Common use of Number, Designation Clause in Contracts

Number, Designation. As of the Agreement Date, the Board of Directors shall consist of nine (9) Directors, which number may be increased or decreased by amendment to this Agreement pursuant to Section 13.08, subject to the limitations set forth in Section 6.03. For as long as there are Series A Preferred Shares outstanding, the holders of record of a majority of the then-outstanding Series A Preferred Shares, exclusively and as a single class on an as-converted basis, shall be entitled to elect three (3) Directors (the “Series A Directors”). For as long as there are Series B Preferred Shares outstanding, the holders of record of a majority of the then-outstanding Series B Preferred Shares, exclusively and as a single class on an as-converted basis, shall be entitled to elect two (2) Directors (the “Series B Directors” and, together with the Series A Directors, the “Preferred Directors”). The holders of record of the Common Shares, exclusively and as a separate class, shall be entitled to elect one (1)