Authorization Subscription for Securities Clause Samples

Authorization Subscription for Securities. Section 1.1 The Securities. The Company has authorized the issuance and sale of Voting Common Shares, par value US$0.175 per share (the "Voting Common Shares"), and Non-Voting Common Shares, par value US$0.175 per share (the "Non-Voting Common Shares" and, together with the Voting Common Shares, the "Common Shares"), having a value (determined as set forth below) of US$200,000,000, such shares each having such rights, restrictions and privileges contained in the Memorandum of Association and Bye-Laws of the Company as in effect from time to time (the "Memorandum of Association" and the "Bye-laws," respectively). Subject to the terms and conditions hereof, the purchase severally by each of the Major Investors pursuant to this Agreement of the Common Shares shall occur on one date (the "Closing Date") determined by the Company and of which each of the Major Investors has been given at least ten (10) business days' prior written notice (the "Closing Notice"). The Company acknowledges that it will not deliver a Closing Notice to a Major Investor unless a Closing Notice is delivered to each Major Investor requiring each Major Investor to purchase its full Percentage Commitment of any such Offering.