Common use of Limitation on Liens on Stock of Significant Subsidiaries Clause in Contracts

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. 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 Xxxxx Inc., PutnamXxxxxx Investments, LLC Inc. or Mercer Xxxxxx Consulting Group, Inc. (each a "Significant SxxxxxiarySubsidiary") without making xxxxxxive effective provision whereby the Notes Offered Securities then Outstanding (and, if the Company so elects, any other Indebtedness of the Company that is not subordinate to the Notes Offered 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.

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., PutnamPutnam Investments, LLC or Mercer Inc. Consulting Groxx, Xnc. (each a eaxx x "Significant SxxxxxiarySubsidiarx") without xxthout making xxxxxxive effective provision whereby the Notes Offered Securities then Outstanding (and, if the Company so elects, any other Indebtedness of the Company that is not subordinate to the Notes Offered 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.

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 "lienLIEN") on the voting stock or voting equity interest of Marsh Xxxxx Inc., Putnam, Xxxxxx Investments LLC or Mercer Xxxxxx Consulting Group, Inc. (each a "Significant SxxxxxiarySIGNIFICANT SUBSIDIARY") without making xxxxxxive effective provision whereby the Notes Securities of any series then Outstanding (and, if the Company so elects, any other Indebtedness of the Company that is not subordinate to the Notes Securities of such series 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.