Common use of Senior Securities Directors Clause in Contracts

Senior Securities Directors. Whenever, at any time or times, (i) interest on the Senior Securities has not been paid in full within five (5) business days after each Interest Payment Date for an aggregate of six (6) Interest Periods or more, whether or not consecutive, and (ii) the aggregate principal amount of the then-outstanding Senior Securities is greater than or equal to $25,000,000, the authorized number of directors of the Company shall automatically be increased by two and the Holders of a majority of the aggregate principal amount of the Senior Securities, voting as a class, shall have the right, but not the obligation, to elect two directors to fill such newly created directorships (such directors, hereinafter the “Senior Securities Directors” and each a “Senior Securities Director”) at the Company’s next annual meeting of stockholders (or, if the next annual meeting is not yet scheduled or is scheduled to occur more than thirty days later, the President of the Company shall promptly call a special meeting for that purpose) and at each subsequent annual meeting of stockholders until all accrued but unpaid interest for four (4) consecutive Interest Periods on all outstanding Senior Securities has been timely paid in full, at which time such right shall terminate with respect to the Senior Securities, except as herein or by law expressly provided, subject to revesting in the event of each and every subsequent default of the character above mentioned. Upon any termination of the right of the Holders of Senior Securities (as a class) to vote for directors as provided above, the Senior Securities Directors shall cease to be qualified as directors, the term of office of all Senior Securities Directors then in office shall terminate immediately and the authorized number of directors shall be reduced by the number of Senior Securities Directors elected pursuant hereto. Any Senior Securities Director may be removed at any time, with or without cause, and any vacancy created thereby may be filled, only by the affirmative vote of the Holders of a majority of the aggregate principal amount of the Senior Securities at the time outstanding voting separately as a class. If the office of any Senior Securities Director becomes vacant for any reason other than removal from office as aforesaid, the Holders of a majority of the aggregate principal amount of the outstanding Senior Securities, voting as a class, may choose a successor who shall hold office for the unexpired term in respect of which such vacancy occurred.

Senior Securities Directors. Whenever, at any time or times, (i) interest on the Senior Securities has not been paid in full within five (5) business days after each Interest Payment Date for an aggregate of six (6) Interest Periods or more, whether or not consecutive, and (ii) the aggregate principal amount of the then-outstanding Senior Securities is greater than or equal to $25,000,000, the authorized number of directors of the Company shall automatically be increased by two and the Holders of a majority of the aggregate principal amount of the Senior Securities, voting as a class, shall have the right, but not the obligation, to elect two directors to fill such newly created directorships (such directors, hereinafter the “Senior Securities Directors” and each a “Senior Securities Director”) at the Company’s next annual meeting of stockholders Members (or, if the next annual meeting is not yet scheduled or is scheduled to occur more than thirty days later, the President of the Company shall promptly call a special meeting for that purpose) and at each subsequent annual meeting of stockholders Members until all accrued but unpaid interest for four (4) consecutive Interest Periods on all outstanding Senior Securities has been timely paid in full, full at which time such right shall terminate with respect to the Senior Securities, except as herein or by law expressly provided, subject to revesting in the event of each and every subsequent default of the character above mentioned. Upon any termination of the right of the Holders of Senior Securities (as a class) to vote for directors as provided above, the Senior Securities Directors shall cease to be qualified as directors, the term of office of all Senior Securities Directors then in office shall terminate immediately and the authorized number of directors shall be reduced by the number of Senior Securities Directors elected pursuant hereto. Any Senior Securities Director may be removed at any time, with or without cause, and any vacancy created thereby may be filled, only by the affirmative vote of the Holders of a majority of the aggregate principal amount of the Senior Securities at the time outstanding voting separately as a class. If the office of any Senior Securities Director becomes vacant for any reason other than removal from office as aforesaid, the Holders of a majority of the aggregate principal amount of the outstanding Senior Securities, voting as a classclass , may choose a successor who shall hold office for the unexpired term in respect of which such vacancy occurred.