Consequences of Events of Noncompliance. (i) If any Event of Noncompliance has occurred and is continuing, then the dividend rate on the Series E Preferred from and after the occurrence of such Event of Noncompliance shall increase immediately by an additional 2.0% per annum, subject to applicable usury laws; provided, that if the Event of Noncompliance is related to the non payment of the cash dividends beginning with the September 30, 2011 Dividend Payment Date (whether or not the Corporation is legally able to pay the dividends), the dividend rate shall automatically increase to (A) the higher of (X) the then prevailing dividend rate and (Y) the then prevailing LIBOR rate plus 14.7% plus 2.0% per annum. Any increase of the dividend rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists, subject to subsequent increases pursuant to this paragraph.
(ii) If any Specified Event of Noncompliance has occurred and is continuing, then the holder or holders of a majority of the Series E Preferred then outstanding may demand (by written notice delivered to the Corporation), subject to any limitations contained in the Senior Credit Agreement, immediate redemption of all or any portion of the Series E Preferred owned by such holder or holders at a price per Series E Preferred Share equal to the sum of the Liquidation Value thereof and all accumulated, accrued and unpaid dividends thereon (whether accrued with respect to the Liquidation Value or any previously accrued dividends). The Corporation shall give prompt written notice of such election to the other holders of Series E Preferred (but in any event within five days after receipt of the initial demand for redemption), and each such other holder may demand immediate redemption of all or any portion of such holder’s Series E Preferred by giving written notice thereof to the Corporation within seven days after receipt of the Corporation’s notice. The Corporation shall redeem all Series E Preferred as to which rights under this paragraph have been exercised within twenty days after receipt of the initial demand for redemption.
(iii) If any Event of Noncompliance exists, each holder of Series E Preferred shall also have any other rights which such holder is entitled to under any contract or agreement at any time and any other rights which such holder may have pursuant to applicable law.
Consequences of Events of Noncompliance. (a) Immediately upon the occurrence of an Event of Noncompliance, and for 90 days thereafter that such Event of Noncompliance is continuing, the interest rate on the Notes shall increase immediately to 18% (or, if less, the highest rate permitted by law). Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists and the interest rate shall return to 12%, subject to subsequent increases pursuant to Section 2.06(b) or this Section 5.02(a).
(b) If any Event of Noncompliance exists, each holder of Notes shall also have any other rights which such holder is entitled to under any contract or agreement at any time and any other rights which such holder may have pursuant to applicable law.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance has occurred and is continuing, the Dividend Rate for such outstanding Shares will increase by 3.00% per annum, effective as of the date of the Event of Noncompliance, and will increase by an additional 0.50% per annum on each successive Dividend Compounding Date (up to a maximum Dividend Rate of 20.00% per annum), in each case, until such Event of Noncompliance has been cured and no longer is continuing.
(ii) If any Event of Noncompliance exists, each holder of Series A Preferred Stock shall also have any other rights which such holder is entitled to under any contract or agreement at any time and any other rights and remedies which such holder may have at law or in equity.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance has occurred (other than an Event of Noncompliance pursuant to Section 13(a)(i) or Section 13(a)(v)) and is continuing, the Dividend Rate for such outstanding Shares of Series D Preferred Stock will increase by 0.75%, effective as of the date of the Event of Noncompliance and continuing until there are no Events of Noncompliance. If an Event of Noncompliance has occurred pursuant to Section 13(a)(v)) and is continuing, the Dividend Rate for such outstanding Shares of Series D Preferred Stock will increase by 3.75%, effective as of the date of the Event of Noncompliance and continuing until there are no Events of Noncompliance.
(ii) If any Event of Noncompliance has occurred, each Holder shall also have any other rights which such Holder is entitled to under any contract or agreement in effect at any time and any other rights which such Holder may have pursuant to applicable law.
Consequences of Events of Noncompliance. (a) If any Event of Noncompliance has occurred and shall not have been cured within thirty (30) days, the Board of Directors shall, at the request of the Purchaser, be removed and the Purchaser will have the special right to fill such directorships, to fill any vacancy of such directorships and to remove any individual elected to such directorships. Such special right shall continue until such time as there is no longer any Event of Noncompliance in existence, at which time such special right shall terminate subject to revesting upon the occurrence and continuation of any Event of Noncompliance which gives rise to such special right hereunder. After the expiration of such Event of Noncompliance (provided that the special right to elect directors has terminated), as the case may be, such newly elected directors shall resign and the original directors shall be reappointed so that the Board of Directors shall be constituted as it was immediately prior to the occurrence of the Event or Events of Noncompliance giving rise to the special right to elect directors.
(b) If any Event of Noncompliance exists, the Purchaser shall also have any other rights which such holder is entitled to under any contract or agreement at any time and any other rights which such holder may have pursuant to applicable law.
Consequences of Events of Noncompliance i. If an Event of Noncompliance of the type described in Section 8A(v) has occurred, or any Event of Noncompliance other than of the type described in Section 8A(v) has occurred and continues to exist for 30 days, then thereafter and during the continuation of such Event of Noncompliance, the dividend rate payable on the Series B Preferred Shares as set forth in Section 3B shall be increased to the annual rate determined by adding the prime rate charged by Citibank in New York (as published in the Wall Street Journal on the first business day after such default) plus 8%, with such dividends to accrue on a daily basis.
ii. If any Event of Noncompliance exists, each holder of Preferred Stock shall also have any other rights which such holder is entitled to under any contract or agreement at any time and any other rights which such holder may have pursuant to applicable law, and the foregoing increased dividend rate shall not be construed to offset, reduce, limit or liquidate damages arising from such Event of Noncompliance.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance has occurred (other than an Event of Noncompliance pursuant to Section 13(a)(i)) and is continuing, the Dividend Rate for such outstanding Shares of Series C Preferred Stock will increase by 0.75%, effective as of the date of the Event of Noncompliance and continuing until there are no Events of Noncompliance.
(ii) If any Event of Noncompliance has occurred, each Holder shall also have any other rights which such Holder is entitled to under any contract or agreement in effect at any time and any other rights which such Holder may have pursuant to applicable law.
Consequences of Events of Noncompliance. If any Event of Noncompliance has occurred and is continuing, then the dividend rate on the Series G Preferred from and after the occurrence of such Event of Noncompliance shall increase immediately by an additional 2.0% per annum, subject to applicable usury laws; provided, that if the Event of Noncompliance is related to the non payment of the cash dividends beginning with the September 30, 2011 Dividend Payment Date (whether or not the Corporation is legally able to pay the dividends), the dividend rate shall automatically increase to (A) the higher of (X) the then prevailing dividend rate and (Y) the then prevailing LIBOR rate plus 14.7% plus 2.0% per annum. Any increase of the dividend rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists, subject to subsequent increases pursuant to this paragraph.
Consequences of Events of Noncompliance. If an Event of Noncompliance has occurred, the dividend rate on the Class A Preferred shall increase immediately by an increment of two percentage point(s). Thereafter, until such time as no Event of Noncompliance exists, the dividend rate shall increase automatically at the end of each succeeding 90-day period by an additional increment of two percentage point(s) (but in no event shall the dividend rate exceed 14%). Any increase of the dividend rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists, subject to subsequent increases pursuant to this paragraph.
Consequences of Events of Noncompliance
