Subordinated Directors Sample Clauses

Subordinated Directors. (i) If, at any time or times, interest on the Subordinated Debt has not been paid for an aggregate of six (6) Interest Periods or more, whether due to deferral or otherwise and whether or not consecutive (a “Director Trigger Event”), the Holders shall have the right, but not the obligation, to select up to two (2) individuals to serve on the Board of Directors of the Recipient; it being understood, that even if the Holders do not immediately select any individuals to serve on the Board of Directors of the Recipient following the occurrence of a Director Trigger Event, the Holders shall nevertheless retain the right to do so until termination of such right pursuant to Section 6.11(b)(v). Upon the Holders’ selection of any such individuals, the Recipient and its Board of Directors shall take all necessary action to: (i) cause the size of the Board of Directors to be increased by one (1) (if the Holders select one (1) individual) or two (2) (if the Holders select two (2) individuals) and (ii) cause such director vacancy or two (2) director vacancies, as the case may be, to be filled by the individual or two (2) individuals selected by the Holders, as the case may be (the “Subordinated Directors” and each a “Subordinated Director”).