Common use of Disposal of Subsidiary Stock Clause in Contracts

Disposal of Subsidiary Stock. Lessee shall not: (1) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any shares of capital stock or other equity Securities of any of its Subsidiaries, except to qualify directors if required by applicable law or to a wholly-owned Subsidiary of Lessee; or (2) permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any shares of capital stock or other equity Securities of any of its Subsidiaries (including such Subsidiary), except to Lessee, another wholly-owned Subsidiary of Lessee, or to qualify directors if required by applicable law.

Disposal of Subsidiary Stock. Lessee shall not: (1) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any shares of capital stock or other equity Securities of any of its Subsidiaries, except to qualify directors if required by applicable law or to a wholly-owned Subsidiary of Lessee; or (2) permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any shares of capital stock or other equity Securities of any of its Subsidiaries (including such Subsidiary), except to Lessee, another wholly-owned Subsidiary of Lessee, or to qualify directors if required by applicable law. Notwithstanding the foregoing, each of the Lessor and AFL I shall be permitted to issue preferred stock in an amount not to exceed $100,000 each to a third party.

Disposal of Subsidiary Stock. The Lessee shall not: (1) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any shares of capital stock or other equity Securities of any of its Subsidiaries, except to qualify directors if required by applicable law or to a wholly-owned Subsidiary of the Lessee; or (2) permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any shares of capital stock or other equity Securities of any of its Subsidiaries (including such Subsidiary), except to the Lessee, another wholly-owned Subsidiary of the Lessee, or to qualify directors if required by applicable law. Notwithstanding the foregoing, the Lessor shall be permitted to issue preferred stock in an amount not to exceed $100,000 to a third party.