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Clear Channel Outdoor Holdings (CCO)
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CCO » Topics » Limitation Related to Foreign Subsidiaries of the Company

This excerpt taken from the CCO 8-K filed Dec 11, 2009.

Limitation Related to Foreign Subsidiaries of the Company

As of the Issue Date and at any time thereafter until the 2017 B Notes are paid in full, (a) CCO shall not hold directly any Equity Interests of any of the Foreign Subsidiaries of the Company (other than Foreign Subsidiaries of the Company held directly as of the Issue Date) and (b) any Domestic Subsidiary of the Company (other than any Excluded Subsidiary described in clause (c) of the definition thereof) that is a Restricted Subsidiary holding directly any Equity Interests of any Foreign Subsidiary of the Company shall be a Guarantor of the 2017 B Notes; provided, however, that notwithstanding anything to the contrary contained in the 2017 B Indenture, the Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, transfer any assets of, or Equity Interests issued by, any Foreign Subsidiary of the Company as of the Issue Date to any Unrestricted Subsidiary.

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