Common use of Limitation on Business Activities of the Co-Issuer Clause in Contracts

Limitation on Business Activities of the Co-Issuer. The Co-Issuer may not hold any material assets, become liable for any material obligations or engage in any business activities; provided that it may be a co-obligor or Guarantor with respect to the Notes or any other Indebtedness issued by the Company or a Guarantor, and may engage in any activities directly related thereto or necessary in connection therewith. The Co-Issuer (or its successor) shall be a direct Wholly Owned Subsidiary of the Company at all times or shall be held through one or more Subsidiaries of the Company that are treated as disregarded entities for U.S. federal income tax purposes.