Common use of Issuance of Stock by Restricted Subsidiaries Clause in Contracts

Issuance of Stock by Restricted Subsidiaries. Permit any Restricted Subsidiary to (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such Equity Interests) issue any shares or other ownership units of any class or type of its Equity Interests (other than directors’ qualifying shares) to any Person if (x) the assets of such Restricted Subsidiary consist of Timberlands, unless the provisions of Section 3.03 of this Appendix A have been complied with or (y) such issuance of Equity Interests is in exchange for Equity Interests of another Person, unless such transaction is in compliance with Section 3.04 of this Appendix A, provided, however, that the foregoing requirements of clause (x) and (y) shall not apply to (a) any issuance of Equity Interests to the Borrower or a Restricted Subsidiary or (b) with respect to Equity Interests subject to preemptive rights, to the holders of minority interests entitled to purchase such Equity Interests by reason of their preemptive rights.

Issuance of Stock by Restricted Subsidiaries. Permit any Restricted Subsidiary to (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such Equity Interests) issue any shares or other ownership units of any class or type of its Equity Interests (other than directors’ qualifying shares) to any Person if (x) the assets of the Borrower or such Restricted Subsidiary consist of Timberlands, unless the provisions of Section 3.03 of this Appendix A have been complied with or (y) such issuance of Equity Interests is in exchange for Equity Interests of another Person, unless such transaction is in compliance with Section 3.04 of this Appendix A, provided, however, that the foregoing requirements of clause (x) and (y) shall not apply to (a) any issuance of Equity Interests to the Borrower or a Restricted Subsidiary or (b) with respect to Equity Interests subject to preemptive rights, to the holders of minority interests entitled to purchase such Equity Interests by reason of their preemptive rights.

Issuance of Stock by Restricted Subsidiaries. Permit any Restricted Subsidiary to (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such Equity Interests) issue any shares or other ownership units of any class or type of its Equity Interests (other than directors’ qualifying shares), except (a) to the Borrower or a Restricted Subsidiary, (b) to the extent that holders of minority interests may be entitled to purchase Equity Interests by reason of preemptive rights, and (c) except that the Borrower or a Restricted Subsidiary may issue Equity Interests to any other Person provided that, if (x) the assets of such Restricted Subsidiary consist of Timberlands, unless include any assets which could not be disposed except pursuant to the provisions of Section 3.03 7.03, the conditions to the sale of this Appendix A have been such assets set forth in Section 7.03 are complied with or (y) and provided further that, if such issuance of Equity Interests is in exchange for Equity Interests of another Person, unless such transaction is in compliance with otherwise permitted under Section 3.04 of this Appendix A, provided, however, that the foregoing requirements of clause (x) and (y) shall not apply to (a) any issuance of Equity Interests to the Borrower or a Restricted Subsidiary or (b) with respect to Equity Interests subject to preemptive rights, to the holders of minority interests entitled to purchase such Equity Interests by reason of their preemptive rights7.04.

Issuance of Stock by Restricted Subsidiaries. Permit any Restricted Subsidiary to (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such Equity Interests) issue any shares or other ownership units of any class or type of its Equity Interests (other than directors’ qualifying shares) to any Person if (x) the assets of such Restricted Subsidiary consist of Timberlands, unless the provisions of Section 3.03 of this Appendix A have been complied with or (y) such issuance of Equity Interests is in exchange for Equity Interests of another Person, unless such transaction is in compliance with Section 3.04 of this Appendix A, provided, however, that the foregoing requirements of clause (x) and (y) shall not apply to other than (a) any issuance of Equity Interests to the Borrower or a Restricted Subsidiary or (b) with respect to Equity Interests subject to preemptive rights, to the holders of minority interests entitled to purchase such Equity Interests by reason of their preemptive rights) except that the Borrower or a Restricted Subsidiary may issue Equity Interests to any Person so long as (x) to the extent the assets of the Borrower or such Restricted Subsidiary consist of Timberlands, the provisions of Section 7.03 have been complied with and (y) if such issuance of Equity Interests is in exchange for Equity Interests of another Person, such transaction is in compliance with Section 7.04.

Issuance of Stock by Restricted Subsidiaries. Permit any Restricted Subsidiary to (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such Equity Interests) issue any shares or other ownership units of any class or type of its Equity Interests (other than directors’ qualifying shares), except (a) to the Borrower or a Restricted Subsidiary, (b) to the extent that holders of minority interests may be entitled to purchase Equity Interests by reason of preemptive rights, and (c) except that the Borrower or a Restricted Subsidiary may issue Equity Interests to any other Person provided that, if (x) the assets of such Restricted Subsidiary consist include any assets which could not be disposed of Timberlands, unless except pursuant to the provisions of Section 3.03 7.03, the conditions to the sale of this Appendix A have been such assets set forth in Section 7.03 are complied with or (y) and provided further that, if such issuance of Equity Interests is in exchange for Equity Interests of another Person, unless such transaction is in compliance with otherwise permitted under Section 3.04 of this Appendix A, provided, however, that the foregoing requirements of clause (x) and (y) shall not apply to (a) any issuance of Equity Interests to the Borrower or a Restricted Subsidiary or (b) with respect to Equity Interests subject to preemptive rights, to the holders of minority interests entitled to purchase such Equity Interests by reason of their preemptive rights7.04.

Issuance of Stock by Restricted Subsidiaries. Permit any Restricted Subsidiary to (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such Equity Interests) issue any shares or other ownership units of any class or type of its Equity Interests (other than directors’ qualifying shares) to any Person if (x) the assets of such Restricted Subsidiary consist of Timberlands, unless the provisions of Section 3.03 of this Appendix A 7.03 have been complied with or (y) such issuance of Equity Interests is in exchange for Equity Interests of another Person, unless such transaction is in compliance with Section 3.04 of this Appendix A, 7.04; provided, however, that the foregoing requirements of clause (x) and (y) shall not apply to (a) any issuance of Equity Interests to the Borrower or a Restricted Subsidiary or (b) with respect to Equity Interests subject to preemptive rights, to the holders of minority interests entitled to purchase such Equity Interests by reason of their preemptive rights.” (u) Section 8.01(e) of the Credit Agreement is amended is amended in its entirety to read as follows:

Issuance of Stock by Restricted Subsidiaries. Permit any Restricted Subsidiary to (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such Equity Interests) issue any shares or other ownership units of any class or type of its Equity Interests (other than directors’ qualifying shares) to any Person if (x) the assets of such Restricted Subsidiary consist of Timberlands, unless the provisions of Section 3.03 of this Appendix A 7.03 have been complied with or (y) such issuance of Equity Interests is in exchange for Equity Interests of another Person, unless such transaction is in compliance with Section 3.04 of this Appendix A, 7.04; provided, however, that the foregoing requirements of clause (x) and (y) shall not apply to (a) any issuance of Equity Interests to the Borrower or a Restricted Subsidiary or (b) with respect to Equity Interests subject to preemptive rights, to the holders of minority interests entitled to purchase such Equity Interests by reason of their preemptive rights.