Procedural Default definition

Procedural Default shall have the meaning ascribed to it in Section 10.2(e).
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Procedural Default means a lawsuit, reexamination or protest proceeding (or the equivalent) filed by Licensee against RCT seeking a declaratory judgment or determination, as the case may be, that any of the PATENT CLAIMS are invalid or unenforceable or otherwise not patentable or reduced in scope. A Financial Default or a Procedural Default shall constitute an immediate default under, and breach of, this Agreement and, upon the occurrence of a Financial Default or Procedural Default, this Agreement shall immediately terminate. On or before the date 30 days before the occurrence of a Financial Default or a Procedural Default or the filing of a bankruptcy petition concerning Licensee, Licensee shall notify RCT in writing of Licensee's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default. Failure to provide such written notice shall be deemed to be an immediate, pre-petition, incurable breach of this Agreement. The laws of the country of the patent in question shall govern the interpretation and enforcement of this Subsection 6.3.3.
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Procedural Default means a lawsuit filed by Licensee or its AFFILIATE against RCT seeking a declaratory judgment or determination, as the case may be, that any of the PATENT CLAIMS is invalid or unenforceable or otherwise not patentable or reduced in scope. Financial Defaults and Procedural Defaults shall constitute immediate and material breaches of this Agreement and, upon the occurrence of either a Financial Default or Procedural Default, this Agreement shall immediately terminate. Anytime before the occurrence of a Financial Default or the filing of a bankruptcy petition concerning Licensee, Licensee shall notify RCT in writing of Licensee's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default. Failure to provide such written notice shall be deemed to be an immediate, pre-petition, incurable, and material breach of this Agreement. The laws of the country of the patent in question shall govern the interpretation and enforcement of this Subsection 6.2.3.
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Examples of Procedural Default in a sentence

  • A Financial Default or a Procedural Default shall constitute an immediate default under, and breach of, this Agreement and, upon the occurrence of a Financial Default or Procedural Default, this Agreement shall immediately terminate.

  • On or before the date 30 days before the occurrence of a Financial Default or a Procedural Default or the filing of a bankruptcy petition concerning Licensee, Licensee shall notify RCT in writing of Licensee's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default.

  • Financial Defaults and Procedural Defaults shall constitute immediate and material breaches of this Agreement and, upon the occurrence of either a Financial Default or Procedural Default, this Agreement shall immediately terminate.

  • Upon the occurrence of a Financial Default or Procedural Default, Amgen shall have the right to terminate this Agreement at any time upon written notice to Amylin.

  • Upon the occurrence of a Financial Event or Procedural Default, Amylin shall have the right to terminate this Agreement at any time upon written notice to Shionogi.

  • Financial Defaults and Procedural Defaults shall constitute immediate defaults under this Agreement and, upon the occurrence of either a Financial Default or Procedural Default, this Agreement shall immediately terminate.

Related to Procedural Default

  • Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Senior Nonmonetary Default means the occurrence or existence and continuance of any event of default with respect to any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise become due and payable. In the event that, notwithstanding the foregoing, the Company shall make any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1203 would be applicable.

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Default Notice means the written notice of Default of the Agreement issued by one Party to the other.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Potential Default means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.

  • Forbearance Default means: (A) the failure of the Company to provide the Noteholder Group and its financial advisors with reasonable access, as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of Xxxxx Xxxxx Xxxxxx that are working with the Company, and to provide the Noteholder Group and its legal and financial advisors with any and all due diligence information they may reasonably request, including, without limitation, the Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (2) business days thereafter; (B) the failure of the Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Third Amended Forbearance Agreement) under the DDJ Third Amended Forbearance Agreement or any amendment or modification to the DDJ Third Amended Forbearance Agreement; (D) termination of the DDJ Third Amended Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Third Amended Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the Xxxxxx Engagement Letter or the failure of the Company to pay Xxxxxx’x fees, expenses and indemnity in accordance with the terms of the Xxxxxx Engagement Letter; (G) the occurrence of any Event of Default that is not a Specified Existing Default; (H) the failure of the Company to comply with any term, condition, covenant or agreement set forth in this Third Amended Forbearance Agreement; (I) the failure of any representation or warranty made by the Company under this Third Amended Forbearance Agreement to be true and correct in all material respects as of the date when made; (J) the commencement by or against the Company or any of the Subsidiaries of a case under title 11 of the United States Code; or (K) the commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or the Subsidiaries. Any Forbearance Default shall constitute an immediate Event of Default under the Indenture.

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Reporting Default means a Default described in Section 6.01(d).

  • Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Administrative Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.