Common use of Liquidation Event Clause in Contracts

Liquidation Event. Upon the occurrence of any Liquidation Event, Holders of Series H Preferred Shares shall be entitled to receive out of the assets of the Corporation or proceeds thereof legally available for distribution to shareholders of the Corporation, (i) after satisfaction of all liabilities, if any, to creditors of the Corporation, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or Series of Junior Securities as to such distribution, a liquidating distribution or payment in full redemption of such Series H Preferred Shares in an amount equal to the Series H Liquidation Preference. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders of the Table of Contents Series H Preferred Shares or any Parity Securities and (y) the Holders of outstanding Series H Preferred Shares shall be entitled to the Series H Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities. Holders of Series H Preferred Shares shall not be entitled to any other amounts from the Corporation, in their capacity as Holders of such shares, after they have received the Series H Liquidation Preference. The payment of the Series H Liquidation Preference shall be a payment in redemption of the Series H Preferred Shares such that, from and after payment of the full Series H Liquidation Preference, any such Series H Preferred Share shall thereafter be cancelled and no longer be outstanding.

Liquidation Event. Upon the occurrence of any Liquidation Event, Holders of Series H Preferred Shares shall be entitled to receive out of the assets of the Corporation Company or proceeds thereof legally available for distribution to shareholders of the Corporationthereof, whether from capital, surplus or earnings, (i) after satisfaction of all liabilities, if any, to creditors of the CorporationCompany, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect of such Liquidation Event Event, and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or Series series of Junior Securities as to such distribution, a liquidating distribution or payment in full redemption of such Series H B Preferred Shares in an amount equal to the Series H B Liquidation PreferencePreference per share. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders or holders of the Table of Contents Series H Preferred Shares or any Parity Securities Securities, and (y) the Holders of outstanding Series H Preferred Shares shall be entitled to the Series H B Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities. Holders of Series H Preferred Shares shall not be entitled to any other amounts from the CorporationCompany, in their capacity as Holders of such sharesHolders, after they have received the full Series H B Liquidation Preference. The payment of the Series H B Liquidation Preference shall be a payment in redemption of the Series H B Preferred Shares such that, from and after payment of the full Series H B Liquidation Preference, any such Series H B Preferred Share shall thereafter be cancelled and no longer be outstanding.

Liquidation Event. Upon the occurrence of any Liquidation Event, Holders of Series H D Preferred Shares shall be entitled to receive out of the assets of the Corporation or proceeds thereof legally available for distribution to shareholders of the Corporation, (i) after satisfaction of all liabilities, if any, to creditors of the Corporation, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect of such Liquidation Table of Contents Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or Series series of Junior Securities as to such distribution, a liquidating distribution or payment in full redemption of such Series H D Preferred Shares in an amount equal to the Series H D Liquidation Preference. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders of the Table of Contents Series H D Preferred Shares or any Parity Securities and (y) the Holders of outstanding Series H D Preferred Shares shall be entitled to the Series H D Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities. Holders of Series H D Preferred Shares shall not be entitled to any other amounts from the Corporation, in their capacity as Holders of such shares, after they have received the Series H D Liquidation Preference. The payment of the Series H D Liquidation Preference shall be a payment in redemption of the Series H D Preferred Shares such that, from and after payment of the full Series H D Liquidation Preference, any such Series H D Preferred Share shall thereafter be cancelled and no longer be outstanding.

Liquidation Event. Upon the occurrence of any Liquidation Event, Holders of outstanding Series H G Preferred Shares shall be entitled to receive out of the assets of the Corporation Company or proceeds thereof legally available for distribution to shareholders of the CorporationCompany, whether from capital, surplus or earnings, (i) after satisfaction of all liabilities, if any, to creditors of the CorporationCompany, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect of such Liquidation Event Event, and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or Series series of Junior Securities as to such distribution, a liquidating distribution or payment in full redemption of such Series H G Preferred Shares in an amount equal to the Series H G Liquidation PreferencePreference per share. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders of the Table of Contents Series H G Preferred Shares or any Parity Securities Securities, and (y) the Holders of outstanding Series H G Preferred Shares shall be entitled to the Series H G Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities. Holders of Series H G Preferred Shares shall not be entitled to any other amounts from the CorporationCompany, in their capacity as Holders of such shares, after they have received the full Series H G Liquidation Preference. The payment of the Series H G Liquidation Preference shall be a payment in redemption of the Series H G Preferred Shares such that, from and after payment of the full Series H G Liquidation Preference, any such Series H G Preferred Share shall thereafter be cancelled and no longer be outstanding. Partial Payment. If, in the event of any distribution or payment described in Section 5(a) above where the Company’s assets available for distribution to holders of the outstanding Series G Preferred Shares and any Parity Securities are insufficient to satisfy the applicable Liquidation Preference for such Series G Preferred Shares and Parity Securities, the Company’s then remaining assets or proceeds thereof legally available for distribution to shareholders of the Company shall be distributed among the Series G Preferred Shares and such Parity Securities, as applicable, ratably on the basis of their relative aggregate Liquidation Preferences. To the extent that the Holders receive a partial payment of their Series G Liquidation Preference, such partial payment shall reduce the Series G Liquidation Preference of their Series G Preferred Shares, but only to the extent of such amount paid.

