Triggers. The Company shall dissolve at any time after February 10, 2003, if at such time the aggregate Liquidation Preference is at least $7.5 million (excluding the Liquidation Preference on any PIK Preferred Stock distributed as a dividend) and holders of at least a majority of PIK Preferred Stock then outstanding vote to dissolve the Company and provide notice of such vote to the Board of Directors; provided, however, that in the event that such a vote and resulting dissolution of the Company would result in an event of default or an incipient default under any then existing indebtedness of the Company or any Subsidiary with an outstanding balance of $10 million or more, then such majority vote shall not cause the dissolution of the Company, but rather shall constitute notice by the holders of the PIK Preferred Stock to the Board of Directors that such holders desire that the Board of Directors promptly arrange the sale of the Company (including its Subsidiaries) or a sale of all or substantially all of its assets.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Digital Television Services of Kansas LLC), Stockholders Agreement (Digital Television Services of Indiana LLC)