Consolidation and Subsidiary Ownership. The Borrower shall ensure that it and the Material Subsidiaries directly own not less than 95% of the consolidated assets of the Borrower (as determined in accordance with GAAP) and that the Borrower owns and controls, directly or indirectly, all of the outstanding capital stock, partnership interests and trust interests of each of the Material Subsidiaries.
Appears in 2 contracts
Samples: Credit Agreement (Bellatrix Exploration Ltd.), Credit Agreement (Bellatrix Exploration Ltd.)
Consolidation and Subsidiary Ownership. The Borrower Company shall ensure that it and the Material Subsidiaries directly own not less than 95% of the consolidated assets of the Borrower Company (as determined in accordance with GAAP) and that the Borrower Company owns and controls, directly or indirectly, all of the outstanding capital stock, partnership interests and trust interests of each of the Material Subsidiaries.
Appears in 2 contracts
Samples: Supplemental Indenture (Bellatrix Exploration Ltd.), Indenture (Bellatrix Exploration Ltd.)
