Issuance of Stock by Subsidiaries. No Subsidiary shall issue or sell any shares of its capital stock or other evidence of beneficial ownership to any Person other than (a) the Company or any Wholly Owned Subsidiary of the Company, which shares shall have been pledged to the Agent as part of the Credit Security to the extent required by the Guarantee and Security Agreement, (b) directors of Subsidiaries as qualifying shares to the extent required by Legal Requirements and, in the case of Foreign Subsidiaries, shares required by Legal Requirements to be held by foreign nationals and (c) pro rata Distributions to shareholders of non-Wholly Owned Subsidiaries.
Appears in 2 contracts
Samples: Credit Agreement (Nextera Enterprises Inc), Credit Agreement (Nextera Enterprises Inc)
Issuance of Stock by Subsidiaries. No Subsidiary shall issue or sell any shares of its capital stock or other evidence of beneficial ownership to any Person other than (a) the Company or any Wholly Owned Subsidiary of the Company, which shares shall have been pledged to the Agent as part of the Credit Security to the extent required by the Guarantee and Security Agreement, Agreement and (b) directors of Subsidiaries as qualifying shares to the extent required by Legal Requirements and, in the case of Foreign Subsidiaries, shares required by Legal Requirements to be held by foreign nationals and (c) pro rata Distributions to shareholders of non-Wholly Owned Subsidiariesnationals.
Appears in 2 contracts
Samples: Credit Agreement (Racing Champions Corp), Credit Agreement (Racing Champions Corp)
Issuance of Stock by Subsidiaries. No Subsidiary of the --------------------------------- Company shall issue or sell any shares of its capital stock or other evidence of beneficial ownership to any Person other than (a) the Company or any Wholly Owned Subsidiary of the Company, which shares shall have been pledged to the Agent as part of the Credit Security to the extent required by the Guarantee and Security Agreement, Agreement and (b) directors of Subsidiaries as qualifying shares to the extent required by Legal Requirements and, in the case of Foreign Subsidiaries, shares required by Legal Requirements to be held by foreign nationals and (c) pro rata Distributions to shareholders of non-Wholly Owned Subsidiariesnationals.
Appears in 1 contract
Samples: Credit Agreement (Westower Corp)
Issuance of Stock by Subsidiaries. No Subsidiary shall --------------------------------- issue or sell any shares of its capital stock or other evidence of beneficial ownership to any Person other than (a) the Company or any Wholly Owned Subsidiary of the Company, which shares shall have been pledged to the Agent as part of the Credit Security to the extent required by the Guarantee and Security Agreement, Agreement and (b) directors of Subsidiaries as qualifying shares to the extent required by Legal Requirements and, in the case of Foreign Subsidiaries, shares required by Legal Requirements to be held by foreign nationals and (c) pro rata Distributions to shareholders of non-Wholly Owned Subsidiariesnationals.
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