Blockage Event definition

Blockage Event means (a) a Default under Section 8.1 or (b) any Event of Default.

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Blockage Event means (A) an Event of Default exists on the date of any payment on this Note, (B) a judicial proceeding is pending with respect to any Event of Default on the date of any payment on this Note, or (C) the Consolidated Leverage Ratio as of the end of the Fiscal Quarter immediately preceding the date of any principal payment on this Note is equal to or greater than 3.5 to 1.0 and would be equal to or greater than 3.5 to 1.0 after giving pro forma effect to any such principal payment (in each case as calculated pursuant to the following sentence). Notwithstanding anything to the contrary contained in the Credit Agreement, including in the definitions of Consolidated Leverage Ratio, Consolidated Funded Debt or Funded Indebtedness, the Consolidated Leverage Ratio for purposes of this Section 7(b) only shall be calculated to include any Indebtedness remaining on this Note after giving pro forma effect to any such permitted payment hereunder. Notwithstanding the foregoing or anything to the contrary contained herein, (1) nothing in this Note shall prevent the occurrence of any Note Event of Default, the acceleration by the Subordinated Creditor of any of the indebtedness hereunder after the acceleration of the Senior Debt or the giving of any notice by the Subordinated Creditor to Payor with respect thereto, (2) Payor may at all times pay interest hereunder by capitalization of the accrued and unpaid interest as described in Section 2 of this Note, and (3) at the request of the Subordinated Creditor, Payor may at all times make payments or prepayments, in whole or in part, with respect to this Note using Equity Interests of Payor and/or using the proceeds from the contemporaneous sale or issuance of Equity Interests of Payor.

Blockage Event means the occurrence and continuance of (a) an Event of -------------- Default arising under Section 7.01, (b) a Default or Event of Default arising ------------ under Section 7.04 or 7.05 (but only if such event is with respect to the ------------ ---- Borrower), (c) a Default arising under Section 7.11 (but only if such Default is ------------ with respect to the Operator or the Contractor) during the period of time the Operator or the Contractor, as the case may be, is being replaced in accordance with the terms of such Section 7.11 or (d) an Event of Default arising under ------------ Section 7.11 (but only if such Event of Default is with respect to the Operator ------------ or the Contractor).

Examples of Blockage Event in a sentence

The Company fails to pay any installment of principal, interest or other sum due under this Note within ten days after the same becomes due, including without limitation the failure to pay due to the existence of a Blockage Event.
Notwithstanding the foregoing or any other provision of this Debenture to the contrary, the occurrence and continuance of a Blockage Event shall not limit or in any other manner affect the exercise of the Registered Holder's conversion rights pursuant to Section10.
The Standstill Period shall end on the earlier of (i) 120 days after the receipt of such notice and (ii) the cure of such Blockage Event to the satisfaction of the affected Senior Creditors or the waiver thereof by such Senior Creditors or the cure of such Triggering Event to the satisfaction of the Senior Creditors or the waiver thereof by the Senior Creditors.
Notwithstanding the foregoing or any other provision of this Debenture to the contrary, the occurrence and continuance of a Blockage Event shall not limit or in any other manner affect the exercise of the Registered Holder's conversion rights pursuant to Section 9.
In the event that subsequent to a Payment Blockage Event or the resumption of payments to the Holders as provided above, Bank accelerates the maturity of the Obligations, then WTI shall not pay and the Holders shall not accept further payments of the Subordinated Debt until the Senior Debt is paid in full or such acceleration is rescinded by Bank.
In addition, following any Blockage Event or Triggering Event and notice thereof by or on behalf the Senior Creditors to the holders of the Guaranteed Obligations, the holders of the Guaranteed Obligations will not ask for, sue ▇▇▇, take, demand, set-off or in any other manner, direct or indirect, attempt to enforce any right or collect any payment or distribution on account of the Guaranteed Obligations, nor present any Note for payment for a 120 day period following such notice (the "STANDSTILL PERIOD").
At and as of the date of this Second Amendment, after giving effect to this Second Amendment, no Blockage Event or Potential Blockage Event exists.
Upon termination of a Blockage Event (so long as no other Blockage Event has occurred and is continuing), the Borrower shall resume making Permitted Payments to the extent not prohibited under the terms of any of the Senior Loan Documents.
Upon the ending of the Standstill Period, the holders of the Notes may exercise the remedies available to them under this Agreement and the Notes, provided that any money, property, collateral or any proceeds thereof received by any holder of a Note, directly or indirectly, during such Standstill Period or while any Blockage Event remains uncured or unwaived (before or after the giving of notice thereof) shall be paid over to the Senior Creditors.
After the expiration of a Triggering Event or the termination of a Blockage Event, any regularly scheduled interest or principal payment on account of the Guaranteed Obligations not made when due as a result thereof may be made, together with any accrued and unpaid interest with respect to such overdue payment, provided that such payment shall not result in a separate Triggering Event or Blockage Event.

