Common use of Sale or Encumbrance Clause in Contracts

Sale or Encumbrance. Without the prior written consent of Executive and except as otherwise provided in Section 2.3(e) hereof, the Company will not (a) sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Pledged Assets, (b) create, incur or permit to exist any lien or option in favor of, or any claim of any person with respect to, any of the Pledged Assets, or any interest therein, except for the lien provided for by this Agreement. The Company will defend the right, title and interest of Executive in and to the Pledged Assets against the claims and demands of all persons whomsoever. Notwithstanding the foregoing, the Company may sell one or more of the Pledged Assets so long as the proceeds from such sale remain in the Account subject to the security interest granted by the Company to Executive pursuant to this Agreement.

Sale or Encumbrance. Without the prior written consent of Executive and except as otherwise provided in Section 2.3(e3.3(e) hereof, the Company will not (a) sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Pledged Assets, (b) create, incur or permit to exist any lien or option in favor of, or any claim of any person with respect to, any of the Pledged Assets, or any interest therein, except for the lien provided for by this Agreement. The Company will defend the right, title and interest of Executive in and to the Pledged Assets against the claims and demands of all persons whomsoever. Notwithstanding the foregoing, the Company may sell one or more of the Pledged Assets so long as the proceeds from such sale remain in the Account subject to the security interest granted by the Company to Executive pursuant to this Agreement.

Sale or Encumbrance. Without the prior written consent of Executive Xx. Xxxxx and except as otherwise provided in Section 2.3(e) hereof2.3(d), the Company will not (a) sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Pledged Assets, (b) create, incur or permit to exist any lien or option in favor of, or any claim of any person Person with respect to, any of the Pledged Assets, or any interest therein, except for the lien provided for by this Agreement. The Company will defend the right, title and interest of Executive Xx. Xxxxx in and to the Pledged Assets against the claims and demands of all persons Persons whomsoever. Notwithstanding the foregoing, the Company may sell one or more of the Pledged Assets so long as the proceeds from such sale remain in the Account subject to the security interest granted by the Company to Executive Xx. Xxxxx pursuant to this Agreement.