Designated Directors definition
Examples of Designated Directors in a sentence
For purposes of this Section 5.02(b), the Shareholders entitled to designate the Designated Director(s) are the Shareholders holding a majority of the voting power of the issued and outstanding Shares.
The Designated Directors shall have the same voting rights and shall be subject to the same standard of conduct as the other directors of the Borrower Board.
Upon the expiration of the terms of the Designated Directors, the parties hereto acknowledge that the number of directors will be immediately reduced by two to eliminate the directorships of the Designated Directors.
The Required Lenders and Designated Directors shall promptly take all actions as shall be necessary to cause the immediate removal or resignation of such individuals from the Borrower Board.
If at any time while the Restructuring Committee exists, the Material Event of Default has been cured or waived or the Termination Date occurs, the Restructuring Committee shall be dissolved, the terms of office of the Designated Directors shall expire immediately and the remaining directors shall constitute the directors of the Borrower Board, provided that, such individuals shall continue to serve in their capacities as Board Observers.