Common use of Subsidiary Entities Clause in Contracts

Subsidiary Entities. Immediately prior to consummation of the Restructuring, IGC owns, beneficially and of record, all of the issued and outstanding shares of stock or beneficial interest of each of the Subsidiary Entities. Immediately following consummation of the Restructuring, ACPT will own, beneficially and of record, all of the issued and outstanding shares of stock or beneficial interest of each of the Subsidiary Entities. All issued and outstanding shares of stock or beneficial interest of each Subsidiary Entity is duly authorized, validly issued and fully paid and nonassessable and is, and will, subsequent to consummation of the Restructuring, be free and clear of all liens, claims and encumbrances except for the security interest therein granted to Lender under the Stock Pledge Agreement.