Limitation on Liens on Stock of Significant Subsidiaries. The Company will not, and it will not permit any Subsidiary of the Company to, at any time directly or indirectly create, assume, incur or permit to exist any Indebtedness secured by a pledge, lien or other encumbrance (any pledge, lien or other encumbrance being hereinafter in this Section referred to as a “lien”) on the Voting Stock of a Significant Subsidiary without making effective provision whereby the Securities then Outstanding (and, if the Company so elects, any other Indebtedness of the Company that is not subordinate to the Securities and with respect to which the governing instruments require, or pursuant to which the Company is otherwise obligated or required, to provide such security) shall be equally and ratably secured with such secured Indebtedness so long as such other Indebtedness shall be so secured. If the Company shall hereafter be required to secure the Securities equally and ratably with any other Indebtedness pursuant to this Section, (i) the Company will promptly deliver to the Trustee an Officers’ Certificate stating that the foregoing covenant has been complied with, and an Opinion of Counsel stating that in the opinion of such counsel the foregoing covenant has been complied with and (ii) the Trustee is hereby authorized to enter into an indenture or agreement supplemental hereto and to take such action, if any, as it may deem advisable to enable it to enforce the rights of the holders of the Securities so secured.
Limitation on Liens on Stock of Significant Subsidiaries. The Company will not, and it will not permit any Subsidiary of the Company to, at any time directly or indirectly create, assume, incur or permit to exist any Indebtedness secured by a pledge, lien or other encumbrance (any pledge, lien or other encumbrance being hereinafter in this Section referred to as a "lien") on the voting stock or voting equity interest of Marsh Inc., Putnam, LLC or Mercer Inc. (each a "Significant Sxxxxxiary") without making xxxxxxive provision whereby the Notes then Outstanding (and, if the Company so elects, any other Indebtedness of the Company that is not subordinate to the Notes and with respect to which the governing instruments require, or pursuant to which the Company is otherwise obligated or required, to provide such security) shall be equally and ratably secured with such secured Indebtedness so long as such other Indebtedness shall be so secured.
Limitation on Liens on Stock of Significant Subsidiaries. Neither the Company (so long as any Securities are Outstanding) nor the Guarantor (so long as any Guaranteed Securities are outstanding) shall, and neither the Company (so long as any Securities are Outstanding) nor the Guarantor (so long as any Guaranteed Securities are outstanding) shall permit any of its Significant Subsidiaries at any time, directly or indirectly, to, create, assume, incur, or otherwise permit to exist any Debt secured by any Lien upon any shares of capital stock of any such Significant Subsidiary (whether such shares of stock are now owned or hereafter acquired) without effectively providing concurrently that the Securities or the Guarantee, as the case may be, (and, if the Company or the Guarantor, as the case may be, so elects, any other Debt of the Company or the Guarantor, as the case may be, that ranks equally with the Securities or the Guarantee, as the case may be,) shall be secured equally and ratably with or prior to such Debt for at least the time period such other Debt is so secured; provided, that this Section shall not apply, with respect to the Securities of any series, to any Debt existing on the date of the first issuance of Securities of such series that is so secured and any renewals, extensions or refundings of such Debt.
Limitation on Liens on Stock of Significant Subsidiaries. The Guarantor shall not, nor shall it permit any Significant Subsidiary to, create, incur, assume or guarantee or otherwise permit to exist any Indebtedness for borrowed money secured by any Lien, on any shares of Capital Stock of any Significant Subsidiary, unless the Guarantor provides, concurrently with or prior to the creation, incurrence, assumption or guarantee of such Indebtedness, that the Securities shall be secured equally and ratably with such Indebtedness for at least the time period such other Indebtedness is so secured.
Limitation on Liens on Stock of Significant Subsidiaries. Solely for purposes of the Notes, Section 3.13 of the Indenture is replaced in its entirety with the following: “The Issuer shall not, nor shall it permit any Subsidiary to, create, incur, assume or guarantee or otherwise permit to exist any Indebtedness secured by any Lien, on any shares of Capital Stock of any Significant Subsidiary.”
Limitation on Liens on Stock of Significant Subsidiaries. The Issuer shall not, nor shall it permit any subsidiary to, create, incur, assume or guarantee or otherwise permit to exist any Indebtedness secured by any Lien, on any shares of Capital Stock of any Significant Subsidiary. Solely with respect to the Notes, the terms Lien and Indebtedness as defined in Section 1.02 of this Supplemental Indenture shall supersede and replace the definitions of such terms in Section 1.01 of the Senior Indenture in their entirety.
