Series D Preferred Shares. Section 1.07(a) Surviving Corporation...............................................Section 1.
Series D Preferred Shares. Pursuant to Section 5.3 of this Declaration, a series of preferred shares of beneficial interest designated the "Series D Cumulative Convertible Preferred Shares of Beneficial Interest" (the "Series D Convertible Preferred Shares") is hereby established on the following terms:
Series D Preferred Shares. Company shall issue to Holder 18 restricted shares of Series D Preferred Stock (the “Shares”), which equate to 0.18% of the Company’s common stock on a fully diluted basis, within five (5) business days of the execution of this Settlement Agreement in full payment and satisfaction of the Note. Upon issuance of the Shares, the Note shall be deemed paid in full and the Company shall have the legal right and authority to remove the Note from its books and records.
Series D Preferred Shares. If the annual meeting of the Shareholders decides to make a Distribution of any profits, each Shareholder holding Series D Preferred Shares shall be entitled to receive a Distribution at a rate of ten percent (10%) of the applicable Invested Amount corresponding to each Shareholder at that time (the “Series D Preferred Distribution”. If the Series D Preferred Distribution is paid in full in respect of any relevant period, then Distributions on the Series C Preferred Shares, Additional Series B Preferred Shares, the Series B Preferred Shares, the Series A Preferred Shares and the Ordinary Shares may be made by the Company so long as (x) they are not paid at a rate greater than the rate of the Series D Preferred Distribution and (y) they are made in accordance with the below subsections relating to Distributions on the Series C Preferred Shares, Additional Series B Preferred Shares, the Series B Preferred Shares, the Series A Preferred Shares and the Ordinary Shares.
Series D Preferred Shares. 1. Series D Preferred Shares are hereby authorized and shall be issued to LCNI or the Trust or a wholly owned subsidiary of the Trust or Xxxxxx Enterprises to be designated by the Trust, as the case may be, as of October 1, 1999, as described and with the rights and properties set forth below. Series D Preferred Shares and Series A Preferred Shares shall be issued: a. to LCNI with respect to the accrued and unpaid preferred return of $2,534,519.61 owed to LCI as of September 30, 1999; b. to LCNI with respect to the amount of capital contributions of $471,157.25 made by LCI on behalf of the Trust in excess of $30,000,000; c. to LCNI with respect to the amount of Completion Guaranty Payments of $11,346,382 made by LCI prior to October 1, 1999 for its own account; and d. with respect to Completion Guaranty Payments made after October 1, 1999, as set forth in Article III, below. Series D Preferred Shares shall earn a return equal to eighteen percent (18%) per annum, cumulative and compounded semi-annually
Series D Preferred Shares. The Series D Preferred Shares have been duly and validly authorized and, when issued and delivered pursuant to this Agreement, such Series D Preferred Shares will be duly and validly issued and fully paid and nonassessable and free and clear of any Liens, will not be issued in violation of any preemptive rights, consent rights or any other rights of, and will further will rank pari passu or senior to, all other series or classes of Preferred Stock of the Company, whether or not issued or outstanding, with respect to the payment of dividends and priority of distribution of assets in the event of any dissolution, liquidation or winding up of the Company.
Series D Preferred Shares. The maximum number of Series D Preferred Shares shall be 4,100,000.
