Common use of Decrease in Directors Clause in Contracts

Decrease in Directors. Upon any decrease in the number of Directors that the ORC Principal Representative, the ▇▇▇▇ Principal Representative or NB, as applicable, is entitled to designate for nomination to the Board under Section 2.1(b) or Section 2.1(c), as applicable, the ORC Principal Representative, the ▇▇▇▇ Principal Representative or NB, as applicable, shall take all Necessary Action to cause the appropriate number of ORC Directors, ▇▇▇▇ Directors or the NB Director, as applicable, to offer to tender their resignation at least 60 days prior to the expected date of PubCo’s next annual meeting of stockholders (which resignation, for the avoidance of doubt, may be made effective as of the last day of the term of such Director). Notwithstanding the foregoing, the Nominating and Corporate Governance Committee may, in its sole discretion, recommend for nomination any Director that has tendered his or her resignation in accordance with this Section 2.1(e).

Decrease in Directors. Upon any decrease in the number of Directors that the ORC Principal Representative, the ▇▇▇▇ Principal Representative or NB, as applicable, is entitled to designate for nomination to the Board under Section 2.1(b) or Section 2.1(c), as applicable, the ORC Principal Representative, the ▇▇▇▇ Principal Representative or NB, as applicable, shall take all Necessary Action to cause the appropriate number of ORC Directors, ▇▇▇▇ Directors or the NB Director, as applicable, to offer to tender their resignation at least 60 days prior to the expected date of PubCo’s next annual meeting of stockholders (which resignation, for the avoidance of doubt, may be made effective as of the last day of the term of such Director). Notwithstanding the foregoing, the Nominating and Corporate Governance Committee Committee, if established, may, in its sole discretion, recommend for nomination any Director that has tendered his or her resignation in accordance with this Section 2.1(e).