Election; Terms Sample Clauses
The 'Election; Terms' clause defines the process by which parties make formal choices or selections under a contract and sets the conditions or duration for those choices. Typically, this clause outlines how and when a party must notify the other of its election, what options are available, and the period during which the election remains effective. For example, it may specify that a party must elect to renew a contract term by providing written notice within a certain timeframe. The core function of this clause is to ensure clarity and predictability in how contractual options are exercised and to prevent disputes over timing or validity of elections.
Election; Terms. The initial Directors shall be appointed by the initial Members and shall serve until the first annual meeting of the Members following the date on which substantial operations of the Facilities commence, and in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. After the expiration of the initial terms of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of Three (3) years (except as hereafter provided with respect to the initial terms of Group I and Group II Directors) and until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. Unless the initial Directors agree unanimously on the classification of Directors, the initial Directors shall conduct a lottery to separately identify the Director positions to be elected at the first annual meeting following the date on which substantial operations of the Facilities commence, and shall so classify each such Director position as Group I, Group II or Group III, with such classification to serve as the basis for the staggering of terms among the elected Directors. The term of Group I Directors shall expire first (initial term of 1 year with successors elected to 3 year terms thereafter), followed by those of Group II Directors (initial term of 2 years with successors elected to 3 year terms thereafter), and then Group III Directors (initial and subsequent terms of 3 years). If at any time the number of Directors is changed as provided in Section 5.2 above, the number of Group I, Group II and Group III Directors shall be adjusted, as necessary, so that approximately One-Third (1/3) of the Directors are elected at each annual meeting of the Members.
Election; Terms. The Directors appointed pursuant to Section 5.3 shall serve until the first meeting of the Members following the five (5) year anniversary of the Effective Date of this Agreement. . At the first annual or special meeting of the members following the expiration of such rights of appointment on the five (5) year anniversary of the Effective Date of this Agreement, the number of Directors shall be reduced to nine (9) in accordance with Section 5.
Election; Terms. Beginning with the first annual or special meeting of the Members following the date on which substantial operations of the Facilities commence and at each annual meeting of the Members thereafter, the Class B Members (other than “Appointing Class B Members” as defined in Section 5.4(c) below) shall elect Directors (“Class B Directors”) for staggered terms of three (3) years (except as hereafter provided with respect to the initial terms of Group I and Group II Directors) and until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Class B Director. The Class A Directors shall conduct a lottery to separately identify the Class B Director positions to be elected at the first annual meeting following the date on which substantial operations of the Facilities commence, and shall so classify each such Class B Director position as Group I, Group II or Group III, with such classification to serve as the basis for the staggering of terms among the elected Class B Directors. The term of Group I Directors shall expire first (initial term of one (1) year with successors elected to three (3) year terms thereafter), followed by those of Group II Directors (initial term of two (2) years with successors elected to three (3) year terms thereafter), and then Group III Directors (initial and subsequent terms of three (3) years). If at any time the number of Class B Directors is changed as provided in this Article V, the number of Group I, Group II and Group III Directors shall be adjusted, as necessary, so that approximately one-third (1/3) of the Class B Directors are elected at each annual meeting of the Members.