{"component": "clause", "props": {"groups": [{"snippet": "The Company does not have any subsidiary or any ownership interest in any other entity. Except as set forth in Schedule 3.5, the Company is not a ------------ party to any joint venture, partnership or similar arrangement and does not have the right to acquire any securities of, or ownership interests in, any other person or entity.", "snippet_links": [{"key": "the-company", "type": "clause", "offset": [0, 11]}, {"key": "other-entity", "type": "definition", "offset": [74, 86]}, {"key": "joint-venture", "type": "definition", "offset": [172, 185]}, {"key": "right-to-acquire", "type": "clause", "offset": [244, 260]}, {"key": "ownership-interests", "type": "clause", "offset": [283, 302]}, {"key": "person-or-entity", "type": "definition", "offset": [317, 333]}], "samples": [{"hash": "jkMK5Cm5co2", "uri": "/contracts/jkMK5Cm5co2#no-subsidiary", "label": "Stock Purchase Agreement (National Data Corp)", "score": 18.0, "published": true}], "size": 6, "hash": "2c3e2e2bc30737113754952c05c05272", "id": 8}, {"snippet": "The Borrower will not have at any time any Subsidiary or equity investments or any interest in any Person other than portfolio securities that have been acquired in the ordinary course of business.", "snippet_links": [{"key": "borrower-will", "type": "clause", "offset": [4, 17]}, {"key": "at-any-time", "type": "clause", "offset": [27, 38]}, {"key": "equity-investments", "type": "definition", "offset": [57, 75]}, {"key": "any-person", "type": "clause", "offset": [95, 105]}, {"key": "portfolio-securities", "type": "definition", "offset": [117, 137]}, {"key": "in-the-ordinary-course-of-business", "type": "definition", "offset": [162, 196]}], "samples": [{"hash": "8CbmJZZIcnK", "uri": "/contracts/8CbmJZZIcnK#no-subsidiary", "label": "Credit Agreement (Columbia Funds Master Investment Trust, LLC)", "score": 21.0328540802, "published": true}, {"hash": "hBBod2Rawji", "uri": "/contracts/hBBod2Rawji#no-subsidiary", "label": "Credit Agreement (Columbia Funds Variable Insurance Trust I)", "score": 21.0, "published": true}, {"hash": "8ohBuYJkKLz", "uri": "/contracts/8ohBuYJkKLz#no-subsidiary", "label": "Credit Agreement (Columbia Funds Series Trust)", "score": 21.0, "published": true}], "size": 6, "hash": "81d4ffa8c63c1fe7be4b0c2cd8ad86a7", "id": 5}, {"snippet": "The Corporation does not beneficially own or exercise control or direction over 10% or more of the outstanding voting shares of any company that holds any assets or conducts any operations.", "snippet_links": [{"key": "the-corporation", "type": "clause", "offset": [0, 15]}, {"key": "beneficially-own", "type": "definition", "offset": [25, 41]}, {"key": "control-or-direction", "type": "definition", "offset": [54, 74]}, {"key": "shares-of", "type": "clause", "offset": [118, 127]}], "samples": [{"hash": "1z7numYYIZ8", "uri": "/contracts/1z7numYYIZ8#no-subsidiary", "label": "Agency Agreement", "score": 30.5711860657, "published": true}, {"hash": "3gFWz8gkqLY", "uri": "/contracts/3gFWz8gkqLY#no-subsidiary", "label": "Agency Agreement", "score": 26.5852165222, "published": true}, {"hash": "c0TT24GLaUG", "uri": "/contracts/c0TT24GLaUG#no-subsidiary", "label": "Agency Agreement", "score": 26.409992218, "published": true}], "size": 10, "hash": "01ef9ed18c3d6548c80cc13a2d76278c", "id": 3}, {"snippet": "The Company does not own of record or beneficially any capital stock or equity interest or investment in any corporation, association, partnership, limited partnership, limited liability company, trust or other entity.", "snippet_links": [{"key": "the-company", "type": "clause", "offset": [0, 11]}, {"key": "of-record", "type": "definition", "offset": [25, 34]}, {"key": "capital-stock", "type": "definition", "offset": [55, 