Common use of Activities of Subsidiaries Clause in Contracts

Activities of Subsidiaries. Unless approved by a majority of the outstanding Preferred Shares, the Company will not organize or acquire any entity that is a Subsidiary unless such Subsidiary is wholly-owned (directly or indirectly) by the Company. Unless approved by a majority of the outstanding Preferred Shares, 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. Unless approved by a majority of the outstanding Preferred Shares, the Company shall not permit any Subsidiary to purchase or set aside any sums for the purchase of, or pay any dividend or make any distribution on, any shares of its stock, except for dividends or other distributions payable to the Company or another Subsidiary.

Activities of Subsidiaries. Unless approved by the holders of a majority of the outstanding Preferred Shares, the Company will not organize or acquire any entity that is a Subsidiary subsidiary unless such Subsidiary subsidiary is wholly-wholly owned (directly or indirectly) by the Company. Unless approved by the holders of a majority of the outstanding Preferred Shares, the Company shall not sell or otherwise transfer any shares of capital stock of any Subsidiarysubsidiary, except to the Company or another Subsidiarysubsidiary, or permit any Subsidiary subsidiary to issue, sell or otherwise transfer any shares of its capital stock or the capital stock of any Subsidiarysubsidiary, except to the Company or another Subsidiarysubsidiary. Unless approved by the holders of a majority of the outstanding Preferred Shares, the Company shall not permit any Subsidiary subsidiary to purchase or set aside any sums for the purchase of, or pay any dividend or make any distribution on, any shares of its stock, except for dividends or other distributions payable to the Company or another Subsidiarysubsidiary.