Board of Directors Representation. In the event the Series C Closing shall occur and BTC does not commit to purchase at least 50% of the Series C Shares not subscribed for in the Rights Offering exclusive of shares subscribed for by WCI and BTC, then BTC shall cause one of the persons designated by BTC pursuant to Section 3.1(i) to serve on the Board of Directors of the Company to resign, WCI shall designate a replacement and BTC shall cause the other Directors designated by BTC to vote in favor of such replacement. In the event the Series C Closing shall occur and BTC commits to purchase at least 50% of the Series C Shares, and WCI does not purchase at least 50% of the Series C Shares not subscribed for in the Rights Offering exclusive of shares subscribed for by WCI and BTC, then WCI shall cause one of the persons designated by WCI pursuant to Section 3.1(i) to serve on the Board of Directors of the Company to resign, BTC shall designate a replacement and WCI shall cause the other directors designated by WCI to vote in favor of such replacement.
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Samples: Purchase Agreement (Alliance Entertainment Corp), Purchase Agreement (Wasserstein & Co Inc), Purchase Agreement (Bianco Joseph J)
Board of Directors Representation. In the event the Series C --------------------------------- Closing shall occur and BTC does not commit to purchase at least 50% of the Series C Shares not subscribed for in the Rights Offering exclusive of shares subscribed for by WCI and BTC, then BTC shall cause one of the persons designated by BTC pursuant to Section 3.1(i) to serve on the Board of Directors of the Company to resign, WCI shall designate a replacement and BTC shall cause the other Directors designated by BTC to vote in favor of such replacement. In the event the Series C Closing shall occur and BTC commits to purchase at least 50% of the Series C Shares, and WCI does not purchase at least 50% of the Series C Shares not subscribed for in the Rights Offering exclusive of shares subscribed for by WCI and BTC, then WCI shall cause one of the persons designated by WCI pursuant to Section 3.1(i) to serve on the Board of Directors of the Company to resign, BTC shall designate a replacement and WCI shall cause the other directors designated by WCI to vote in favor of such replacement.
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