Common use of Purchaser Designee Clause in Contracts

Purchaser Designee. The failure of at least one designee of the Purchaser to be serving as a director of the Company, which situation continues for a period of five days or more, provided that such failure is not the result of the Purchaser failing to designate a designee, and provided further that it shall be an Event of Default if, during any period in which no Designee of the Purchaser is serving as a director of the Company, a meeting of the Board shall be called or held or action shall have been taken by written consent of the directors; or

Purchaser Designee. The failure of at least one designee of the Purchaser Designee to be serving as a director of the Company, which situation continues for a period of five days or more, provided that such failure is not the result of the Purchaser Purchaser's failing to designate a designeePurchaser Designee, and provided further that it shall be an Event of Default if, during any period in which no Purchaser Designee of the Purchaser is serving as a director of the Company, a meeting of the Board of Directors of the Company shall be called or held or action shall have been taken by written consent of the directors; or