Common use of Payment Block Clause in Contracts

Payment Block. ‌ (a) Following a Payment Block Event and for as long as it is continuing or up until 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 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 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 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 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 payments in accordance with Clause 14.1 13.1 (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 the occurrence of a Payment Block, any amounts paid or recovered under the Bonds Finance Documents shall be paid to the Security Agent and applied in accordance with Clause 14.1 13.1 (Order of Application).