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.