Common use of Capital Securities of Subsidiaries Clause in Contracts

Capital Securities of Subsidiaries. No Grantor will allow any of its Subsidiaries (including the Borrower): (a) that is a corporation, business trust, joint stock company or similar Person, to issue Uncertificated Securities; (b) that is a partnership or limited liability company, to (i) issue Capital Securities that are to be dealt in or traded on securities exchanges or in securities markets, (ii) expressly provide in its Organic Documents that its Capital Securities are securities governed by Article 8 of the UCC or (iii) place such Subsidiary’s Capital Securities in a Securities Account; and (c) to issue Capital Securities in addition to or in substitution for the Capital Securities pledged hereunder, except to such Grantor (and such Capital Securities are immediately pledged and delivered to the Administrative Agent pursuant to the terms of this Security Agreement).

Capital Securities of Subsidiaries. No Grantor will allow any of its Subsidiaries (including the Borrower):Subsidiaries: (a) that is a corporation, business trust, joint stock company or similar Person, to issue Uncertificated SecuritiesSecurities after the date hereof; (b) that is a partnership or limited liability company, to (i) issue Capital Securities that are to be dealt in or traded on securities exchanges or in securities markets, (ii) expressly provide in its Organic Documents that its Capital Securities are securities governed by Article 8 of the UCC UCC, or (iii) place such Subsidiary’s Capital Securities in a Securities Account; and (c) to issue Capital Securities in addition to or in substitution for the Capital Securities pledged hereunder, except to such Grantor (and such Capital Securities are immediately pledged and delivered to the Administrative Agent pursuant to the terms of this Security Agreement).

Capital Securities of Subsidiaries. No Grantor will allow any of its Subsidiaries (including the Borrower):Subsidiaries: (a) that is a corporation, business trust, joint stock company or similar Person, to issue Uncertificated SecuritiesSecurities after the date hereof; (b) that is a partnership or limited liability company, to (i) issue Capital Securities that are to be dealt in or traded on securities exchanges or in securities markets, (ii) expressly provide in its Organic Documents that its Capital Securities are securities governed by Article 8 of the UCC UCC, or (iii) place such Subsidiary’s Capital Securities in a Securities Account; and (c) to issue Capital Securities in addition to or in substitution for the Capital Securities pledged hereunder, except to such Grantor (and such Capital Securities are immediately pledged and delivered to the Administrative Agent Lender pursuant to the terms of this Security Agreement).