Common use of Prohibited Dispositions Clause in Contracts

Prohibited Dispositions. A Party is prohibited from Transferring any of its Holdings unless: (a) such Transfer occurs when such Party is not in default of any of the covenants or conditions herein required to be kept or performed by such Party; and (b) such Transfer is made with the consent of the other Party, which consent may be withheld in the exercise of such other Party’s sole discretion, or (c) such transfer is made in conformity with the procedure prescribed in Section 5.3, in which case the consent of the other Party shall be deemed to have been given.

Prohibited Dispositions. A Party is prohibited from Transferring any interest in any of the Concession Areas, its shares in Chorti Aruba or Chorti or any of its Holdings rights under this Agreement unless: (a) such Transfer occurs when such Party is not in default of any of the its covenants or conditions and agreements herein required to be kept or performed by such Partycontained; and (b) such Transfer is made with the consent of the other Party, which consent may be withheld in the exercise of such other Party’s sole discretion, or (c) such transfer is made in conformity with the procedure prescribed in Section 5.3, in which case it has received the consent of the other Party shall to such Transfer, such consent not to be deemed to have been givenunreasonably withheld.

Prohibited Dispositions. A Party is prohibited from Transferring any of its Holdings interest in the Property or any of its rights under this Agreement unless: (a) its interest in the Property and its rights under this Agreement are Transferred together (or, if a portion, in the same proportion); (b) such Transfer occurs when such Party is not in default of any of the its covenants or conditions and agreements herein required to be kept or performed by such Partycontained; and (b) such Transfer is made with the consent of the other Party, which consent may be withheld in the exercise of such other Party’s sole discretion, or (c) such transfer is made Transfer, if it constitutes a Transfer by a Party of a portion of its interest in conformity with the procedure prescribed in Section 5.3Property and its rights under this Agreement, in which case the consent of has been approved by the other Party shall Party, such approval not to be deemed to have been givenunreasonably withheld.