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24.9616699219, "published": true}], "size": 38, "snippet": "If and with respect to each occasion that a Lender (i) makes a demand for compensation pursuant to Section 2.5.4, 2.7.3 or 2.7.4, (ii) is unable for a period of three consecutive months to fund LIBOR Loans pursuant to Section 2.7.2 or such Lender wrongfully fails to fund a Loan, (iii) becomes a Defaulting Lender or (iv) has failed to consent to any proposed waiver or amendment with respect to this Agreement that requires the consent of all the Lenders or all the Lenders directly affected and with respect to which the Required Lenders shall have granted their consent, Borrower may, at its sole expense, upon at least five Banking Days\u2019 prior irrevocable written notice to the affected Lender and Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 7.13.1), all its interests, rights and obligations under this Agreement to an eligible assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that Borrower shall have received the prior written consent of Administrative Agent, each Swingline Lender and each LC Issuing Bank with respect to such assignee to the extent consent would be required under the terms of Section 7.13.1 in connection with an assignment to such assignee (which consent, in each case, shall not be unreasonably withheld). Such replacement Lender shall upon the effective date of replacement purchase the Obligations owed to such replaced Lender for the aggregate amount thereof and shall thereupon and for all purposes become a \u201cLender\u201d hereunder. Such notice from Borrower shall specify an effective date for the replacement of such Lender\u2019s Loans and Commitments, which date shall not be later than the 14th day after the day such notice is given. On the effective date of any replacement of a Lender\u2019s Loans and Commitments and Obligations pursuant to this Section 2.9.2, Borrower shall pay to Administrative Agent for the account of such Lender (a) any fees due to such Lender to the date of such replacement; (b) the principal of and accrued interest on the principal amount of outstanding Loans and any funded participations in Letters of Credit and Swingline Loans held by such Lender to the date of such replacement (such amount to be represented by the purchase of the Obligations of such replaced Lender by the replacing Lender and not as a prepayment of such Loans or other amounts), and (c) the amount or amounts due to such Lender pursuant to each of Sections 2.5.4, 2.7.3 or 2.7.4, as applicable, and any other amount then payable hereunder to such Lender. In addition, if the replacement Lender was not previously a \u201cLender\u201d hereunder, Borrower shall pay to Administrative Agent an administrative fee of $3,500. Borrower will remain liable to such replaced Lender for any Liquidation Costs that such Lender may sustain or incur as a consequence of the purchase of such Lender\u2019s Loans (unless such Lender has defaulted on its obligation to fund a Loan hereunder). Upon the effective date of the purchase of any Lender\u2019s Loans and termination of such Lender\u2019s Commitments pursuant to this Section 2.9.2, such Lender shall cease to be a Lender hereunder. No such replacement of such Lender\u2019s Commitments and the purchase of such Lender\u2019s Loans pursuant to this Section 2.9.2 shall affect (i) any liability or obligation of Borrower or any other Lender to such replaced Lender, or any liability or obligation of such replaced Lender to Borrower or any other Lender, which accrued on or prior to the date of such replacement or (ii) such replaced Lender\u2019s rights hereunder in respect of any such liability or obligation. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply.", "hash": "e04ac08890f2d0fc00feabd101bb1928", "id": 1}, {"snippet_links": [{"key": "replacement-director", "type": "clause", "offset": [51, 71]}, {"key": "if-applicable", "type": "clause", "offset": [92, 105]}, {"key": "to-serve", "type": "definition", "offset": [130, 138]}, {"key": "a-director", "type": "definition", "offset": [142, 152]}, {"key": "during-the-standstill-period", "type": "clause", "offset": [204, 232]}, {"key": "economic-ownership", "type": "definition", "offset": [289, 307]}, {"key": "in-the-aggregate", "type": "definition", "offset": [308, 