Ownership of Significant Subsidiaries. The Borrower shall at all times, directly or indirectly own, beneficially and of record, except as permitted by Section 6.10, 7.3 or 7.4, 100% of each class of issued and outstanding common stock of each Significant Subsidiary.
Ownership of Significant Subsidiaries. Cease to maintain at any time direct or indirect ownership of securities or other ownership interests representing not less than the greater of (a) a majority of the ordinary voting power of each Significant Subsidiary and (b) such voting power as provides effective control of the policy and direction of each Significant Subsidiary.
Ownership of Significant Subsidiaries. All of the issued and outstanding shares of capital stock of the Significant Subsidiaries have been duly and validly issued, are fully paid and non-assessable, except with respect to wage claims of employees of those Significant Subsidiaries which are subject to Section 180.0622(2)(b) of the Wisconsin Business Corporation Law, as such statutory provision has been judicially interpreted; the Company owns, beneficially and of record, all of the common stock of each Significant Subsidiary, directly or through subsidiaries, in each case free and clear of any mortgage, pledge, lien, encumbrance, claim or equity; none of the outstanding shares of capital stock of the Significant Subsidiaries were issued in violation of the preemptive or similar rights of any securityholder of such subsidiary. Other than the Significant Subsidiaries, the Company has no subsidiaries which, either individually or considered in the aggregate as a single subsidiary, constitute a "significant subsidiary" as defined in Rule 405 under the 1933 Act Regulations.
Ownership of Significant Subsidiaries. The Borrower shall at all times (a) directly or indirectly own, beneficially and of record, at least 51% of each class of issued and outstanding common stock of NRG, provided that, subsequent to June 30, 2002, the Borrower may own less than 51% of each class of issued and outstanding common stock of NRG so long as the Leverage Ratio immediately after any transaction that reduces its ownership interest of any such class to less than 51% (or if such ownership interest is already less than 51%, further reduces its ownership interest) is not greater than the Leverage Ratio immediately prior to such transaction, (b) directly own, beneficially and of record, 100% of each class of issued and outstanding common stock of each Existing Utility Subsidiary other than SPS and (c) directly or indirectly own, beneficially and of record, 100% of each class of issued and outstanding common stock of each other Significant Subsidiary.
Ownership of Significant Subsidiaries. All of the issued and outstanding shares of capital stock of the Significant Subsidiaries have been duly and validly issued, are fully paid and non-assessable; except as otherwise disclosed in the Final Prospectus, the Company owns, beneficially and of record, all of the common stock of each Significant Subsidiary, directly or through subsidiaries, in each case free and clear of any mortgage, pledge, lien, encumbrance, claim or equity; none of the outstanding shares of capital stock of the Significant Subsidiaries were issued in violation of the preemptive or similar rights of any securityholder of such subsidiary.
Ownership of Significant Subsidiaries. 57 Section 4.20. Operation of Unrestricted Subsidiaries.....................................................57 Section 4.21. Conduct of Business........................................................................57 Section 4.22. Payments for Consent.......................................................................58 ARTICLE V
Ownership of Significant Subsidiaries. The Issuer will at all times maintain, either directly or indirectly, 100% ownership of the Capital Stock of any Person that is or becomes a Significant Subsidiary of the Issuer; provided, however, that:
Ownership of Significant Subsidiaries. The Company shall fail at any time to own, directly or indirectly, all of the capital stock of each Subsidiary which is at any time a Significant Subsidiary, in each case free and clear of any Lien.
Ownership of Significant Subsidiaries. Borrower shall not (a) permit any Significant Subsidiary to merge or consolidate with, or sell, assign, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person (or enter into any agreement to do any of the foregoing), except that: (i) any Significant Subsidiary may merge into or transfer assets to the Borrower; and (ii) any Significant Subsidiary may merge into or consolidate with or transfer assets to any other Subsidiary of the Borrower; or
Ownership of Significant Subsidiaries. 52 SECTION 6.09. FUNDAMENTAL CHANGES.........................................................................52 SECTION 6.10. UNRESTRICTED SUBSIDIARIES...................................................................52 ii ARTICLE 7 FINANCIAL COVENANTS SECTION 7.01. NET WORTH...................................................................................53 SECTION 7.02. LEVERAGE....................................................................................53 SECTION 7.03. COVERAGE RATIO..............................................................................53 ARTICLE 8 EVENTS OF DEFAULT ARTICLE 9 THE AGENTS
