Limitation on Dispositions of Stock of Subsidiaries Sample Clauses

Limitation on Dispositions of Stock of Subsidiaries. Directly or indirectly sell or otherwise dispose of, or permit any Subsidiary to issue to any other Person (other than to any other Loan Party or a wholly owned Subsidiary), any Equity Interests of any Subsidiary, except issuances to qualified directors if and to the extent required by applicable law, provided that nothing in this Section 6.11 shall prohibit (i) any disposition or issuance permitted by Sections 6.05 and 6.13 if such disposition or issuance is structured as the disposition or issuance of stock or other Equity Interests or (ii) the issuance of Equity Interests on a pro rata basis to its equity holders by any Subsidiary that is not wholly owned.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Limitation on Dispositions of Stock of Subsidiaries. Directly or indirectly sell, assign, pledge or otherwise encumber or dispose of, or permit any of the Subsidiaries to issue to any other Person (other than, in the case of a Loan Party, to any other Loan Party, and in the case of a Subsidiary that is not a Loan Party, to either Borrower or to any wholly owned Subsidiary), any shares of capital stock or other equity securities of (or warrants, rights or options to acquire shares or other equity securities of) any of the Subsidiaries, except (i) pledges pursuant to (A) any Loan Document or (B) any Existing Stone Loan Document and (ii) issuance to qualified directors if and to the extent required by applicable law, provided that nothing in this Section 7.11 shall prohibit any 87 82 disposition permitted by Sections 7.05 and 7.16 if such sale is structured as the sale of stock or other equity interests.
Sample 1
Limitation on Dispositions of Stock of Subsidiaries. Directly or indirectly sell, assign, pledge or otherwise encumber or dispose of, or permit any of the Subsidiaries to issue to any other Person (other than, in the case of a Loan Party, to any other Loan Party, and in the case of a Subsidiary that is not a Loan Party, to Stone or to any wholly owned Subsidiary), any shares of capital stock or other equity securities of (or warrants, rights or options to acquire shares or other equity securities of) any of the Subsidiaries, except (i) pledges pursuant to any Loan Document or, on or after the JSC Transaction Date, any Loan Document (as defined in the JSC Credit Agreement) and (ii) issuance to qualified directors if and to the extent required by applicable law, PROVIDED that nothing in this SECTION 7.11 shall prohibit any disposition permitted by SECTIONS 7.05 and 7.16 if such sale is structured as the sale of stock or other equity interests.
Sample 1
Limitation on Dispositions of Stock of Subsidiaries. Directly or indirectly sell or otherwise dispose of, or permit any of the Loan Parties to issue to any other Person (other than to any other Loan Party), any shares of capital stock or other equity securities of (or warrants, rights or options to acquire shares or other equity securities of) any of the Loan Parties, except issuance to qualified directors if and to the extent required by applicable law, provided that nothing in this Section 7.11 shall prohibit any disposition permitted by Sections 7.05 and 7.16 if such sale is structured as the sale of stock or other equity interests.
Sample 1
Limitation on Dispositions of Stock of Subsidiaries. Directly or indirectly sell or otherwise dispose of, or permit any Subsidiary of AbitibiBowaterResolute to issue to any other Person (other than to any other Loan Party or a Wholly-Owned Subsidiary of AbitibiBowaterResolute), any Equity Interests of any Subsidiary of AbitibiBowaterResolute, except issuances to qualified directors if and to the extent required by applicable law, provided that nothing in this Section 10.10 shall prohibit (i) any disposition or issuance permitted by Sections 10.04 and 10.12 if such disposition or issuance is structured as the disposition or issuance of stock or other Equity Interests, (ii) the issuance of Disqualified Equity Interests permitted by -170- Section 10.01 or (iii) the issuance of Equity Interests on a pro rata basis to its equity holders by any Non-Wholly-Owned Subsidiary of AbitibiBowaterResolute.
Sample 1
Limitation on Dispositions of Stock of Subsidiaries. Directly or indirectly sell or otherwise dispose of, or permit any Subsidiary of AbitibiBowater to issue to any other Person (other than to any other Loan Party or a Wholly-Owned Subsidiary of AbitibiBowater), any Equity Interests of any Subsidiary of AbitibiBowater, except issuances to qualified directors if and to the extent required by applicable law, provided that nothing in this Section 10.10 shall prohibit (i) any disposition or issuance permitted by Sections 10.04 and 10.12 if such disposition or issuance is structured as the disposition or issuance of stock or other Equity Interests, (ii) the issuance of Disqualified Equity Interests permitted by Section 10.01 or (iii) the issuance of Equity Interests on a pro rata basis to its equity holders by any Non-Wholly-Owned Subsidiary of AbitibiBowater.
Sample 1

Related to Limitation on Dispositions of Stock of Subsidiaries

  • Limitation on Subsidiary Debt (a) The Company will not permit any of its Subsidiaries to create, assume, incur, Guarantee or otherwise become liable for or suffer to exist any Indebtedness (any Indebtedness of a Subsidiary of the Company, “Subsidiary Debt”), without Guaranteeing the payment of the principal of, premium, if any, and interest on the Notes on an unsecured unsubordinated basis.

