Common use of Ownership of Borrowers Clause in Contracts

Ownership of Borrowers. The Company shall at all times own and control, directly or indirectly, all of the equity interests (other than directors’ qualifying shares) of each of the other Borrowers (unless, in the case of any such Borrower, such Borrower has paid all of its obligations hereunder and notified the Administrative Agent that it shall no longer be a “Borrower” hereunder and shall cease to be a party hereto).

Appears in 2 contracts

Samples: Credit Agreement (Pentair Inc), Credit Agreement (Pentair Inc)

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Ownership of Borrowers. The Company shall at all times own and control, directly or indirectly, all of the equity interests (other than directors' qualifying shares) of each of the other Borrowers (unless, in the case of any such Borrower, such Borrower has paid all of its obligations hereunder and notified the Administrative Agent that it shall no longer be a "Borrower" hereunder and shall cease to be a party hereto).

Appears in 2 contracts

Samples: Long Term Credit Agreement (Pentair Inc), Credit Agreement (Pentair Inc)

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Ownership of Borrowers. The Company shall at all times own and control, directly or indirectly, all of the equity interests (other than directors’ qualifying sharesshares and other than as may be required by law) of each of the other Borrowers (unless, in the case of any such Borrower, such Borrower has paid all of its obligations hereunder and notified the Administrative Agent that it shall no longer be a “Borrower” hereunder and shall cease has ceased to be a party heretohereto pursuant to Section 2.16).

Appears in 1 contract

Samples: Credit Agreement (Pentair Inc)

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