Borrower’s Board of Directors. Borrower or its managing general partner (or managing member of its general partner) shall at all times be governed by a legally constituted and fiscally responsible board of directors. Such board of directors shall meet regularly and maintain appropriate membership, as established in its bylaws and other governing documents, and shall adhere to applicable provisions of federal, state and local laws governing nonprofit corporations. Said board of directors shall exercise such oversight responsibility with regard to this Agreement as is necessary to ensure full and prompt performance by Borrower of its obligations under this Agreement.
Borrower’s Board of Directors. In accordance with the terms of the prior Loan Documents, Borrower and its Board of Directors have taken the following actions:
a. Increased the number of members to the Borrower's Board of Directors to nine.
b. Appointed five members selected by Lender and/or a company affiliated with the Lender, to the Borrower's Board of Directors. For so long as any amounts remain due hereunder or under any other Loan Documents, including the Notes, Borrower and its Board of Directors shall support in any election of directors by the shareholders of Borrower, those members appointed to the Board of Directors that were selected by Lender and/or its affiliates. Further, Lender and/or its affiliates shall have the right to select a replacement director for any member of the Borrower’s Board of Directors that was selected by either Lender or its affiliates who resigns or otherwise fails to serve as a director.
Borrower’s Board of Directors. If the Borrower’s performance of obligation under this clause of the Agreement caused or created a real threat of causing significant harm to the Borrower, the Lender shall together with the Borrower take reasonable measures to minimize such damage or eliminate threat thereof”.
Borrower’s Board of Directors. In accordance with the terms of the Loan Commitment, Borrower and its Board of Directors have taken the following actions:
a. Increased the number of members to the Borrower's Board of Directors to nine.
b. Appointed five members selected by Lender and/or Heng Fung to the Borrower's Bxxxx xx Xirectors. For so long as any amounts remain due hereunder or under any other Loan Documents, including the Notes, Borrower and its Board of Directors shall support in any election of directors by the shareholders of Borrower, those members appointed to the Board of Directors that were selected by Lender or Heng Fung. Further, Lender and/xx Xxxx Fung shall have the right xx xxxxxt a replacement director for any member of the Borrower's Board of Directors that was selected by either Lender of Heng Fung who resigns or otherwisx xxxxx to serve as a director.
Borrower’s Board of Directors. Notwithstanding the temporal ----------------------------- qualification to the introduction to this Section 5, at Lender's option, Borrower shall:
(i) so long as any portion of the Loan is outstanding and if an Event of Default occurs during such time but is not cured within 10 days; or
(ii) so long as Lender owns 10 percent or more of Common Stock, use its best efforts to increase the number of directors by one and cause a designee of Lender to be elected to Borrower's Board of Directors (the "Lender Director"). So long as the Lender owns any Common Stock, but such percentage of Common Stock is less than 10 percent of the number of issued and outstanding Common Stock, the Lender Director shall retain his/her position on Borrower's Board of Directors until such time as (a) Lender no longer owns any Common Stock, in which event the Lender Director shall resign his/her position immediately; or (b) the Lender Director is not re-elected to the Borrower's Board of Directors at the next regularly scheduled annual meeting of shareholders of Borrower. So long as any portion of the Loan is outstanding or so long as Lender owns any Common Stock, Lender additionally has visitation rights to annual and special meetings of Borrower's Board of Directors, of which Borrower agrees to give Lender at least 5 days' prior written notice.
Borrower’s Board of Directors. Unless otherwise stated by Lender in writing to Borrower after the Effective Date of this Agreement, so long as Bxxxxxxxx is a member of the FORM BoD, the conditions of Article 5.01(g) and 6.11 shall be deemed satisfied and the Borrower shall not be required to appoint Bxxxxxxxx as a member of or have Bxxxxxxxx serve as a member of the Borrower BoD; provided, if at any time Bxxxxxxxx is no longer a member of the FORM BoD, Bxxxxxxxx will be immediately reappointed as a member of the Borrower BoD. Bxxxxxxxx being a member of the FORM BoD prior to the Effective Date of this Second Amendment satisfied the conditions of Article 5.01(g) and 6.11.
Borrower’s Board of Directors. Xxxxxxxx, or Xxxxxxxx’s manager or general partner, or the General Partner’s managing member, as applicable, will at all times be governed by a legally constituted and fiscally responsible board of directors. Such board of directors will meet regularly and maintain appropriate membership, as established in the bylaws and other governing documents of Xxxxxxxx, Xxxxxxxx’s manager or Xxxxxxxx’s general partner, or the General Partner’s managing member, as applicable, and will adhere to applicable provisions of federal, state and local laws governing nonprofit corporations. Such board of directors will exercise such oversight responsibility with regard to this Agreement as is necessary to ensure full and prompt performance by Borrower of its obligations under this Agreement.
Borrower’s Board of Directors. As long as the Remaining Debt remains unpaid and unsatisfied and the Series AA Preferred Stock remains outstanding and unsatisfied, Lender shall have the right to select and appoint five members to the Borrower’s Board of Directors. Borrower and its Board of Directors shall support in any election of directors by the shareholders of Borrower, those members appointed to the Board of Directors that were selected by Lender. Further, Lender shall have the right to select a replacement director for any member of the Borrower’s Board of Directors that was selected by Lender who resigned or otherwise fails to serve as a director. Borrower agrees not to increase the number of directors above nine except with Lender’s written consent.”
Borrower’s Board of Directors has duly authorized the execution and delivery of this Agreement and the other Loan Documents to which it is a party and the performance of their respective terms and no consent of the stockholders of Borrower or any other Person is a prerequisite thereto or if a prerequisite thereto, the same has been duly obtained. This Agreement and all other Loan Documents are valid, binding, and enforceable obligations of Borrower in accordance with their respective terms.
Borrower’s Board of Directors. On or prior to the Closing Date, the Borrower's board of directors shall have been selected and appointed pursuant to the Plan of Reorganization.
