default shares definition

default shares means shares in relation to which a default has occurred entitling the Company to issue a direction notice and any further shares which are issued in respect of those shares;

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default shares means those shares in relation to which the default referred to in Article 45.3 has occurred and any further shares allotted or issued in respect of those shares after the date of the notice under section 793 of the Act; and

default shares has the meaning assigned to it in Section 8(b)(i).

Examples of default shares in a sentence

The Holder shall not be entitled to receive Default Shares on a given date if and to the extent that such issuance would cause the Beneficial Ownership Limitation then in effect to be exceeded.
If and to the extent that the issuance of Default Shares with respect to a given Specified Portion would result in the a violation of the Beneficial Ownership Limitation, then that particular Specified Portion shall be automatically reduced to a value that would cause the number of Default Shares to be issued to equal the Maximum Percentage, and the amount of such reduction shall be added back to the Unpaid Portion of the Default Amount.
Any such Default Shares received pursuant to this Section 1.6 shall be subject to the Registration Requirement if a registration statement covering such shares is not effective at the time the Default Shares are transferred to Investor, and if a registration statement has been declared effective, such Default Shares shall be promptly registered, and in any event will be registered within 30 days.
To the extent that the Non-Defaulting Preferred Backstop Investors (in the aggregate) desire to purchase more than the total number of Default Shares, such Default Shares shall be allocated between the Non-Defaulting Preferred Backstop Investors pro rata, based on their respective Backstop Percentages.
The parties agree that, in the event that the Company receives any tender offer or any offer to enter into a merger with another entity whereby the Company shall not be the surviving entity (an “OFFER”), or in the event the Company is issuing Default Shares (as defined in the Debenture) to the Buyer, then “4.99%” shall be automatically revised immediately after such offer to read “9.99%” each place it occurs in the first two paragraphs of this Section 4(n) above.

More Definitions of default shares

default shares has the meaning given in clause 9.2 (Events of Default and deemed transfers);

default shares means the shares held by a Member in default as referred to in Article 43.1;

default shares has the meaning given to that term in article 6.2(a).

default shares has the meaning given to such term in Section 1.3(c) hereof.

default shares means the additional costs each AuthorityCharter Customer must pay in accordance with Section 6.10 if another AuthorityCharter Customer defaults in its payment of Aggregate Costs and there are insufficient funds in the defaulting AuthorityCharter Customer’s Security Fund Account to pay such costs.

default shares means "*Filed separately with the Commission*" shares of Common Stock.

default shares means the Default AI Shares plus the Default Institutional Shares;