68]}, {"key": "equity-interest", "type": "clause", "offset": [72, 87]}, {"key": "limited-partnership", "type": "definition", "offset": [148, 167]}, {"key": "limited-liability-company", "type": "clause", "offset": [169, 194]}, {"key": "other-entity", "type": "definition", "offset": [205, 217]}], "samples": [{"hash": "bNCDgtM2B73", "uri": "/contracts/bNCDgtM2B73#no-subsidiary", "label": "Securities Purchase Agreement (FCStone Group, Inc.)", "score": 21.0, "published": true}, {"hash": "kuZLPl9gNPH", "uri": "/contracts/kuZLPl9gNPH#no-subsidiary", "label": "Note and Warrant Purchase Agreement (Beacon Power Corp)", "score": 18.0, "published": true}, {"hash": "hWsAAjOYOox", "uri": "/contracts/hWsAAjOYOox#no-subsidiary", "label": "Securities Purchase Agreement (Beacon Power Corp)", "score": 18.0, "published": true}], "size": 6, "hash": "b0352e06e3769b55d5f4b33ae9822c2b", "id": 4}, {"snippet": "As of the date of this Agreement, the Company does not directly or indirectly owns any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for, any corporation, partnership, joint venture or other business association or entity.", "snippet_links": [{"key": "date-of-this-agreement", "type": "definition", "offset": [10, 32]}, {"key": "the-company", "type": "clause", "offset": [34, 45]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [55, 77]}, {"key": "joint-venture", "type": "definition", "offset": [217, 230]}, {"key": "business-association", "type": "definition", "offset": [240, 260]}], "samples": [{"hash": "jScWt4iVMrK", "uri": "/contracts/jScWt4iVMrK#no-subsidiary", "label": "Stock Purchase Agreement (Catcher Holdings Inc)", "score": 16.0, "published": true}, {"hash": "CfPciNe0I7", "uri": "/contracts/CfPciNe0I7#no-subsidiary", "label": "Stock Purchase Agreement (Catcher Holdings Inc)", "score": 16.0, "published": true}, {"hash": "3AEyIxZEg1U", "uri": "/contracts/3AEyIxZEg1U#no-subsidiary", "label": "Stock Purchase Agreement (Us Telesis Holdings Inc)", "score": 16.0, "published": true}], "size": 6, "hash": "38543c4a725039b5a357667fe0be9be7", "id": 7}, {"snippet": "The Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, limited liability company, association, or other business entity. Except as disclosed in the Registration Statement, Pricing Disclosure Package, Prospectus, the Company is not a participant in any joint venture, partnership, or similar arrangement.", "snippet_links": [{"key": "the-company", "type": "clause", "offset": [0, 11]}, {"key": "own-or-control", "type": "definition", "offset": [31, 45]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [47, 69]}, {"key": "other-corporation", "type": "definition", "offset": [91, 108]}, {"key": "joint-venture", "type": "definition", "offset": [130, 143]}, {"key": "limited-liability-company", "type": "clause", "offset": [145, 170]}, {"key": "other-business-entity", "type": "definition", "offset": [188, 209]}, {"key": "the-registration-statement", "type": "clause", "offset": [234, 260]}, {"key": "pricing-disclosure-package", "type": "definition", "offset": [262, 288]}, {"key": "a-participant", "type": "definition", "offset": [321, 334]}], "samples": [{"hash": "cwrnNBhAEh9", "uri": "/contracts/cwrnNBhAEh9#no-subsidiary", "label": "Underwriting Agreement (Pixie Dust Technologies, Inc.)", "score": 34.5797386169, "published": true}, {"hash": "eoVZPaxNsC6", "uri": "/contracts/eoVZPaxNsC6#no-subsidiary", "label": "Underwriting Agreement (Pixie Dust Technologies, Inc.)", "score": 34.5578384399, "published": true}, {"hash": "aZABuTDMM7N", "uri": "/contracts/aZABuTDMM7N#no-subsidiary", "label": "Underwriting Agreement (Earlyworks Co., Ltd.)", "score": 34.5304603577, "published": true}], "size": 5, "hash": "fdeb6c6162790d5bdc490b527e7fd39d", "id": 