Consequences of Events of Noncompliance. (i) If any Event of Noncompliance has occurred and is continuing, then the dividend rate on the Series F Preferred from and after the occurrence of such Event of Noncompliance shall increase immediately by an additional 2.0% per annum, subject to applicable usury laws; provided, that if the Event of Noncompliance is related to the non payment of the cash dividends beginning with the September 30, 2011 Dividend Payment Date (whether or not the Corporation is legally able to pay the dividends), the dividend rate shall automatically increase to (A) the higher of (X) the then prevailing dividend rate and (Y) the then prevailing LIBOR rate plus 14.7% plus 2.0% per annum. Any increase of the dividend rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists, subject to subsequent increases pursuant to this paragraph.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance of the type described in subparagraph 10A(ii) has occurred and continues for a period of 30 days or any other Event of Noncompliance has occurred and is continuing, the dividend rate on the Series A Preferred and Series B Preferred shall increase immediately by an increment of 3 percentage point(s). Thereafter, until such time as no Event of Noncompliance exists, the dividend rate shall increase automatically at the end of each succeeding 90-day period by an additional increment of 3 percentage point(s) (but in no event shall the dividend rate exceed 12%). Any increase of the dividend rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists, subject to subsequent increases pursuant to this paragraph.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance has occurred, the dividend rate on the Class A Preferred shall increase immediately by an increment of two percentage point(s). Thereafter, until such time as no Event of Noncompliance exists, the dividend rate shall increase automatically at the end of each succeeding 90-day period by an additional increment of two percentage point(s) (but in no event shall the dividend rate exceed 14%). Any increase of the dividend rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists, subject to subsequent increases pursuant to this paragraph.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance has occurred and is continuing, the Dividend Rate for such outstanding Shares will increase by 3.00% per annum, effective as of the date of the Event of Noncompliance, and will increase by an additional 0.50% per annum on each successive Dividend Compounding Date (up to a maximum Dividend Rate of 20.00% per annum), in each case, until such Event of Noncompliance has been cured and no longer is continuing.
Consequences of Events of Noncompliance. (a) Immediately upon the occurrence of an Event of Noncompliance, and for 90 days thereafter that such Event of Noncompliance is continuing, the interest rate on the Notes shall increase immediately to 18% (or, if less, the highest rate permitted by law). Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Event of Noncompliance exists and the interest rate shall return to 12%, subject to subsequent increases pursuant to Section 2.06(b) or this Section 5.02(a).
Consequences of Events of Noncompliance. (a) If any Event of Noncompliance has occurred and shall not have been cured within thirty (30) days, the Board of Directors shall, at the request of the Purchaser, be removed and the Purchaser will have the special right to fill such directorships, to fill any vacancy of such directorships and to remove any individual elected to such directorships. Such special right shall continue until such time as there is no longer any Event of Noncompliance in existence, at which time such special right shall terminate subject to revesting upon the occurrence and continuation of any Event of Noncompliance which gives rise to such special right hereunder. After the expiration of such Event of Noncompliance (provided that the special right to elect directors has terminated), as the case may be, such newly elected directors shall resign and the original directors shall be reappointed so that the Board of Directors shall be constituted as it was immediately prior to the occurrence of the Event or Events of Noncompliance giving rise to the special right to elect directors.
Consequences of Events of Noncompliance i. If an Event of Noncompliance of the type described in Section 8A(v) has occurred, or any Event of Noncompliance other than of the type described in Section 8A(v) has occurred and continues to exist for 30 days, then thereafter and during the continuation of such Event of Noncompliance, the dividend rate payable on the Series B Preferred Shares as set forth in Section 3B shall be increased to the annual rate determined by adding the prime rate charged by Citibank in New York (as published in the Wall Street Journal on the first business day after such default) plus 8%, with such dividends to accrue on a daily basis.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance has occurred (other than an Event of Noncompliance pursuant to Section 13(a)(i)) and is continuing, the Dividend Rate for such outstanding Shares of Series C Preferred Stock will increase by 0.75%, effective as of the date of the Event of Noncompliance and continuing until there are no Events of Noncompliance.
Consequences of Events of Noncompliance. (i) If an Event of Noncompliance has occurred (other than an Event of Noncompliance pursuant to Section 13(a)(i) or Section 13(a)(v)) and is continuing, the Dividend Rate for such outstanding Shares of Series D Preferred Stock will increase by 0.75%, effective as of the date of the Event of Noncompliance and continuing until there are no Events of Noncompliance. If an Event of Noncompliance has occurred pursuant to Section 13(a)(v)) and is continuing, the Dividend Rate for such outstanding Shares of Series D Preferred Stock will increase by 3.75%, effective as of the date of the Event of Noncompliance and continuing until there are no Events of Noncompliance.
Consequences of Events of Noncompliance