  • Limitation on Disposition of Assets The Company is, subject to certain conditions, obligated to make an offer to purchase Securities at 100% of their principal amount plus accrued and unpaid interest to the date of repurchase with certain net cash proceeds of certain sales or other dispositions of assets in accordance with the Indenture.

  • Limitation on Creation of Subsidiaries Borrower will not, and will not permit any of its Subsidiaries to, establish, create or acquire after the Effective Date any Subsidiary, provided that Borrower and its Wholly-Owned Subsidiaries may (x) establish, create and, to the extent permitted by this Agreement, acquire Wholly-Owned Subsidiaries and (y) establish, create and acquire non-Wholly-Owned Subsidiaries to the extent permitted by the definition of Permitted Acquisition, in each case so long as (i) all of the capital stock and other equity interests of such new Subsidiary (except in the case of a Foreign Subsidiary, in which case, 65% of the capital stock and other equity interests) are (to the extent owned by a Credit Party) pledged to the Lender pursuant to, and to the extent required by, the Security Agreement, (ii) each such new Wholly-Owned Domestic Subsidiary (and, to the extent required by Section 8.13, each new Wholly-Owned Foreign Subsidiary) executes and delivers to the Lender a counterpart of the Subsidiaries Guaranty and the Security Agreement, (iii) each such new Wholly-Owned Domestic Subsidiary (and, to the extent required by Section 8.13, each new Wholly-Owned Foreign Subsidiary) enters into such mortgages and other Additional Security Documents as Lender may require pursuant to Section 8.12 and (iv) each such new Wholly-Owned Domestic Subsidiary (and to the extent required by Section 8.13, each new Wholly-Owned Foreign Subsidiary) executes and delivers all other relevant documentation (including opinions of counsel, resolutions, officers’ certificates and UCC financing statements) of the type described in Section 5 as such new Subsidiary would have had to deliver if it were a Credit Party on the Effective Date.

  • Limitation on Subsidiary Distributions Holdings will not permit any of the Restricted Subsidiaries that are not Guarantors to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:

  • Limitations on Dispositions of Collateral The Debtor will not sell, transfer, lease, or otherwise dispose of any of the Collateral, or attempt, offer or contract to do so other than dispositions of Inventory in the ordinary course of the Debtor’s business; provided, however that the Debtor will be allowed to grant licenses to its products and related documentation in the ordinary course of business and to establish or provide for escrows of related intellectual property in connection therewith.

  • Limitation on Restrictions on Subsidiary Distributions Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Class I Restricted Subsidiary (or, in the case of clause (a) only, any Class II Restricted Subsidiary of the Borrower) to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any Class I Restricted Subsidiary, (b) make Investments in the Borrower or any other Class I Restricted Subsidiary or (c) transfer any of its assets to the Borrower or any other Class I Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary pending such Disposition and (iii) agreements, instruments and documents of the types described in clauses (b) through (l) of Section 7.12 (provided, that, in the case of any such type that is limited to certain assets (including Capital Stock) or Persons, the permission in this clause (iii) shall also be limited to such assets or Persons after giving effect to the final sentence of Section 7.12) and negotiated in good faith and not with the purpose of avoiding the restrictions of this Section. Notwithstanding any of the foregoing, the ability of any Class II Restricted Subsidiary to make Restricted Payments may be subject to encumbrances and restrictions imposed by agreements or instruments relating to any Non-Recourse Debt of such Class II Restricted Subsidiary.

  • Limitation on Disposition of Property Dispose of any of its Property (including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

  • Limitation on Restrictions on Distributions from Restricted Subsidiaries (a) The Company will not, and will not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

  • Limitation on Designations of Unrestricted Subsidiaries (a) The Company may designate any Restricted Subsidiary as an “Unrestricted Subsidiary” under this Indenture (a “Designation”) only if:

  • Limitations on Disposition No Grantor will sell, license, lease, transfer or otherwise dispose of any of the Collateral, or attempt or contract to do so except as permitted by the Credit Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.