Common use of Remedies Upon Events of Default Clause in Contracts

Remedies Upon Events of Default. Upon the occurrence of an Event of Default of the type specified in (i) paragraphs (a), (b), (d) or (g) of Section 11.1, and (ii) paragraph (f) of Section 11.1 if the representation or warranty at issue was made with reckless disregard for the truth or falsity thereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of sixty percent of the Series A Preferred Stock and Series B Preferred Stock then outstanding, the holders of at least sixty percent of the Series A Preferred Stock and the Series B Preferred Stock then outstanding may require the Company immediately to redeem all shares of Series A Preferred Stock and Series B Preferred Stock then outstanding as provided in Section 4(b) of the Certificate and the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series B Convertible Preferred Stock (the "Series B Certificate"), as the case may be, and thereupon the Company shall be obligated to redeem all shares of Series A Preferred Stock and Series B Preferred Stock then outstanding. Upon the occurrence of any Event of Default hereunder, unless such Event of Default shall have been waived by the holders of at least sixty percent of the Series A Preferred Stock and Series B Preferred Stock then outstanding and a majority of the Series C Preferred Stock then outstanding, the holders of the Preferred Stock then outstanding shall be entitled to designate a majority of the Board of Directors of the Company as provided in Section 2(c) of the Certificate, the Series B Certificate or the Series C Certificate, as the case may be."

Remedies Upon Events of Default. Upon the occurrence of an ------------------------------- Event of Default as herein defined, except for an Event of the type specified in (iDefault under Section 14.1(d) paragraphs (a), (b), (d) or (g) of Section 11.1, and (ii) paragraph (f) of Section 11.1 if the representation or warranty at issue was made with reckless disregard for the truth or falsity thereofhereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of sixty percent two-thirds of the Series A Preferred Stock and Series B Preferred Stock Shares then outstanding, (a) the holders of at least sixty percent of the Series A Preferred Stock and the Series B Preferred Stock then outstanding may require the Company immediately to redeem all shares of Series A Preferred Stock and Series B Preferred Stock then outstanding as provided in Section 4(b) of the Certificate and the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series B Convertible Preferred Stock (the "Series B Certificate"), as the case may be, and thereupon the Company shall be obligated to redeem all shares of Series A Preferred Stock and Series B Preferred Stock then outstanding. Upon the occurrence of any Event of Default hereunder, unless such Event of Default shall have been waived by the holders of at least sixty percent of the Series A Preferred Stock and Series B Preferred Stock then outstanding and a majority of the Series C Preferred Stock then outstanding, the holders two-thirds of the Preferred Stock Shares then outstanding shall be entitled to designate a majority of the Board of Directors of the Company as provided in Section 2(cthe Articles and (b) the holders of two-thirds of the CertificatePreferred Shares then outstanding may require the Company immediately to redeem, the at $3.75 per Series A Preferred Share, $4.50 per Series B Certificate Preferred Share and $5.125 per Series C Preferred Share (appropriately adjusted to reflect stock splits, stock dividends, reorganizations, consolidations and similar changes hereafter effected) plus all dividends unpaid and accumulated or accrued thereon, if any, to the date of such redemption, including in the case of the Series C CertificatePreferred Shares, all Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares then outstanding, and thereupon the Company shall be obligated to redeem all Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares then outstanding. Upon the occurrence of an Event of Default under Section 14.1(d) hereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of two-thirds of the Series C Preferred Shares then outstanding, (a) the holders of two-thirds of the Preferred Shares then outstanding shall be entitled to designate a majority of the Board of Directors of the Company as provided in the Articles and (b) the holders of two-thirds of the Series C Preferred Shares then outstanding may require the Company immediately to redeem, at $5.125 per Series C Preferred Share (appropriately adjusted to reflect stock splits, stock dividends, reorganizations, consolidations and similar changes hereafter effected) plus all dividends unpaid and accumulated or accrued thereon, if any, to the date of such redemption, including, in the case may beof the Series C Preferred Shares, all Series C Preferred Shares then outstanding, and thereupon the Company shall be obligated to redeem all Series C Preferred Shares then outstanding."

