Yes. It's ~moot now, but I'll leave the note if/when I run into trouble again. It would look like it would post. Then, poof it's gone in a minute.
Preferred buyback still in process? I'm concerned about that magical $1 threshold -- delisting tends to wreck stocks. I know that magic numbers like or
0.25% per annum is a minor penalty. I doubt that it swings PRGN one way or the other, but I'd be concerned about domino effect of cross-default provision especially if the waiver bank closes.
More from prospectus: (8).certain events of bankruptcy, insolvency or reorganization affecting us or any significant subsidiary.
If an event of default, other than an event of default described in clause (8) above, occurs and is continuing, either the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Notes may declare the principal amount of the Notes then outstanding and accrued and unpaid interest, if any, to be due and payable immediately. If an event of default described in clause (8) above occurs, the principal amount of the Notes then outstanding and accrued and unpaid interest, if any, will automatically become immediately due and payable.
After any such acceleration, but before a judgment or decree based on acceleration, the holders of a majority in aggregate principal amount of the Notes then outstanding may, under certain circumstances, rescind and annul such acceleration if all events of default, other than the non-payment of accelerated principal and any premium, interest or Additional Amounts which have become due as a result of such acceleration, have been cured or waived.
Notwithstanding the foregoing, if we so elect, the sole remedy under the Indenture for an event of default relating to (i) our failure to file with the Trustee pursuant to Section 314(a)(1) of the TIA any documents or reports that we are required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act or (ii) the failure to comply with our annual reporting obligations to the Trustee and the SEC, as described under “—Reports” below, will, after the occurrence of such an event of default, consist exclusively of the right to receive additional interest on the Notes at an annual rate equal to (i) 0.25% per annum of the outstanding principal amount of the Notes for each day during the 90-day period beginning on, and including, the date on which such event of default first occurs and on which such event of default is continuing;
"A cross-default provision means that a default on one loan would result in a default on all of our other loans. Because of the presence of cross default provisions in all of our loan and credit facilities, the refusal of any one lender to grant or extend a waiver could result in all of our indebtedness being accelerated even if our other lenders have waived covenant defaults under the respective loan and credit facilities." per Prospectus.
Aren't the lenders accelerating the loans? The lenders will force BK?
Please explain youself. Just citing two examples by analogy doesn't connect any dots. PRGN is the same as AAPL and ABC. ;-)