Common use of Termination of Director Designation Rights Clause in Contracts

Termination of Director Designation Rights. Upon the occurrence of a Termination Event, the Purchaser’s right to designate, and Triangle’s obligation to nominate, the Designated Director shall automatically terminate, and the Purchaser shall cause the Designated Director then serving as a member of the Board, promptly upon (and in any event within two (2) Business Days following) receipt of a written request from Triangle, to resign as a member of the Board. In the event Triangle does not request that the Designated Director be caused to resign upon occurrence of a Termination Event, such Designated Director will no longer be considered a designee of the Purchaser and will be subject to election and reelection in accordance with the Triangle Bylaws. The Purchaser shall have the right at any time to cause the Designated Director to resign as a member of the Board and to waive its rights to designate a nominee for election to the Board.

Termination of Director Designation Rights. Upon the occurrence of a Termination Event, the Purchaser’s right to designate, and TriangleDynegy’s obligation to nominate, the Designated Director shall automatically terminate, and the Purchaser shall cause the Designated Director then serving as a member of the Board, promptly upon (and in any event within two five (25) Business Days following) receipt of a written request from TriangleDynegy, to resign as a member of the Board. In the event Triangle Dynegy does not request that the Designated Director be caused to resign upon occurrence of a Termination Event, such Designated Director will no longer be considered a designee of the Purchaser and will be subject to election and reelection in accordance with the Triangle Dynegy Bylaws. The Purchaser shall have the right at any time to cause the Designated Director to resign as a member of the Board and to waive its rights to designate a nominee for election to the Board.

Termination of Director Designation Rights. Upon the occurrence of a Termination Event, the Purchaser’s right to designate, and TrianglePrairie’s obligation to nominate, the Designated Director Directors shall automatically terminate, and the Purchaser shall cause the each Designated Director then serving as a member of the Board, promptly upon (and in any event within two five (25) Business Days following) receipt of a written request from TrianglePrairie, to resign as a member of the Board. In the event Triangle Prairie does not request that the a Designated Director be caused to resign upon occurrence of a Termination Event, such Designated Director will no longer be considered a designee of the Purchaser and will be subject to election and reelection in accordance with the Triangle BylawsPrairie By-Laws. The Purchaser shall have the right at any time to cause the each Designated Director to resign as a member of the Board and to waive its rights to designate a nominee for election to the Board.