NonPayment Blockage Period

NonPayment Blockage Period. Means, with respect to any Non-Payment Default Event, the period from and including the date of receipt by Subordinated Lender of a Non-Payment Default Notice relating thereto until the first to occur of (a) the 270th day after receipt of such Non-Payment Default Notice; provided, however, that if, on or before such date (i) the Senior Indebtedness is accelerated and (ii) Senior Lender has commenced and diligently and in good faith is pursuing a judicial proceeding to collect the Senior... Indebtedness or diligently and in good faith is pursuing non-judicial remedies to effect the foreclosure and sale of the Collateral securing the Senior Indebtedness, then such period shall continue unless and until Senior Lender rescinds such acceleration in writing or fails diligently to pursue such judicial or non-judicial remedies, (b) the date on which Senior Lender shall have expressly waived or acknowledged the cure of such Non-Payment Default Event, in each case, in writing, or (c) the date on which Senior Lender shall have expressly and irrevocably waived the application of Section 4.a and 4.b in writing. View More

NonPayment Blockage Period. Means, with respect to any Non-Payment Default, the period (a) beginning upon the receipt by the Junior Notes Trustee of a Non-Payment Default Notice pursuant to this Agreement, provided that if such Non-Payment Default is continuing on or after the receipt by each of the Senior Notes Trustee and the Junior Notes Trustee of notice pursuant to the Liquidity Facility Intercreditor Agreement (a "Liquidity Facility Notice") of any Liquidity Facility default in payment or other event of default... resulting in a "Blockage Period" under the Liquidity Facility Intercreditor Agreement then in effect (or if such Non-Payment Default relates to the same Liquidity Facility event of default referred to in any Liquidity Facility Notice), such period shall begin, if earlier, on the receipt by each of the Senior Notes Trustee and the Junior Notes Trustee of such Liquidity Facility Notice, and (b) ending upon the earlier of (i) 180 days following the earlier of (x) the delivery of such Non-Payment Default Notice or (y) the delivery of such Liquidity Facility Notice and (ii) the cure or waiver of such Non-Payment Default or, if applicable, such Liquidity Facility default in payment or other event of default, provided, however that if such Blockage Period was triggered by a notice delivered pursuant to the Liquidity Facility Intercreditor Agreement in accordance with the proviso to clause (a) of this definition, such 180-day period shall be extended for so long as such Non-Payment Default shall be continuing, but not to exceed an additional 30 days. View More

NonPayment Blockage Period. Means, with respect to any Non-Payment Default, the period from and including the date of receipt by each Trustee of a Non-Payment Default Notice relating thereto until the first to occur of (a) the 180th day after receipt of such Non-Payment Default Notice; provided, however, that if, on or before such 180th day (i) the First Priority Obligations are accelerated or (ii) the Collateral Agent or Senior Lenders have commenced and diligently and in good faith are pursuing judicial or non-judicial... remedies with respect to all or substantially all of the Collateral securing the First Priority Obligations, then such period shall continue unless and until the Collateral Agent or Senior Lenders rescind such acceleration in writing or fail diligently to pursue such judicial or non-judicial remedies, (b) the date on which the Collateral Agent shall have expressly waived such Non-Payment Default in writing or such Non-Payment Default shall have been cured, or (c) the date on which the Collateral Agent shall have expressly and irrevocably waived the application of Sections 5(b) and 6(b) in writing. View More