Media Port definition
Examples of Media Port in a sentence
Aegis hereby waives any rights which it may have to require Media Port or Charm to initiate or exhaust or otherwise make any claim for payment from PAL to the intent that as between Media Port and Charm on the one hand and Aegis on the other, the latter shall be liable as principal obligor as if it had entered into such agreements, undertakings, commitments, obligations, indemnities or covenants jointly and severally with PAL.
Charm hereby waives any rights which it may have to require PAL or the Company to initiate or exhaust or otherwise make any claim for payment from Media Port to the intent that as between PAL and the Company on the one hand and Charm on the other, the latter shall be liable as principal obligor as if it had entered into such agreements, undertakings, commitments, obligations, indemnities or covenants jointly and severally with Media Port.
Subject to approval by the Companies Registry of Hong Kong on the use of name, PAL covenants with Media Port that it shall change the name of the Company to “VHC Hong Kong Limited” (or such other name mutually agreed between PAL and Media Port).
The Company hereby declares that from and as of the Closing – Beneficial Interest, it holds the Beneficial Interest as bare trustee and nominee for and on behalf of Media Port.
Except as expressly provided herein, the Company shall deal with the Beneficial Interest only as expressly directed by Media Port and shall do no act relating to the Beneficial Interest without the express authorization and direction in writing of Media Port.
Pursuant to the Joint Venture Agreement, Media Port shall own 600 ordinary shares of the Company, representing 60% of the total issued share capital of the Company and PAL shall own 400 ordinary shares of the Company, representing 40% of the total issued share capital of the Company.
Media Port shall be responsible for all expenses, losses, charges, encumbrances or liabilities in any way connected with or related to the Beneficial Interest, and all obligations, responsibilities, acts or omissions pertaining to the Beneficial Interest shall be performed by or be the responsibility of Media Port.
Media Port and PAL agree to form the Joint Venture in the Company by the acquisition by Media Port of Sixty Per Cent (60%) of the Joint Venture for the consideration of Three Million Six Hundred Thousand Renminbi (RMB3,600,000) or its equivalent in Hong Kong dollars (the “Investment Amount”) in cash payable to the Company whereupon the Company shall hold Sixty Per Cent (60%) of all of its undivided assets and liabilities (the “Beneficial Interest”) for the sole and exclusive benefit of Media Port.
Media Port Holdings Limited, a company incorporated under the laws of the British Virgin Islands with its registered office as at the date hereof at P.O. Box 957, Offshore Incorporations Centre, Road Town Tortola, British Virgin Islands (“Media Port”), Charm Communications Inc.
PAL hereby agrees and consents to the Company holding the Beneficial Interest for and on behalf of Media Port as contemplated herein.