Replacement Candidate definition
Examples of Replacement Candidate in a sentence
The Replacement Candidate receiving the votes representing a plurality of the outstanding Preferred Shares will become the Replacement Director upon election.
The rights of the Borrower under this Section 6.5 shall be in addition to any other rights or remedies the Borrower may have at law or in equity as a result of the events described in the definition of "Replacement Candidate".
A Bank will become a "Replacement Candidate" if (i) it has demanded compensation under Sections 5.9, 6.1 or 6.4, (ii) it has defaulted on any obligation under the Loan Documents or (iii) it has become insolvent and its assets become subject to a receiver, liquidator, trustee, custodian, or other officer having similar powers.
If after such four week period no suitable Replacement Candidate can be found, or if the Replacement Candidate's Permanent Engagement is terminated before the expiry of eight weeks from the commencement date of the Permanent Engagement of the original Candidate, the Client will then be eligible for a refund, subject to the remainder of this clause 7.1.
For the avoidance of doubt, the Agency shall have no further obligation to the Client to source additional replacement Candidates or refund any amount of the Service Fee in the event the Client agrees to engage a Potential Replacement Candidate but that Potential Replacement Candidate fails to commence the engagement or, having so commenced, leaves at any time.