Protective Default definition

Protective Default means the failure by the Corporation to comply with any of the provisions of this Certificate of Designation including, without limitation, paragraph (g), whether or not compliance is at such time permitted by the DGCL, other applicable law or the terms of other instruments or agreements to which the Corporation is a party or otherwise subject (including, without limitation, Covered Indebtedness).
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Protective Default means the failure by the Corporation to comply with any of the provisions of this Certificate of Designation including, without limitation, paragraph (g), whether or not compliance is at such time permitted by the DGCL, other applicable law or the terms of other instruments or agreements to which the Corporation is a party or otherwise subject (including, without limitation, Covered Indebted-
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Examples of Protective Default in a sentence

  • After the date on which such Payment Default, in the case of clause (x) above, and/or Protective Default, in the case of clause (y) above, as the case may be, ceases to exist, the dividend rate will revert to the rate originally borne by the Convertible Preferred Stock on the First Issue Date.

  • The increase in the dividend rate provided for above (i) shall be the exclusive remedy of the Holders in the case of a Payment Default and (ii) shall not be the exclusive remedy at law or in equity of the Holders of the Convertible Preferred Stock for any Protective Default or Outside Date Default and shall in no way be deemed a waiver of such Protective Default or Outside Date Default or be deemed to validate any action underlying any such Protective Default or Outside Date Default.

Related to Protective Default

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Actionable Default means (i) an Event of Default under and as defined by the Credit Facility Agreement or (ii) an event of default under the Public Indenture.

  • 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 ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇ Engagement Letter or the failure of the Company to pay ▇▇▇▇▇▇’▇ fees, expenses and indemnity in accordance with the terms of the ▇▇▇▇▇▇ 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.

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p) of this Note.