Limitation on Liens on Stock of Significant Subsidiaries. As long as there are any Outstanding Notes, the Company shall not, nor shall it permit any Subsidiary to, create, incur, assume or guarantee or otherwise permit to exist any Indebtedness secured by any Lien, on any shares of Capital Stock of any Significant Subsidiary. This restriction does not apply to:
(a) Liens existing at the time a corporation becomes the Company’s Significant Subsidiary;
(b) Liens to secure Indebtedness of a Significant Subsidiary to the Company or another Significant Subsidiary, but only as long as the Indebtedness is held by the Company or a Significant Subsidiary;
(c) any renewal, replacement, or extension of existing (or successive extensions, renewals, or replacements) Liens; and
(d) Liens on shares of subsidiaries that are not Significant Subsidiaries.
Limitation on Liens on Stock of Significant Subsidiaries. As long as there are any Outstanding Notes, the Company shall not, nor shall it permit any Subsidiary to, create, incur, assume or guarantee or otherwise permit to exist any Indebtedness secured by any Lien on any shares of Capital Stock of any Significant Subsidiary. This restriction does not apply to:
(a) Liens existing at the time a corporation becomes a Significant Subsidiary;
(b) Liens to secure Indebtedness of a Significant Subsidiary to the Company or another Significant Subsidiary, but only as long as the Indebtedness is held by the Company or a Significant Subsidiary;
(c) any renewal, replacement, or extension of existing (or successive extensions, renewals, or replacements) Liens; and
(d) Liens on shares of Subsidiaries that are not a Significant Subsidiary. For the avoidance of doubt, this Section 4.11 shall only restrict the Company’s ability to permit any Lien to exist on the shares of Capital Stock of its Significant Subsidiaries and shall not restrict the Company or its Subsidiaries from permitting to exist any Lien over any of its or their respective other assets, including collateral posted under letter of credit facilities.
Limitation on Liens on Stock of Significant Subsidiaries. The following covenant shall be solely for the benefit of the Holders of the 7% Senior Notes. Except for the lien on the shares of Navigators Insurance Company common stock under the Credit Facility, or any amendment, extension or replacement thereof, including replacements in the form of other instruments, facilities or structures that are used primarily to support the Company’s participation in the Lloyd’s of London market through Subsidiaries of the Company which are Lloyd’s corporate members, the Company will not, and it will not permit any Subsidiary of the Company to create, assume, incur or permit to exist any Indebtedness secured by a pledge, lien or other encumbrance (any pledge, lien or other encumbrance being hereinafter in this Section referred to as a “lien”) on the voting securities of any Significant Subsidiary or any Subsidiary succeeding to any substantial part of the business of the Company now conducted by any Significant Subsidiary, or the voting securities of a Subsidiary that owns, directly or indirectly, the voting securities of any of the Significant Subsidiaries or any Subsidiary succeeding to any substantial part of the business of the Company now conducted by any Significant Subsidiary without making effective provision whereby the 7% Senior Notes then outstanding (and, if the Company so elects, any other Indebtedness of the Company that is not subordinate to the 7% Senior Notes and with respect to which the governing instruments require, or pursuant to which the Company is otherwise obligated or required, to provide such security) shall be equally and ratably secured with such secured Indebtedness so long as such other Indebtedness shall be secured. For the purposes of this covenant, “voting securities” means capital stock or other equity interests which ordinarily have voting power for the election of directors, managers or trustees of a Subsidiary, whether at all times or only so long as no senior class of capital stock or equity interest has such voting power by reason of any contingency. If the Company shall hereafter be required to secure the 7% Senior Notes equally and ratably with any other Indebtedness pursuant to this Section, (i) the Company will promptly deliver to the Trustee an Officers’ Certificate stating that the foregoing covenant has been complied with, and an Opinion of Counsel stating that in the opinion of such counsel the foregoing covenant has been complied with and that any instruments executed by the Com...
Limitation on Liens on Stock of Significant Subsidiaries. So long as any Securities are Outstanding, the Company will not, nor will it permit any Significant Subsidiary at any time, directly or indirectly, to create, assume, incur, or otherwise permit to exist any Debt secured by any Lien upon any shares of capital stock of any Significant Subsidiary (whether such shares of stock are now owned or hereafter acquired) without effectively providing concurrently that the Securities (and, if the Company so elects, any other Debt of the Company that ranks equally with the Securities) shall be secured equally and ratably with or prior to such Debt for at least the time period such other Debt is so secured; provided, that this Section shall not apply, with respect to the Securities for any series, to any Debt existing on the date of the first issuance of Securities of such series that is so secured and any renewals, extensions or refundings of such Debt.
