Insufficient Funds for Redemption. If the funds of the Corporation available for redemption of the shares of Series D Preferred Stock on the Series D Automatic Redemption Date are insufficient to redeem in full the shares of Series D Preferred Stock, the holders of shares of Series D Preferred Stock shall share ratably in any funds available by law for redemption of such shares according to the respective amounts which would be payable with respect to the number of shares owned by them if the shares to be so redeemed on such Series D Automatic Redemption Date were redeemed in full. Any shares of Series D Preferred Stock that the Corporation does not redeem on the Series D Automatic Redemption Date due to insufficient funds shall continue to be outstanding until redeemed and dividends on such shares shall continue to accrue and cumulate until redeemed. The Corporation shall in good faith use all commercially reasonable efforts as expeditiously as possible to eliminate, or obtain an exception, waiver or exemption from, any and all restrictions that prevented the Corporation from paying the Series D Redemption Price and redeeming all of the shares of Series D Preferred Stock. At any time thereafter when additional funds of the Corporation are available by law for the redemption of the shares of Series D Preferred Stock, such funds shall be used as promptly as practicable to redeem the balance of such shares, or such portion thereof for which funds are available, on the basis set forth above.
Insufficient Funds for Redemption. If on the Redemption Date, the Company has insufficient funds with which to fully and legally redeem the number of Redemption Shares set forth in the Redemption Notice, then subject to Section 9.1(d), the Company shall redeem all of the Redemption Shares under the Redemption Notice but allocate funds available to pay the Redemption Price to such holders of Redemption Shares on a pro rata basis, and then issue to such holders of Redemption Shares with respect to the unpaid portion of the Redemption Price, a one-year promissory note dated as of the Redemption Date to each holder of Redemption Shares which were not able to be redeemed on the Redemption Date (each a “Promissory Note”, and collectively, the “Promissory Notes”), which will bear interest at the compounded rate of five percent (5%) per annum, with an aggregate principal amount equal to the Redemption Price of such Redemption Shares that are not redeemed. The Promissory Notes shall become due and payable twelve (12) months from the Redemption Date. The Promissory Notes shall be freely assignable by the holders thereof. If the Company is unable to satisfy its obligations under a Promissory Note when due, the holder of the Promissory Note may, but is not obligated to, extend the repayment date by another six (6) months, provided, however, the Company shall provide collaterals with a fair market value no less than the aggregate principal amount outstanding on the Promissory Notes to secure its repayment obligations under such Promissory Notes.
Insufficient Funds for Redemption. If the funds of the Company legally available for redemption of the Series A Preferred Equity Membership Units on the Mandatory Redemption Date are insufficient to redeem the Series A Preferred Equity Membership Units on such date, the Series A Members shall share ratably in any funds legally available for redemption of such Series A Preferred Equity Membership Units according to the respective amounts which would be payable to them if the Series A Preferred Equity Membership Units were redeemed in full. At any time thereafter when additional funds of the Company are legally available for the redemption of the Series A Preferred Equity Membership Units, such funds shall be used, at the end of the fiscal quarter next ended, to redeem the balance of such Series A Preferred Equity Membership Units, or such portion thereof for which funds are available, ratably on the basis set forth above. Any Series A Preferred Equity Membership Units that are not redeemed in full pursuant to this Section 4 shall be deemed outstanding.
Insufficient Funds for Redemption. If the funds of the Corporation available for redemption of the Series D Preferred Stock to be redeemed in accordance with Section 6(a) and any other Parity Stock required to be redeemed on the Mandatory Redemption Date by law are insufficient to redeem such shares on such date, the holders of Series D Preferred Stock and such Parity Stock shall share ratably in any funds available by law for redemption of such shares according to the respective amounts which would be payable with respect to the number of shares owned by them if the shares to be so redeemed on such Mandatory Redemption Date were redeemed in full. The Corporation shall in good faith use all reasonable efforts as expeditiously as possible to eliminate, or obtain an exception, waiver or exemption from, any and all restrictions under applicable law that prevented the Corporation from paying the Redemption Price and redeeming all of the Series D Preferred Stock to be redeemed hereunder. At any time thereafter when additional funds of the Corporation are available by law for the redemption of shares of Series D Preferred Stock, such funds will be used, at the end of the next succeeding fiscal quarter, to redeem the balance of such shares, or such portion thereof for which funds are available, on the basis set forth above. In the event that funds are not available by law for the payment in full of the Preferred Redemption Price for the shares of Series D Preferred Stock to be so redeemed on the Mandatory Redemption Date, then the Corporation shall be obliged to make such partial redemption so that the number of shares of Series D Preferred Stock held by each holder shall be reduced in an amount which shall bear the same ratio to the actual number of shares of Series D Preferred Stock to be redeemed on such Mandatory Redemption Date as the number of shares of Series D Preferred Stock then held by such holder bears to the aggregate number of shares of Series D Preferred Stock then outstanding. In the event that the Corporation fails to redeem shares of Series D Preferred Stock for which redemption is required, then during the period from the Mandatory Redemption Date through the date on which such shares that the Corporation failed to redeem on the Mandatory Redemption Date are actually redeemed, dividends on such shares shall accrue and be cumulative at an annual rate equal to 18%, compounded quarterly, of the Series D Liquidation Preference, calculated on the basis of a 360-day year consisting of...
Insufficient Funds for Redemption. 12 6. Restrictions and Limitations on Corporate Action ..........13 7. No Dilution or Impairment .................................14 8.
Insufficient Funds for Redemption. If the funds of the Corporation legally available for redemption of Series A Preferred Stock on the Redemption Date are insufficient to redeem the number of shares of Series A Preferred Stock to be so redeemed on such Redemption Date, the holders of shares of
