Payment Block Event definition

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outstanding Notes have declared all the Notes to be due and payable immediately (and such acceleration has not been rescinded).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 clauses (1) or (2) of Section 6.01(a) has occurred and is continuing; (2) any Event of Default described in clause (6) of Section 6.01(a) 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outstanding Notes have declared all the Notes to be due and payable immediately (and such acceleration has not been rescinded).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.

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).

• 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.

• 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 principal or interest in respect of the Bonds shall be made to the Bondholders.

• Following a Payment Block Event and for as long as it is continuing, no repayments, payments of Interest, repurchase of Notes or any other payments may be made by the Issuer or a Guarantor to the Noteholders under or in relation to the Notes or a Guarantee (notwithstanding any other provisions to the contrary in these Terms and Conditions) other than in accordance with the Intercreditor Agreement.

• For the avoidance of doubt, the failure to repay principal or pay interest on a due date as a result of a Payment Block Event shall constitute an Event of Default.

More Definitions of Payment Block Event

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.

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) hereof has occurred and is continuing; (2) any Event of Default described in Section 6.01(a)(6) or Section 6.01(a)(11) hereof 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:the Super Senior Representative serves a written notice to the Issuer, the Security Agent, the Bond Agent and any New Senior Debt Creditor (or its/their agent/representative) 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 theIssuer, the Security Agent, the Bond Agent and any New Senior Debt Creditor(s) (or its/their agent/representative).

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,

Payment Block Event means that the Super Senior Representative serves a written notice to the Issuer, the Security Agent and the Bond Trustee that a Triggering Event (however described and, for the avoidance of doubt, after the expiration of any applicable grace period in respect of the default giving rise to that event of default) has occurred and is continuing.