Maintenance of Ownership of Subsidiaries. Sell or otherwise dispose of any shares of capital stock of any Subsidiary, except to another Subsidiary, or permit any Subsidiary to issue, sell or otherwise dispose of any shares of its capital stock or the capital stock of any Subsidiary, except to the Company or another Subsidiary; provided, however, that the Company may liquidate, merge or consolidate any Subsidiary or Subsidiaries into or with itself, provided that the Company is the surviving entity, or into or with another Subsidiary or Subsidiaries.
Maintenance of Ownership of Subsidiaries. Except as permitted by Section 6.4, the Borrower shall not, and shall not permit any of its Subsidiaries to, sell or otherwise dispose of any shares of capital stock of any of the Borrower’s Subsidiaries or permit any Subsidiary to issue, sell, or otherwise dispose of any shares of its capital stock or the capital stock of any of the Borrower’s Subsidiaries.
Maintenance of Ownership of Subsidiaries. Except as not prohibited by or as permitted under Section 5.01(f), Section 5.02(d) or 5.02(e), maintain ownership and control of all Equity Interests that it holds in all of its direct Subsidiaries (other than the Subsidiaries of any Regulated Subsidiary), free and clear of all Liens except as not prohibited by or as permitted by the Loan Documents.
Maintenance of Ownership of Subsidiaries. The Company shall not sell or otherwise transfer any shares of capital stock of any Subsidiary, except to the Company or another Subsidiary, or permit any Subsidiary to issue, sell or otherwise transfer any shares of its capital stock or the capital stock of any Subsidiary, except to the Company or another Subsidiary.
Maintenance of Ownership of Subsidiaries. Sell or otherwise dispose of any shares of capital stock of any Subsidiary, except to the Company or another Subsidiary, or permit any Subsidiary to issue, sell or otherwise dispose of any shares of its capital stock or the capital stock of any Subsidiary, except (i) to the Company or another Subsidiary, or (ii) to any director of a Subsidiary to the extent the issuance to any such director of any such capital stock is required under applicable law; PROVIDED, HOWEVER, that nothing herein contained shall prevent any merger, consolidation or transfer of assets permitted by Section 7.02(e).
Maintenance of Ownership of Subsidiaries. Sell, transfer, assign or otherwise dispose of any shares of capital stock of any of the Loan Parties or Consumers (other than preferred or preference stock of Consumers) or any warrants, rights or options to acquire such capital stock, or permit any other Loan Party or Consumers to issue, sell, transfer, assign or otherwise dispose of any shares of its capital stock (other than preferred or preference stock of Consumers) or the capital stock of any other Loan Party or any warrants, rights or options to acquire such capital stock, except to give effect to a transaction permitted by subsection (h) above and in connection with the foreclosure of any Liens permitted under Section 8.02(a)(iv); provided, however, that subject to the requirements of Section 2.03(c) (i) the Borrower may sell, transfer, assign or otherwise dispose of not more than 20% of the common stock of Consumers, provided that after giving effect to each such transaction the Borrower shall be in compliance with Section 8.01(i), (ii) the Borrower may sell, transfer, assign or otherwise dispose of not more than 20% of the common stock of Enterprises; provided, that after giving effect to each such transaction the Borrower shall be in compliance with Section 8.01(i), (iii) Enterprises may, and the Borrower may permit Enterprises to, sell, transfer, assign or otherwise dispose of not more than 49% of the common stock of any Enterprises Significant Subsidiary other than CMS Oil and Gas Company, provided that after giving effect to each such transaction the Borrower shall be in compliance with Section 8.01(i), and (iv) Enterprises and its Subsidiaries may, and the Borrower may permit Enterprises and its Subsidiaries to, sell, transfer, assign or otherwise dispose of all of the capital stock (or other equity interests) of CMS Oil and Gas Company and CMS Electric and Gas Company owned by Enterprises or any of its Subsidiaries, provided that after giving effect to such transaction the Borrower shall be in compliance with Section 8.01(i).
Maintenance of Ownership of Subsidiaries. Sell, transfer, assign or otherwise dispose of any shares of capital stock or other ownership interests of any of the Loan Parties or Consumers (other than preferred or preference stock of Consumers) or any warrants, rights or options to acquire such capital stock or other ownership interests, or permit any other Loan Party or Consumers to issue, sell, transfer, assign or otherwise dispose of any shares of its capital stock (other than preferred or preference stock of Consumers) or other ownership interests or the capital stock or other ownership interests of any other Loan Party or any warrants, rights or options to acquire such capital stock or other ownership interests, except (i) to give effect to a transaction permitted by subsection (d), (h) or (i) above, and (ii) in connection with the foreclosure of any Liens permitted under Section 7.02(a)(iv).
Maintenance of Ownership of Subsidiaries. Create any subsidiary that is not a Wholly-Owned Subsidiary, sell or otherwise dispose of any shares of capital stock of any Subsidiary, or permit any Subsidiary to merge or consolidate with, transfer assets to, issue, sell or otherwise dispose of any shares of its capital stock or the capital stock of any Subsidiary to, any other Person, except to the Company or a Wholly-Owned Subsidiary.
Maintenance of Ownership of Subsidiaries. The Company will at all times maintain direct or indirect legal and beneficial ownership of the percentage of outstanding shares of each class of capital stock substantially as set forth on Schedule I of each of its Subsidiaries, except as modified by a consolidation merger or sale permitted pursuant to the proviso to Section 7.5.
Maintenance of Ownership of Subsidiaries. Except as permitted by Sections 7.04 and 7.06(a)(iii)(C), the Borrower will not, and will not permit any of its Subsidiaries to, sell or otherwise dispose of any Equity Interests of any of its Subsidiaries or permit any of its Subsidiaries to issue, sell or otherwise dispose of any Equity Interests, or the Equity Interests of any of its Subsidiaries, except (a) up to 20% of the outstanding Equity Interests of any of the Borrower’s Subsidiaries may be issued to and held by the employees or consultants of the Borrower or any such Subsidiary (where the voting rights in respect of such Equity Interests have been irrevocably conveyed to the Borrower or a Guarantor), (b) the Trust Subsidiary may issue the Trust Preferred Stock, and (c) where required by Applicable Law of the Commonwealth of Massachusetts regarding the advertising of registered licensed funeral directors and ownership of funeral establishments, Equity Interests of any of the Borrower’s Subsidiaries may be issued to and held by the employees of the Borrower or any such Subsidiary in excess of the limitation set out in (a), as may be necessary from time to time, provided the voting rights in respect of such Equity Interests has been irrevocably conveyed to the Borrower or a Guarantor.
