Common use of Continuing Director Clause in Contracts

Continuing Director. The Continuing Directors shall have the authority to retain one counsel and financial advisor of their choice at the reasonable expense of the Company as determined appropriate by the Continuing Directors for the purpose of fulfilling their obligations hereunder and shall have the authority, after the Acceptance Date, to institute any action on behalf of the Company to enforce the performance of this Agreement in accordance with its terms. Following the Acceptance Date, and prior to the Effective Time, neither Parent nor Sub shall take any action to remove any Continuing Director absent cause and subject to the terms of the Company’s articles of incorporation and bylaws.