Common use of Additional Directors Clause in Contracts

Additional Directors. If at any time the aggregate of unpaid Definitive Dividends on the Company Preferred Securities or any Company Parity Preferred Securities equals or exceeds an amount equal to three semi-annual dividend payments, the holders of Company Preferred Securities and any Company Parity Preferred Securities, voting together as a single class, will have the exclusive right to elect two additional directors. Holders of a majority of Company Preferred Securities and Company Parity Preferred Securities may exercise this right by written consent or at a meeting of such holders called for such purpose. This meeting may be called at the request of any holder of Company Preferred Securities or Company Parity Preferred Securities. This right will continue either until all unpaid Definitive Dividends have been paid in full or until full dividends have been paid on the Company Preferred Securities for two consecutive dividend periods. While this right continues, any vacancy in the office of the additional directors may be filled only by the holders of Company Preferred Securities and Company Parity Preferred Securities voting as described above.

Additional Directors. If at any time the aggregate of unpaid Definitive Dividends dividends on the Company Preferred Securities or any Company Parity Preferred Securities equals or exceeds an amount equal to three semi-annual dividend payments, the holders of Company Preferred Securities and any Company Parity Preferred Securities, voting together as a single class, will have the exclusive right to elect two additional directors. Holders of a majority (based on the aggregate liquidation preference) of Company Preferred Securities and Company Parity Preferred Securities may exercise this right by written consent or at a meeting of such holders called for such purpose. This meeting may be called at the request of any holder of Company Preferred Securities or Company Parity Preferred Securities. This right will continue either until all unpaid Definitive Dividends dividends have been paid in full or until full dividends have been paid on the Company Preferred Securities for two consecutive dividend periods. While this right continues, any vacancy in the office of the additional directors may be filled only by the holders of Company Preferred Securities and Company Parity Preferred Securities voting as described above.

Additional Directors. If at any time the aggregate of unpaid Definitive Dividends on the Company Preferred Securities or any Company Parity Preferred Securities equals or exceeds an amount equal to three semi-annual dividend payments, the holders of Company Preferred Securities and any Company Parity Preferred Securities, voting together as a single class, will have the exclusive right to elect two additional directors. Holders of a majority of Company Preferred Securities and Company Parity Preferred Securities may exercise this right by written -21- 27 consent or at a meeting of such holders called for such purpose. This meeting may be called at the request of any holder of Company Preferred Securities or Company Parity Preferred Securities. This right will continue either until all unpaid Definitive Dividends have been paid in full or until full dividends have been paid on the Company Preferred Securities for two consecutive dividend periods. While this right continues, any vacancy in the office of the additional directors may be filled only by the holders of Company Preferred Securities and Company Parity Preferred Securities voting as described above.