Examples of VE Member Representative in a sentence
These assessments will be undertaken by Visa, in consultation with the Litigation Management Committee of the VE Member Representative, on the 4th, 6th, 8th, 9th, 10th and 11th anniversaries of the Closing and annually thereafter.
Under the terms of the Litigation Management Deed and the Certificates of Designations, Visa submits to the VE Member Representative a proposed allocation of Covered Losses between the Series B and Series C Preferred Stock.
The process set out in the Litigation Management Deed and Certificates of Designations for the Series B and Series C Preferred Stock determines the timeframe for Visa agreeing with the VE Member Representative the allocation of losses between Series B and Series C Preferred Stock and making this adjustment to the conversion rate.
The VE Member Representative and committees of its Board of Directors (made up of representatives of the former VE Member institutions that hold Preferred Stock) that have been formed specifically for this purpose will receive certain information with respect to Visa’s management of the Covered Claims and will participate in certain decisions in that regard.
Visa will propose an allocation of any Covered Loss between the Series B Preferred Stock and the Series C Preferred Stock to a committee of the VE Member Representative (described in response to FAQ B.6, below).
The VE Member Representative was formed in connection with the Transaction, in part to represent the holders of Preferred Stock in connection with the allocation of Covered Losses between the two series of Preferred Stock.
Specifically, release assessments occurring on or after the 6th anniversary of the Closing can be referred by the VE Member Representative to a mutually agreed Queen’s Counsel, in accordance with Clauses 14.7 and 21.2 of the Litigation Management Deed.
If the applicable committee of the VE Member Representative and Visa are not able to agree on the proper allocation, then the matter will be referred to a mutually agreed Queen’s Counsel (a senior UK lawyer who has been appointed as a “Queen’s Counsel”) selected in accordance with the Litigation Management Deed, and the advice of such Queen’s Counsel shall be binding.
The VE Member Representative holds rights under the Litigation Management Deed on trust for the holders of Preferred Stock.
Once a release assessment has been completed by Visa and the Litigation Management Committee of the VE Member Representative, in accordance with the procedures set out in the Litigation Management Deed, the result of that assessment shall be final.