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Common use of Status and ownership Clause in Contracts

Status and ownership. (a) It is a corporation, duly organised and validly existing under the laws of the Xxxxxxxx Islands. (b) It has the power to own its assets and carry on its business as it is being conducted. (c) It is indirectly wholly owned by the Sponsor (acting through the Parent and the Parent Shareholder). (d) Subject to the Security Documents, the Parent is the legal and beneficial owner of all of the share capital of the Owner, the Parent Shareholder is the legal and beneficial owner of all of the share capital of the Parent and the Sponsor is the legal and beneficial owner of all of the share capital of the Parent Shareholder. (e) No person has any right to call for the issue or transfer of any share capital or loan stock in the Owner other than in accordance with the Security Documents. (f) All of the shares in the capital of the Owner are fully paid up.

Appears in 4 contracts

Samples: Credit Facility Agreement (Ocean Rig UDW Inc.), Credit Facility Agreement (DryShips Inc.), Credit Facility Agreement (DryShips Inc.)

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Status and ownership. (a) It is a corporation, duly organised and validly existing under the laws of the Xxxxxxxx Islands. (b) It has the power to own its assets and carry on its business as it is being conducted. (c) It is indirectly wholly owned by the Sponsor Ocean Rig (acting through the Parent and the Parent Shareholder). (d) Subject to the Security Documents, the Parent is the legal and beneficial owner of all of the share capital of the Owner, the Parent Shareholder is the legal and beneficial owner of all of the share capital of the Parent and the Sponsor Ocean Rig is the legal and beneficial owner of all of the share capital of the Parent Shareholder. (e) No person has any right to call for the issue or transfer of any share capital or loan stock in the Owner other than in accordance with the Security Documents. (f) All of the shares in the capital of the Owner are fully paid up.

Appears in 2 contracts

Samples: Credit Facility Agreement (Ocean Rig UDW Inc.), Credit Facility Agreement (Ocean Rig UDW Inc.)

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