Common use of TRANSFER OF AGREEMENT TO CORPORATION Clause in Contracts

TRANSFER OF AGREEMENT TO CORPORATION. If the FRANCHISEE is not a corporation, then the FRANCHISEE will have the right to assign and transfer this Agreement to a corporation in which the FRANCHISEE owns and controls at least fifty-one percent (51%) of the issued and outstanding capital stock of the corporation pursuant to Article 20.2 of this Agreement. If the FRANCHISEE transfers this Agreement to a corporation owned or controlled by the FRANCHISEE pursuant to Article 20.2, which will not excuse or release the FRANCHISEE from any obligations under this Agreement, then the shares of capital stock of the FRANCHISEE'S corporation (the "capital stock") may not be sold, pledged, assigned, traded, transferred or otherwise disposed of by the FRANCHISEE until the capital stock has been first offered to WCH in writing under the same terms and conditions offered to any third party as provided for in Article 13.1.

TRANSFER OF AGREEMENT TO CORPORATION. If the FRANCHISEE is not a corporation, then the FRANCHISEE will have the right to assign and transfer this Agreement to a corporation in which the FRANCHISEE owns and controls at least fifty-one percent (51%) of the issued and outstanding capital stock of the corporation pursuant to Article 20.2 of this Agreement. If the FRANCHISEE transfers this Agreement to a corporation owned or controlled by the FRANCHISEE pursuant to Article 20.2, which will not excuse or release the FRANCHISEE from any obligations under this Agreement, then the shares of capital stock of the FRANCHISEE'S corporation (the "capital stock") may not be sold, pledged, assigned, traded, transferred or otherwise disposed of by the FRANCHISEE until the capital stock has been first offered to WCH COST CUTTERS in writing under the same terms and conditions offered to any third party as provided for in Article 13.1.