Default Notice definition
Examples of Default Notice in a sentence
The Non-Monetary Default Notice shall contain a statement that the Controlling Noteholder’s or the Controlling Noteholder Representative’s failure to cure such Non-Monetary Default within the applicable Non-Monetary Default Cure Period after receiving such notice will result in the termination of the right to cure such Non-Monetary Default.
The provisions of Article 7 shall not apply to a sale of Shares of a Defaulting Shareholder under this Article 9, and after receipt of a Default Notice, a Defaulting Shareholder may not implement the sale procedure in Article 7 and the purchase and sale of Shares pursuant to a sale procedure then underway may not be completed until the Breach has been substantially cured within the period referred to in section 9.2 or until the Default Notice is withdrawn.
The Note B Holder (unless a Control Appraisal Period has occurred and is continuing) shall have the right, but not the obligation, to cure such Monetary Default after receiving the first Monetary Default Notice and until the period ending five (5) Business Days after receiving the second Monetary Default Notice (the “Cure Period”) and at no other times.
On receipt of a Default Notice, the Defaulting Shareholder shall have thirty (30) days to remedy or cure the Breach.
The Junior Noteholder (while it is the Controlling Noteholder) shall have the right, but not the obligation, to cure such Monetary Default after receiving the first Monetary Default Notice and until the period ending seven (7) Business Days after receiving the second Monetary Default Notice (the “Cure Period”) and at no other times.