Common use of Removal and Appointment of Independent Director Clause in Contracts

Removal and Appointment of Independent Director. The Borrower will notify the Agent in writing of (i) the decision to appoint a new Person as the “Independent Director” of the Borrower for purposes of this Agreement, such notice (a) to be issued not less than five (5) days prior to the effective date of such appointment and (b) to contain a written certification of a Responsible Officer of the Borrower that the designated Person satisfies the criteria set forth in the definition herein of “Independent Director,” and (ii) the removal of any Independent Director of the Borrower, such notice (a) to be issued promptly, but in any event, not less than five (5) days prior to the appointment of a replacement Independent Director and (b) to contain a written certification of a Responsible Officer of the Borrower citing which clause of Section 5.02(n) permits the removal of such Independent Director.

Removal and Appointment of Independent Director. The Each Borrower will notify the Agent in writing of (i) the decision to appoint a new Person as the “Independent Director” of the such Borrower for purposes of this Agreement, such notice (a) to be issued not less than five (5) days prior to the effective date of such appointment and (b) to contain a written certification of a Responsible Officer of the such Borrower that the designated Person satisfies the criteria set forth in the definition herein of “Independent Director,” and (ii) the removal of any Independent Director of the such Borrower, such notice (a) to be issued promptly, but in any event, not less than five (5) days prior to the appointment of a replacement Independent Director and (b) to contain a written certification of a Responsible Officer of the such Borrower citing which clause of Section 5.02(n) permits the removal of such Independent Director.