Common use of The WRL Shares Clause in Contracts

The WRL Shares. The WRL Shares, when issued in accordance with the terms of this Agreement: (i) will be free and clear of any security interests, liens, claims, or other encumbrances, subject only to restrictions upon transfer under the Securities Act and applicable state and foreign securities laws; (ii) will be duly and validly authorized, fully paid, and nonassessable; (iii) will not have been issued or sold in violation of any pre-emptive or other similar rights of the holders of any securities or debt or other agreements of WRL; and (iv) will not subject the holders thereof to personal liability by reason of being holders thereof.