No Pledges. The Executive and each transferee or assignee of the Executive further agrees and covenants not to pledge, lend, hypothecate or otherwise grant any interest in the shares of the common stock, without the prior written consent of the Company, in its sole discretion. The Company shall be entitled to redeem the shares of common stock at the purchase price thereof in the event of any breach of this section.
No Pledges. Neither Subscriber nor any Investor has pledged the Securities, and will not pledge the Securities during the Restricted Period (as defined below), as collateral in a margin account or otherwise with a U.S. person.
No Pledges. Other than as provided in Section 4.2(b), no Member may pledge all or any part of its Interest, and any purported pledge shall be void ab initio.
No Pledges. Create or incur or suffer to exist any mortgage, lien, pledge, security interest, charge, encumbrance, or restriction of any kind against or in respect of any property or right of Company or Company's Subsidiaries securing any obligation in excess of $50,000, except for pledges or security interests given in connection with the acceptance of repurchase agreements or government deposits;
No Pledges. Subscriber has not pledged the Securities, and will not ---------- pledge the Securities during the Restricted Period, as collateral in a margin account or otherwise with a U.S. person.
No Pledges. Each of Borrower and New Guarantor represents and warrants to Lender that no direct or indirect interest in the Property, Borrower (or any entity that directly or indirectly owns an equity interest in Borrower) or any other collateral securing the Loan has been pledged, mortgaged, hypothecated or otherwise encumbered as security for any obligation in connection with the Transaction in violation of the Loan Documents.
No Pledges. The Capital Stock of the US Borrower owned by the Windward Group shall be free and clear of all pledges, liens and encumbrances other than those agreed to by the Agents.
No Pledges. The Executive and each transferee or assignee of the Executive further agrees and covenants not to pledge, lend, hypothecate or otherwise grant any interest in the shares of the common stock, without the prior written consent of the Company, in its sole discretion. The Company shall be entitled to redeem the shares of common stock at the purchase price thereof in the event of any breach of this section. EXHIBIT C [Assuming this is not a Section 162(m) Plan under the Internal Revenue Code] DESCRIPTION OF BONUS PLAN FOR 2011, 2012, AND 2013 FISCAL YEARS For the Company's fiscal years ending April 30, 2011, April 30, 2012, and April 30, 2013, Executive shall be entitled to receive a bonus upon the achievement of an increase in Billions of Cubic Feet Equivalent ("BCFE") of the Company as compared to the prior fiscal year as described below, as approved by the Board, subject to the terms set forth herein. The BCFE increase, if any, incurred from fiscal year to fiscal year shall be calculated based upon the proved reserve valuations reported by Company at the end of each fiscal year purusuant to the Company's reporting requirements as a publically-traded company under the United States Securities Laws, as currently administered by the Unites States Securities & Exchange Comission; provided, however, that such reserve valuations shall not include any reserves attributable to reserves acquired by Company pursuant to the PSA. Any bonus payable for any fiscal year shall be pro-rated based upon the number of days, if less than 365, that Executive is employed by the Company during such fiscal year if the Executive is not employed by the Company at the end of the fiscal year. Any bonus payable pursuant to this Exhibit C shall be paid no later than 2 1/2 months following the close of the fiscal year to which such bonus relates. Except as otherwise provided herein, Executive must be employed on the last day of the applicable fiscal year in order to be eligible to receive a bonus with respect to such fiscal year. For each increase in BCFE of the Company from one fiscal year as compared to the prior fiscal year, the Executive shall received $62,500 with the maximum annual payment being $2,500,000. By way of example, if Executive begins employment with the Company on May 1, 2010 and for the April 30, 2011 fiscal year, the Company achieves a 15.5 BCFE net increase over the April 30, 2010 fiscal year end BCFE, then Executive would be entitled to the following bonus for the fi...
No Pledges. Inco has not pledged, mortgaged or hypothecated, nor has Inco permitted any Restricted Subsidiary or any Subsidiary Borrower to pledge, mortgage or hypothecate, any of its assets to secure indebtedness for money borrowed except as otherwise permitted by Section 5.04(a).
No Pledges. The Service Provider agrees that, without SARS’ prior written consent; it shall not assign, cede, transfer, pledge, hypothecate or otherwise encumber its rights to receive payments from SARS under this MSA for any reason whatsoever.
