No Permits Sample Clauses
The "No Permits" clause establishes that one or both parties are not responsible for obtaining, maintaining, or ensuring the validity of permits, licenses, or governmental approvals required for the activities under the agreement. In practice, this means that if a project or transaction requires official permissions—such as building permits, environmental clearances, or business licenses—the obligation to secure these does not fall on the party protected by this clause. This provision clarifies responsibility and helps prevent disputes by making it clear that the risk and administrative burden of compliance with regulatory requirements rest elsewhere.
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No Permits. No permits, consents, licenses, certificates and authorizations of, or filings with, any governmental or regulatory authorities of the Cayman Islands are required for any of the Transocean Cayman Entities to own or lease its properties and to conduct its business in the manner described in the Time of Sale Prospectus and the Prospectus, other than such permits, consents, licenses, certificates and authorizations currently held or previously obtained.
1. The Company is a limited liability company that has been duly formed and is validly existing in good standing under ▇▇▇▇▇▇▇▇ Islands Law, and has all requisite limited liability company power and authority to own or lease its properties, to enter into the Underwriting Agreement and the Operative Agreements, and to consummate the transactions contemplated thereby, and to conduct its business, in each case in all material respects as described in the Time of Sale Prospectus and the Prospectus.
2. The Selling Unitholder owns of record the Transocean Member Interest (as defined in the LLC Agreement) of the Company. The Transocean Member Interest has been duly authorized and validly issued in accordance with the LLC Agreement, and is fully paid (to the extent required under the LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 of the ▇▇▇▇▇▇▇▇ Islands Limited Liability Company Act of 1996 (the “LLCA”) and except as may otherwise be provided in the LLC Agreement).
3. The Selling Unitholder owns of record all of the Incentive Distribution Rights (as defined in the LLC Agreement) of the Company. The Incentive Distribution Rights have been duly authorized and validly issued in accordance with the LLC Agreement, and are fully paid (to the extent required under the LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 of the LLCA and except as may otherwise be provided in the LLC Agreement).
4. The Selling Unitholder owns of record [ ] common units of the Company. Such common units and the limited liability company interest represented thereby have been validly issued in accordance with the LLC Agreement, and are fully paid (to the extent required under the LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 of the LLCA and except as may otherwise be provided in the LLC Agreement).
5. To our knowledge, except as described in the Time of Sale ...
No Permits. To such counsel’s knowledge, no permits, consents, licenses, certificates and authorizations of, or filings with, any governmental or regulatory authorities of the Republic of The ▇▇▇▇▇▇▇▇ Islands are required for any of the Teekay Parties or the Operating Subsidiaries set forth in Schedule II and formed in the Republic of The ▇▇▇▇▇▇▇▇ Islands to own or lease its properties and to conduct its business in the manner described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, other than such permits, consents, licenses, certificates and authorizations or filings with any Republic of The ▇▇▇▇▇▇▇▇ Islands governmental authority currently held or previously obtained, applied, received or filed by any of the Teekay Parties or the Operating Subsidiaries set forth in Schedule II and formed in the Republic of The ▇▇▇▇▇▇▇▇ Islands.
No Permits. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of the Agreements or the consummation by the Company of the transactions contemplated by the Agreements.