324]}, {"key": "outstanding-common-stock", "type": "definition", "offset": [380, 404]}, {"key": "minimum-ownership-threshold", "type": "definition", "offset": [411, 438]}, {"key": "ability-to", "type": 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"/contracts/8oULkzXQjny#replacement-rights", "label": "Board Composition Agreement (Stewart Information Services Corp)", "score": 25.7953453064, "published": true}], "size": 22, "snippet": "If the Starboard Designee (or his or her Starboard Replacement Director (as defined below), if applicable) is unable or unwilling to serve as a director, resigns as a director or is removed as a director during the Standstill Period, and at such time Starboard has combined beneficial and economic ownership in the aggregate of at least three percent (3.0%) of the Company\u2019s then outstanding Common Stock (the \u201cMinimum Ownership Threshold\u201d), Starboard shall have the ability to recommend a substitute director(s) in accordance with this Section 1(j) (any such replacement nominee shall be referred to as the \u201cStarboard Replacement Director\u201d). Any Starboard Replacement Director recommended by Starboard must meet the following criteria: (1) such person will qualify as \u201cindependent\u201d pursuant to NYSE listing standards and (2) such person has the relevant financial and business experience to be a director of the Company and, with regard to a Starboard Replacement Director, to replace the Starboard Designee (or any Starboard Replacement Director, if applicable), and (3) such person meets the publicly disclosed guidelines and policies with respect to service on the Board as in effect as of the date of this Agreement (the \u201cCorporate Governance Guidelines and Policies\u201d), in each case, as reasonably determined by the Nominating Committee (clauses (1)-(3), the \u201cReplacement Criteria\u201d). The Nominating Committee shall make its determination and recommendation regarding whether such person meets the Replacement Criteria within five (5) business days after the later of (i) such nominee having submitted to the Company the documentation required by Section 1(l)(v) herein and (ii) representatives of the Nominating Committee having conducted customary interview(s) of such nominee. The Company shall use its reasonable best efforts to conduct any interview(s) contemplated in this Section 1(j) as promptly as practicable, but in any case, assuming reasonable availability of the nominees, within ten (10) business days, after Starboard\u2019s submission of such nominees to the Nominating Committee. In the event the Nominating Committee does not accept a substitute person recommended by Starboard as the Starboard Replacement Director as a result of such person not meeting the Replacement Criteria, Starboard shall have the right to recommend additional substitute person(s) meeting the Replacement Criteria whose appointment shall be subject to the Nominating Committee recommending such person in accordance with the procedures described above. Upon the recommendation of a Starboard Replacement Director nominee by the Nominating Committee, the Board shall vote on the appointment of such Starboard Replacement Director to the Board no later than five (5) calendar days after the Nominating Committee recommendation of such Starboard Replacement Director; provided, however, that if the Board does not elect such Starboard Replacement Director to the Board as a result of such person not meeting the Replacement Criteria, the Parties shall continue to follow the procedures of this Section 1(j) until a Starboard Replacement Director is appointed to the Board; provided further that the selection and appointment of any person as the Starboard Replacement Director as provided in this Agreement complies with each of Texas and New York insurance regulatory laws. Upon a Starboard Replacement Director\u2019s appointment to the Board, the Board and all applicable committees of the Board shall take all necessary actions to appoint such Starboard Replacement Director to any applicable committee of the Board of which the replaced director was a member immediately prior to such director\u2019s resignation or removal. If at any time Starboard\u2019s aggregate beneficial and economic ownership of Common Stock decreases to less than the Minimum Ownership Threshold, the right of Starboard pursuant to this Section 1(j) to