Limitation on Issuance or Disposition of Voting Securities of Restricted Subsidiaries. The Company shall not, and shall not permit any Restricted Subsidiary to, issue, sell, assign, transfer or otherwise dispose of, directly or indirectly, any Voting Securities of any Restricted Subsidiary (except to the Company or to one or more Restricted Subsidiaries or for the purpose of qualifying directors); provided, however, that this covenant shall not apply if: (1) all or any part of such Voting Securities are issued, sold, assigned, transferred or otherwise disposed of in a transaction for consideration that is at least equal to the fair value of such Voting Securities, as determined by the Board of Directors acting in good faith, or (2) the issuance, sale, assignment, transfer or other disposition is required to comply with the order of a court or regulatory authority of competent jurisdiction, other than an order issued at the Company's or a Restricted Subsidiary's request.
Appears in 2 contracts
Sources: Supplemental Indenture (Cleco Corp), Supplemental Indenture (Cleco Corp)