OWNER'S COMPANY Sample Clauses

OWNER'S COMPANY. 10.3.1. INCORPORATION. Owner may incorporate, create a limitedpartnership or other limited liability organization (collectively "Company") if: the Company's articles or other highest governing documents state that Company'sactivities are confined exclusively to operating one or more licensed businessesin accordance with this Agreement. The Company shall not have more than fifteenshareholders, members or partners, enter agreements affecting control of theCompany or Owner or permit the number of outstanding shares to be increased,transferred, impaired or used as collateral without WPHLI's prior writtenconsent. Owner shall deliver to WPHLI updated copies as changes occur in theCompany's articles, by-laws, minutes, amendments, and the like, and documentswhich identify the Company's shareholders or partners, shares owned, officersand directors. WPHLI may condition its consent to incorporation on, or at anytime require, letters of credit, personal guarantees and releases in a formsatisfactory to WPHLI of all owners, partners, and shareholders for Company'sand Owner's performance hereof. In the event of a disagreement between or amongthe principals, officers, or stockholders of Owner which, in the opinion ofWPHLI, may affect adversely the ownership, operation, management, business, orinterest of Owner's Team or WPHLI; WPHLI may give Owner a demand that Ownerresolve the disagreement to WPHLI's satisfaction within ninety days or suffersame to be deemed a material breach by Owner.
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Related to OWNER'S COMPANY

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