Common use of Events of Noncompliance Clause in Contracts

Events of Noncompliance. (a) An Event of Noncompliance shall be deemed to have occurred: (i) If the Corporation fails to pay dividends that have been declared by the Board on the Series A Preferred (and such failure continues for a period of 30 days); (ii) If the Corporation fails to make any redemption payment with respect to the Series A Preferred that it is obligated to make hereunder; (iii) If the Corporation breaches or otherwise fails to perform or observe any other covenant or agreement contained herein or in the Securities Purchase Agreement or the Related Agreements (as defined in the Securities Purchase Agreement) and such failure to perform or observe a covenant or agreement is not cured within 20 days after the Corporation receives notice of the occurrence thereof; (iv) If any representation, warranty or information contained in the Securities Purchase Agreement or required to be furnished to any holder of the Series A Preferred pursuant to the Securities Purchase Agreement, or any writing furnished by the Corporation to any holder of the Series A Preferred, is false or misleading in any material respect on the date made or furnished; (v) If the Corporation or any Subsidiary makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; or an order, judgment or decree is entered adjudicating the Corporation or any Subsidiary bankrupt or insolvent; or any order for relief with respect to the Corporation or any Subsidiary is entered under the United States Bankruptcy Code; or the Corporation or any Subsidiary petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Corporation or any Subsidiary, or of any substantial part of the assets of the Corporation or any Subsidiary, or commences any proceeding (other than a proceeding for the voluntary liquidation and dissolution of any Subsidiary) relating to the Corporation or any Subsidiary under any bankruptcy reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such petition or application is filed, or any such proceeding is commenced, against the Corporation or any Subsidiary and either (x) the Corporation or any such Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein or (y) such petition, application or proceeding is not dismissed within sixty (60) days; (vi) If any money judgment, writ or warrant of attachment, or similar process involving an amount in any individual case in excess of $50,000 or an amount in the aggregate in excess of $200,000 is entered or filed against the Corporation or any of its Subsidiaries or any of their respective assets and remains undischarged, unvacated, unbonded or unstayed for a period of 30 days; or (vii) If the Corporation or any Subsidiary defaults in the performance of any obligation or obligations if the effect of such default is to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity or to permit the holder or holders of such obligation or obligations to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity. (b) If an Event of Noncompliance of the type described in Section 5.6(a)(v) above shall have occurred, the Corporation shall become obligated to immediately redeem all of the Series A Preferred Shares outstanding at a price per share equal to the Series A Liquidation Value, without any demand or other action on the part of the holders thereof. (c) If any Event of Noncompliance shall have occurred, the holders of a majority of the Series A Preferred Shares then outstanding may demand by written notice delivered to the Corporation immediate redemption of all or any portion of the Series A Preferred Shares owned by such holder or holders at a price per share equal to Series A Liquidation Value. The Corporation shall give prompt written notice of any such election to the other holders of Series A Preferred (but in any event within five days after the 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 A Preferred Shares by giving written notice thereof to the Corporation within seven days after receipt of the Corporation's notice. If any holder or holders of the Series A Preferred demands immediate redemption of all or any portion of such holder's Series A Preferred Shares pursuant to the terms of this Section 5.6(c), the Corporation shall pay to such holder or holders the aggregate Series A Liquidation Value of the Series A Preferred Shares requested to be redeemed by such holder or holders within 10 days after receipt of the initial demand for redemption; provided that if at any time after the requisite number of holders of Series A Preferred Shares shall have demanded immediate redemption pursuant to this Section 5.6(c), the Corporation shall pay all accumulated and unpaid dividends on the Series A Preferred Shares and make all redemption payments (if any) with respect to the Series A Preferred Shares which it shall have been obligated to make otherwise than pursuant to this Section 5.6(c), and all Events of Noncompliance (other than nonpayment of dividends and failure to make any redemption payment due and payable solely by virtue of this Section 5.6(c)) shall be remedied or waived by such holders, then, and in every such case, such holders may, by written notice to the Corporation, rescind and annul such demand for immediate redemption and its consequences.