participate in the recommendation of a Starboard Replacement Director to fill the vacancy caused by the resignation or removal of the Starboard Designee or any Starboard Replacement Director shall automatically terminate. Notwithstanding the foregoing, in the event that Starboard fails to comply with its obligations in Section 1(l)(iii) prior to the 2017 Annual Meeting, the Company shall not be required to nominate, recommend, support or solicit proxies for the election of the Starboard Designee (or the Starboard Replacement Director, as applicable) to the Board at the 2017 Annual Meeting. Notwithstanding anything to the contrary in this Agreement, if during the Standstill Period (1) the Starboard Designee (or his Starboard Replacement Director, if applicable) has resigned or been removed as a director, (2) a Starboard Replacement Director has not yet been appointed to the Board and (3) Starboard\u2019s aggregate beneficial and economic ownership of Common Stock meets the Minimum Ownership Threshold, then neither the Nominating Committee nor the Board shall take any actions in furtherance of the selection, recommendation and appointment of the New Independent Director(s) until a Starboard Replacement Director is appointed to the Board and the Nominating Committee.", "hash": "605bcce3d95f82ffcd87406baa2d4c6f", "id": 2}, {"snippet_links": [{"key": "new-director", "type": "definition", "offset": [7, 19]}, {"key": "to-serve", "type": "definition", "offset": [30, 38]}, {"key": "due-to-disability", "type": "clause", "offset": [68, 85]}, {"key": "due-to-death", "type": 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Cooperation Period will not, become a party to any agreement, arrangement or understanding (whether written or oral) with any other Person with respect to his or her service as a director of the Company, including any such agreement, arrangement or understanding with respect to how such Replacement Nominee should or would vote or act on any issue or question as a director of the Company, and (v) the Replacement Nominee has been approved by the Nominating Committee and/or the Board after exercising their good-faith customary due diligence review and consistent with the fiduciary duties owed to the Company and its stockholders, the Replacement Nominee shall be appointed to fill the vacancy created by the aforesaid resignation or death of the New Director (any Replacement Nominee so appointed as a director of the Company, a \u201cReplacement Director\u201d), it being understood that Bandera may continue to propose priv\u2587\u2587\u2587\u2587\u2587 \u2587dditional Replacement Nominees in the event an identified Replacement Nominee is not approved by the Nominating Committee and/or the Board in accordance with the foregoing clause (v) until a Replacement Nominee is appointed to the Board to fill the vacancy created by the aforesaid resignation or death of the New Director. If a Replacement Nominee is appointed to the Board pursuant to this Section 1(c), all references in this Agreement to the New Director shall include such Replacement Director, as applicable.", "hash": "879d8b7af203c60b90ab020e9745aa53", "id": 3}, {"snippet_links": [{"key": "from-the-effective-date", "type": "clause", "offset": [4, 27]}, {"key": "the-standstill-period", "type": "clause", "offset": [52, 73]}, {"key": "new-director", "type": "definition", "offset": [98, 110]}, {"key": "shareholder-party", "type": "definition", "offset": [148, 165]}, {"key": "to-serve", "type": "definition", "offset": [189, 197]}, {"key": "independent-director", "type": "clause", "offset": [204, 224]}, {"key": "for-any-reason", "type": "clause", "offset": [225, 239]}, {"key": "replacement-director", "type": "clause", "offset": [281, 301]}, {"key": "business-experience", "type": "clause", "offset": [348, 367]}, {"key": "pursuant-to", "type": "definition", "offset": [400, 411]}, {"key": "listing-standards", "type": "definition", "offset": [421, 438]}, {"key": "applicable-requirement", "type": "clause", "offset": [443, 465]}, {"key": "national-securities-exchange", "type": "definition", "offset": [480, 508]}, {"key": "primary-market", "type": "definition", "offset": [527, 541]}, {"key": "the-common-stock", "type": "clause", "offset": [551, 567]}, {"key": "sec-rules-and-regulations", "type": "definition", "offset": [596, 621]}, {"key": "similar-to", "type": "definition", "offset": [666, 