More Definitions of Blockage Event

Blockage Event means the giving of written notice by the Company or any holder of Senior Indebtedness to the Holder specifying: (a) the occurrence of a default or event of default under any of the terms of any agreement relating to, or instrument evidencing, any Senior Indebtedness; or (ii) the payment proposed to be made with respect to any amount owing under this Debenture which, if made, would give rise to the occurrence of any default or event of default under any of the terms of any agreement relating to, or instrument evidencing, any Senior Indebtedness;

Blockage Event means the occurrence of any of the following: (x) an Default or Event of Default has occurred or is continuing under the Senior Debt Agreement or (y) (i) if such payment date is on or prior to March 31, 2013, as of such payment date, the Total Leverage Ratio (as defined in the Senior Debt Agreement and as set forth in the officer’s certificate delivered pursuant to Section 7.01(f) of the Senior Debt Agreement for the fiscal quarter or fiscal year, as the case may be, of Borrower then last ended for which financial statements are available) is less than 2.50:1:00 or (ii) if such date is after March 31, 2013, Borrower is in compliance with the financial covenants contained in Sections 8.07 through 8.11, inclusive, of the Senior Debt Agreement, on a Pro Forma Basis (as defined in the Senior Debt Agreement).

Blockage Event has the meaning set forth in Section 8(m) of this Agreement.

Blockage Event has the meaning set forth in Section 8(m) of the Loan and Security Agreement.

Blockage Event has the meaning set forth within Section 4 hereof. “Board of Directors” means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person or any committee thereof duly authorized to act on behalf of such board, (b) in the case of any limited liability company, the board of managers, board of directors, manager or managing member of such Person or the functional equivalent of the foregoing or any committee thereof duly authorized to act on behalf of such board, manager or managing member, (c) in the case of any

Blockage Event means (a) an Event of Default with respect to the payment of principal, interest or fees described in Section 7.1(a) occurs and is continuing; or (b) any other default under the terms of any Indebtedness (including Indebtedness hereunder) of any Borrower or any Guarantor which is senior to Subordinated Debt of any Borrower or any Guarantor occurs and is continuing that permits (or with the giving of notice would permit) the Administrative Agent or any Lender (or any other Person permitted to act on behalf of the Administrative Agent or any Lender) to accelerate the maturity of any of the Advances and the holder of or trustee with respect to such Subordinated Debt receives a payment blockage notice from any Person permitted to give such notice (subject to any limitation on the number of payment blockage notices that may be delivered); provided, each Blockage Event described in this clause (b) shall end on the first to occur of (i) 179 days after the commencement date of such Blockage Event, (ii) the date determined by the Administrative Agent, in its reasonable discretion, to be the last day for a blockage period with respect to Indebtedness of Persons (other than the Company or any of its Subsidiaries) which Indebtedness had a principal amount, terms of payment and rating issued by a Selected Rating Agency at the time of its issuance similar to the principal amount, terms of payment and rating issued by a Selected Rating Agency of the Subordinated Debt with respect to which the Blockage Event exists, (iii) the date such default shall have been cured or waived or such Indebtedness shall have been repaid in full, or (iv) the date of written termination or withdrawal of the suspension of payments on the Subordinated Debt by the Administrative Agent.