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Common use of Immaterial Subsidiary Clause in Contracts

Immaterial Subsidiary. Borrowers will not permit Xxxxx Mart Air, Inc. and its successors and assigns to (a) own any assets (other than assets of a de minimis nature), (b) have any liabilities (other than liabilities of a de minimis nature), or (c) engage in any business activity other than in its capacity as owner of a fractional interest in an aircraft pursuant to a program agreement with NetJets or similar aircraft provider.

Appears in 3 contracts

Samples: Term Loan Credit Agreement (Stein Mart Inc), Credit Agreement (Stein Mart Inc), Credit Agreement (Stein Mart Inc)

Immaterial Subsidiary. Borrowers will not permit Permit Xxxxx Mart Air, Inc. and its successors and assigns to (a) own any assets (other than assets of a de minimis nature), (b) have any liabilities (other than liabilities of a de minimis nature), or (c) engage in any business activity other than in its capacity as owner of a fractional interest in an aircraft pursuant to a program agreement with NetJets or similar aircraft provider.

Appears in 1 contract

Samples: Master Loan Agreement (Stein Mart Inc)