Common use of Title to the Pledged Shares Clause in Contracts

Title to the Pledged Shares. Immediately prior to the pledge of the Pledged Shares, the Borrower was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all Encumbrances. The Pledged Shares owned by the Borrower are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Borrower is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Borrower pursuant to which the Borrower may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. Subject to the Subordination Agreement, in the event that (i) the Pledgor defaults under this Note and Xxxx enforces the provisions of the Pledge Agreement or (ii) the provisions of Article 5 hereof apply, Xxxx will acquire good and marketable title to the Pledged Shares, free and clear of all Encumbrances.

Title to the Pledged Shares. Immediately prior to the pledge of the Pledged Shares, Shares the Borrower Pledgor was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all EncumbrancesLiens. The Pledged Shares owned by the Borrower Pledgor are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Borrower Pledgor is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Borrower Pledgor pursuant to which the Borrower Pledgor may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. Subject to the Subordination Agreement, in In the event that (i) the Pledgor defaults under this the Note and Xxxx enforces the provisions of the Pledge Agreement this Agreement, or (ii) the provisions of Article 5 hereof Section 3.1 of the Note apply, Xxxx will acquire good and marketable title to the Pledged Shares, free and clear of all EncumbrancesLiens.

Title to the Pledged Shares. Immediately prior to the pledge of the Pledged Shares, Shares the Borrower Pledgor was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all EncumbrancesLiens. The Pledged Shares owned by the Borrower Pledgor are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Borrower Pledgor is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Borrower Pledgor pursuant to which the Borrower Pledgor may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. Subject to the Subordination Agreement, in In the event that (i) the Pledgor defaults under this the Note and Xxxx Berkshire enforces the provisions of the Pledge Agreement this Agreement, or (ii) the provisions of Article 5 hereof Section 3.1 of the Note apply, Xxxx Berkshire will acquire good and marketable title to the Pledged Shares, free and clear of all EncumbrancesLiens.

Title to the Pledged Shares. Immediately prior to the pledge of the Pledged Shares, the Borrower was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all Encumbrances. The Pledged Shares owned by the Borrower are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Borrower is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Borrower pursuant to which the Borrower may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. Subject to the Subordination Agreement, in the event that (i) the Pledgor defaults under this Note and Xxxx Berkshire enforces the provisions of the Pledge Agreement or (ii) the provisions of Article 5 hereof apply, Xxxx Berkshire will acquire good and marketable title to the Pledged Shares, free and clear of all Encumbrances.