Listing Default definition
Examples of Listing Default in a sentence
The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of a Listing Default.
Notwithstanding the foregoing, a Listing Default shall not be deemed to have occurred and any existing Listing Default shall be deemed to have ended upon the consummation of a Fundamental Transaction which results in the Common Stock no longer being listed or quoted on a Trading Market.
The Conversion Price shall in no event be lower than twenty (20%) percent of the Nasdaq official closing price of the common stock on the Closing Date; provided that the foregoing limitation shall not apply in the event that a Listing Default has occurred and remains uncured.
In the event that such Event of Default, Listing Default or Initial Listing Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such cure; provided that the Interest as calculated at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of cure of such Event of Default.
IAPL shall cooperate with Inovio in obtaining patent term restoration or extension anywhere in the Territory, including under 35 U.S.C. § 156, where applicable to any Patent Right covering the Manufacture, or Commercialization of any Licensed Product.
Following any Listing Default that has been cured by the Corporation as provided above in subparagraph (i) of this paragraph (c), if the Series E Preferred Shares subsequently cease to be subject to a National Market Listing, such event shall constitute a separate Listing Default, and the foregoing provisions of subparagraphs (i) and (ii) of this paragraph (c) shall immediately apply until such time as the Series E Preferred Shares are again subject to a National Market Listing.
So long as the Notes remain outstanding, the Company shall notify the Trustee within five Business Days after an Initial Listing Default or Subsequent Listing Default, as applicable.
From and after the occurrence of an Event of Default, a Listing Default or an Initial Listing Default, the Interest Rate shall be increased to 10% (the “Default Interest”).
Notwithstanding anything herein to the contrary, Listing Default payments shall not accrue or be payable at any time that the applicable accounting standards under GAAP would require derivative accounting treatment for such liquidated damages.
If there is an Initial Listing Default and Subsequent Listing Default occurring at the same time, then the holders of the Notes shall be entitled to the additional interest contemplated by both Sections 4(k)(2) and 4(k)(3) above.