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All of the Stockholders are legally competent to execute, deliver and perform this Agreement under the respective laws of the jurisdictions in which they reside. Each Stockholder owns and has an unqualified right to sell and shall transfer to MCSC at the Closing upon surrender of his or her certificates therefor, and MCSC and MFAC will receive, good, valid and marketable title to the TBS Common Stock, free and clear of any and all mortgages, pledges, security interests, liens, charges, options, conditional sales agreements, claims, restrictions, covenants, title defects or other encumbrances or restrictions of any nature (\"Liens\"). 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(ii) except for the consent of the Stockholders of TBS, and except for consents to assignment of the contracts described in SCHEDULE 3.2, require the approval or consent of any other person or entity; (iii) violate any provision of such corporation's Articles of Incorporation or Bylaws, as amended; (iv) violate, conflict with or result in a modification of the effect of, or otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time or both, constitute) a default under, or result in the termination of, or accelerate the performance required by, or cause the acceleration of the maturity of any liability or obligation pursuant to, or result in the creation or imposition of any security interest, lien, charge or other encumbrance upon any property or assets of TBS, under (a) any statute or law or any judgment, decree, order, award, writ, injunction, regulation or rule of any court, arbitrator or Governmental Authority (as defined in Section 3.10(c)(vii)), or (b) any note, bond, mortgage, indenture, deed of trust, license, lease, instrument, contract, commitment, franchise, permit, understanding, arrangement, agreement or restriction of any kind or character which is not satisfied or extinguished at or prior to the Closing; 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Other than this Agreement, upon delivery at Closing, the MW Common Stock will not be subject to any stockholders' agreement or voting trust agreement or understanding or proxy, whether in writing or oral, including without limitation, any mortgage, indenture, note, guarantee, lease, license, contract, deed of trust, purchase, sale or other agreement (a \"Stock Contract\"), including any Stock Contract restricting or otherwise relating to the voting or disposition of", "size": 2, "hash": "69e0c1fe16b7a3cd7091213404343779", "id": 9}, {"snippet_links": [{"key": "no-authorization", "type": "clause", "offset": [0, 16]}, {"key": "action-by", "type": "clause", "offset": [37, 46]}, {"key": "notice-to", "type": "definition", "offset": [55, 64]}, {"key": "government-authority", "type": "definition", "offset": [85, 105]}, {"key": "other-person", "type": "definition", "offset": [109, 121]}, {"key": "by-the-grantor", "type": "clause", "offset": [160, 174]}, {"key": "security-interest-granted", "type": "clause", "offset": [182, 207]}, {"key": "the-execution", "type": "clause", "offset": [222, 235]}, {"key": "security-agreement", "type": "clause", "offset": [271, 289]}, {"key": "by-the-purchaser", "type": "clause", "offset": [347, 363]}, {"key": "rights-and-remedies", "type": "clause", "offset": [371, 390]}, {"key": "filing-of-financing-statements", "type": "clause", "offset": [421, 451]}, {"key": "b-of", "type": "definition", "offset": [482, 486]}, {"key": "schedule-i", "type": "clause", "offset": [487, 497]}, {"key": "establishment-of-the", "type": "clause", "offset": [511, 531]}, {"key": "pledged-deposit-accounts", "type": "definition", "offset": [532, 556]}, {"key": "seller-concentration-account", "type": "definition", "offset": [565, 593]}, {"key": "in-accordance-with", "type": "definition", "offset": [594, 612]}, {"key": "assignment-agreement", "type": "definition", "offset": [633, 653]}], "samples": [{"hash": "hBGHSShRTdy", "uri": "/contracts/hBGHSShRTdy#authorization-approval", "label": "Security Agreement (Gliatech Inc)", "score": 18.0, "published": true}], "snippet": "No authorization, approval, or other action by, and no notice to or filing with, any Government Authority or other Person is required either:\n(a) for the grant by the Grantor of the security interest granted hereby or for the execution, delivery, and performance of this Security Agreement by the Grantor; or\n(b) for the perfection of or exercise by the Purchaser of its rights and remedies hereunder, other than (i) the filing of financing statements in the offices listed in Item B of SCHEDULE I and (ii) the establishment of the Pledged Deposit Accounts and the Seller Concentration Account in accordance with Section 5.10 of the Assignment Agreement.", "size": 2, "hash": "75bed6305952090385364462baa1935f", "id": 10}], "next_curs": "Cl8SWWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjsLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih9hdXRob3JpemF0aW9uLWFwcHJvdmFsIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["representations-and-warranties", "Representations and Warranties"], ["additional-actions", "ADDITIONAL ACTIONS"], ["patriot-act-notification", "Patriot Act Notification"], ["miscellaneous", "Miscellaneous"], ["waiver-of-jury-trial", "Waiver of Jury Trial"]], "title": "Authorization, Approval", "children": [], "size": 73, "id": "authorization-approval", "related": [["authorization-approval-etc", "Authorization, Approval, etc", "<strong>Authorization, Approval</strong>, etc"], ["authorization-approvals", "Authorization; Approvals", "Authorization; Approvals"], ["authorization-etc", "Authorization, Etc", "Authorization, Etc"], ["approval-non-approval", "Approval/Non-Approval", "Approval/Non-Approval"], ["application-approval", "Application Approval", "Application Approval"]], "related_snippets": [], "updated": "2025-07-07T12:37:39+00:00", "also_ask": [], "drafting_tip": null, "explanation": "The \"Authorization; Approval\" clause establishes the requirement that certain actions, decisions, or agreements must receive formal consent from designated parties before they become effective. In practice, this clause may specify which individuals or governing bodies within an organization have the authority to approve contracts, expenditures, or other significant undertakings, and may outline the process for obtaining such approvals. Its core function is to ensure that only duly authorized persons can commit the organization to obligations, thereby reducing the risk of unauthorized actions and promoting internal accountability."}, "json": true, "cursor": ""}}