Events of Noncompliance. (ai) Definition. An Event of Noncompliance shall be deemed to have occurredoccurred if: (iA) If the Corporation LLC fails to pay dividends that have been declared by on any Series M Dividend Reference Date the Board full amount of Series M Dividends then accrued on the Series A Preferred (and M Class 2 Interests, whether or not such failure continues for a period of 30 days);payment is legally permissible or is prohibited by any agreement to which LLC is subject; or (iiB) If the Corporation fails to make any redemption payment with respect to the Series A Preferred that it is obligated to make hereunder; (iii) If the Corporation breaches or otherwise fails to perform or observe any other covenant or agreement contained herein or in the Securities Purchase Agreement or the Related Agreements (as defined in the Securities Purchase Agreement) and such failure to perform or observe a covenant or agreement is not cured within 20 days after the Corporation receives notice of the occurrence thereof; (iv) If any representation, warranty or information contained in the Securities Purchase Agreement or required to be furnished to any holder of the Series A Preferred pursuant to the Securities Purchase Agreement, or any writing furnished by the Corporation to any holder of the Series A Preferred, is false or misleading in any material respect on the date made or furnished; (v) If the Corporation LLC or any Subsidiary makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; or an order, judgment or decree is entered adjudicating the Corporation LLC or any Subsidiary bankrupt or insolvent; or any order for relief with respect to the Corporation LLC or any Subsidiary is entered under the United States Federal Bankruptcy Code; or the Corporation LLC or any Subsidiary petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Corporation LLC or any Subsidiary, Subsidiary or of any substantial part of the assets of the Corporation LLC or any Subsidiary, or commences com mences any proceeding (other than a proceeding for the voluntary liquidation and dissolution of any a Subsidiary) relating to the Corporation LLC or any Subsidiary under any bankruptcy bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such petition or application is filed, or any such proceeding is commenced, against the Corporation LLC or any Subsidiary and either (xa) the Corporation LLC or any such Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein or (yb) such petition, application or proceeding is not dismissed within sixty (60) 60 days; (vi) If any money judgment, writ or warrant of attachment, or similar process involving an amount in any individual case in excess of $50,000 or an amount in the aggregate in excess of $200,000 is entered or filed against the Corporation or any of its Subsidiaries or any of their respective assets and remains undischarged, unvacated, unbonded or unstayed for a period of 30 days; or (vii) If the Corporation or any Subsidiary defaults in the performance of any obligation or obligations if the effect of such default is to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity or to permit the holder or holders of such obligation or obligations to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity. (b) If an Event of Noncompliance of the type described in Section 5.6(a)(v) above shall have occurred, the Corporation shall become obligated to immediately redeem all of the Series A Preferred Shares outstanding at a price per share equal to the Series A Liquidation Value, without any demand or other action on the part of the holders thereof. (c) If any Event of Noncompliance shall have occurred, the holders of a majority of the Series A Preferred Shares then outstanding may demand by written notice delivered to the Corporation immediate redemption of all or any portion of the Series A Preferred Shares owned by such holder or holders at a price per share equal to Series A Liquidation Value. The Corporation shall give prompt written notice of any such election to the other holders of Series A Preferred (but in any event within five days after the 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 A Preferred Shares by giving written notice thereof to the Corporation within seven days after receipt of the Corporation's notice. If any holder or holders of the Series A Preferred demands immediate redemption of all or any portion of such holder's Series A Preferred Shares pursuant to the terms of this Section 5.6(c), the Corporation shall pay to such holder or holders the aggregate Series A Liquidation Value of the Series A Preferred Shares requested to be redeemed by such holder or holders within 10 days after receipt of the initial demand for redemption; provided that if at any time after the requisite number of holders of Series A Preferred Shares shall have demanded immediate redemption pursuant to this Section 5.6(c), the Corporation shall pay all accumulated and unpaid dividends on the Series A Preferred Shares and make all redemption payments (if any) with respect to the Series A Preferred Shares which it shall have been obligated to make otherwise than pursuant to this Section 5.6(c), and all Events of Noncompliance (other than nonpayment of dividends and failure to make any redemption payment due and payable solely by virtue of this Section 5.6(c)) shall be remedied or waived by such holders, then, and in every such case, such holders may, by written notice to the Corporation, rescind and annul such demand for immediate redemption and its consequences.

