DISPOSAL AND ENCUMBRANCE OF SHARES Sample Clauses

DISPOSAL AND ENCUMBRANCE OF SHARES. 7.1 Subject to Clause 7.2, a Shareholder shall not Dispose of any legal or equitable interest in any of its Shares except: (a) by a transfer of the entire legal and beneficial interest therein; and (b) to a transferee permitted by the Constitution and this Agreement. 7.2 A Shareholder may create an Encumbrance in respect of any of its Shares if: (a) BONA FIDE SECURITY (i) such Encumbrance is granted bona fide as security for a financing arrangement; and (ii) in relation to the exercise or enforcement of any power of sale or other right, power, authority, remedy or discretion contained in or conferred under or pursuant to the instrument creating the Encumbrance or otherwise howsoever, it is a term or condition that the person entitled to the benefit of the Encumbrance ("the Chargee") and any person (including any receiver or receiver and manager) claiming through the Chargee ("an Administrator") shall be required to: (1) comply in all respects with the provisions of this Agreement and the Constitution as if the Chargee and the Administrator were each the applicable Shareholder; and (2) covenant with the Shareholders by a written instrument in such form as the Shareholders may require that if the Chargee and the Administrator (or either of them) take possession of the rights or benefits of the applicable Shareholder under this Agreement, which are subject to the Encumbrance, the Chargee and the Administrator will each be bound by the provisions of this Agreement and the Chargee and the Administrator (or either of them) will not exercise any power of sale pursuant to the Encumbrance, except on terms the same mutatis mutandis as those set forth in this Agreement and the Constitution; or (b) the prior written consent of all other Shareholders is obtained. Notwithstanding anything to the contrary contained in this Agreement or in the Constitution:
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DISPOSAL AND ENCUMBRANCE OF SHARES. (1) The disposal and encumbrance of shares and fractions thereof shall require the approval of the shareholders in general meeting. This shall also apply to the indirect disposal of shares, provided these are held by a strict holding company. (2) Shares may be divided at any time by resolution of the shareholders in general meeting; the nominal amount of the newly formed shares must be denominated in whole euros. Several fully paid-in shares of one shareholder may be consolidated by resolution of the shareholders in general meeting without the approval of the affected shareholder into a single share, provided the contributions have been rendered in full towards the share. (3) In the event of resolutions of the shareholders in general meeting pursuant to Paragraphs 1 and 2, the shareholder whose shares are affected shall also be entitled to vote.

Related to DISPOSAL AND ENCUMBRANCE OF SHARES

  • Transfer and Encumbrance The L-C shall also provide that Landlord may, at any time and without notice to Tenant and without first obtaining Tenant’s consent thereto, transfer (one or more times) all or any portion of its interest in and to the L-C to another party, person or entity, regardless of whether or not such transfer is from or as a part of the assignment by Landlord of its rights and interests in and to this Lease. In the event of a transfer of Landlord’s interest in under this Lease, Landlord shall transfer the L-C, in whole or in part, to the transferee and thereupon Landlord shall, without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of the whole of said L-C to a new landlord. In connection with any such transfer of the L-C by Landlord, Tenant shall, at Tenant’s sole cost and expense, execute and submit to the Bank such applications, documents and instruments as may be necessary to effectuate such transfer and, Tenant shall be responsible for paying the Bank’s transfer and processing fees in connection therewith; provided that, Landlord shall have the right (in its sole discretion), but not the obligation, to pay such fees on behalf of Tenant, in which case Tenant shall reimburse Landlord within ten (10) days after Tenant’s receipt of an invoice from Landlord therefor.

  • Liens and Encumbrances The Company shall not directly or indirectly make, create, incur, assume or permit to exist any assignment, transfer, pledge, mortgage, security interest or other lien or encumbrance of any nature in, to or against any part of the Pledged Property or of the Company's capital stock, or offer or agree to do so, or own or acquire or agree to acquire any asset or property of any character subject to any of the foregoing encumbrances (including any conditional sale contract or other title retention agreement), or assign, pledge or in any way transfer or encumber its right to receive any income or other distribution or proceeds from any part of the Pledged Property or the Company's capital stock; or enter into any sale-leaseback financing respecting any part of the Pledged Property as lessee, or cause or assist the inception or continuation of any of the foregoing.

