Owned Subsidiary. In the event that any additional shares of stock or other ownership interests shall be issued by any Restricted Subsidiary, the Company agrees forthwith to deliver to the Administrative Agent pursuant to the Security Agreement the certificates evidencing such shares of stock or other ownership interests, accompanied by undated stock or other powers executed in blank and to take such other action as the Administrative Agent shall request to perfect the security interest created therein pursuant to the Security Agreement.
Owned Subsidiary. As to any Person, (i) any corporation 100% of whose Capital Stock (other than director's qualifying shares and/or other nominal amounts of shares required by applicable law to be held by Persons other than such Person) is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person and (ii) any partnership, limited liability company, association, joint venture or other entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such Person owns 100% of the Capital Stock at such time (other than director's qualifying shares and/or other nominal amounts of interests required by applicable law to be held by Persons other than such Person).
Owned Subsidiary. The Borrower may, after prior written notice to the Agent and Lenders, take such action with respect to any Subsidiary which is not a material part of the Borrower's overall business operations.
Owned Subsidiary. The Borrower will not permit any Significant Subsidiary to consolidate or merge with or into, or sell, lease or otherwise transfer all or any Substantial part of its assets to, any person other than the Borrower or a Wholly Owned Subsidiary (or a person which as a result of such transaction becomes a Wholly Owned Subsidiary), provided that in the case of any merger or consolidation involving TU Electric or Enserch, such person must assume or be responsible by operation of law for all the obligations of TU Electric or Enserch, as applicable, hereunder, and the Borrower will not in any event permit any such consolidation, merger, sale, lease or transfer if any Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to any such transaction. Notwithstanding the foregoing, (a) neither the Borrower nor any of its Subsidiaries will engage to a Substantial extent in businesses other than those currently conducted by them, or in the case INTERIM FACILITY 48 of Enserch, by Enserch and other businesses reasonably related thereto, (b) neither the Borrower nor any of its Subsidiaries will acquire any Subsidiary or make any investment in any Subsidiary if, upon giving effect to such acquisition or investment, as the case may be, the Borrower would not be in compliance with the covenants set forth in Sections 5.11 and 5.12 and (c) nothing in this Section shall prohibit any sales of assets permitted by Section 5.10(d).
Owned Subsidiary. As to the Borrower, REIT or TRS, any Subsidiary of the Borrower, REIT or TRS that is directly or indirectly owned one hundred percent (100%) by the Borrower, REIT or TRS, respectively. For the purposes of this Agreement, the Borrower shall be deemed to be a Wholly-Owned Subsidiary of the REIT. Also for purposes of this Agreement, any Subsidiary owned ninety-nine percent (99%) by the Borrower and one percent (1%), directly or indirectly, by the REIT, shall be deemed to be a Wholly-Owned Subsidiary of the Borrower.
Owned Subsidiary. In the event of a permitted assignment, the terms and conditions of this Agreement will inure to the benefit of and be binding upon the respective successors and assigns of the parties.
Owned Subsidiary. Any Subsidiary of which 100% of the outstanding ----------------------- Capital Interests thereof are owned and controlled, directly or indirectly, by the Borrower. For all purposes hereof, Petro Distributing and Petro Financial are deemed to be Wholly-Owned Subsidiaries of the Borrower.
Owned Subsidiary. Borrower shall -------------------------------------------- cease to be a wholly-owned Subsidiary of Guarantor.
Owned Subsidiary. In connection with any such guaranty, the Parent and the Borrower shall (i) cause such Domestic Subsidiary to execute and deliver the Guaranty and Security Agreement or a supplement thereto, as applicable, (ii) cause the Credit Party that owns Equity Interests in such Domestic Subsidiary to pledge all of the Equity Interests of such new Domestic Subsidiary pursuant to the Guaranty and Security Agreement (including, without limitation, delivery (if applicable) of original certificates evidencing the Equity Interests of such Domestic Subsidiary, together with an appropriate undated stock powers for each certificate duly executed in blank by the registered owner thereof) and (iii) execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent.
Owned Subsidiary. The Borrower will merge certain of its Domestic Subsidiaries (with the Borrower being the surviving corporation) or take such other action such that, as of (i) the date sixty days after the date hereof, (ii) each one year anniversary of the date hereof and (iii) each date a Significant Subsidiary or any one or more Subsidiaries which, if considered in the aggregate as a single Subsidiary, would be a Significant Subsidiary of the Borrower that is not a Guarantor is created, acquired or otherwise comes into existence, the Borrower and all Foreign Subsidiary Borrowers (as defined in the Five-Year Credit Agreement) which have 65% of their Capital Stock pledged pursuant to a Pledge Agreement shall directly own at least 75% of the total consolidated assets (other than accounts or notes receivable transferred in accordance with Section 6.12(v) to a Securitization Entity in connection with a Permitted Securitization Transaction) of the Borrower and its Subsidiaries and shall account for at least 75% of the consolidated net revenues of the Borrower and its Subsidiaries as of the end of the most recently ended four consecutive fiscal quarters of the Borrower on a pro forma basis acceptable to the Agent. In connection with any such Pledge Agreement, the Borrower will deliver or cause to be delivered such stock certificates, legal opinions and other documents reasonably required by the Agent.