676]}, {"key": "former-director", "type": "definition", "offset": [736, 751]}, {"key": "subject-to-the-approval", "type": "definition", "offset": [823, 846]}, {"key": "nominating-committee", "type": "definition", "offset": [888, 908]}, {"key": "after-conducting", "type": "clause", "offset": [910, 926]}, {"key": "due-diligence-process", "type": "clause", "offset": [950, 971]}, {"key": "consistent-with", "type": "clause", "offset": [976, 991]}, {"key": "fiduciary-duties", "type": "clause", "offset": [996, 1012]}, {"key": "company-policies", "type": "definition", "offset": [1036, 1052]}, {"key": "applicable-to", "type": "definition", "offset": [1053, 1066]}, {"key": "all-directors", "type": "clause", "offset": [1067, 1080]}, {"key": "in-accordance-with", "type": "clause", "offset": [1122, 1140]}, {"key": "the-board-of", "type": "clause", "offset": [1210, 1222]}, {"key": "a-member", "type": "clause", "offset": [1253, 1261]}, {"key": "prior-to", "type": "definition", "offset": [1274, 1282]}, {"key": "resignation-or-removal", "type": "clause", "offset": [1299, 1321]}, {"key": "obligations-of-the-board", "type": "clause", "offset": [1337, 1361]}, {"key": "with-respect-to", "type": "clause", "offset": [1435, 1450]}, {"key": "in-the-aggregate", "type": "definition", "offset": [1522, 1538]}, {"key": "beneficially-own", "type": "definition", "offset": [1549, 1565]}, {"key": "of-the-company", "type": "clause", "offset": [1607, 1621]}, {"key": "outstanding-voting-securities", "type": "definition", "offset": [1629, 1658]}, {"key": "in-the-event-the", "type": "clause", "offset": [1660, 1676]}, {"key": "in-good-faith", "type": "clause", "offset": [1709, 1722]}, {"key": "right-to", "type": "definition", "offset": [1825, 1833]}, {"key": "provisions-of-this-section", "type": "clause", "offset": [1893, 1919]}, {"key": "to-apply", "type": "clause", "offset": [1940, 1948]}], "samples": [{"hash": "2JB1vx8XosO", "uri": "/contracts/2JB1vx8XosO#replacement-rights", "label": "Cooperation Agreement (Merrimack Pharmaceuticals Inc)", "score": 30.716632843, "published": true}, {"hash": "2Zp9VfAXrGx", "uri": "/contracts/2Zp9VfAXrGx#replacement-rights", "label": "Cooperation Agreement (Newtyn Management, LLC)", "score": 30.7138938904, "published": true}], "size": 4, "snippet": "If, from the Effective Date until the expiration of the Standstill Period (as defined below), the New Director (or any Replacement) designated by a Shareholder Party is unable or unwilling to serve as an independent director for any reason, such Shareholder Party shall identify a replacement director (a \u201cReplacement\u201d) with relevant financial and business experience, who qualifies as \u201cindependent\u201d pursuant to Nasdaq\u2019s listing standards (or applicable requirement of such other national securities exchange designated as the primary market on which the Common Stock is listed for trading), the SEC rules and regulations, and whose qualifications are substantially similar to the New Director (or any Replacement) being replaced (the \u201cFormer Director\u201d), and such Replacement shall be expeditiously appointed to the Board, subject to the approval (not to be unreasonably withheld) by the Nominating Committee, after conducting a good faith customary due diligence process and consistent with its fiduciary duties (and who satisfies the Company Policies applicable to all directors). Any Replacement appointed to the Board in accordance with this Section 1(d) shall be appointed to any applicable committees of the Board of which the Former Director was a member immediately prior to such director\u2019s resignation or removal. Any rights or obligations of the Board and a Shareholder Party as provided in this Section 1(d) shall terminate with respect to such Shareholder Party when such Shareholder Party and its Affiliates, in the aggregate, cease to beneficially own at least two and one-half percent (2.5%) of the Company\u2019s then outstanding Voting Securities. 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Any candidate for Replacement Director shall be subject to the reasonable approval of the Nominating and Governance Committee and the Board, which approval shall occur as soon as practicable following Indaba proposing a director and shall not be unreasonably withheld, conditioned or delayed, and such Replacement Director shall be appointed to the Board within five (5) business days after the Board and the Nominating Committee have approved of such candidate. Any Replacement Director appointed to the Board in accordance with this Section 1(e) shall be appointed to any applicable committee of the Board of which the replaced director was a member immediately prior to such director\u2019s resignation or removal. 