Common use of Equity Interests of Subsidiaries Clause in Contracts

Equity Interests of Subsidiaries. No Grantor will allow any of its Subsidiaries: (a) that is a corporation, business trust, joint stock company or similar Person, to issue Uncertificated Securities; (b) that is a limited liability company organized under the laws of any State of the US, fails to expressly provides that such Equity Interests is a security governed by Article 8 of the UCC; (c) that is a partnership or limited liability company, to (i) issue Equity Interests that are to be dealt in or traded on securities exchanges or in securities markets, or (ii) place such Subsidiary’s Equity Interests in a Securities Account; and (d) to issue Equity Interests in addition to or in substitution for the Equity Interests pledged hereunder, except to such Grantor (and such Equity Interests are immediately pledged and delivered to the Administrative Agent pursuant to the terms of this Security Agreement).

Equity Interests of Subsidiaries. No Grantor will allow any of its Subsidiaries:Subsidiaries (including the Borrower): (a) that is a corporation, business trust, joint stock company or similar Person, to issue Uncertificated Securities; (b) that is a limited liability company organized under the laws of any State of the US, fails to expressly provides that such Equity Interests is a security governed by Article 8 of the UCC; (c) that is a partnership or limited liability company, to (i) issue Equity Interests that are to be dealt in or traded on securities exchanges or in securities markets, (ii) except as permitted by Section 4.1.2(d) below, expressly provide in its Organization Documents that its Equity Interests are securities governed by Article 8 of the UCC or (iiiii) place such Subsidiary’s Equity Interests in a Securities Account; and (dc) to issue Equity Interests in addition to or in substitution for the Equity Interests pledged hereunder, except to such Grantor (and such Equity Interests are immediately promptly pledged and delivered to the Administrative Agent pursuant to the terms of this Security Agreement and, in the case of any non-wholly owned Subsidiary, to the extent permitted under the Credit Agreement).