Approval of Independent Director by Redeemable Preferred Members Clause Samples

Approval of Independent Director by Redeemable Preferred Members. Notwithstanding Section 6.1(b), a Majority In Interest of the Redeemable Preferred Shares will have the right to approve the designation by the Common Member of one Independent Director and his or her replacement. The initial Independent Director designee approved by the Redeemable Preferred Members pursuant to this Section 6.2(c) is C▇▇▇▇▇ ▇. ▇▇▇▇▇▇. Any such Independent Director (and any successor thereto) shall be removed from time to time only with the Consent of a Majority In Interest of the Redeemable Preferred Shares (and may be removed from time to time by action of a Majority In Interest of the Redeemable Preferred Shares), and any vacancy created by any such Independent Director (or a successor) ceasing to be a Director for any reason shall be filled by a designee approved by the Majority In Interest of the Redeemable Preferred Shares. A Majority In Interest of the Redeemable Preferred Shares will have the right to approve the designation by the Company of one independent director for each of its direct subsidiaries (which, for sake of clarity, on the Effective Date does not include CCFC or any of its Subsidiaries). Without the Consent of a Majority In Interest of the Redeemable Preferred Members, none of the Common Member, the Company or any of the Company’s direct subsidiaries shall terminate any independent director (including any Independent Director) appointed in accordance with this Section 6.2(c).