Direct Lending. Neither the Company nor any of its subsidiaries shall engage in any transaction whereby it borrows money from companies other than from its wholly-owned subsidiaries or financial institutions and lends money directly to other companies other than its wholly-owned subsidiaries unless such practice is lawful under the laws of the governing jurisdiction and the Company obtains the prior consent of the holders of a majority of the Preferred Shares then outstanding.
Appears in 4 contracts
Samples: Securities Purchase Agreement (China Wood, Inc.), Securities Purchase Agreement (Timberjack Sporting Supplies, Inc.), Securities Purchase Agreement (Timberjack Sporting Supplies, Inc.)
Direct Lending. Neither the Company nor any of its subsidiaries shall engage in any transaction whereby it borrows money from companies other than from its wholly-owned subsidiaries or financial institutions and lends money directly to other companies other than its wholly-owned subsidiaries unless such practice is lawful under the laws of the governing jurisdiction and the Company obtains the prior consent of the holders of a majority of the Preferred Shares then outstanding.
Appears in 1 contract
Samples: Securities Purchase Agreement (Lihua International Inc.)
