Common use of Preferred Dividends Clause in Contracts

Preferred Dividends. Beginning on the Issue Date, Holders of outstanding Series A Preferred Stock will be entitled to receive, out of funds legally available therefor, cash dividends on each share of Series A Preferred Stock, at a rate per annum equal to 14% of the Liquidation Preference (with such Liquidation Preference being determined as of the first day of the applicable quarter) payable quarterly (the "Preferred Dividends") until December 31, 2008. All Preferred Dividends shall be cumulative, whether or not earned or declared, on a quarterly basis from the Issue Date and shall be payable quarterly in arrears on each Preferred Dividend Payment Date, commencing on __________, 2003, provided, that if any Preferred Dividend payable on any Preferred Dividend Payment Date is not declared and paid in full in cash on such Preferred Dividend Payment Date, the amount payable as such Preferred Dividend on such Preferred Dividend Payment Date that is not paid in cash on such Preferred Dividend Payment Date shall be added to the Liquidation Preference on the relevant Preferred Dividend Payment Date and may no longer be declared or paid as dividends in cash except for special dividends paid pursuant to Section 3.1(d).

Preferred Dividends. Beginning No cash dividend may be declared or paid on the Issue Date, Holders of outstanding Series Junior Stock during a Preferred Dividend Payment Period unless all Accrued Dividends with respect to Class A Preferred Stock will be entitled to receive, out of funds legally available therefor, cash dividends have been paid. Dividends on each share of Series Class A Preferred StockStock (the “Preferred Dividends”) (i) shall accrue on a quarterly basis from and including the Issuance Date of such share, whether or not declared and whether or not the Company has funds legally available to make payment thereof, at a rate per annum equal to 14% the Dividend Rate as further specified below and compound quarterly on each Preferred Dividend Payment Date (to the extent not paid on such Preferred Dividend Payment Date) and (ii) shall, subject to the terms of the Liquidation Preference (with such Liquidation Preference being determined as of the first day of the applicable quarter) payable quarterly (the "Preferred Dividends") until December 31Section 4(c), 2008. All Preferred Dividends shall be cumulative, whether or not earned or declared, on a quarterly basis from the Issue Date and shall be payable quarterly in arrears arrears, if, as and when authorized by the Board and declared by the Company, only out of funds legally available therefor, on each Preferred Dividend Payment Date, commencing on __________, 2003, provided, that if any Preferred Dividend payable on any the first Preferred Dividend Payment Date is not declared and paid in full in cash on following the Issuance Date of such Preferred Dividend Payment Date, the amount payable as such Preferred Dividend on such Preferred Dividend Payment Date that is not paid in cash on such Preferred Dividend Payment Date shall be added to the Liquidation Preference on the relevant Preferred Dividend Payment Date and may no longer be declared or paid as dividends in cash except for special dividends paid pursuant to Section 3.1(d)share.