Common use of Limitation on Dividends and Other Payment Restrictions Affecting Subsidiaries Clause in Contracts

Limitation on Dividends and Other Payment Restrictions Affecting Subsidiaries. Except as set forth herein, neither TWG International nor its Subsidiaries shall permit any Subsidiary thereof to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any such Subsidiary to (a) pay dividends or make any other distributions to TWG International or any Subsidiary thereof on its Capital Stock, (b) pay any Indebtedness owed to TWG International or any Subsidiary thereof, (c) make loans or advances to TWG International or any Subsidiary thereof, (d) transfer any of its properties or assets to TWG International or any Subsidiary thereof, (e) grant liens or security interests on the assets of TWG International or its Subsidiaries in favor of the holders of the Securities or (f) Guarantee the Securities or any renewals or refinancings thereof.