Eco Telecom Contribution Default definition
Examples of Eco Telecom Contribution Default in a sentence
In the event of an Eco Telecom Contribution Default, Eco Telecom shall cause such number of the four (4) directors nominated for election to the Board by Eco Telecom to resign from the Board with immediate effect so that Eco Telecom's remaining nominees on the Board will be only those whom it could elect based on cumulative voting at such time (without taking into account any extraordinary rights).
In the event of an Eco Telecom Contribution Default the VIP Share Put Option, the VIP Preferred Share Put Option and the VIP-R Put Option shall finally and irrevocably terminate and Eco Telecom and its Permitted Transferees shall lose all rights granted under this Agreement and such Options, provided, however, that the VIP-R Call Option shall remain in full force and effect.
Effect of Eco Telecom Contribution Default on Purchase Options; Deemed Breach...........
For the avoidance of doubt, it is understood that Eco Telecom shall own twenty-five percent (25%) plus one (1) share of the voting capital stock of the Issuer after giving effect to the transactions contemplated in this Section 2.08, assuming that no Second Closing Eco Telecom Contribution Default has occurred and that Eco Telecom has not sold or otherwise disposed of any shares of Preferred Stock prior to the Second Closing.
Until the earlier to occur of (i) an Eco Telecom Contribution Default or (ii) the date on which Eco Telecom (having once obtained ownership or control of at least the Specified Percentage of the Company) owns or controls less than the Specified Percentage of the Company, the nominees for the position of Chairman of the Board shall be chosen from the Directors nominated by (or pursuant to the instructions of) Eco 12 <PAGE> Telecom and may be nominated by any one or more of the Directors.
Until the earlier to occur of (i) an Eco Telecom Contribution Default or (ii) the date on which Eco Telecom (having once obtained ownership or control of at least the Specified Percentage of the Company) owns or controls less than the Specified Percentage of the Company, the nominees for the position of Chairman of the Board shall be chosen from the Directors nominated by (or pursuant to the instructions of) Eco Telecom and may be nominated by any one or more of the Directors.