Common use of Removal of Directors; Obligations; Vacancies Clause in Contracts

Removal of Directors; Obligations; Vacancies. (a) Sponsor hereby acknowledges and agrees that, upon the occurrence of a 75% Reduction, Parent may effect the resignation of the Sponsor Designees pursuant to the dating of the applicable Resignation Letter of such Sponsor Designees as of the date of the 75% Reduction, with such resignation deemed to have occurred, and being effective as of, such date. In the event Sponsor does not deliver the notice required pursuant to Section 2.2(c) by the date that is five (5) Business Days after the occurrence of a 75% Reduction, Parent has the right, upon otherwise becoming aware of the occurrence of a 75% Reduction, to take the actions specified in the immediately preceding sentence.

Removal of Directors; Obligations; Vacancies. (a) Sponsor hereby acknowledges and agrees that, upon the occurrence of a 7595% Reduction, Parent may effect the resignation of the Sponsor Designees Designee pursuant to the dating of the applicable Resignation Letter of such Sponsor Designees Designee as of the date of the 7595% Reduction, with such resignation deemed to have occurred, and being effective as of, such date. In the event Sponsor does not deliver the notice required pursuant to Section 2.2(c) by the date that is five (5) Business Days after the occurrence of a 7595% Reduction, Parent has the right, upon otherwise becoming aware of the occurrence of a 7595% Reduction, to take the actions specified in the immediately preceding sentence.

Removal of Directors; Obligations; Vacancies. (a) Sponsor hereby acknowledges and agrees that, upon the occurrence of a 75% Reduction, Parent Purchaser may effect the resignation of the Sponsor Designees Designee pursuant to the dating of the applicable Resignation Letter of such Sponsor Designees Designee as of the date of the 75% Reduction, with such resignation deemed to have occurred, and being effective as of, such date. In the event Sponsor does not deliver the notice required pursuant to Section 2.2(c) by the date that is five (5) Business Days after the occurrence of a 75% Reduction, Parent Purchaser has the right, upon otherwise becoming aware of the occurrence of a 75% Reduction, to take the actions specified in the immediately preceding sentence.