Common use of REIT II Board Clause in Contracts

REIT II Board. The REIT II Board shall take or cause to be taken such action as may be necessary, in each case, to be effective as of the Merger Effective Time, to increase the number of directors comprising the REIT II Board to eight and to cause the individuals set forth on Section 7.13 of the REIT I Disclosure Letter (the "REIT I Designees") to be elected to the REIT II Board effective as of the Merger Effective Time. If a REIT I Designee is not able or willing to serve on the REIT II Board as of the Merger Effective Time, REIT I shall select, within a reasonable period of time prior to the Merger Effective Time, a replacement, and the REIT II Board shall elect such replacement as a member of the REIT II Board as of the Merger Effective Time.

Appears in 2 contracts

Sources: Merger Agreement (MVP REIT, Inc.), Merger Agreement (MVP REIT II, Inc.)