Common use of Action by Holder Clause in Contracts

Action by Holder. At any time there shall be more than one Holder, the designation of Holder Designees and the consent of Holders required for actions referred to in this Agreement shall be effected by delivery to the Company of a written instrument designating such Holder Designees or granting (or denying) such consent executed by Holders holding a majority of outstanding Common Stock (calculated giving effect to the full conversion of all 8% Preference Shares held by all Holders) held by all Holders (a "Majority Interest"). Each such written instrument shall indicate the number of 8% Preference Shares held by the Holder or Holders executing same and shall contain a certification that such Holders' 8% Preference Shares represent a Majority Interest."

Action by Holder. At any time there shall be more than one Holder, the designation of Holder Designees and the consent of Holders Holder required for actions referred to in this Agreement shall be effected by delivery to the Company of a written instrument designating such Holder Designees or granting (or denying) such consent executed by Holders holding a majority of outstanding Common Stock (calculated giving effect to the full conversion of all 8% Preference Shares held by all Holders) held by all Holders (a "Majority Interest"). Each such written instrument shall indicate the number of 8% Preference Shares held by the Holder or Holders executing same and shall contain a certification that such Holders' 8% Preference Shares represent a Majority Interest."

Action by Holder. At any time there shall be more than one ---------------- Holder, the designation of Holder Designees and the consent of Holders Holder required for actions referred to in this Agreement shall be effected by delivery to the Company of a written instrument designating such Holder Designees or granting (or denying) such consent executed by Holders holding a majority of outstanding Common Stock (calculated giving effect to the full conversion of all 8% Preference Shares held by all Holders) held by all Holders (a "Majority Interest"). Each such ----------------- written instrument shall indicate the number of 8% Preference Shares held by the Holder or Holders executing same and shall contain a certification that such Holders' Holders 8% Preference Shares represent a Majority Interest."

Action by Holder. At any time there shall be more than ---------------- one Holder, the designation of Holder Designees and the consent of Holders Holder required for actions referred to in this Agreement shall be effected by delivery to the Company of a written instrument designating such Holder Designees or granting (or denying) such consent executed by Holders holding a majority of outstanding Common Stock (calculated giving effect to the full conversion of all 8% Preference Shares held by all Holders) held by all Holders (a "Majority -------- Interest"). Each such written instrument shall indicate the number of 8% -------- Preference Shares held by the Holder or Holders executing same and shall contain a certification that such Holders' Holders 8% Preference Shares represent a Majority Interest."