Common use of Stock of Restricted Subsidiaries Clause in Contracts

Stock of Restricted Subsidiaries. The Borrower will not permit any of its Restricted Subsidiaries to (a) issue any Capital Stock (whether for value or otherwise) to any Person other than (i) officers or employees of the Restricted Subsidiaries, in connection with incentive compensation programs or employee benefit plans, (ii) the Borrower, a Guarantor or another wholly owned Restricted Subsidiary and (iii) in connection with any remarketing of the HIGH TIDES or (b) other than as set forth in Section 8.6, become liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make any other payment in respect of any shares of Capital Stock of the Borrower or any Restricted Subsidiary or any option, warrant or other right to acquire any such shares of Capital Stock; provided, however, that Titan Capital Trust may incur such obligations contemplated by the HIGH TIDES Documents (it being understood that performance of such obligations shall be subject to the provisions of this Agreement); provided further, that the options and warrants issued by the Guarantors as set forth in Item 8.8 of the Disclosure Schedule shall be permitted; and provided further, that each Restricted Subsidiary may issue options and warrants for up to twenty-five percent (25%) of such Restricted Subsidiary’s Capital Stock, inclusive of options and warrants issued by such Restricted Subsidiary as set forth in Item 8.8 of the Disclosure Schedule.

Stock of Restricted Subsidiaries. The Borrower will not permit any of its Restricted Subsidiaries to (a) issue any Capital Stock (whether for value or otherwise) to any Person other than (i) officers or employees of the Restricted SubsidiariesGuarantors, in connection with incentive compensation programs or employee benefit plans, (ii) the Borrower, a Guarantor Borrower or another wholly owned Restricted Subsidiary Guarantor and (iii) in connection with any remarketing of the HIGH TIDES or (b) other than as set forth in Section 8.6, become liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make any other payment in respect of any shares of Capital Stock of the Borrower or any Restricted Subsidiary or any option, warrant or other right to acquire any such shares of Capital Stock; provided, however, that Titan Capital Trust may incur such obligations contemplated by the HIGH TIDES Documents (it being understood that performance of such obligations shall be subject to the provisions of this Agreement); provided further, that the options and warrants issued by the Guarantors as set forth in Item 8.8 of the Disclosure Schedule shall be permitted; and provided further, that each Restricted Subsidiary Guarantor (other than any member of the Cayenta Group) may issue options and warrants for up to twenty-five percent (255%) of such Restricted Subsidiary’s Guarantor's Capital Stock, inclusive of options and warrants issued by such Restricted Subsidiary Guarantor as set forth in Item 8.8 of the Disclosure Schedule.

Stock of Restricted Subsidiaries. The Borrower will not permit any of its Restricted Subsidiaries to to, (a) issue any Capital Stock (whether for value or otherwise) to any Person other than (i) officers or employees of the Restricted SubsidiariesGuarantors, in connection with incentive compensation programs or employee benefit plans, (ii) the Borrower, a Guarantor Borrower or another wholly owned Restricted Subsidiary and Guarantor, (iii) in connection with any remarketing of the HIGH TIDES or (b) other than as set forth in Section SECTION 8.6, become liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make any other payment in respect of any shares of Capital Stock of the Borrower or any Restricted Subsidiary or any option, warrant or other right to acquire any such shares of Capital Stock; providedPROVIDED, howeverHOWEVER, that Titan Capital Trust may incur such obligations contemplated by by, the HIGH TIDES Documents (it being understood that performance of such obligations shall be subject to the provisions of this Agreement); provided furtherPROVIDED, FURTHER, that the options and warrants issued by the Guarantors as set forth in Item ITEM 8.8 of the Disclosure Schedule shall be permitted; and provided furtherPROVIDED, FURTHER, that each Restricted Subsidiary Guarantor (other than any member of the Cayenta Group) may issue options and warrants for up to twenty-five percent (255%) of such Restricted Subsidiary’s Guarantor's Capital Stock, inclusive of options and warrants issued by such Restricted Subsidiary Guarantor as set forth in Item ITEM 8.8 of the Disclosure Schedule.