Common use of Termination of Right to Designate Series Y Director Clause in Contracts

Termination of Right to Designate Series Y Director. The right of the holders of at least a majority of the outstanding shares of Series Y Preferred Stock to designate the Series Y Director pursuant to Section 1.1(b)(ii) shall terminate, and be of no further force or effect, from and after the first date on which less than 4,000 shares of Series Y Preferred Stock are outstanding.

Termination of Right to Designate Series Y Director. The right of the holders of at least a majority of the outstanding shares of Series Y Preferred Stock to designate the Series Y Director pursuant to Section 1.1(b)(ii1.1(b)(iii) shall terminate, and be of no further force or effect, from and after the first date on which less than 4,000 shares of Series Y Preferred Stock are outstanding.