Common use of Subordination; Priority Clause in Contracts

Subordination; Priority. The Series D Preferred Stock shall be subordinate in liquidation and the payment of dividends to the Series A Cumulative Convertible 3% Preferred Stock, the Series B Cumulative Convertible 2% Preferred Stock, and the Series C Non-Cumulative Convertible Preferred Stock. No liquidating distributions shall be paid on any share of Common Stock or other equity security of the Company not described in this Clause (iv) until the holder(s) of the Series D Preferred Stock shall have received liquidating distributions totaling the aggregate liquidation value and accumulated but unpaid dividends on all shares of Series D Preferred Stock or its earlier conversion. No dividends shall be declared, set aside, or paid on any share of Common Stock or other equity security of the Company not described in this Clause (iv) until the holder(s) of the Series D Preferred Stock shall have received dividend distributions totaling the aggregate accumulated but unpaid dividends, together with the dividends accrued for the period immediately prior to such declaration, set aside, or payment, on all shares of Series D Preferred Stock.

Subordination; Priority. The Series E Preferred Stock shall be pari passu with the Series D Preferred Stock shall be and subordinate in liquidation and the payment of dividends to the Series A Cumulative Convertible 3% Preferred Stock, the Series B Cumulative Convertible 2% Preferred Stock, and the Series C Non-Non- Cumulative Convertible Preferred Stock. No liquidating distributions shall be paid on any share of Common Stock or other equity security of the Company not described in this Clause (iv) until the holder(s) of the Series D and Series E Preferred Stock shall have received liquidating distributions totaling the aggregate liquidation value and accumulated but unpaid dividends on all shares of Series D or Series E Preferred Stock or its earlier conversion. No dividends shall be declared, set aside, or paid on any share of Common Stock or other equity security of the Company not described in this Clause (iv) until the holder(s) of the Series D or Series E Preferred Stock shall have received dividend distributions totaling the aggregate accumulated but unpaid dividends, together with the dividends accrued for the period immediately prior to such declaration, set aside, or payment, on all shares of Series D or Series E Preferred Stock.