Common use of No Encumbrance Clause in Contracts

No Encumbrance. Except as permitted by this agreement, the shares -------------- in the Company owned by the Stockholder of record or beneficially, and the certificates representing those shares, are now, and at all times prior to the purchase of those shares pursuant to the Offer will be, held by the Stockholder, or by a nominee or custodian for the benefit of the Stockholder, free and clear of all Encumbrances except for those arising under this agreement.