Common use of Appointment of Nominee Director or Observer Clause in Contracts

Appointment of Nominee Director or Observer. (a) The Borrower agrees that the Debenture Trustee shall have the right to appoint and remove (at their discretion) from time to time a non-executive director or directors on the Board, under this Agreement (the “Nominee Director”). The power of the Debenture Trustee to appoint Nominee Director shall also include the power to appoint (and remove) an observer (“Observer”) in place of such Nominee Director.