Common use of Termination of Certain Restrictions Clause in Contracts

Termination of Certain Restrictions. Notwithstanding the foregoing provisions of this ARTICLE XII, the legend requirements of Section 12.02(a) shall terminate as to any Unit (a) when and so long as such Unit shall have been effectively registered under the Securities Act and disposed of pursuant thereto or disposed of pursuant to the provisions of Rule 144 (or any successor rule) thereof or (b) when the Company shall have received an opinion of counsel (or such other evidence) reasonably satisfactory to it that such Unit may be Transferred without registration thereof under the Securities Act and that such legend may be removed. Whenever the restrictions imposed by Section 12.02(a) shall terminate as to any Unit, the holder thereof, if such Unit is represented by a certificate, shall be entitled to receive from the Company, at the Company’s expense, a new certificate not bearing the restrictive legend set forth in Section 12.02(a).

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Laredo Oil, Inc.)

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Termination of Certain Restrictions. Notwithstanding the foregoing provisions of this ARTICLE XIIArticle XIV, the legend requirements of Section 12.02(a14.02(a) shall terminate as to any Unit (a) when and so long as such Unit shall have been effectively registered under the Securities Act and disposed of pursuant thereto or disposed of pursuant to the provisions of Rule 144 (or any successor rule) thereof or (b) when the Company shall have received an opinion of counsel (or such other evidence) reasonably satisfactory to it that such Unit may be Transferred transferred without registration thereof under the Securities Act and that such legend may be removed. Whenever the restrictions imposed by Section 12.02(a14.02(a) shall terminate as to any Unit, the holder thereof, if such Unit is represented by a certificate, thereof shall be entitled to receive from the Company, at the Company’s expense, a new certificate Unit not bearing the restrictive legend set forth in Section 12.02(a14.02(a).

Appears in 1 contract

Samples: Limited Liability Company Agreement (Pinnacle Gas Resources, Inc.)

Termination of Certain Restrictions. Notwithstanding the foregoing provisions of this ARTICLE Article XII, the legend requirements of Section 12.02(a) of this Agreement shall terminate as to any Unit (a) when and so long as such Unit shall have been effectively registered under the Securities Act and disposed of pursuant thereto or disposed of pursuant to the provisions of Rule 144 (or any successor rule) thereof or (b) when the Company Partnership shall have received an opinion of counsel (or such other evidence) reasonably satisfactory to it that such Unit may be Transferred without registration thereof under the Securities Act and that such legend may be removed. Whenever the restrictions imposed by Section 12.02(a) of this Agreement shall terminate as to any Unit, the holder thereof, if such Unit is represented by a certificate, thereof shall be entitled to receive from the CompanyPartnership, at the CompanyPartnership’s expense, a new certificate Unit not bearing the restrictive legend set forth in Section 12.02(a)) of this Agreement.

Appears in 1 contract

Samples: Pattern Energy Group Inc.

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Termination of Certain Restrictions. Notwithstanding the foregoing provisions of this ARTICLE ‎Article XII, the legend requirements of Section ‎Section 12.02(a) of this Agreement shall terminate as to any Unit (a) when and so long as such Unit shall have been effectively registered under the Securities Act and disposed of pursuant thereto or disposed of pursuant to the provisions of Rule 144 (or any successor rule) thereof or (b) when the Company Partnership shall have received an opinion of counsel (or such other evidence) reasonably satisfactory to it that such Unit may be Transferred without registration thereof under the Securities Act and that such legend may be removed. Whenever the restrictions imposed by Section ‎Section 12.02(a) of this Agreement shall terminate as to any Unit, the holder thereof, if such Unit is represented by a certificate, thereof shall be entitled to receive from the CompanyPartnership, at the CompanyPartnership’s expense, a new certificate Unit not bearing the restrictive legend set forth in Section ‎Section 12.02(a)) of this Agreement.

Appears in 1 contract

Samples: Pattern Energy Group Inc.

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