Common use of Limitation on Lines of Business; Creation of Subsidiaries Clause in Contracts

Limitation on Lines of Business; Creation of Subsidiaries. (a) Enter into any business, either directly or through any Subsidiary or joint venture, except for those businesses of the same general type as those in which the Company and its Subsidiaries are engaged on the Closing Date or which are directly related thereto. (b) Create any new Subsidiaries of the Company other than any new Subsidiary that (i) in the case of a new Domestic Subsidiary, shall execute and deliver to the Co-Agents, as applicable, a Guarantee and Collateral Agreement supplement and appropriate Mortgages and other security documents and take any necessary steps to perfect the security interests to be created thereby and (ii) for which the relevant parent corporation, if such parent corporation is the Company or a Domestic Subsidiary (other than Telex Communications International, Ltd.), shall execute and deliver to the Co-Agents a stock pledge agreement and take any necessary steps to perfect the security interest to be created thereby, which security interest shall not apply to more than 65% of such parent corporation's ownership interest in any Foreign Subsidiary. (c) To the extent not prohibited by this Agreement, convey, sell or otherwise transfer shares of Capital Stock of a Foreign Subsidiary to the Company or any Domestic Subsidiary of the Company unless at the time of such conveyance, sale or transfer (or promptly thereafter) the Company or such Domestic Subsidiary shall execute and deliver to the Co-Agents a Guarantee and Collateral Agreement (or supplement thereto), together with any other Security Documents that the Required Purchasers may determine necessary and take any necessary steps to perfect the security interest to be created thereby (which security interest shall not apply to (i) more than 65% of the Company's or such Domestic Subsidiary's ownership interest in any Foreign Subsidiary or (ii) any ownership interest in a non Wholly Owned Foreign Subsidiary to the extent that the grant of such security interest would violate the terms of any agreements under which the Investment by the Company or any or its Subsidiaries was made therein).

Limitation on Lines of Business; Creation of Subsidiaries. (a) Enter into any business, either directly or through any Subsidiary or joint venture, except for those businesses of the same general type as those in which the Company Borrower and its Subsidiaries are engaged on the Closing Effective Date or which are directly related thereto. (b) Create any new Subsidiaries of the Company Borrower other than any new Subsidiary that (i) (in the case of a new Domestic Subsidiary, ) shall execute and deliver to the Co-AgentsAdministrative Agent, as applicable, a the Guarantee and Collateral Agreement supplement and appropriate Mortgages and other security documents and take any necessary steps to perfect the security interests to be created thereby and (ii) for which the relevant parent corporation, corporation (if such parent corporation is the Company Borrower or a Domestic Subsidiary (other than Telex Communications International, Ltd.), Subsidiary) shall execute and deliver to the Co-Agents Administrative Agent a stock pledge agreement and take any necessary steps to perfect the security interest to be created thereby, thereby (which security interest shall not apply to more than 65% of such parent corporation's ownership interest in any Foreign Subsidiary). (c) To the extent not prohibited by this Agreement, convey, sell or otherwise transfer shares of Capital Stock of a Foreign Subsidiary to the Company Borrower or any Domestic Subsidiary of the Company Borrower unless at the time of such conveyance, sale or transfer (or promptly thereafter) the Company Borrower or such Domestic Subsidiary shall execute and deliver to the Co-Agents a Administrative Agent the Guarantee and Collateral Agreement (or supplement thereto), together with any other Security Documents that the Required Purchasers may determine necessary and take any necessary steps to perfect the security interest to be created thereby (which security interest shall not apply to (i) more than 65% of the CompanyBorrower's or such Domestic Subsidiary's ownership interest in any Foreign Subsidiary or (ii) any ownership interest in a non non-Wholly Owned Foreign Subsidiary to the extent that the grant of such security interest would violate the terms of any agreements under which the Investment by the Company Borrower or any or its Subsidiaries was made therein).

Limitation on Lines of Business; Creation of Subsidiaries. (a) Enter into any business, either directly or through any Subsidiary or joint venture, except for those businesses of the same general type as those in which the Company and its Subsidiaries are engaged on the Closing Date or which are directly related thereto. (b) Create any new Subsidiaries Subsidiary of the Company other than any new Subsidiary that (i) in the case of a new Domestic Subsidiary, shall execute and deliver to the Co-Agents, as applicable, a Guarantee and Collateral Agreement supplement and appropriate Mortgages and other security documents and take any necessary steps to perfect the security interests to be created thereby and (ii) for which the relevant parent corporation, if such parent corporation is the Company or a Domestic Subsidiary (other than Telex Communications International, Ltd.), shall execute and deliver to the Co-Agents a stock pledge agreement and take any necessary steps to perfect the security interest to be created thereby, which security interest shall not apply to more than 65% of such parent corporation's ownership interest in any Foreign Subsidiary. (c) To the extent not prohibited by this Agreement, convey, sell or otherwise transfer shares of Capital Stock of a Foreign Subsidiary to the Company or any Domestic Subsidiary of the Company unless at the time of such conveyance, sale or transfer (or promptly thereafter) the Company or such Domestic Subsidiary shall execute and deliver to the Co-Agents a Guarantee and Collateral Agreement (or supplement thereto), together with any other Security Documents that the Required Purchasers may determine necessary and take any necessary steps to perfect the security interest to be created thereby (which security interest shall not apply to (i) more than 65% of the Company's or such Domestic Subsidiary's ownership interest in any Foreign Subsidiary or (ii) any ownership interest in a non non-Wholly Owned Foreign Subsidiary to the extent that the grant of such security interest would violate the terms of any agreements under which the Investment by the Company or any or its Subsidiaries was made therein).