Board Representatives. The Lender shall designate one individual who will be appointed to the board of directors (or equivalent) of each of Holdco and the Borrower (the “Lender’s Designee”), such Lender’s Designee to be reasonably acceptable to the Borrower. For so long as such Lender’s Designee is a member of the board of directors (or equivalent) of Holdco or the Borrower, the Lender shall not take any action (or advise such Lender’s Designee to take any action) that would cause the Lender’s Designee to be in violation of its fiduciary duties as a director (or equivalent) under applicable Delaware law.
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Sources: Credit Agreement (Paulson Capital (Delaware) Corp.)
Board Representatives. The Lender shall designate designate, or continue to designate, one individual who will be appointed to the board of directors (or equivalent) of each of Holdco the Parent and the Borrower (the “Lender’s Designee”), such Lender’s Designee to be reasonably acceptable to the Borrower. For so long as such Lender’s Designee is a member of the board of directors (or equivalent) of Holdco the Parent or the Borrower, the Lender shall not take any action (or advise such Lender’s Designee to take any action) that would cause the Lender’s Designee to be in violation of its fiduciary duties as a director (or equivalent) under applicable Delaware law.
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