Common use of Limits on Board of Directors' Powers Clause in Contracts

Limits on Board of Directors' Powers. Anything in this Agreement to the contrary notwithstanding, the Board of Directors shall not cause or permit the Company to, and the Company shall not: (a) acquire any assets other than the Notes and any other notes or notes issued by TECO in substitution for all or part of the Notes; (b) possess Company property for other than a Company purpose; (c) admit a Person as a Securityholder, except as expressly provided in this Agreement; (d) engage in any activity that is not consistent with the purposes of the Company, as set forth in Section 3.1 of this Agreement; or (e) borrow money or enter into repurchase agreements, reverse repurchase agreements, or other securities lending transactions or take any action that could reasonably be expected to cause a Tax Event or an Investment Company Act Event to occur.

Limits on Board of Directors' Powers. Anything in this Agreement to the contrary notwithstanding, the Board of Directors shall not cause or permit the Company LLC to, and the Company LLC shall not: (a) acquire any assets other than the Subordinated Notes and any other subordinated notes or notes issued by TECO in substitution for all or part of the Subordinated Notes; (b) possess Company property for other than a Company an LLC purpose; (c) admit a Person as a Securityholder, except as expressly provided in this Agreement; (d) engage in any activity that is not consistent with the purposes of the CompanyLLC, as set forth in Section 3.1 of this Agreement; or (e) borrow money or enter into repurchase agreements, reverse repurchase agreements, or other securities lending transactions or take any action that could reasonably be expected to cause a Tax Event or an Investment Company Act Event to occur.

Limits on Board of Directors' Powers. Anything in this Agreement to the contrary notwithstanding, the Board of Directors shall not cause or permit the Company to, and the Company shall not: (a) acquire any assets other than the Subordinated Notes and any other subordinated notes or notes issued by TECO in substitution for all or part of the Subordinated Notes; (b) possess Company property for other than a Company purpose; (c) admit a Person as a Securityholder, except as expressly provided in this Agreement; (d) engage in any activity that is not consistent with the purposes of the Company, as set forth in Section 3.1 of this Agreement; or (e) borrow money or enter into repurchase agreements, reverse repurchase agreements, or other securities lending transactions or take any action that could reasonably be expected to cause a Tax Event or an Investment Company Act Event to occur.