APPOINTMENT OF SECRETARY OF STATE DIRECTORS TO THE BOARDS. 5.1 Subject to clause 5.2, where an Aggregate Commitment (together with any Junior Capital held by the Secretary of State on the date of the relevant Contingent Equity Commitment Request) is an amount equal to or greater than ten (10) per cent of the total equity issued by IP EquityCo in favour of any shareholder at the date of the relevant Contingent Equity Commitment Request, on and from the first relevant Contingent Equity Contribution Date the Secretary of State shall have the right exercisable by notice in writing to IP EquityCo to require the appointment of one or more Directors of IP EquityCo nominated by the Secretary of State and by like notice to require the removal of any such appointed Director(s) and the appointment of one or more other persons to act in place of such Director(s).