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(ii) the Borrower execute and deliver to the Lender an Addendum and Assignment (and appropriate UCC financing statements) respecting the Replacement Contracts(s) with an aggregate Equipment Value multiplied by 90% that is equal to or greater than the outstanding balance of the loan proceeds advanced with respect to the Released Contract (the \"Unamortized Advance\"), and Obligor Acknowledgment(s) relating to the Replacement Contract(s) duly executed by each Obligor under such Contract(s), and all such other documents, instruments and agreements as required under Section 3(b) and 3(c) or as the Lender may request; (iii) the Borrower pay to the Lender a Replacement Fee equal to one percent (1%) of the Unamortized Advance; and (iv) the Borrower pay $750 for lender's legal fees in connection with the replacement.", "hash": "4cd52c7536c996ffd224cfbdc4242654", "id": 6}, {"snippet_links": [{"key": "to-serve", "type": "definition", "offset": [43, 51]}, {"key": "a-director", "type": "definition", "offset": [55, 65]}, {"key": "pursuant-to-section", "type": "definition", "offset": [84, 103]}, {"key": "each-case", "type": "definition", "offset": [184, 193]}, {"key": "due-to-death-or-disability", "type": "clause", "offset": [194, 220]}, {"key": "prior-to-the-termination-date", "type": "clause", "offset": [221, 250]}, {"key": "investor-parties", "type": "definition", "offset": [292, 308]}, {"key": "beneficial-ownership", "type": "definition", "offset": [310, 330]}, {"key": "in-the-aggregate", "type": "definition", "offset": [332, 348]}, {"key": "outstanding-common-stock", "type": "definition", "offset": [401, 425]}, {"key": "subject-to", "type": "definition", "offset": [427, 437]}, {"key": "adjustment-for-stock-splits", "type": "clause", "offset": [438, 465]}, {"key": "minimum-ownership-threshold", "type": "definition", "offset": [529, 556]}, {"key": "right-to-select", "type": "clause", "offset": [601, 616]}, {"key": "replace-the", "type": "clause", "offset": [632, 643]}, {"key": "replacement-new-director", "type": "clause", "offset": [674, 698]}, {"key": "condition-precedent", "type": "definition", "offset": [744, 763]}, {"key": "appointment-of-the", "type": "clause", "offset": [771, 789]}, {"key": "independence-standards", "type": "definition", "offset": [874, 896]}, {"key": "the-nasdaq-stock-market", "type": "definition", "offset": [900, 923]}, {"key": "applicable-requirement", "type": "clause", "offset": [932, 954]}, {"key": "national-securities-exchange", "type": "definition", "offset": [969, 997]}, {"key": "primary-market", "type": "definition", "offset": [1016, 1030]}, {"key": "the-common-stock", "type": "clause", "offset": [1040, 1056]}, {"key": "such-information", "type": "definition", "offset": [1094, 1110]}, {"key": "participate-in", "type": "definition", "offset": [1115, 1129]}, {"key": "procedures-required", "type": "clause", "offset": [1145, 1164]}, {"key": "substantially-similar", "type": "definition", "offset": [1230, 1251]}, {"key": "other-requirements", "type": "definition", "offset": [1331, 1349]}, {"key": "corporate-governance-guidelines", "type": "clause", "offset": [1367, 1398]}, {"key": "nominating-committee", "type": "definition", "offset": [1463, 1483]}, {"key": "by-the-board", "type": "clause", "offset": [1500, 1512]}, {"key": "approval-and-acceptance", "type": "clause", "offset": [1529, 1552]}, {"key": "effective-upon", "type": "clause", "offset": [1587, 1601]}, {"key": "appointment-to-the-board", "type": "clause", "offset": [1633, 1657]}, {"key": "purposes-of-this-agreement", "type": "clause", "offset": [1733, 1759]}], "samples": [{"hash": "hgDXdzapR0e", "uri": "/contracts/hgDXdzapR0e#replacement-rights", "label": "Cooperation Agreement (Alta Fox Opportunities Fund, LP)", "score": 36.1731681824, "published": true}, {"hash": "35RI9cRLjly", "uri": "/contracts/35RI9cRLjly#replacement-rights", "label": "Cooperation Agreement (Daktronics Inc /Sd/)", "score": 36.1676940918, "published": true}], "size": 