Common use of Payment Blockage Clause in Contracts

Payment Blockage. Until the Senior Indebtedness shall have been paid in full in cash, stock or property acceptable to Senior Creditor and the Senior Indebtedness shall have been terminated pursuant to the respective terms and provisions thereof, no payments (in cash, other property, by set-off or otherwise) or other distributions whatsoever in respect of any Junior Indebtedness shall be made.