Events of Noncompliance. 5.1 Definition. An "Event of Noncompliance" shall have occurred if: (a) An Event of Noncompliance shall be deemed to have occurred: (i) If the Corporation Company fails to pay dividends that have been declared by when due the Board full amount of principal and accrued interest thereon on the Series A Preferred (and Notes, whether or not such failure continues for a period of 30 days)payment is legally permissible or is prohibited by any agreement to which the Company is subject; (iib) If the Corporation fails to make any redemption payment with respect to the Series A Preferred that it is obligated to make hereunder; (iii) If the Corporation Company breaches or otherwise fails to perform or observe any other material covenant or agreement contained herein or in the Securities Purchase Agreement or the Related Agreements (as defined in the Securities Purchase Agreement) and such failure to perform or observe a covenant or agreement is not cured within 20 days after the Corporation receives notice of the occurrence thereofset forth herein; (ivc) If any representation, representation or warranty or information contained in the Securities Purchase this Agreement or required to be furnished to any holder of the Series A Preferred Notes pursuant to the Securities Purchase this Agreement, or any information contained in writing required to be furnished by the Corporation Company or any Subsidiary to any holder of the Series A PreferredNotes, is false or misleading in any material respect on the date made or furnished; (vd) If the Corporation Company or any material Subsidiary makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become duecreditors; or an order, judgment or decree is entered adjudicating the Corporation Company or any material Subsidiary bankrupt or insolvent; , or any order for relief with respect to the Corporation Company or any material Subsidiary is entered under the United States Federal Bankruptcy Code; or the Corporation Company or any material Subsidiary petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Corporation Company or any Subsidiary, material Subsidiary or of any substantial part of the assets of the Corporation Company or any material Subsidiary, or commences any proceeding (other than a proceeding for the voluntary liquidation and dissolution of any a Subsidiary) relating to the Corporation Company or any material Subsidiary under any bankruptcy bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such petition or application is filed, or any such proceeding is commenced, against the Corporation Company or any material Subsidiary and either (xi) the Corporation Company or any such Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein or (yii) such petition, application or proceeding is not dismissed within sixty (60) 60 days; (vie) If any money judgment, writ or warrant of attachment, or similar process involving an amount in any individual case a judgment in excess of $50,000 or an amount in the aggregate in excess of $200,000 150,000 is entered or filed rendered against the Corporation Company or any material Subsidiary and, within 60 days after entry thereof, such judgment is not discharged or execution thereof stayed pending appeal, or within 60 days after the expiration of its Subsidiaries any such stay, such judgment is not discharged; (f) other than with respect to the debt obligations of the Company under the LaSalle Credit Agreement, the Company or any of their respective assets and remains undischarged, unvacated, unbonded or unstayed for a period of 30 days; or (vii) If the Corporation or any material Subsidiary defaults in the performance of any obligation or obligations agreement if the effect of such default is to cause an amount having an individual principal amount in excess of exceeding $100,000 or having an aggregate principal amount in excess of $200,000 50,000 to become due prior to its stated maturity or to permit the holder or holders of such any obligation or obligations to cause an amount having an individual principal amount in excess of exceeding $100,000 or having an aggregate principal amount in excess of $200,000 50,000 to become due prior to its stated maturity.; or (bg) If an Event of Noncompliance of the type described in Section 5.6(a)(v) above shall have occurred, the Corporation shall become obligated to immediately redeem all of the Series A Preferred Shares outstanding at a price per share equal to the Series A Liquidation Value, without any demand or other action on the part of the holders thereof. (c) If any Event of Noncompliance shall have occurred, the holders occurrence of a majority of the Series A Preferred Shares then outstanding may demand by written notice delivered to the Corporation immediate redemption of all or any portion of the Series A Preferred Shares owned by such holder or holders at a price per share equal to Series A Liquidation Value. The Corporation shall give prompt written notice of any such election to the other holders of Series A Preferred (but in any event within five days after the receipt of the initial demand for redemption)default, and each such other holder may demand immediate redemption of all or any portion of such holder's Series A Preferred Shares by giving written notice thereof to the Corporation within seven days after receipt of the Corporation's notice. If any holder or holders of the Series A Preferred demands immediate redemption of all or any portion of such holder's Series A Preferred Shares pursuant to which has not been cured, under the terms of this Section 5.6(c), the Corporation shall pay to such holder or holders the aggregate Series A Liquidation Value of the Series A Preferred Shares requested to be redeemed by such holder or holders within 10 days after receipt of the initial demand for redemption; provided that if at any time after the requisite number of holders of Series A Preferred Shares shall have demanded immediate redemption pursuant to this Section 5.6(c), the Corporation shall pay all accumulated and unpaid dividends on the Series A Preferred Shares and make all redemption payments (if any) with respect to the Series A Preferred Shares which it shall have been obligated to make otherwise than pursuant to this Section 5.6(c), and all Events of Noncompliance Stock (other than nonpayment under Section 8A(i) or (vii) of dividends and failure to make any redemption payment due and payable solely by virtue the Certificate of this Section 5.6(cDesignations governing the terms of the Preferred Stock)) shall be remedied or waived by such holders, then, and in every such case, such holders may, by written notice to the Corporation, rescind and annul such demand for immediate redemption and its consequences.

