Common use of Issuance of Subsidiary Stock Clause in Contracts

Issuance of Subsidiary Stock. No Borrower shall, nor shall permit any of its Subsidiaries to, directly or indirectly, issue, sell, assign, pledge or otherwise encumber or dispose of any shares of Capital Stock of any Subsidiary of Company, except (i) to Company, (ii) to another Wholly-Owned Subsidiary of Company that is not an Unrestricted Subsidiary, (iii) to qualify directors if required by applicable law or similar de minimus issuances of Capital Stock to comply with Foreign Requirements of Law, or (iv) pursuant to employee stock ownership or employee benefit plans in effect on the date hereof; provided, that, in the case of issuances of preferred stock by a Subsidiary of Company, any subsequent issuance or transfer of Capital Stock that results in any such preferred stock being held by a Person other than Company or a Wholly-Owned Subsidiary of Company shall be deemed to constitute an issuance of Capital Stock that was not permitted by this Section 8.6. Notwithstanding the foregoing, Company or is Subsidiaries shall be permitted to sell 100% of the outstanding Capital Stock of any Subsidiary, but not less than 100% of such Capital Stock, subject to Section 8.4.

Issuance of Subsidiary Stock. No Borrower shallCompany will not, nor shall and will not permit any of its Subsidiaries to, directly or indirectly, issue, sell, assign, pledge or otherwise encumber or dispose of any shares of Capital Stock of any Subsidiary of Company, except (i) to Company, (ii) to another Wholly-Owned Subsidiary of Company that is not an Unrestricted Subsidiary, (iii) to qualify directors if required by applicable law or similar de minimus issuances of Capital Stock to comply with Foreign Requirements of Law, or (iv) pursuant to employee stock ownership or employee benefit plans in effect on the date hereof; provided, that, in the case of issuances of preferred stock by a Subsidiary of Company, any subsequent issuance or transfer of Capital Stock that results in any such preferred stock being held by a Person other than Company or a Wholly-Owned Subsidiary of Company shall be deemed to constitute an issuance of Capital Stock that was not permitted by this Section 8.6. Notwithstanding the foregoing, Company or is Subsidiaries shall be permitted to sell 100% of the outstanding Capital Stock of any Subsidiary, but not less than 100% of such Capital Stock, subject to Section 8.4.

Issuance of Subsidiary Stock. No Borrower shallCompany shall not, nor shall it permit any of its Subsidiaries to, directly or indirectly, issue, sell, assign, pledge or otherwise encumber or dispose of any shares of Capital Stock of any Subsidiary of Company, except (i) to Company, (ii) to another Wholly-Owned Subsidiary of Company that is not an Unrestricted Subsidiary, (iii) to qualify directors if required by applicable law or similar de minimus issuances of Capital Stock to comply with Foreign Requirements of Law, or (iv) pursuant to employee stock ownership or employee benefit plans in effect on the date hereof; provided, that, in the case of issuances of preferred stock by a Subsidiary of Company, any subsequent issuance or transfer of Capital Stock that results in any such preferred stock being held by a Person other than Company or a Wholly-Owned Subsidiary of Company shall be deemed to constitute an issuance of Capital Stock that was not permitted by this Section 8.6. Notwithstanding the foregoing, Company or is Subsidiaries shall be permitted to sell 100% of the outstanding Capital Stock of any Subsidiary, but not less than 100% of such Capital Stock, subject to Section 8.4.