Common use of REPRESENTATIONS OF THE SHAREHOLDERS Clause in Contracts

REPRESENTATIONS OF THE SHAREHOLDERS. Each Shareholder represents to and agrees with the other Shareholders and the Corporation that such Shareholder is the legal holder and beneficial owner of the Shares currently owned by such Shareholder, that such Shares and the Shares hereafter acquired by such Shareholder will be owned free and clear of all liens, claims, charges, options and encumbrances other than restrictions on transfer under this Agreement, and applicable federal and state securities laws, and that such Shareholder will have the right to transfer such Shares upon the terms and subject to the conditions of this Agreement.