Class Director Limitation Clause Samples

Class Director Limitation. Notwithstanding the term of this ------------------------- Section 4.1 if, at any time that Holder holds a majority of the outstanding 8% Preference Shares and the holders of 8% Preference Shares are entitled, voting separately as a class, to elect directors pursuant to Section 9.1(c) of the 8% Preference Share Authorization, the number of Holder Designees that Holder is entitled to designate pursuant to this Section 4.1, when added to the two directors the holders of 8% Preference Shares are entitled to elect pursuant to Section 9(c) of the 8% Preference Share Authorization (the Class ----- Directors ), constitutes 50% or more of the members of the Board, the number --------- of directors Holder is entitled to designate pursuant to this Section 4.1 shall be reduced to a number so that such Holder Designees and the Class Directors, collectively, constitute less than 50% of the total Board until the earlier of the date on which (i) Holder no longer owns a majority of the outstanding 8% Preference Shares or (ii) the Class Directors and the number of Holder Designees Holder is entitled to designate pursuant to this Section 4.1, collectively, constitute less than 50% of the Board.