Common use of Ownership of the Subsidiaries Clause in Contracts

Ownership of the Subsidiaries. All of the issued and outstanding capital stock or other equity interests of each subsidiary of the Company have been duly authorized and validly issued and are fully paid and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act (the “Delaware LLC Act”) or by other similar provisions of the applicable law of the state in which such entity is formed); and, as of the Closing Date, the capital stock or other equity interests of each subsidiary will be owned by the Company, directly or through its subsidiaries, free from liens, encumbrances and defects, except (i) as provided pursuant to the Credit Agreement among the Company, ▇▇▇▇▇ Fargo Bank, National Association, as Administrative Agent, and the lenders and other financial institutions named therein, dated as of March 20, 2013 (the “Credit Agreement”), (ii) disclosed in the Disclosure Package and the Prospectus or (iii) as would not have, or reasonably be expected to have, a Material Adverse Effect.