Common use of Clause 22 Clause in Contracts

Clause 22. 18.1 does not apply to the following (each a Permitted Share Issue): (a) the issue of shares by an Obligor to another Obligor; (b) the issue of shares by Holdco; (c) the issue of shares for cash by a member of the Group to a minority shareholder provided that following the issue of such shares the pro rata shareholding of all shareholders of that member of the Group will remain unchanged; (d) the issue of shares by a member of the Group to another person as part of a Permitted BEE Transaction, provided such issue does not lead to a Control Event; (e) an issue of shares for purposes of a refinancing provided that all Loans and other Senior Facility Outstandings are, pursuant to such refinancing, prepaid in full at the same time and the Total Commitments are cancelled and reduced to zero; (f) any issue of shares by the Borrower to Holdco provided that those shares by their terms (or by the terms of any security into which they may be convertible or for which they may be exchangeable) are not mandatorily redeemable or redeemable at the option of a holder; or (g) an issue of shares to a person with the express prior consent of the Facility Agent.