Blockage Period

Blockage Period. Means a Non-Payment Blockage Period or a Payment Blockage Period, as the case may be.

Blockage Period. Any period commencing on the date a Blockage Notice is given and ending on the earlier to occur of: (a) the date when (1) the Event of Default that was the basis for such notice has been cured or waived or (2) the conditions shall have ceased to exist which would cause an Event of Default to occur if a scheduled interest or principal payment were made under the Subordinated Note in accordance with the terms thereof; and (b) 180 days after the date such Blockage Notice is given.

Blockage Period. Shall mean the period commencing on the date that Bank shall have delivered written notice to Debtor Parties and Subordinated Creditor that an Event of Default has occurred and is continuing, and ending on the earliest of (i) in the case of a Non-Payment Default, the day which is one hundred eighty (180) days after delivery of such notice, (ii) the day on which such Event of Default shall have been cured to the satisfaction of Bank or shall have been waived in writing by Bank, and (iii) the... date that Bank has no further commitment or other obligation to lend to Debtor Parties and the Senior Indebtedness has been indefeasibly paid in full in cash (or in any other manner acceptable to Bank); provided that (a) no Blockage Period may be imposed as a result of any particular circumstances constituting a Non-Payment Default which served as the basis for a previous Blockage Period, and (b) no circumstances which constitute a Non-Payment Default which were in existence at the effective date of the commencement of a Blockage Period resulting from another Non-Payment Default, and of which Bank had actual knowledge as of such date, may serve as the basis for the commencement of any subsequent Blockage Period. View More

Blockage Period. Shall mean any period commencing from the Blockage Date and continuing until, in the case of any acceleration or maturity of Senior Indebtedness, the Senior Indebtedness is paid and satisfied in full, and, in other cases, until the earliest of (a) 180 days after a Blockage Date, (b) the date on which the Subordinated Lender receives written notice from Senior Lender that the Blockage Period is terminated, (c) the date on which all such Defaults or Events of Default have... been cured or have ceased to exist or have been waived with Senior Lender's unconditional written permission, (d) the date on which the Senior Indebtedness is paid and satisfied in full, or (e) upon the commencement of an Insolvency Proceeding. View More

Blockage Period. Means that period of time commencing on the date that Subordinated Lender receives notice from Senior Lender of the occurrence of a Default under the Senior Credit Agreement and ending on the earlier of (i) the date such Default shall have been cured or waived in writing by Senior Lender in its sole discretion, (ii) the date 180 days from the date of Subordinated Lender's receipt of such notice, or (iii) the Termination Date. Notwithstanding anything to the contrary herein, no more than... 180 days in any 365-day period may fall within one or more Blockage Periods. View More

Blockage Period. Shall mean any period commencing from the Blockage Date and continuing until, in the case of any acceleration or maturity of Obligations, the Obligations are paid and satisfied in full, and, in all other cases, until the earliest of (a) the date on which Subordinated Lender receives written notice from Lender that the Blockage Period is terminated, (b) the date on which all such Defaults or Events of Default have been cured or waived with ... Lender's written permission, or (c) the date on which the Obligations are paid and satisfied in full in cash. View More

Blockage Period. With respect to any Default Event, the period from and including the date of the occurrence of the Default Event until the earlier of (a) the date on which the Junior Subordinated Agent receives a written waiver of (or acknowledgment of the cure of) the Default Event from the applicable Secured Agent under the Secured Loan Document to which such Default Event relates (which shall concurrently send such waiver or acknowledgment to the other Secured Agent) and (b) the Discharge of the Secured... Obligations View More