Common use of Interim Control Clause in Contracts

Interim Control. Upon the execution of this Agreement, and continuing throughout the interim period until Closing (the "Interim"), the Buyer shall enter into immediate possession of the Companies, and Seller shall cause Larr▇ ▇▇▇▇▇▇▇▇▇, ▇▇be▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ Bruc▇ ▇▇▇▇▇▇▇▇▇ ▇▇ be elected and they shall remain directors (the "Directors") of each of the Companies during the Interim. The Directors shall have the authority and the responsibility to manage the day-to-day operations and activities of the Companies, but only in the ordinary course of business and in a manner not inconsistent with this Agreement, including, but not limited to Section 5B(d). It is understood and agreed that in no event shall the Companies make contributions (capital or otherwise) to Tennessee Mining, Inc. ("TMI") that would cause the TMI Contribution (as defined below) limits to be exceeded.

Appears in 1 contract

Sources: Stock Purchase Agreement (Leslie Resources Inc)

Interim Control. Upon the execution of this Agreement, and continuing throughout the interim period until Closing (the "Interim"), the Buyer shall enter into immediate possession of the Companies, and Seller shall cause Larr▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇be▇▇▇▇ ▇▇▇▇▇▇▇▇▇ and ▇▇▇ Bruc▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ to be elected and they shall remain directors (the "Directors") of each of the Companies during the Interim. The Directors shall have the authority and the responsibility to manage the day-to-day operations and activities of the Companies, but only in the ordinary course of business and in a manner not inconsistent with this Agreement, including, but not limited to Section 5B(d). It is understood and agreed that in no event shall the Companies make contributions (capital or otherwise) to Tennessee Mining, Inc. ("TMI") that would cause the TMI Contribution (as defined below) limits to be exceeded.

Appears in 1 contract

Sources: Stock Purchase Agreement (Addington Resources Inc)