Common use of Representative Director Clause in Contracts

Representative Director. E-LOAN JAPAN's day-to-day operations shall be managed by the President of E-LOAN JAPAN, who shall be a Representative Director nominated by SB Finance from among the directors of E-LOAN JAPAN. SB Finance shall have the right, exercisable in its sole discretion, to remove and replace the President at any time, effective upon the delivery of written notice to E-LOAN JAPAN, the President and the other shareholders of E-LOAN JAPAN. In the event of a vacancy in the office of a the President for any reason (including removal in accordance with the preceding sentence), the vacancy shall be filled by SB Finance.