9}, {"snippet": "The Credit Parties will not at any time have any Subsidiary other than the Holding Vehicles and the Additional Pledgor without the prior written consent of the Agent; provided that the Agent will not unreasonably withhold its consent to any Subsidiary of the Borrower that is joined as a party hereto as a \u201cholding vehicle\u201d so long as, to the extent applicable, the cash accounts of such Subsidiary have been pledged to the Agent in a manner satisfactory to it and in furtherance thereof, such Subsidiary has entered into (i) a Security Agreement in form and substance satisfactory to the Agent and (ii) a Control Agreement in form and substance satisfactory to the Agent.", "snippet_links": [{"key": "the-credit-parties", "type": "clause", "offset": [0, 18]}, {"key": "at-any-time", "type": "clause", "offset": [28, 39]}, {"key": "holding-vehicles", "type": "definition", "offset": [75, 91]}, {"key": "additional-pledgor", "type": "definition", "offset": [100, 118]}, {"key": "consent-of-the-agent", "type": "clause", "offset": [145, 165]}, {"key": "provided-that", "type": "definition", "offset": [167, 180]}, {"key": "the-agent-will", "type": "clause", "offset": [181, 195]}, {"key": "consent-to", "type": "definition", "offset": [226, 236]}, {"key": "of-the-borrower", "type": "clause", "offset": [252, 267]}, {"key": "party-hereto", "type": "definition", "offset": [288, 300]}, {"key": "to-the-extent", "type": "clause", "offset": [336, 349]}, {"key": "cash-accounts", "type": "clause", "offset": [366, 379]}, {"key": "entered-into", "type": "clause", "offset": [509, 521]}, {"key": "security-agreement", "type": "clause", "offset": [528, 546]}, {"key": "form-and-substance", "type": "clause", "offset": [550, 568]}, {"key": "control-agreement", "type": "definition", "offset": [606, 623]}], "samples": [{"hash": "gzUn19vjhGg", "uri": "/contracts/gzUn19vjhGg#no-subsidiary", "label": "Credit Agreement (Carlyle AlpInvest Private Markets Fund)", "score": 36.3292274475, "published": true}, {"hash": "6JPlCugiAek", "uri": "/contracts/6JPlCugiAek#no-subsidiary", "label": "Credit Agreement (Carlyle AlpInvest Private Markets Fund)", "score": 36.0800819397, "published": true}, {"hash": "1vVl0KTg2Nv", "uri": "/contracts/1vVl0KTg2Nv#no-subsidiary", "label": "Credit Agreement (Carlyle AlpInvest Private Markets Fund)", "score": 35.5653648376, "published": true}], "size": 4, "hash": "17d848c756e590314e97f04ae80e65af", "id": 10}, {"snippet": "29 SECTION 5.17 ERISA ................................................... 29", "snippet_links": [], "samples": [{"hash": "ld2JeyLj4U8", "uri": "/contracts/ld2JeyLj4U8#no-subsidiary", "label": "Credit Agreement (Usaa Tax Exempt Fund Inc)", "score": 18.0, "published": true}, {"hash": "ko1jmLquJnQ", "uri": "/contracts/ko1jmLquJnQ#no-subsidiary", "label": "Credit Agreement (Usaa Mutual Fund Inc)", "score": 18.0, "published": true}, {"hash": "bUz53TcPyBX", "uri": "/contracts/bUz53TcPyBX#no-subsidiary", "label": "Credit Agreement (Usaa State Tax Free Trust)", "score": 18.0, "published": true}], "size": 6, "hash": "0d9a502cfd452872acf23cda5291e271", "id": 6}, {"snippet": "The Borrower will not have at any time any Subsidiary.", "snippet_links": [{"key": "borrower-will", "type": "clause", "offset": [4, 17]}, {"key": "at-any-time", "type": "clause", "offset": [27, 38]}], "samples": [{"hash": "jx9G8lUDOdI", "uri": "/contracts/jx9G8lUDOdI#no-subsidiary", "label": "Credit Agreement (Credit Suisse High Yield Credit Fund)", "score": 36.9644088745, "published": true}, {"hash": "fX5axyulwiD", "uri": "/contracts/fX5axyulwiD#no-subsidiary", "label": "Credit Agreement (Credit Suisse High Yield Credit Fund)", "score": 