Common use of Observers' Rights Clause in Contracts

Observers' Rights. (a) In the event (i) the 399 Stockholders elect not to exercise, or are prohibited by applicable law from exercising, their rights to designate either or both of the 399 Directors, or once appointed, the 399 Stockholders desire to remove one or both of the 399 Directors, the 399 Stockholders shall have the right to have one individual (an "Observer") attend any meeting of the Board or any committee thereof. The 399 Stockholders shall have the right to appoint an Observer to the board of directors of any Subsidiary in lieu of designating a director thereto as provided by Section 5.5. In addition, the CMP Stockholders shall have the right to appoint an Observer to attend any meeting of the Board or any committee thereof, such Observer to have all rights and obligations set forth in this Section 5.6.

Observers' Rights. (a) In the event (i) the 399 Stockholders elect not to exercise, or are prohibited by applicable law from exercising, their rights to designate either or both of the 399 Directors, or once appointed, the 399 Stockholders desire to remove one or both of the 399 Directors, the 399 Stockholders shall have the right to have one individual (an "Observer") attend any meeting of the Board or any committee thereof. The In addition, the 399 Stockholders shall have the right to appoint an Observer to the board of directors of any Subsidiary in lieu of designating a director thereto as provided by Section 5.5. In addition, the CMP Stockholders shall have the right to appoint an Observer to attend any meeting of the Board or any committee thereof, such Observer to have all rights and obligations set forth in this Section 5.6.