Stock of Subsidiaries. The Borrower shall not sell or otherwise dispose of (including the granting of any security interest in) any shares of capital stock of any Subsidiary other than pursuant to the Pledge Agreement, or permit any Subsidiary to issue additional shares of its capital stock, except the minimum number of directors’ qualifying shares required by applicable law.
Appears in 4 contracts
Samples: Credit Agreement (Navigators Group Inc), Assignment Agreement (Navigators Group Inc), Credit Agreement (Navigators Group Inc)
Stock of Subsidiaries. The Borrower shall not sell or otherwise dispose of (including the granting of any security interest in) any shares of capital stock of any Subsidiary other than pursuant to the Pledge Security Agreement, or permit any Subsidiary to issue additional shares of its capital stock, except the minimum number of directors’ qualifying shares required by applicable law.
Appears in 3 contracts
Samples: Assignment Agreement (Navigators Group Inc), Assignment Agreement (Navigators Group Inc), Assignment Agreement (Navigators Group Inc)
Stock of Subsidiaries. The Borrower shall will not sell or otherwise dispose of (including the granting of any security interest in) any shares of capital stock of any Domestic Subsidiary (other than pursuant to the Pledge Agreement, Inactive Subsidiaries) or permit any Domestic Subsidiary to issue any additional shares of its capital stock, stock (other than Permitted Asset Dispositions) except the minimum number of directors’ qualifying shares required by applicable lawto another Domestic Subsidiary or pro rata to its stockholders.
Appears in 1 contract
Samples: Financing and Security Agreement (Reunion Industries Inc)
Stock of Subsidiaries. The Borrower shall will not sell or otherwise dispose of (including the granting of any security interest in) any shares of capital stock of any Domestic Subsidiary other than pursuant to the Pledge Agreement, or permit any Domestic Subsidiary to issue any additional shares of its capital stock, stock except the minimum number of directors’ qualifying shares required by applicable lawpro rata to its stockholders.
Appears in 1 contract
Samples: Financing and Security Agreement (Chatwins Group Inc)
Stock of Subsidiaries. The Borrower shall not sell or otherwise dispose of (including the granting of any security interest in) any shares of capital stock of any Subsidiary other than pursuant to the Pledge Agreement, or permit any Subsidiary to issue additional shares of its capital stock, except the minimum number of directors’ ' qualifying shares required by applicable law.
Appears in 1 contract
