Common use of Defaulting Purchasers Clause in Contracts

Defaulting Purchasers. (a) In the event that Orchestra funds all of ABV’s obligations under the Series A SPA, or visa versa, then in such case, Orchestra or ABV, as the case may be, shall have the right to appoint the ABV Director or the Orchestra Directors, as the case may be. (b) In the event that Orchestra funds only a portion of ABV’s obligations under the Series A SPA, or visa versa, and the remaining deficiency is met by the other shareholders, then in such case, the Orchestra Directors or ABV Director, shall be appointed by the holders of the majority of the Preferred Shares taken up from the Defaulting Purchaser. (c) In the event that any of (i) ABV; (ii) Orchestra; (iii) NGT shall have become a Defaulting Purchaser (as such term is defined in the Series A SPA) in connection with any Milestone Closing (as defined is the Series A SPA), then such Defaulting Purchaser shall ipso facto cease to have any right to nominate its Director(s), and, subject to Article 40(a) and 40(b) above, any Director(s) theretofore appointed thereby shall automatically cease to serve as Directors. The aforesaid shall not affect any rights hereunder to elect the Ordinary Director.