Equity Board Sample Clauses

Equity Board. (a) As soon as practicable on or after November 15, 1994, the General Partners shall establish an Equity Board of the Partnership which, prior to the reconstitution of the Equity Board pursuant to subsection (b) below (which shall not occur prior to the earlier of January 1, 1998, or the first Restructuring), shall consist of the Chairperson from time to time of the Operating Board, the Chief Executive Officer from time to time of the Partnership, and ten (10) persons appointed as follows: (i) two (2) persons appointed by PIMCO Partners, (ii) three (3) persons appointed by PFAMCO, (iii) two (2) persons appointed by a majority in interest of the Series B Preferred shareholders of TAG Inc., and (iv) three (3) Disinterested Directors appointed by the members of the Equity Board who are not Disinterested Directors. Prior to the reconstitution of the Equity Board: (i) the initial terms of office of the members of the Equity Board appointed pursuant to this subsection (a) other than the Disinterested Directors, the Chairperson of the Operating Board and the Chief Executive Officer of the Partnership, shall end on the last day of the calendar year next following the date of their appointment; (ii) the initial terms of office of the Disinterested Directors shall end on December 31, 1994, 1995 and 1996 respectively; (iii) the succeeding terms of office of appointed members shall be one (1) year; (iv) not later than one (1) month prior to the expiration of the terms of office of the appointed members of the Equity Board, they shall be reappointed or their successors shall be appointed in accordance with the preceding sentence, to take office as members of the Equity Board upon the expiration of such terms; (v) an appointed member of the Equity Board may be removed at any time by the party or parties which appointed him or her; and (vi) upon the resignation, removal or death of an appointed member of the Equity Board, his or her successor shall be appointed by the party or parties which appointed him or her. Notwithstanding the provisions of Article XIV , this subsection (a) may not be amended prior to the earlier of January 1, 1998, or the first Restructuring. (b) This Section 10.9 and the defined terms referred to only in this Section 10.9 shall be deleted in their entirety on the earlier of January 1, 1998, or the first Restructuring, and this Agreement shall be restated to reflect such deletion.