Events of Noncompliance. For so long as any Preferred Shares remain outstanding, each of following events shall constitute an "Event of Noncompliance": (a) An Event The Company shall fail to effect the redemption of Noncompliance shall be deemed to have occurred:the Preferred Shares within 60 days of the date upon which redemption is required by the Articles Supplementary; (ib) If The Company shall default in the Corporation fails performance of any covenant or other provision of this Agreement, the Articles Supplementary or the Registration Rights Agreement, or any other agreement which is material to pay dividends that have been declared by the Board on the Series A Preferred (Business, and such failure default continues uncured for a period of 30 days)thirty days after receipt by the Company of written notice thereof from the Purchaser; (iic) If Any representation or warranty made by the Corporation fails Company in this Agreement or the Registration Rights Agreement or in any certificate or other document contemplated by, delivered pursuant to, or in connection with, this Agreement or the Closing hereunder shall prove to make have been incorrect when made in any redemption payment with respect to the Series A Preferred that it is obligated to make hereundermaterial respect; (iiid) If The Company reports an operating loss for any two consecutive fiscal quarters ending on or after December 31, 1999. (e) The Company shall fail to repay the Corporation breaches principal of, or otherwise fails interest or premium on, any indebtedness when due (or, if permitted by the terms of the relevant document, within any applicable grace period), whether such indebtedness shall become due by scheduled maturity, by required prepayment, by demand or otherwise, or shall fail to perform or observe any other term, covenant or agreement contained herein on its part to be performed under any agreement or in instrument evidencing or securing or relating to such indebtedness when required to be performed (or, if permitted by the Securities Purchase Agreement or terms of the Related Agreements (as defined in relevant document, within any applicable grace period), if the Securities Purchase Agreement) and effect of such failure to pay or perform is to accelerate, or observe a covenant or agreement is not cured within 20 days after to permit the Corporation receives notice holders thereof to accelerate, the maturity of the occurrence thereofsuch indebtedness; (ivf) If any representation, warranty or information contained in the Securities Purchase Agreement or required to be furnished to any holder of the Series A Preferred pursuant to the Securities Purchase Agreement, or any writing furnished by the Corporation to any holder of the Series A Preferred, is false or misleading in any material respect on the date made or furnished; The Company shall (vi) If the Corporation or any Subsidiary makes an assignment for the benefit of creditors or admits admit in writing its inability to pay its debts generally as they become due; or an order, judgment or decree is entered adjudicating the Corporation or any Subsidiary bankrupt or insolvent; or any order for relief with respect to the Corporation or any Subsidiary is entered (ii) commence a voluntary case under Title 11 of the United States Bankruptcy CodeCode or comparable state statute (collectively, a "Bankruptcy Statute"), or authorize, through its Board of Directors, the commencement of such a voluntary case; (iii) file an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it in an involuntary case under a Bankruptcy Statute, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition; (iv) have an order for relief entered against it in any involuntary case commenced under a Bankruptcy Statute, which order is not dismissed within 60 days; (v) seek relief as a debtor under any other law relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors or consent to or acquiesce in such relief; (vi) have an order entered against it by a court of competent jurisdiction (A) finding it to be bankrupt or insolvent, (B) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors, or (C) assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property, which order is not dismissed within 60 days; or (vii) make an assignment for the Corporation benefit of, or any Subsidiary petitions enter into a composition with, its creditors or applies consent to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Corporation other custodian for all or any Subsidiary, or of any a substantial part of the assets of the Corporation or any Subsidiary, or commences any proceeding its property; or (other than a proceeding for the voluntary liquidation and dissolution of any Subsidiaryg) relating to the Corporation or any Subsidiary under any bankruptcy reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such petition or application A final judgment is filed, or any such proceeding is commenced, rendered against the Corporation Company or any Subsidiary and either (x) the Corporation or any such Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein or (y) such petition, application or proceeding is not dismissed within sixty (60) days; (vi) If any money judgment, writ or warrant of attachment, or similar process involving properties in an amount in any individual case in excess of $50,000 or an amount in ten percent of the aggregate in excess then value of $200,000 is entered or filed against the Corporation or any of its Subsidiaries or any of their respective Company's net assets and such judgment remains undischarged, unvacated, unbonded or unstayed unsatisfied for a period of 30 days; or (vii) If the Corporation or any Subsidiary defaults in the performance of any obligation or obligations if the effect of such default is to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity or to permit the holder or holders of such obligation or obligations to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity. (b) If an Event of Noncompliance of the type described in Section 5.6(a)(v) above shall have occurred, the Corporation shall become obligated to immediately redeem all of the Series A Preferred Shares outstanding at a price per share equal to the Series A Liquidation Value, without any demand or other action on the part of the holders thereof. (c) If any Event of Noncompliance shall have occurred, the holders of a majority of the Series A Preferred Shares then outstanding may demand by written notice delivered to the Corporation immediate redemption of all or any portion of the Series A Preferred Shares owned by such holder or holders at a price per share equal to Series A Liquidation Value. The Corporation shall give prompt written notice of any such election to the other holders of Series A Preferred (but in any event within five days after the 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 A Preferred Shares by giving written notice thereof to the Corporation within seven days after receipt of the Corporation's notice. If any holder or holders of the Series A Preferred demands immediate redemption of all or any portion of such holder's Series A Preferred Shares pursuant to the terms of this Section 5.6(c), the Corporation shall pay to such holder or holders the aggregate Series A Liquidation Value of the Series A Preferred Shares requested to be redeemed by such holder or holders within 10 days after receipt of the initial demand for redemption; provided that if at any time after the requisite number of holders of Series A Preferred Shares shall have demanded immediate redemption pursuant to this Section 5.6(c), the Corporation shall pay all accumulated and unpaid dividends on the Series A Preferred Shares and make all redemption payments (if any) with respect to the Series A Preferred Shares which it shall appeals have been obligated to make otherwise than pursuant to this Section 5.6(c), and all Events of Noncompliance (other than nonpayment of dividends and failure to make any redemption payment due and payable solely by virtue of this Section 5.6(c)) shall be remedied exhausted or waived by such holders, then, and in every such case, such holders may, by written notice to the Corporation, rescind and annul such demand time for immediate redemption and its consequencesappeal has expired.

