Common use of Number, Qualification and Term of Office of Directors Clause in Contracts

Number, Qualification and Term of Office of Directors. The number of Directors which shall constitute the whole Board of Directors shall be five at the time of the execution of this Agreement. After completion of the IPO, the number of Directors which shall constitute the whole Board of Directors shall be determined from time to time by resolution adopted by a majority of the Board of Directors then in office, but shall be not fewer than three and no more than nine. The Directors shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Directors constituting the whole Board of Directors. The initial division of the Board of Directors into classes shall be made by the decision of the affirmative vote of a majority of the entire Board of Directors. At the time of the execution of this Agreement, the Class I Directors shall have a term expiring at the 2016 annual meeting of Members, the Class II Directors shall have a term expiring at the 2017 annual meeting of Members, and the Class III Directors shall have a term expiring at the 2018 annual meeting of Members. Each Director shall hold office until his successor is elected or appointed and qualified, or until his or her earlier death, resignation or removal.

Number, Qualification and Term of Office of Directors. The number of Directors which shall constitute the whole Board of Directors shall be five at the time of the execution of this Agreement. After completion of the IPO, the number of Directors which shall constitute the whole Board of Directors shall be determined from time to time by resolution adopted by a majority of the Board of Directors then in office, but shall be not fewer than three and and, except as may be the result of an Issued Preferred Shares Nonpayment Board Expansion, no more than nine. The Directors (other than any Issued Preferred Shares Nonpayment Directors) shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Directors constituting the whole Board of Directors. The initial division of the Board of Directors into classes shall be made by the decision of the affirmative vote of a majority of the entire Board of Directors. At the time of the execution of this Agreement, the Class I Directors shall have a term expiring at the 2016 2019 annual meeting of Common Members, the Class II Directors shall have a term expiring at the 2017 2020 annual meeting of Common Members, and the Class III Directors shall have a term expiring at the 2018 2021 annual meeting of Common Members. Each Except as otherwise provided by the applicable Issued Preferred Shares Designation with respect to the Issued Preferred Shares Nonpayment Directors, each Director shall hold office until his or her successor is elected or appointed and qualified, or until his or her earlier death, resignation or removal.

Number, Qualification and Term of Office of Directors. The number of Directors which shall constitute the whole Board of Directors shall be five at the time of the execution of this Agreement. After completion of the IPO, the number of Directors which shall constitute the whole Board of Directors shall be determined from time to time by resolution adopted by a majority of the Board of Directors then in office, but shall be not fewer than three and and, except as may be the result of an Issued Preferred Shares Nonpayment Board Expansion, no more than nine. The Directors (other than any Issued Preferred Shares Nonpayment Directors) shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of Directors constituting the whole Board of Directors. The initial division of the Board of Directors into classes shall be made by the decision of the affirmative vote of a majority of the entire Board of Directors. At the time of the execution of this Agreement, the Class I Directors shall have a term expiring at the 2016 2022 annual meeting of Common Members, the Class II Directors shall have a term expiring at the 2017 2023 annual meeting of Common Members, and the Class III Directors shall have a term expiring at the 2018 2021 annual meeting of Common Members. Each Except as otherwise provided by the applicable Issued Preferred Shares Designation with respect to the Issued Preferred Shares Nonpayment Directors, each Director shall hold office until his or her successor is elected or appointed and qualified, or until his or her earlier death, resignation or removal.