Purchase Contract Default definition
Purchase Contract Default with respect to Purchase Contracts of any series means the occurrence of any of the following events: (i) failure of the Corporation to deliver the Purchase Contract Property or the cash value thereof for such Purchase Contracts against tender of payment therefor on any Settlement Date, in the case of Purchase Contracts that obligate the Corporation to sell the Purchase Contract Property, (ii) failure of the Corporation to pay the Settlement Amount for such Purchase Contracts when the same becomes due and payable, in the case of Purchase Contracts that obligate the Corporation to purchase the Purchase Contract Property, (iii) failure on the part of the Corporation duly to observe or perform any other of the covenants or agreements on its part in such Purchase Contracts or in this Agreement with respect to such Purchase Contracts and continuance of such failure for a period of 60 days after the date on which written notice of such failure, requiring the Corporation to remedy the same, shall have been given to the Corporation and the Agent by Holders of at least 25% of the affected Purchase Contracts at the time Outstanding, (iv) a Bankruptcy Event or (v) any other Purchase Contract Default provided in any supplemental agreement under which such series of Purchase Contracts is issued or in the form of such Purchase Contracts.
Purchase Contract Default shall have the meaning assigned to the term “Event of Default” in Section 19(a) of the Purchase Contract.
Purchase Contract Default means the occurrence of any of the following events: (i) unless a Termination Event or a Cancellation Event shall have occurred or notice of acceleration of the Stated Purchase Date shall have been cancelled as provided in this Agreement, failure of the Corporation to issue and deliver the Preferred Stock against tender of payment by the Agent therefor on any Purchase Date or (ii) failure on the part of the Corporation duly to observe or perform any other of the covenants or agreements on its part in the Purchase Contracts or in this Agreement with respect to the Purchase Contracts and continuance of such failure for a period of 30 days after the date on which written notice of such failure, requiring the Corporation to remedy the same, shall have been given to the Corporation and the Agent by Holders of at least 25% of the Capital Units at the time Outstanding.
Examples of Purchase Contract Default in a sentence
Upon any such waiver, such Purchase Contract Default shall cease to exist, for every purpose of this Agreement, but no such waiver shall extend to any subsequent or other Purchase Contract Default or impair any right consequent thereon unless so expressly therein provided.