36.9644088745, "published": true}, {"hash": "ahvyyszwtKk", "uri": "/contracts/ahvyyszwtKk#no-subsidiary", "label": "Credit Agreement (Credit Suisse High Yield Credit Fund)", "score": 36.9644088745, "published": true}], "size": 44, "hash": "185c1e55efaedffc40b3f19f2acf5e60", "id": 1}, {"snippet": "Such Borrower will not at any time have any Subsidiaries other than, with respect to each Designated Parent Borrower only, its Designated Subsidiaries.", "snippet_links": [{"key": "borrower-will", "type": "clause", "offset": [5, 18]}, {"key": "at-any-time", "type": "clause", "offset": [23, 34]}, {"key": "with-respect-to", "type": "clause", "offset": [69, 84]}, {"key": "designated-parent-borrower", "type": "definition", "offset": [90, 116]}, {"key": "designated-subsidiaries", "type": "clause", "offset": [127, 150]}], "samples": [{"hash": "7r2yqHJuNtZ", "uri": "/contracts/7r2yqHJuNtZ#no-subsidiary", "label": "Credit Agreement (BlackRock ETF Trust)", "score": 37.3175888062, "published": true}, {"hash": "awKNnzVmFT4", "uri": "/contracts/awKNnzVmFT4#no-subsidiary", "label": "Credit Agreement (BlackRock Series Fund, Inc.)", "score": 36.3018493652, "published": true}, {"hash": "1Sx06qIn0KC", "uri": "/contracts/1Sx06qIn0KC#no-subsidiary", "label": "Credit Agreement (BlackRock Series Fund II, Inc.)", "score": 35.2970581055, "published": true}], "size": 17, "hash": "2353795153bb2a0aabc8a13ec723ffdb", "id": 2}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZuby1zdWJzaWRpYXJ5IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"children": [], "title": "No Subsidiary", "size": 162, "parents": [["covenants", "COVENANTS"], ["representations-and-warranties", "Representations and Warranties"], ["representations-and-warranties-of-the-corporation", "Representations and Warranties of the Corporation"], ["representations-and-warranties-of-buyer", "REPRESENTATIONS AND WARRANTIES OF BUYER"], ["representations-warranties-and-covenants", "REPRESENTATIONS, WARRANTIES AND COVENANTS"]], "id": "no-subsidiary", "related": [["no-subsidiaries", "No Subsidiaries", "No Subsidiaries"], ["due-organization-no-subsidiaries-etc", "Due Organization; No Subsidiaries; Etc", "Due Organization; No Subsidiaries; Etc"], ["inactive-subsidiaries", "Inactive Subsidiaries", "Inactive Subsidiaries"], ["no-subordination", "NO SUBORDINATION", "NO SUBORDINATION"], ["no-support", "No Support", "No Support"]], "related_snippets": [], "updated": "2026-05-02T06:01:41+00:00", "also_ask": ["What are the strategic reasons for insisting on a 'No Subsidiary' clause?", "Which exceptions or carve-outs are essential to negotiate in this clause?", "What are the most common legal pitfalls or ambiguities in drafting 'No Subsidiary' provisions?", "How do courts typically interpret and enforce 'No Subsidiary' clauses in disputes?", "How does this clause compare to similar restrictions in other jurisdictions or standard agreements?"], "drafting_tip": "Prohibit the formation or acquisition of subsidiaries to maintain control over the contracting party\u2019s structure; specify exceptions to prevent unintended restrictions; define 'subsidiary' to avoid ambiguity.", "explanation": "The \"No Subsidiary\" clause prohibits a party from establishing, acquiring, or maintaining subsidiaries during the term of the agreement. In practice, this means the party cannot create new companies or entities that are controlled by or affiliated with it, nor can it hold ownership interests in such entities. This clause is typically used to prevent circumvention of contractual obligations or to ensure that all business activities relevant to the agreement remain within the contracting entity, thereby maintaining transparency and reducing the risk of undisclosed liabilities or obligations."}, "json": true, "cursor": ""}}