Events of Default and Right to Elect Directors Sample Clauses

Events of Default and Right to Elect Directors. If the Corporation is in material breach of any of its obligations under this Certificate of Designation, and the Corporation has not cured such breach within 30 days (ten days in the case of any payment default) of receipt of written notice thereof (an "Event of Default"), then the holders of the Series I Preferred Stock shall have the right, voting together as a single class, to elect the smallest number of directors constituting a majority of the authorized number of directors of the Corporation, and the holders of the Common Stock shall have the right to elect the remaining members of the Board of Directors. Such special voting rights shall terminate when all Events of Default have been cured. At any time after the right to elect directors is vested in Series I Preferred Stock, and at any time after such special voting rights terminate, the holders of 5% or more of the outstanding Series I Preferred Stock, as a single class, or the holders of 5% or more of the outstanding Common Stock, as the case may be, shall have a right to call a special meeting of shareholders for the election of directors. Such right shall be exercisable by delivering a written request for a special meeting to the Corporation at its principal executive office or to any senior officer of the Corporation. Within ten days after delivery of such written request, the Board of Directors shall call a special meeting of shareholders for the election of directors, to be held on not less than 30 days after receipt of the written request for a special meeting. If the notice is not given within 20 days after receipt of the request, the shareholders requesting the meeting may also call such meeting and for such purpose shall have access to the stock books and records of the Corporation. Upon the election of directors by the holders of the Series I Preferred Stock at a special meeting or by written consent, the terms of office of all persons who were directors immediately prior thereto shall terminate, and the directors elected by the Series I Preferred Stock shall constitute the directors of the Corporation until the next annual meeting or until a subsequent meeting of holders of Common Stock held after termination of the special voting rights of the Series I Preferred Stock. Upon the election of directors by the holders of the Common Stock at a special meeting held after termination of the special voting rights of the Series I Preferred Stock or by written consent made after such termination...