APPOINTMENT OF NOMINEE DIRECTORS/WHOLE-TIME DIRECTOR Sample Clauses

APPOINTMENT OF NOMINEE DIRECTORS/WHOLE-TIME DIRECTOR. On the happening of any of the events of default as specified in Article in addition to the rights specified in Section hereof, IREDA shall be entitled to appoint and remove from time to time Whole-time Director(s) on the Board of Directors of the Borrower (such Director(s) are hereinafter referred to as "the Whole- time Nominee Director(s)"). Such Whole-time Nominee Director(s) shall exercise such powers and duties as may be approved by IREDA and have such rights as are usually exercised by or are available to a Whole- time Director in the management of the affairs of the Borrower. Such Whole-time Nominee Director(s) shall not be required to hold qualification shares nor be liable to retire by rotation and shall be entitled to receive such remuneration, fees, commission and monies as may be approved by XXXXX. Such Whole- time Nominee Director(s) shall have the right to receive notices of and attend all General Meetings and Board Meetings or any Committee(s) of the Borrower of which they are members. Any expenses that may be incurred by IREDA or such Whole-time Nominee Director(s) in connection with their appointment or directorship shall be paid or reimbursed by the Borrower to the Lenders or, as the case may be, to such Whole- time Nominee Director(s). The Borrower shall not declare or pay any dividend to its shareholders during any financial year without the prior written approval of the Lenders.
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