Appointment of Director. If an Event of Default shall have occurred and be continuing the Company and Holdings shall provide Purchaser with the right to appoint in its sole discretion one additional director to the Board of Directors of each of the Company and Holdings, which additional director shall serve as such only for so long as an Event of Default shall continue; provided that such right shall terminate at such time as Purchaser is no longer the holder of at least 50% of the aggregate outstanding principal amount of the Notes.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Aki Holding Corp), Securities Purchase Agreement (Aki Inc)
Appointment of Director. If an Event of Default shall have occurred and be continuing continuing, the Company and Holdings shall provide the Purchaser with the right to appoint in its sole discretion one additional director Director to the its Board of Directors of each of the Company and HoldingsDirectors; provided, which additional director shall serve as such only for so long as an Event of Default shall continue; provided however, that such right shall terminate at such time as the Purchaser is no longer the holder of at least 50% of the aggregate outstanding principal amount of the NotesMajority Holder.
Appears in 2 contracts
Samples: Bridge Securities Purchase Agreement (Oxford Health Plans Inc), Bridge Securities Purchase Agreement (Oxford Health Plans Inc)
