Foreign Subsidiary Documentation. Each guaranty and each collateral document entered into by a Foreign Subsidiary shall, in the case of such Foreign Subsidiary, be subject to the Foreign Subsidiary Documentation Principles in all respects.

Foreign Subsidiary Assets. Permit # the aggregate value of cash, Cash Equivalents and other tangible assets held by [[Borrower:Organization]] Australia to exceed One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) (or equivalent) at any time; provided, however, if [[Borrower:Organization]] Australia receives a tax refund in respect of its research and development activities and such tax refund causes the aggregate value of cash, Cash Equivalents and other tangible assets held by [[Borrower:Organization]] Australia to be in excess of One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) (or equivalent), [[Borrower:Organization]] Australia will not be in violation of this Section 7.12 so long as it distributes to Borrower an amount equal to such excess within ten (10) Business Days of its receipt of such refund, and # [[Borrower:Organization]] Australia to own or hold any Intellectual Property at any time (other than licenses to [[Borrower:Organization]] Australia of Intellectual Property owned by Persons who are neither Loan Parties nor Affiliates of Loan Parties and to the extent permitted by this Agreement).

Foreign Subsidiary Assets. Transfer to, license to or permit either of # Tracon Pharma International Ltd., a company organized under the laws of Ireland, or # Tracon Pharma Ltd., a company organized under the laws of England to hold or maintain # any Intellectual Property or # any other assets having an aggregate value in excess of Five Thousand Dollars ($5,000.00).

Foreign Subsidiary Stock. Notwithstanding Section 7.1, the Collateral shall include that percentage of the outstanding equity securities of Foreign Subsidiaries which would not create a material adverse tax consequence for the Borrowers, taken as a whole.

Foreign Subsidiary Assets. Permit the aggregate value of cash, Cash Equivalents and other assets held by # Puma UK to exceed Two Million Dollars ($2,000,000.00) (or equivalent) at any time and # Puma Netherlands to exceed Two Million Dollars ($2,000,000.00) (or equivalent) at any time.

Foreign Subsidiary Assets. Permit the aggregate value of cash, Cash Equivalents and other assets held by Borrower’s Foreign Subsidiaries to exceed Five Hundred Thousand Dollars ($500,000.00) (or equivalent) at any time.

Investments by any Excluded Foreign Subsidiary or Excluded Domestic Holdco in any other Excluded Foreign Subsidiary or Excluded Domestic Holdco;

Investments by any Excluded Foreign Subsidiary or Excluded Domestic Holdco in any other Excluded Foreign Subsidiary or Excluded Domestic Holdco;

dispositions or transfers by any Loan Party in the form of # the contribution or other disposition to a CFC Domestic Holdco or a Foreign Subsidiary of Equity Interests in, or Indebtedness of, any other CFC Domestic Holdco or a Foreign Subsidiary owned directly by such Loan Party in exchange for Equity Interests in (or additional share premium or paid in capital in respect of Equity Interests in), or Indebtedness of, such CFC Domestic Holdco or Foreign Subsidiary, or a combination of any of the foregoing, and # an exchange of Equity Interests in any CFC Domestic Holdco or Foreign Subsidiary for Indebtedness of, or of Indebtedness of such CFC Domestic Holdco or Foreign Subsidiary for Equity Interests in, such CFC Domestic Holdco or Foreign Subsidiary;

(n) dispositions or transfers by any Loan Party in the form of (iA) the contribution or other disposition to a CFC Domestic Holdco or a Foreign Subsidiary of Equity Interests in, or Indebtedness of, any other CFC Domestic Holdco or a Foreign Subsidiary owned directly by such Loan Party in exchange for Equity Interests in (or additional share premium or paid in capital in respect of Equity Interests in), or Indebtedness of, such CFC Domestic Holdco or Foreign Subsidiary, or a combination of any of the foregoing, and (iiB) an exchange of Equity Interests in any CFC Domestic Holdco or Foreign Subsidiary for Indebtedness of, or of Indebtedness of such CFC Domestic Holdco or Foreign Subsidiary for Equity Interests in, such CFC Domestic Holdco or Foreign Subsidiary;