PAYOFF TIME definition
PAYOFF TIME means any time upon which all payments of principal and interest of the Senior Creditors under the Senior Notes shall have been satisfied in full or otherwise released.
PAYOFF TIME means any time upon which (a) all of the liabilities and obligations of the Senior Creditors under the Senior Notes shall have been satisfied in full or otherwise released, and (b) the earlier of the following two events: (i) each Senior Creditor shall have received the indefeasible payment in full, in cash, of the then outstanding Senior Obligations owing to it, or (ii) the aggregate amount of all cash Payments made in respect of the Junior Obligations and indefeasibly turned over or paid directly to the Senior Creditors under and in accordance with Section 2(d) shall equal or exceed the full amount of the Senior Obligations.