Ownership of Subsidiary Shares. The Target Company legally owns shares of the Subsidiary and has legal and valid ownership rights. The shares of the Subsidiary were lawfully issued, and there are no limitations or burdens set on them.
Ownership of Subsidiary Shares. Any references to the Parent owning all of the Shares of the Subsidiary or in respect of any transfer of Subsidiary Shares are modified to reflect the purchase on March 18, 2008 by 1250280 Alberta Ltd. of one hundred common shares in the share capital of the Subsidiary.
Ownership of Subsidiary Shares. Except as set out in the Disclosure Schedule, the Parent is, has been since February 27, 2008, and will be until the Effective Time, the legal and beneficial owner of the Subsidiary Shares, and the Subsidiary Shares are and shall continue to be free and clear of all Encumbrances, there are no Acquisition Rights outstanding in respect of the Subsidiary other than hereunder in respect of the Convertible Debenture and there has been no Change of Control of the Subsidiary since January 1, 1999;
Ownership of Subsidiary Shares. PSI has good and valid title to all of the issued and outstanding shares of common stock of PSI South and PSI West, free and clear of all Liens (the "Subsidiary Shares"). (PSI South and PSI West are sometimes referred to herein individually as a "Subsidiary" and collectively as the "Subsidiaries".) Other than this Agreement, the Subsidiary Shares are not subject to any voting trust agreement or other contractual obligation restricting or otherwise relating to the voting, dividend rights, ownership or disposition of the Subsidiary Shares. The certificates representing the Subsidiary Shares to be delivered at the Closing will constitute all of the outstanding Subsidiary Shares.
