Common use of Issuances of Equity Interests by Subsidiaries Clause in Contracts

Issuances of Equity Interests by Subsidiaries. The Company will not permit any Subsidiary to issue any additional shares of its Equity Interests other than (a) to the Company or a wholly-owned Subsidiary, (b) any such issuance that does not change the Company’s direct or indirect percentage ownership interest in such Subsidiary, (c) any such issuance that is permitted pursuant to Section 6.03 or 6.04 and (d) any such issuance by PKL, PSMC, Photronics China or PKLT Co., Ltd., a Taiwanese corporation, so long as the Company continues to own and control more than 50% of the voting and economic power of such Subsidiary.

Issuances of Equity Interests by Subsidiaries. The Company Borrower will not permit any Subsidiary to issue any additional shares of its Equity Interests other than (a) to the Company Borrower or a wholly-owned Subsidiary, (b) any such issuance that does not change the CompanyBorrower’s direct or indirect percentage ownership interest in such Subsidiary, (c) any such issuance that is permitted pursuant to Section 6.03 or 6.04 and (d) any such issuance by PKL, PSMC, Photronics China or PKLT Co., Ltd., a Taiwanese corporation, so long as the Company Borrower continues to own and control more than 50% of the voting and economic power of such Subsidiary.

Issuances of Equity Interests by Subsidiaries. The Company will not permit any Subsidiary to issue any additional shares of its Equity Interests other than (a) to the Company or a wholly-owned Subsidiary, (b) any such issuance that does not change the Company’s direct or indirect percentage ownership interest in such Subsidiary, (c) any such issuance that is permitted pursuant to Section 6.03 or 6.04 and (d) any such issuance by PKL, PSMC, Photronics China PKLT or PKLT Co., Ltd., a Taiwanese corporationthe Taiwan JV, so long as the Company or any wholly-owned Subsidiary continues to own and control more than 50% of the voting and economic power of such Subsidiary.

Issuances of Equity Interests by Subsidiaries. The Company will not permit any Subsidiary to issue any additional shares of its Equity Interests other than (a) to the Company or a wholly-owned Subsidiary, (b) any such issuance that does not change the Company’s direct or indirect percentage ownership interest in such Subsidiary, (c) any such issuance that is permitted pursuant to Section 6.03 or 6.04 and (d) any such issuance by PKL, PSMCPKLT, Photronics China the Taiwan JV or PKLT Co., Ltd., a Taiwanese corporationany PRC Subsidiary, so long as the Company or any wholly-owned Subsidiary continues to own and control more than 50% of the voting and economic power of such Subsidiary.

Issuances of Equity Interests by Subsidiaries. The Company will not permit any Subsidiary to issue any additional shares of its Equity Interests other than (a) to the Company or a wholly-owned Subsidiary, (b) any such issuance that does not change the Company’s direct or indirect percentage ownership interest in such Subsidiary, (c) any such issuance that is permitted pursuant to Section 6.03 or 6.04 and (d) any such issuance by PKL, PSMC, Photronics China PSMC or PKLT Co., Ltd., a Taiwanese corporation, so long as the Company continues to own and control more than 50% of the voting and economic power of such Subsidiary.

Issuances of Equity Interests by Subsidiaries. The Company Guarantor will not permit any Subsidiary to issue any additional shares of its Equity Interests other than (a) to the Company Guarantor or a wholly-owned Subsidiary, (b) any such issuance that does not change the Company’s Guarantor's direct or indirect percentage ownership interest in such Subsidiary, (c) any such issuance that is permitted pursuant to Section 6.03 Clause 7.3 or 6.04 7.4 and (d) any such issuance by PKL, PSMC, Photronics China Company or PKLT Co., Ltd., a Taiwanese corporation, so long as the Company Guarantor continues to own and control more than 50% of the voting and economic power of such Subsidiary.