No Payment Block Event shall be deemed to have occurred unless the Administrative Agent has delivered notice of the occurrence of such Payment Block Event to the Borrower.
Examples of Payment Block Event 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 Event
Payment Block Event means: (1) any Event of Default described in clause (1) or (2) of Section 6.01(a) has occurred and is continuing;(2) any Event of Default described in Section 6.01(a)(6) has occurred and is continuing; and (3) any other Event of Default has occurred and is continuing and the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have declared all the Notes to be due and payable immediately (and such acceleration has not been rescinded). No Payment Block Event shall be deemed to have occurred unless the Trustee has delivered notice of the occurrence of such Payment Block Event to the Issuer.
Payment Block Event means that:
Payment Block Event shall have the same meaning as given to such term in the Intercreditor Agreement.
Payment Block Event means: (1) any Event of Default described in Section 6.01(a)(1) or Section 6.01(a)(2) has occurred and is continuing; (2) any Event of Default described in Section 6.01(a)(6) or Section 6.01(a)(11) has occurred and is continuing; and (3) any other Event of Default has occurred and is continuing and the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have declared all the Notes to be due and payable immediately (and such acceleration has not been rescinded). No Payment Block Event shall be deemed to have occurred unless the Trustee has delivered notice of the occurrence of such Payment Block Event to the Issuer.
Payment Block Event means when a Super Senior Representative serves a written notice to the Issuer, the Security Agent and the Bonds Agent (or any of their respective representative or agent) that an Event of Default (for the avoidance of doubt, after the expiration of any applicable grace period in respect of the default giving rise to the Event of Default) relating to:
Payment Block Event means that:the Super Senior Representative serves a written notice to the Issuer, the Security Agent, the Bond Agent and any New Senior Debt Creditor(s) (or its/their agent) that a Triggering Event relating to non-payment, cross-default, cross- acceleration, insolvency, insolvency proceedings or creditors’ process has occurred under the Super Senior Documents; orthe Super Senior Representative serves a written notice of acceleration to the Issuer, the Security Agent, the Bond Agent and any New Senior Debt Creditor(s) (or its/their agent).
Payment Block Event means when the Super Senior RCF Creditor serves a written notice to the Borrower (as defined in the Super Senior RCF Agreement), the Security Agent, the Bonds Agent and any New Creditor that a Payment Block Event has occurred due to the occurrence of a Super Senior RCF Event of Default (for the avoidance of doubt, after the expiration of any applicable grace period in respect of the default giving rise to the Event of Default) relating to (i) a non payment, (ii) a breach of financial covenants, (iii) non-compliance with any of the Major Obligations,