Common use of The Subsidiaries Clause in Contracts

The Subsidiaries. 3.1 The Company’s assets are, generally, held through wholly owned subsidiaries. 3.2 The Company’s subsidiaries as of the date hereof are listed in Schedule 1 hereto and are parties to the Agreement. If and when a Subsidiary is sold or liquidated, this Agreement shall terminate in relation to such Subsidiary without further notice. If a new subsidiary (in this context defined as a wholly owned subsidiary of the Company) is incorporated or otherwise acquired by the Company, whether directly or indirectly, it shall be deemed to have acceded to this Agreement as a “Subsidiary”) at such time. The Parties agree, for documentary purpose, to update Schedule 1 in relation to subsidiaries acquired, liquidated or divested by the Company at regular intervals. 3.3 The Manager shall, on matters of particular importance to a Subsidiary, keep such Subsidiary’s board of directors informed (while reporting to the Board). Final decisions in such matters shall be taken by the board of directors of such Subsidiary.

Appears in 2 contracts

Sources: Management Agreement (Ship Finance International LTD), Management Agreement (Frontline LTD /)

The Subsidiaries. 3.1 The Company’s assets are, generally, held through wholly owned subsidiaries. 3.2 The Company’s subsidiaries as of the date hereof Subsidiaries are listed in Schedule 1 hereto and are parties to the Agreement. If and when a Subsidiary is sold or liquidated, this Agreement shall terminate in relation to such Subsidiary without further notice. If a new subsidiary (in this context defined as a wholly owned subsidiary of the Company) is incorporated or otherwise acquired by the Company, whether directly or indirectly, it shall be deemed to have acceded to this Agreement as a “Subsidiary”) at such time. The Parties agree, for documentary purpose, to update Schedule 1 in relation to subsidiaries Subsidiaries acquired, liquidated or divested by the Company at regular intervals. 3.3 The Manager shall, on matters of particular importance to a Subsidiary, keep such Subsidiary’s board of directors informed (while reporting to the Board). Final decisions decision in such matters shall be taken by the board of directors of such Subsidiary.

Appears in 2 contracts

Sources: General Management Agreement, General Management Agreement (North Atlantic Drilling Ltd.)

The Subsidiaries. 3.1 The Company’s 's assets are, generally, held through wholly owned subsidiaries. 3.2 The Company’s 's subsidiaries as of the date hereof are listed in Schedule 1 hereto and hereto. All of these entities are parties to the Agreement. If and when a Subsidiary is sold or liquidated, this Agreement shall terminate in relation to such Subsidiary without further notice. If a new subsidiary (in this context defined as a wholly owned subsidiary of the Company) is incorporated or otherwise acquired by the Company, whether directly or indirectly, it shall be deemed to have acceded to this Agreement as a "Subsidiary”) " at such time. The Parties agree, for documentary purposepurposes, to update Schedule 1 in relation to subsidiaries acquired, liquidated or divested by the Company at regular intervals. 3.3 The Manager shall, on matters of particular importance to a Subsidiary, keep such Subsidiary’s 's board of directors informed (while reporting to the Board)informed. Final decisions decision in such matters shall be taken by the board of directors of such SubsidiarySubsidiary and confirmed by the Board.

Appears in 1 contract

Sources: Management Agreement (Knightsbridge Tankers LTD)