Remedies Upon Events of Default. Upon the occurrence of an Event of Default of the type specified in (i) paragraphs (a), (b), (d) or (g) of Section 11.1, and (ii) paragraph (f) of Section 11.1 if the representation or warranty at issue was made with reckless disregard for the truth or falsity thereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of sixty percent of the Series A Preferred Stock and Series B Preferred Stock then outstanding, the holders of at least sixty percent of the Series A Preferred Stock and the Series B Preferred Stock then outstanding may require the Company immediately to redeem all shares of Series A Preferred Stock and Series B Preferred Stock then outstanding as provided in Section 4(b) of the Certificate and the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series B A Convertible Preferred Stock (the "Series B A Certificate"), as the case may be, and thereupon the Company shall be obligated to redeem all shares of Series A Preferred Stock and Series B Preferred Stock then outstanding. Upon the occurrence of any Event of Default hereunder, unless such Event of Default shall have been waived by the holders of at least sixty percent of the Series A Preferred Stock and Series B Preferred Stock then outstanding and a majority of the Series C Preferred Stock and Series D Preferred Stock then outstanding, voting together as a class, the holders of the Preferred Stock then outstanding shall be entitled to designate a majority of the Board of Directors of the Company as provided in Section 2(c) of the Certificate, the Series B Certificate A Certificate, the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series C Convertible Preferred Stock or the Statement of Designation of Rights, Preferences and Limitations of Series C CertificateD Convertible Preferred Stock, as the case may be."

Remedies Upon Events of Default. Upon the occurrence of an Event of Default of the type specified in (i) paragraphs (a), (b), (c), (d), (e), (g) or (gh) of Section 11.1, and (ii) paragraph (f) of Section 11.1 if the representation or warranty at issue was made with reckless disregard for the truth or falsity thereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of sixty percent a majority of the Series A C Preferred Stock and Series B D Preferred Stock then outstanding, voting together as a class, the holders (acting together as a class) of at least sixty percent a majority of the Series A C Preferred Stock and the Series B D Preferred Stock then outstanding may require the Company immediately to redeem all shares of Series A C Preferred Stock and Series B D Preferred Stock then outstanding as provided in Section 4(b) of the Certificate and the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series B Convertible Preferred Stock (the "Series B Certificate"), as the case may be, and thereupon the Company shall be obligated to redeem all shares of Series A C Preferred Stock and Series B D Preferred Stock then outstanding. Upon the occurrence of any Event of Default hereunder, unless such Event of Default shall have been waived by the holders of at least sixty percent of the outstanding shares of each of the Series A Preferred Stock and Series B Preferred Stock then outstanding and by the holders of a majority of the Series C Preferred Stock and Series D Preferred Stock then outstanding, the holders of the Preferred Stock then outstanding shall be entitled to designate voting together as a majority of class, the Board of Directors of the Company shall be reconstituted as provided in Section 2(c5 of the Shareholders Agreement and subparagraph (2)(c) of the Certificate, the Amended and Restated Series A Certificate, the Amended and Restated Series B Certificate or the Amended and Restated Series C Certificate, as the case may be."

Remedies Upon Events of Default. Upon the occurrence of an Event of Default of the type specified in (i) paragraphs (a), (b), (c), (d), (e), (g) or (gh) of Section 11.1, and (ii) paragraph (f) of Section 11.1 if the representation or warranty at issue was made with reckless disregard for the truth or falsity thereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of sixty percent a majority of the Series A C Preferred Stock and Series B D Preferred Stock then outstanding, voting together as a class, the holders (acting together as a class) of at least sixty percent a majority of the Series A C Preferred Stock and the Series B D Preferred Stock then outstanding may require the Company immediately to redeem all shares of Series A C Preferred Stock and Series B D Preferred Stock then outstanding as provided in Section 4(b) of the Certificate and the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series B Convertible Preferred Stock (the "Series B Certificate"), as the case may be, and thereupon the Company shall be obligated to redeem all shares of Series A C Preferred Stock and Series B D Preferred Stock then outstanding. Upon the occurrence of any Event of Default hereunder, unless such Event of Default shall have been waived by the holders of at least sixty percent of the outstanding shares of each of the Series A Preferred Stock and Series B Preferred Stock then outstanding and by the holders of a majority of the Series C Preferred Stock and Series D Preferred Stock then outstanding, the holders of the Preferred Stock then outstanding shall be entitled to designate voting together as a majority of class, the Board of Directors of the Company shall be reconstituted as provided in Section 2(c5 of the Shareholders Agreement and subparagraph (2)(c) of the Certificate, the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series A Convertible Preferred Stock, the Amendment and Restatement of the Statement of Designation of Rights, Preferences and Limitations of Series B Certificate Convertible Preferred Stock or the Statement of Designation of Rights, Preferences and Limitations of Series C CertificateD Convertible Preferred Stock, as the case may be."