Active Violation definition
Active Violation means (i) any merger, consolidation or sale of assets undertaken by any AS Entity, (ii) any sale or transfer of Capital Stock (or the voting rights relating thereto) of any AS Entity undertaken by any Affiliate of ASC or of ASLP, (iii) any sale or transfer of Capital Stock (or the voting rights relating thereto) of any AS Entity undertaken by any Person other than such an Affiliate pursuant to a transaction consented to or approved by any Affiliate of ASC or of ASLP, (iv) any change in the membership of the board of directors (or similar governing body) or any officer of any AS Entity, or (v) any affidavit, certificate or statement delivered by any officer or director of any AS Entity or by any Affiliate of ASC or ASLP to MARAD shall prove to be materially false or materially misleading or, in the case of any such affidavit, certificate or statement delivered after the Initial Borrowing Date to the extent premised on information provided by any broker or other third party not an Affiliate of the AS Entities, shall prove to be knowingly materially false or knowingly materially misleading.