Liquidation Event. Upon the occurrence of any Liquidation Event, Holders of Series H G Preferred Shares shall be entitled to receive out of the assets of the Corporation or proceeds thereof legally available for distribution to shareholders of the Corporation, (i) after satisfaction of all liabilities, if any, to creditors of the Corporation, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or Series of Junior Securities as to such distribution, a liquidating distribution or payment in full redemption of such Series H G Preferred Shares in Table of Contents an amount equal to the Series H G Liquidation Preference. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders of the Table of Contents Series H G Preferred Shares or any Parity Securities and (y) the Holders of outstanding Series H G Preferred Shares shall be entitled to the Series H G Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities. Holders of Series H G Preferred Shares shall not be entitled to any other amounts from the Corporation, in their capacity as Holders of such shares, after they have received the Series H G Liquidation Preference. The payment of the Series H G Liquidation Preference shall be a payment in redemption of the Series H G Preferred Shares such that, from and after payment of the full Series H G Liquidation Preference, any such Series H G Preferred Share shall thereafter be cancelled and no longer be outstanding.

Liquidation Event. Upon the occurrence of any Liquidation Event, Holders of Series H E Preferred Shares shall be entitled to receive out of the assets of the Corporation or proceeds thereof legally available for distribution to shareholders of the Corporation, (i) after satisfaction of all liabilities, if any, to creditors of the Corporation, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or Series series of Junior Securities as to such distribution, a Table of Contents liquidating distribution or payment in full redemption of such Series H E Preferred Shares in an amount equal to the Series H E Liquidation Preference. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders of the Table of Contents Series H E Preferred Shares or any Parity Securities and (y) the Holders of outstanding Series H E Preferred Shares shall be entitled to the Series H E Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities. Holders of Series H E Preferred Shares shall not be entitled to any other amounts from the Corporation, in their capacity as Holders of such shares, after they have received the Series H E Liquidation Preference. The payment of the Series H E Liquidation Preference shall be a payment in redemption of the Series H E Preferred Shares such that, from and after payment of the full Series H E Liquidation Preference, any such Series H E Preferred Share shall thereafter be cancelled and no longer be outstanding.

Liquidation Event. Upon In the occurrence event of any Liquidation Eventdissolution, Holders winding up, liquidation, readjustment, reorganization or other similar proceedings relating to Debtor or to its creditors, as such, or to its property (whether voluntary or involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership, or upon an assignment for the benefit of Series H Preferred Shares creditors, or any other marshalling of the assets and liabilities of Debtor, or any sale of all or substantially all of the assets of Debtor, or otherwise), the Senior Obligations shall first be paid in full, in cash, before any Junior Lender shall be entitled to receive out and to retain any payment, distribution, other rights or benefits with respect to any Junior Note or other Junior Obligation. In order to enable the Senior Lenders to enforce their rights hereunder in any such action or proceeding, the Senior Lenders are hereby irrevocably authorized and empowered in their discretion as attorney in fact for each Junior Lender to make and present for and on behalf of such Junior Lender such proofs of claims against the Debtor as the Senior Lenders may deem expedient or proper and to vote such proofs of claims in any such proceeding and to receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply same on account of any of the assets Senior Notes. In the event, prior to indefeasible payment, in cash, of the Corporation Senior Obligations, any Junior Lender shall receive any payment with respect to the Junior Obligations and/or in connection with the enforcement of such Junior Lender’s rights and remedies against Debtor, whether arising in connection with the Junior Notes or proceeds thereof legally available other Junior Obligations or otherwise, then such Junior Lender shall forthwith deliver, or cause to be delivered, the same to the Senior Lenders in precisely the form held by such Junior Lender (except for distribution to shareholders any necessary endorsement) and until so delivered the same shall be held in trust by such Junior Lender as the property of the Corporation, (i) after satisfaction of all liabilities, if any, to creditors of the Corporation, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or Series of Junior Securities as to such distribution, a liquidating distribution or payment in full redemption of such Series H Preferred Shares in an amount equal to the Series H Liquidation Preference. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders of the Table of Contents Series H Preferred Shares or any Parity Securities and (y) the Holders of outstanding Series H Preferred Shares shall be entitled to the Series H Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities. Holders of Series H Preferred Shares shall not be entitled to any other amounts from the Corporation, in their capacity as Holders of such shares, after they have received the Series H Liquidation Preference. The payment of the Series H Liquidation Preference shall be a payment in redemption of the Series H Preferred Shares such that, from and after payment of the full Series H Liquidation Preference, any such Series H Preferred Share shall thereafter be cancelled and no longer be outstandingLenders.