Voting Restriction Termination Event definition

Voting Restriction Termination Event means the time at which XL Group's ownership of the then-outstanding common shares of SCA is first equal to or less than 35% provided that at the time thereof, neither any Offer Notice (as defined in Section 7.7) nor any election thereunder by XL Capital to purchase New Securities is outstanding.
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Examples of Voting Restriction Termination Event in a sentence

  • This Section 7(b) shall cease upon the occurrence of the Voting Restriction Termination Event.

  • The Parties hereby acknowledge and agree that upon transfer of all of the SCA common shares owned by the XL Group to the SCA Shareholder Entity (as defined in the Master Restructuring Agreement) or upon deposit of certificates evidencing all of the SCA common shares owned by the XL Group with the Escrow Agent (as defined in the Master Restructuring Agreement) pursuant to the terms of the Master Restructuring Agreement, a Voting Restriction Termination Event will be deemed to occur.

  • 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.

  • Until the occurrence of the Voting Restriction Termination Event (unless otherwise prohibited by applicable law, rule or regulation), SCA shall provide to XL Capital copies of all reports and examinations of any applicable regulators or rating agencies of any member of the SCA Group, promptly upon receipt thereof by the SCA Group.

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