Common use of Nominee Directors Clause in Contracts

Nominee Directors. The Debentureholders / Debenture Trustee shall have the right to appoint a nominee on the Board of Directors ("Nominee Director") in accordance with the provisions of the Debenture Trustee Regulations in the event of: (i) two consecutive defaults in payment of Interest to the Debentureholders; and/or (ii) default in redemption of the Debentures; The Nominee Director so appointed shall hold office until the payment of the Interest due to the Debentureholders or redemption of Debentures (as the case may be). The Nominee Director so appointed shall not be liable to retire by rotation nor shall be required to hold any qualification shares. The Issuer shall take steps to amend its Charter for this purpose, if necessary.

Nominee Directors. The Debentureholders / Debenture Trustee shall have the right to appoint a nominee on the Board of Directors ("Nominee Director") in accordance with the provisions of the Debenture Trustee Regulations in the event of: (i) two consecutive defaults in payment of Interest to the Debentureholders; and/or (ii) default in redemption of the Debentures; The Nominee Director so appointed shall hold office offices until the payment of the Interest due to the Debentureholders or redemption of Debentures (as the case may be). The Nominee Director so appointed shall not be liable to retire by rotation nor shall be required to hold any qualification shares. The Issuer shall take steps to amend its Charter for this purpose, if necessary.