Examples of SCA Board in a sentence
The XL Parties shall use their reasonable best efforts to cause those four members of the SCA Board of Directors nominated by any of the XL Parties to resign from SCA’s Board of Directors effective as of the Closing.
This Agreement (except for the provisions of Sections 3(a) and 3(e)) shall terminate upon the occurrence of the Voting Restriction Termination Event at which time the SCA Shareholder Entity shall cause the SCA Shareholder Entity Nominees to resign from the SCA Board and all directorships they hold in subsidiaries of SCA.
Such SCA Shareholder Entity Nominees will be allocated among the classes of the SCA Board as follows: (i) two to the “Class I” directors and (ii) one each to the “Class II” directors and “Class III” directors (or as substantially equivalent thereto if for any reason the SCA Board consists of more or fewer than nine directors), in each case, as such “classes” of directors are described in paragraph (3) of Section 8 of the Bye-Laws.
The Subscriber represents and warrants that it is an investor exempted under the Investment Fund Regulations of the Securities and Commodities Authority of the United Arab Emirates (the “SCA”) in accordance with SCA Board Resolution No. 13 of 2013.
For the avoidance of doubt, so long as the SCA Board consists of eleven directors, the SCA Shareholder Entity will have the right to nominate four of the eleven directors.
If, for any reason, there is a vacancy in the SCA Board, which vacancy is of a director so nominated by the SCA Shareholder Entity, SCA shall fill that vacancy as soon as practicable with an SCA Shareholder Entity Nominee.
Moreover, if the size of the SCA Board is at any time reduced, the SCA Shareholder Entity shall cause such number of SCA Shareholder Entity Nominees, if any, in excess of those to which the SCA Shareholder Entity is entitled based on the reduced size of the SCA Board to resign from the SCA Board and any directorships they hold with subsidiaries of SCA.
If, for any reason, there is a vacancy in the SCA Board, which vacancy is of a director so nominated by the SCA Shareholder Entity, SCA shall replace that directorship as soon as practicable with a nominee selected by the SCA Shareholder Entity.
SCA shall, subject to Section 2(b)(vi), take all action reasonably necessary to appoint the initial SCA Shareholder Entity Nominees to the SCA Board as promptly as practicable following the execution and delivery hereof.
Moreover, if the size of the SCA Board is at any time reduced, the SCA Shareholder Entity shall direct such number of SCA Shareholder Entity Nominees, if any, in excess of those to which the SCA Shareholder Entity is entitled based on the reduced size of the SCA Board to resign from the SCA Board and any directorships they hold with subsidiaries of SCA.