Common use of Payment Block Clause in Contracts

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. ‌ (a) Following a Payment Block Event and for as long as it is continuing and up until the earlier of of: (i) the taking of Enforcement Actions in accordance with this Agreement and 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).