  • No Encumbrance No Work, materials or equipment covered by an approved Application for Payment will have been acquired by the Contractor, or any other person performing work at the Site or furnishing materials or equipment for the Project, subject to an agreement under which an interest therein or an encumbrance thereon is retained by the seller or otherwise imposed by the Contractor or such other person.

  • Transfer or Encumbrance Pledgor will not (i) sell, assign (by operation of law or otherwise) or transfer Pledgor's rights in any of the Collateral, (ii) xxxxx x xxxx or security interest in or execute, file or record any financing statement or other security instrument with respect to the Collateral to any party other than Secured Party, or (iii) deliver actual or constructive possession of any certificate, instrument or document evidencing and/or representing any of the Collateral to any party other than Secured Party.

  • No Encumbrances Borrower has good and indefeasible title to the Collateral, free and clear of Liens except for Permitted Liens.

  • Title to Properties; Liens and Encumbrances The Company has good and marketable title to all of its material properties and assets, both real and personal, and has good title to all its leasehold interests, in each case subject only to mortgages, pledges, liens, security interests, conditional sale agreements, encumbrances or charges created in the ordinary course of business.

  • Release of Encumbrances The Company shall have filed (where necessary) ----------------------- and delivered to Buyer all documents necessary to release the Assets from all Encumbrances which documents shall be in a form reasonably satisfactory to Buyer's counsel.

  • Title to Property and Encumbrances The Company has good and valid title to all properties and assets used in the conduct of its business (except for property held under valid and subsisting leases which are in full force and effect and which are not in default) free of all Liens except Permitted Liens and such ordinary and customary imperfections of title, restrictions and encumbrances as do not in the aggregate constitute a Company Material Adverse Effect.

  • Permitted Encumbrances The term “Permitted Encumbrances” shall mean:

  • Title to Properties; Absence of Liens and Encumbrances (a) The Company and each of its Subsidiaries have good and valid title to all of their respective properties, interests in properties and assets, real and personal, reflected on the Financial Statements, or, in the case of leased properties and assets, valid leasehold interests in such properties and assets, in each case free and clear of all Liens except for: (i) Liens reflected on the Financial Statements, (ii) Liens consisting of zoning or planning restrictions, easements, permits and other restrictions or limitations on the use of real property or irregularities in title thereto which do not materially detract from the value of, or materially impair the use of, such property as it is presently used, (iii) Liens for current Taxes, assessments or governmental charges or levies on property not yet due or which are being contested in good faith and for which appropriate reserves in accordance with GAAP have been created and (iv) mechanic's, materialmen's and similar Liens arising in the ordinary course of business or by operation of law (collectively, "Permitted Liens"). (b) Section 3.16(b) of the Disclosure Letter sets forth a true, complete and correct list of all real property leased by the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries owns any real property. Each of the Company and its Subsidiaries is in compliance in all material respects with the terms of all leases for real property to which it is a party. Neither the Company nor any of its Subsidiaries is a party to any lease, assignment or similar arrangement under which the Company or any Subsidiary is a lessor, assignor or otherwise makes available for use by any third party any portion of the owned or leased real property. (c) The facilities, property and equipment owned, leased or otherwise used by the Company or any of its Subsidiaries that are material to the functioning of the businesses of the Company and its Subsidiaries are in a good state of maintenance and repair, free from material defects and in good operating condition (subject to normal wear and tear) and suitable for the purposes for which they are presently used. (d) All tangible assets which are leased by the Company or any of its Subsidiaries that are material to the functioning of the businesses of the Company and its Subsidiaries have been maintained with the manufacturers' standards and specifications required by each such lease such that, at each such termination of the lease, such assets can be returned to their owner without any further material obligation on the part of the Company or any of its Subsidiaries with respect thereto.

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