This excerpt taken from the CCO 8-K filed Dec 11, 2009.
Limitation on Issuer
On the Issue Date and at all times thereafter, the Issuer shall be a Restricted Subsidiary. The Issuer (a) will not engage in any business or activity other than businesses and activities as substantially engaged in as of the Issue Date and the ownership of all the outstanding Equity Interests in its Subsidiaries and activities incidental thereto and (b) will not incur any liabilities, other than Obligations under the 2017 B Notes, the 2017 A Notes or Public Debt, liabilities imposed by law, including liabilities in respect of taxes, and other liabilities incidental to its existence and permitted business as described in clause (a) above and activities related thereto. The term Issuer refers to Clear Channel Worldwide Holdings, Inc., and not to any of its Subsidiaries.