Common use of Ownership of the Borrower Clause in Contracts

Ownership of the Borrower. Snap-on Credit owns, directly or indirectly, 100% of the issued and outstanding membership interest of the Borrower. Such capital stock is validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of the Borrower.

Ownership of the Borrower. Snap-on Credit owns, directly or indirectly, 100% of the issued and outstanding membership interest of the Borrower, free and clear of any Adverse Claim. Such capital stock is validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of the Borrower.