Common use of COMPOSITION OF BOARDS Clause in Contracts

COMPOSITION OF BOARDS. Holdings undertakes and agrees: (a) subject to CLAUSE 3.3 (Requests of the Security Trustee) that it shall exercise its rights as a shareholder of the Sixth Issuer and all rights and powers vested in it under the Articles of Association of the Sixth Issuer so as to procure that the board of directors of the Sixth Issuer comprises at all times one nominee of Halifax (provided that Halifax shall have nominated a person to such office) and two nominees of the Sixth Issuer Corporate Services Provider, as provided under CLAUSE 2.1 above; and (b) the Sixth Issuer Corporate Services Provider and Halifax shall procure that at all times a majority (by number) of the directors nominated by them under CLAUSE 2.1 above, for the Sixth Issuer will be resident in the UK (and not in any other jurisdiction) for the purposes of UK income tax.

COMPOSITION OF BOARDS. Holdings undertakes and agrees: (a) subject to CLAUSE 3.3 (Requests of the Security Trustee) that it shall exercise its rights as a shareholder of the Sixth Seventh Issuer and all rights and powers vested in it under the Articles of Association of the Sixth Seventh Issuer so as to procure that the board of directors of the Sixth Seventh Issuer comprises at all times one nominee of Halifax (provided that Halifax shall have nominated a person to such office) and two nominees of the Sixth Seventh Issuer Corporate Services Provider, as provided under CLAUSE 2.1 above; and (b) the Sixth Seventh Issuer Corporate Services Provider and Halifax shall procure that at all times a majority (by number) of the directors nominated by them under CLAUSE 2.1 above, for the Sixth Seventh Issuer will be resident in the UK (and not in any other jurisdiction) for the purposes of UK income tax.

COMPOSITION OF BOARDS. Holdings undertakes and agrees: (a) subject to CLAUSE 3.3 (Requests of the Security Trustee) that it shall exercise its rights as a shareholder of the Sixth Fourth Issuer and all rights and powers vested in it under the Articles of Association of the Sixth Fourth Issuer so as to procure that the board of directors of the Sixth Fourth Issuer comprises at all times one nominee of Halifax (provided that Halifax shall have nominated a person to such office) and two nominees of the Sixth Fourth Issuer Corporate Services Provider, as provided under CLAUSE 2.1 above; and (b) the Sixth Fourth Issuer Corporate Services Provider and Halifax shall procure that at all times a majority (by number) of the directors nominated by them under CLAUSE 2.1 above, for the Sixth Fourth Issuer will be resident in the UK (and not in any other jurisdiction) for the purposes of UK income tax.