2, "snippet": "If the New Director is unable or unwilling to serve as a director, is not appointed pursuant to Section 1(a)(i) hereof, resigns as a director, or otherwise ceases to be a director, in each case due to death or disability prior to the Termination Date (as defined below), and at such time the Investor Parties\u2019 beneficial ownership, in the aggregate, equals or exceeds three percent (3.0%) of the then-outstanding Common Stock (subject to adjustment for stock splits, reclassifications, combinations and similar adjustments, the \u201cMinimum Ownership Threshold\u201d), then the Investor Parties shall have the right to select a candidate to replace the New Director (such person, a \u201cReplacement New Director\u201d); provided, however, that prior to and as a condition precedent to the appointment of the Replacement New Director, the Replacement New Director shall (i) satisfy the NASDAQ Independence Standards of the NASDAQ Stock Market LLC (or applicable requirement of such other national securities exchange designated as the primary market on which the Common Stock is listed for trading), (ii) provide such information and participate in such customary procedures required for the New Director under Section 1(a)(ii) hereof, (iii) have a substantially similar skill set as the New Director, (iv) satisfy the eligibility, qualification and other requirements set forth in the Corporate Governance Guidelines and (v) have been deemed otherwise reasonably acceptable by the Nominating Committee and approved of by the Board (with each such approval and acceptance not to be unreasonably withheld). 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substantially similar to T\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587, and such Replacement shall be expeditiously appointed to the Board subject to the approval (not to be unreasonably withheld) by the Nominating Committee, after exercising its good faith customary due diligence process and fiduciary duties (and who satisfies the Company Policies applicable to all directors). Any Replacement appointed to the Board in accordance with this Section 1(c) shall be appointed to any applicable committees of the Board of which the replaced former director was a member immediately prior to such director\u2019s resignation or removal. Any rights or obligations of the Board and the Legion Parties as provided in this Section 1(c) shall terminate when the Legion Parties cease to beneficially own, in the aggregate, at least half of the outstanding shares of Common Stock beneficially owned by the Legion Parties as of the Effective Date. In the event the Nominating Committee determines in good faith not to appoint any Replacement proposed by the Legion Parties, the Parties shall have the right to propose additional Replacements for consideration, and the provisions of this Section 1(c) shall continue to apply.", "hash": "d818d83ecd587352ecf5b3f684feb66e", "id": 10}], "next_curs": "ClsSVWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjcLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhtyZXBsYWNlbWVudC1yaWdodHMjMDAwMDAwMGEMogECZW4YACAA", "clause": {"title": "Replacement Rights", "parents": [["alternate-office-minimization-of-costs", "Alternate Office Minimization of Costs"], ["the-facility", "The Facility"], ["board-composition-and-other-company-matters", "Board Composition and Other Company Matters"], ["board-composition-and-related-matters", "Board Composition and Related Matters"], ["board-composition", "Board Composition"]], "size": 98, "children": [["replacement-of-initial-directors", "Replacement of Initial Directors"], ["replacement-of-the-new-independent-directors", "Replacement of the New Independent Directors"], ["replacement-right", "Replacement Right"], ["end-of-life", "End of Life"], ["fiduciary-duty-determination", "Fiduciary Duty Determination"]], "id": "replacement-rights", "related": [["displacement-rights", "Displacement Rights", "Displacement Rights"], ["management-rights", "MANAGEMENT RIGHTS", "MANAGEMENT RIGHTS"], ["replacement-of-warrants", "Replacement of Warrants", "Replacement of Warrants"], ["replacement-of-warrant", "Replacement of Warrant", "Replacement of Warrant"], ["consent-rights", "Consent Rights", "Consent Rights"]], "related_snippets": [], "updated": "2026-03-14T06:33:37+00:00"}, "json": true, "cursor": ""}}