Common use of SALE AND RIGHT OF FIRST REFUSAL Clause in Contracts

SALE AND RIGHT OF FIRST REFUSAL. 17.1 Unless expressly permitted by the Board of Directors of the Owner pursuant to Sections 17.2 and 17.3 below, during the term of this Agreement, Xxxx Xxxxxxx and/or any trust established for the Coustas family, under which Xxxx Xxxxxxx and/or members of his family are beneficiaries will collectively (i) own at least 80% of the outstanding capital stock of the Manager and (ii) hold at least 80% of the voting power of the outstanding capital stock of the Manager, considered for this purpose as a single class; if this provision is breached, the Owner shall have the right to purchase the capital stock of the Manager owned by Xxxx Xxxxxxx or any trust established for the Coustas family, under which Xxxx Xxxxxxx and/or members of his family are beneficiaries, at its fair market value.

SALE AND RIGHT OF FIRST REFUSAL. 17.1 12.1 Unless expressly permitted by the Board of Directors of the Owner pursuant to Sections 17.2 12.2 and 17.3 12.3 below, during the term of this Agreement, Xxxx Jxxx Xxxxxxx and/or any trust established for the Coustas family, under which Xxxx Jxxx Xxxxxxx and/or members of his family are beneficiaries will collectively (i) own at least 80% of the outstanding capital stock of the Manager and (ii) hold at least 80% of the voting power of the outstanding capital stock of the Manager, considered for this purpose as a single class; if this provision is breached, the Owner shall have the right to purchase the capital stock of the Manager owned by Xxxx Jxxx Xxxxxxx or any trust established for the Coustas family, under which Xxxx Jxxx Xxxxxxx and/or members of his family are beneficiaries, at its fair market value.

SALE AND RIGHT OF FIRST REFUSAL. 17.1 12.1 Unless expressly permitted by the Board of Directors of the Owner pursuant to Sections 17.2 12.2 and 17.3 12.3 below, during the term of this Agreement, Xxxx Xxxxxxx and/or any trust established for the Coustas family, under which Xxxx Xxxxxxx and/or members of his family are beneficiaries will collectively (i) own at least 80% of the outstanding capital stock of the Manager and (ii) hold at least 80% of the voting power of the outstanding capital stock of the Manager, considered for this purpose as a single class; if this provision is breached, the Owner shall have the right to purchase the capital stock of the Manager owned by Xxxx Xxxxxxx or any trust established for the Coustas family, under which Xxxx Xxxxxxx and/or members of his family are beneficiaries, at its fair market value.