Common use of Transfer Restriction; Revocation Clause in Contracts

Transfer Restriction; Revocation. The Subscription Rights may not be Transferred after the Record Date. Any attempted Transfer of Subscription Rights by an Eligible Holder will be cancelled, and neither such Eligible Holder nor the purported transferee will receive any Creditor Equity Rights Offering Securities otherwise purchasable on account of such Transferred Subscription Rights. Any Applicable Claim (or interest therein) Transferred after the Record Date will not be traded with the Subscription Rights attached. Once an Eligible Holder has properly exercised its Subscription Rights, subject to the terms and conditions of the applicable Subscription Agreement and the Investment Agreement (in the case of any Debt Commitment Party) such exercise will be irrevocable.

Appears in 2 contracts

Samples: Investment Agreement (North Atlantic Drilling Ltd.), Investment Agreement (Seadrill LTD)

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Transfer Restriction; Revocation. The Subscription Rights may not be Transferred after the Record Date. Any attempted Transfer of Subscription Rights by an Eligible Holder will be cancelled, and neither such Eligible Holder nor the purported transferee will receive any Creditor Equity Debt Rights Offering Securities otherwise purchasable on account of such Transferred Subscription Rights. Any Applicable Claim (or interest therein) Transferred after the Record Date will not be traded with the Subscription Rights attached. Once an Eligible Holder has properly exercised its Subscription Rights, subject to the terms and conditions of the applicable Subscription Agreement and the Investment Agreement (in the case of any Debt Commitment Party) such exercise will be irrevocable.

Appears in 2 contracts

Samples: Investment Agreement (North Atlantic Drilling Ltd.), Investment Agreement (Seadrill LTD)

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