Common use of Removal of a Director; Designation of a Successor Director Clause in Contracts

Removal of a Director; Designation of a Successor Director. (a) Any of the Independent Directors may be removed either: (i) for cause by the action of at least two-thirds of the remaining Directors, including a majority of the remaining Independent Directors; (ii) subject to Section 14.02, by failure to be approved and re-elected by the Investors pursuant to Section 14.04; or (iii) subject to Section 14.02, with the consent of a Majority in Interest of the Investors. The Investment Managers may be removed either: (i) by a majority of the Directors; (ii) subject to Section 14.02, by failure to be approved and re-elected by the Investors pursuant to Section 14.04; or (iii) subject to Section 14.02, with the consent of a Majority in Interest of the Investors. The removal of a Director shall in no way derogate from any rights or powers of such Director, or the exercise thereof, or the validity of any actions taken pursuant thereto, prior to the date of such removal.

Removal of a Director; Designation of a Successor Director. (a) Any of the Independent Directors may be removed either: (i) for cause by the action of at least two-thirds of the remaining Directors, including a majority of the remaining Independent Directors; (ii) subject to Section 14.02, by failure to be approved and re-elected by the Investors pursuant to Section 14.04; or (iii) subject to Section 14.02, with the consent of a Majority in Interest of the Investors. The Investment Managers Manager may be removed either: (i) by a majority of the Directors; (ii) subject to Section 14.02, by failure to be approved and re-elected by the Investors pursuant to Section 14.04; or (iii) subject to Section 14.02, with the consent of a Majority in Interest of the Investors. The removal of a Director shall in no way derogate from any rights or powers of such Director, or the exercise thereof, or the validity of any actions taken pursuant thereto, prior to the date of such removal.

Removal of a Director; Designation of a Successor Director. (a) Any of the Independent Directors may be removed either: (i) for cause by the action of at least two-thirds of the remaining Directors, including a majority of the remaining Independent Directors; (ii) subject to Section 14.0213.02, by failure to be approved and re-elected by the Investors pursuant to Section 14.0413.04; or (iii) subject to Section 14.0213.02, with the consent of a Majority in Interest of the Investors. The Investment Managers Manager may be removed either: (i) by a majority of the Directors; (ii) subject to Section 14.0213.02, by failure to be approved and re-elected by the Investors pursuant to Section 14.0413.04; or (iii) subject to Section 14.0213.02, with the consent of a Majority in Interest of the Investors. The removal of a Director shall in no way derogate from any rights or powers of such Director, or the exercise thereof, or the validity of any actions taken pursuant thereto, prior to the date of such removal.