Block Representative definition
Examples of Block Representative in a sentence
The choice of the Block Representative and the Alternate of the Representative shall be recorded in a written document containing at least the signature of the Shareholders' Block Parties representing at least the majority of the Shares in such Block.
The Parties agree that the exercise of the preemptive right of Clauses V and VI, as well as the joint sale right provided for in Clause VII, shall be exercised jointly, and to the same extent (considering the number of Shares held by each Party), by all Parties to a Block and through the Block Representative.
The choice of the Block Representative and the Representative's Alternate shall be recorded in a written document containing the signature of the Founding Shareholders of Localiza and the Founding Shareholders of Unidas, as the case may be, that have voted and approved the respective matter in their block.
The Alternate Representative shall replace the Block Representative in his absence or temporary impediment.
Copies shall be made of minutes, which shall be supplied to all Founding Shareholders, and the minutes (including those with no actual signature by the Block Representative or the respective Representative's Alternate that attended remotely but confirmed their agreement by E-mail) shall be used as voting instructions to all Founding Shareholders.
It is incumbent upon the Block Representative: (a) to represent the Shareholders' Block in relations with the other Blocks; (b) represent the Shareholders' Block in the Preliminary Meetings, with the power to even vote and deliberate on any and all matters discussed in the Preliminary Meetings; and (c) represent the Shareholders' Block, as well as each of the members of such Block, in the exercise of all rights and fulfillment of all obligations under this Agreement.
The absence of any statement by any of the Block Representatives shall be construed as a statement by such Block Representative that such potential buyer may not accede to this Shareholders' Agreement.
The Representative's Alternate shall replace the Block Representative in his absences or temporary impediments.
Notwithstanding the foregoing, the Block Representative and the Alternate Representative may be elected at a meeting of the respective Shareholders’ Block, by a majority vote of its Members, calculated on the basis of the Shares of the Parties to such Shareholders’ Block.