Payment Block Clause Samples

Payment Block. Following a Payment Block Event and for as long as it is continuing or up until

Payment Block. (a) If any default in the payment (a "Payment Default") on account (y) of any principal of or interest on the Notes, or (z) any fees or other amounts payable in respect of any Senior Obligations in the aggregate in excess of $250,000, (in either case, whether at maturity or at a date fixed for prepayment or by declaration, acceleration or otherwise) occurs or exists, then (i) the rights of any Subordinated Creditor to receive any payments or other distributions with respect to the Subordinate Liabilities shall be suspended from and after the date that such Subordinated Creditor receives from the Administrative Agent a notice (a "Stop Payment Notice") of such Payment Default, (ii) immediately following any Payment Default, and without the necessity of delivery of a Stop Payment Notice, no payment or distribution of any character, whether in cash, securities or other property (except for payment in securities which are subordinate and junior in right of payment to all Senior Obligations then outstanding) shall be made by the Borrower on account of the Subordinate Liabilities or in respect of the redemption, retirement, purchase or other acquisition thereof, and (iii) following the receipt by any Subordinated Creditor of a Stop Payment Notice, no payment or distribution of any character, whether in cash, securities or other property on account of the Subordinate Liabilities or in respect of the redemption retirement, purchase or other acquisition thereof (except for payment in securities which are subordinate and junior in right of payment to all Senior Obligations then outstanding) shall be received or accepted by such Subordinated Creditor unless and until such Payment Default shall have been cured or waived. (b) If any Senior Event of Default has occurred and is continuing under circumstances in which Sections 2.2 and 2.3 (a) are not applicable, or would occur after giving effect to any payment in respect of the Subordinate Liabilities, then (i) the rights of any Subordinated Creditor to receive any payments or other distributions with respect to the Subordinate Liabilities shall be suspended from and after the date that such Subordinated Creditor receives a Stop Payment Notice from the Administrative Agent with respect to such default, and (ii) from and after the delivery of such a Stop Payment Notice, no payment or distribution of any character, whether in cash, securities or other property (except securities (a) become applicable (whether by acceleratio...

Payment Block. ‌ (a) Following a Payment Block Event and for as long as it is continuing and up until the earlier of (i) the taking of Enforcement Actions in accordance with this Agreement and (ii) a written notice from the Super Senior Representative to the Security Agent to the contrary, no payments of principal or interest in respect of the Senior Debt shall be made to the Senior Creditors (notwithstanding any other provisions to the contrary herein) (a "Payment Block"), except for in accordance with Clause 15.1 (Order of Application). For the avoidance of doubt, the failure by the Issuer to make any timely payments due under the Senior Debt shall constitute an event of default (however described) under the Terms and Conditions and the New Debt Documents and the unpaid amount shall carry default interest in accordance with the relevant Debt Document. (b) Upon a Payment Block, any amounts paid or recovered under the Senior Debt (despite the Payment Block) shall be paid to the Security Agent and applied in accordance with Clause 15.1 (Order of Application).

Payment Block. The Borrower shall use its commercially reasonable efforts to obtain, and provide the Agent evidence reasonably satisfactory to it (including without limitation, a legal opinion of counsel to the Borrower) of, a reinstatement of the ability of the Lenders to assert a payment block in accordance with Sections 10.3 and 12.3 of the indenture for the Subordinated Debt with respect to that certain interest payment due and payable on the Subordinated Debt on January 15, 2003.

Payment Block. (a) Following a Payment Block Event and for as long as it is continuing or up until the earlier of (i) 150 days after the occurrence of the Payment Block Event or, if the Payment Block Event consist of a payment event and/or default under the Super Senior Term Facility and/or the Terms and Conditions, 90 days after the occurrence the Payment Block Event and, (ii) a written notice from the Super Senior Representative to the Security Agent to the contrary, no payments may be made under the Bonds Finance Documents (notwithstanding any other provisions to the contrary herein) (a "Payment Block"), except for in accordance with Clause 14.1 (Order of Application). For the avoidance of doubt, the failure by the Issuer to make any timely payments due under the Bonds shall constitute an Event of Default under the relevant Debt Documents and the unpaid amount shall carry default interest in accordance with the relevant Debt Document. (b) Upon a Payment Block, any amounts paid or recovered under the Bonds Finance Documents shall be paid to the Security Agent (or as directed by the Security Agent) and applied in accordance with Clause 14.1 (Order of Application).

Payment Block. ‌ (a) Following a Payment Block Event and for as long as it is continuing or up until the earlier of (i) the taking of Enforcement Actions in accordance with this Agreement and (ii) a written notice from the Super Senior Representative to the Security Agent to the contrary, no Payments may be made under the Bonds Finance Documents or the New Debt Documents (notwithstanding any other provisions to the contrary herein) (a "Payment Block"), except for in accordance with Clause 15.1 (Order of Application). For the avoidance of doubt, interest shall continue to accrue during such period and the failure by the Issuer to make any timely payments due under the Bonds or the New Debt shall constitute an Event of Default under the relevant Debt Documents and the unpaid amount shall carry default interest in accordance with the relevant Debt Document. (b) Upon a Payment Block, any amounts paid or recovered under the Bonds Finance Documents or the New Debt Documents shall be paid to the Security Agent and applied in accordance with Clause 15.1 (Order of Application).

Payment Block. (a) Following a Payment Block Event which has not been remedied or waived, no payments may be made by the Company to the Senior Creditors under or in relation to the Senior Debt (notwithstanding any other provisions to the contrary herein). For the avoidance of doubt, the failure by the Company to timely make any payments due under the Senior Debt shall constitute an Event of Default and the unpaid amount shall carry default interest in accordance with the relevant Senior Finance Document. (b) Until a Payment Block Event has been remedied or waived, any amounts paid under the Senior Debt (despite the Payment Block Event) shall be applied by the Security Agent in accordance with Clause 14.1 (Order of Application).

Payment Block. Following a Payment Block Event and for as long as such is continuing and until the earlier of (i) the taking of Enforcement Actions in accordance with the Intercreditor Agreement and (ii) a written notice from Super Senior Representative to the Security Agent to the contrary, no payments of principal or interest in respect of the Senior Debt shall be made to the Senior Creditors (notwithstanding any other provisions to the contrary herein). However, interest shall continue to accrue during such period and Release of Transaction Security and Guarantees - General:

Payment Block. Following a Payment Block Event and for as long as such is continuing and until the earlier of (i) the taking of Enforcement Actions in accordance with the Intercreditor Agreement and (ii) a written notice from Super Senior Representative to the Security Agent to the contrary, no payments of principal or interest in respect of the Senior Debt shall be made to the Senior Creditors (notwithstanding any other provisions to the contrary herein). However, interest shall continue to accrue during such period and any overdue amounts shall carry default interest pursuant to the terms of the Terms and Conditions and the New Debt Documents. For the avoidance of doubt, the failure to repay principal or pay interest on a due date shall constitute an event of default (however described) under the Terms and Conditions and the New Debt Documents. Upon the occurrence of a Payment Block Event, any amounts paid under the Senior Debt (despite the Payment Block) shall be applied in accordance with the Section "Application of Enforcement Proceeds".