Events of Noncompliance. The occurrence of any of the following events, for any reason whatsoever (and whether such occurrence shall be voluntary or involuntary or come about or be effected by operation of law or otherwise), shall constitute an "Event of Noncompliance": (a) An Event of Noncompliance shall be deemed to have occurred: (i) If the Corporation fails to pay dividends that have been declared by the Board on the Series A Preferred (and such failure continues for a period of 30 days); (ii) If the Corporation fails to make Company defaults in any redemption payment payment, when due, with respect to the Series A any Preferred that it is obligated to make hereunder;Stock; or (iiib) If the Corporation breaches or otherwise Company fails to perform or observe any other covenant agreement, term or agreement condition contained herein (other than matters to which clause (a) above applies) or in the Securities Purchase Agreement Restated Certificate (solely to the extent that such agreement, term or condition relates to the Related Agreements (as defined in Company’s obligations to the Securities Purchase AgreementHolders) and such failure to perform or observe a covenant or agreement is shall not cured be remedied within 20 forty-five (45) days after the Corporation receives Company has received notice of the occurrence or otherwise has actual knowledge thereof;; or (ivc) If any representation, representation or warranty or information contained in made by the Securities Purchase Agreement or required to be furnished to any holder of the Series A Preferred pursuant to the Securities Purchase Agreement, Company herein or any writing furnished by to the Corporation to any holder of the Series A Preferred, is Holders in connection herewith shall be false or misleading in any material respect on the date made or furnished;as of which made; or (vd) If the Corporation Company or any Subsidiary of its Significant Subsidiaries makes an assignment for the benefit of creditors or admits in writing its inability to pay is generally not paying its debts generally as they such debts become due; or (e) any decree or an order, judgment or decree is entered adjudicating the Corporation or any Subsidiary bankrupt or insolvent; or any order for relief with in respect to of the Corporation Company or any Subsidiary its Significant Subsidiaries is entered under any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law, whether now or hereafter in effect (herein called the United States "Bankruptcy CodeLaw"), of any jurisdiction; or or (f) the Corporation Company or any Subsidiary of its Significant Subsidiaries petitions or applies to any tribunal for for, or consents to, the appointment of of, or taking possession by, a trustee, receiver, custodian, trustee, receiver liquidator or liquidator similar official of the Corporation Company or any such Subsidiary, or of any substantial part of the assets of the Corporation Company or any such Subsidiary, or commences a voluntary case under the Bankruptcy Law of the United States, or any proceeding (other than a proceeding for the voluntary liquidation and dissolution of any Subsidiary) proceedings relating to the Corporation Company or such Subsidiary under the Bankruptcy Law of any other jurisdiction or any Subsidiary involuntary proceeding under any bankruptcy reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such petition or application is filed, or any such proceeding is commenced, against the Corporation or any Subsidiary and either (x) the Corporation or any such Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein or (y) such petition, application or proceeding is not dismissed within sixty (60) days; (vi) If any money judgment, writ or warrant of attachment, or similar process involving an amount in any individual case in excess of $50,000 or an amount in the aggregate in excess of $200,000 is entered or filed against the Corporation or any of its Subsidiaries or any of their respective assets and remains undischarged, unvacated, unbonded or unstayed for a period of 30 days; or (vii) If the Corporation or any Subsidiary defaults in the performance of any obligation or obligations if the effect of such default is to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity or to permit the holder or holders of such obligation or obligations to cause an amount having an individual principal amount in excess of $100,000 or having an aggregate principal amount in excess of $200,000 to become due prior to its stated maturity. (b) If an Event of Noncompliance of the type described in Section 5.6(a)(v) above shall have occurred, the Corporation shall become obligated to immediately redeem all of the Series A Preferred Shares outstanding at a price per share equal to the Series A Liquidation Value, without any demand or other action on the part of the holders thereof. (c) If any Event of Noncompliance shall have occurred, the holders of a majority of the Series A Preferred Shares then outstanding may demand by written notice delivered to the Corporation immediate redemption of all or any portion of the Series A Preferred Shares owned by such holder or holders at a price per share equal to Series A Liquidation Value. The Corporation shall give prompt written notice of any such election to the other holders of Series A Preferred (but in any event within five days after the 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 A Preferred Shares by giving written notice thereof to the Corporation within seven days after receipt of the Corporation's notice. If any holder or holders of the Series A Preferred demands immediate redemption of all or any portion of such holder's Series A Preferred Shares pursuant to the terms of this Section 5.6(c), the Corporation shall pay to such holder or holders the aggregate Series A Liquidation Value of the Series A Preferred Shares requested to be redeemed by such holder or holders within 10 days after receipt of the initial demand for redemption; provided that if at any time after the requisite number of holders of Series A Preferred Shares shall have demanded immediate redemption pursuant to this Section 5.6(c), the Corporation shall pay all accumulated and unpaid dividends on the Series A Preferred Shares and make all redemption payments (if any) with respect to the Series A Preferred Shares which it shall have been obligated to make otherwise than pursuant to this Section 5.6(c), and all Events of Noncompliance (other than nonpayment of dividends and failure to make any redemption payment due and payable solely by virtue of this Section 5.6(c)) Bankruptcy Law shall be remedied or waived by such holders, then, commenced and continue unstayed and in every such case, such holders may, by written notice to the Corporation, rescind and annul such demand effect for immediate redemption and its consequencesmore than 60 consecutive days.