Inactive Entities Sample Clauses
The Inactive Entities clause defines how entities that are no longer active or operational are treated under the agreement. Typically, this clause outlines the criteria for determining when an entity is considered inactive, such as lack of business activity or failure to meet certain obligations, and specifies the consequences, which may include suspension of rights or removal from the agreement. Its core function is to ensure that only active, participating entities benefit from the agreement, thereby maintaining the integrity and relevance of the contractual relationship.
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Inactive Entities. Permit any of the following inactive entities to engage in business operations at any time: Qualtron Inc.; SMTC Ireland ULC; SMTC Manufacturing Corporation of Ireland Limited; SMTC Teoranta; SMTC R&D Teoranta; SMTC Mexico S.A. de C.V.; SMTC Manufacturing Corporation of Texas; SMTC Manufacturing Corporation of North Carolina; SMTC Manufacturing Corporation of Colorado; SMTC Manufacturing Corporation of Wisconsin; SMTC Massachusetts; ZF Array Technology, Incorporated; SMTC Holdings LLC.
Inactive Entities. At all times each of Telos International Corp., Telos International Asia, Inc., Secure Trade, Inc., Telos Filinvest, Inc. and ubIQuity Philippines, Inc. shall be an inactive entity that conducts no business and has no assets or liabilities.
Inactive Entities. Except as set forth on Schedule 4.31, as of the Closing Date, none of the Inactive Entities (a) has total assets valued at greater than $10,000, (b) had total revenues during the second calendar quarter of 2003 in excess of $3,000 or (c) is currently conducting any business operations.
Inactive Entities. Each Inactive Entity shall be merged into or consolidated with a Borrower (or with another Inactive Entity that is promptly merged into or consolidated with a Borrower) as promptly as practicable and in any event by January 31, 2003 or such later date to which Collateral Agent may consent in writing; provided, however, that any Inactive Entity that has Total Assets valued at greater than zero and less than $10,000 may be dissolved without being merged or consolidated into a Borrower provided that prior notice of such dissolution is given to the Collateral Agent. The financial statements relating to each Inactive Entity shall be maintained in accordance with GAAP, including the financial records relating to the merger or consolidation of such Inactive Entity as required hereunder. In the event that any Inactive Entity shall remain in existence after January 31, 2003 (or such later date to which Collateral Agent shall have consented in writing), an Event of Default pursuant to this subsection 5.10 shall immediately occur without further action or notice by Agents or Lenders unless by such date the Borrowers shall have caused such Inactive Entity to become a Borrower hereunder.
Inactive Entities. 7.1 Existing Indebtedness 7.4 Existing Investments and Loans 7.8 Transactions with Affiliates 7.11 Subsidiaries
Inactive Entities. A true, correct and complete list of the Inactive Entities, as of the Closing Date, is attached hereto as Schedule 4.31. Except as permitted under subsection 7.4 hereunder, no distributions or payments shall be made by Borrowers to any Inactive Entities. Except as set forth in Schedule 4.31 (and except for distributions permitted under subsection 7.4 to pay a Liability and promptly used to pay such Liability), if any Inactive Entity shall have or has assets in value greater than $10,000 or otherwise commences to do business, Borrower shall promptly notify Collateral Agent and Collateral Agent may require such Inactive Entity to become a Borrower hereunder. All Borrowers agree to execute such documents or take such other reasonable action in connection therewith as is required by Collateral Agent.
Inactive Entities. A true, correct and complete list of the Inactive Entities is attached hereto as Schedule 4.31. No distributions or payments shall be made by Borrowers to any Inactive Entities. Except as set forth in Schedule 4.31, if any Inactive Entity shall have or has assets in value greater than $10,000 or otherwise commences to do business, Borrower shall immediately notify Lender and Lender may require such Inactive Entity to become a Borrower hereunder. All Borrowers agree to execute such documents or take such other reasonable action in connection therewith as is required by Lender.
Inactive Entities. Schedule 8.27 contains a complete and accurate list of all Inactive Entities as of the Closing Date. Except as set forth on Schedule 8.27, as of the Closing Date, none of the Inactive Entities (a) has Total Assets valued at greater than $260,000, (b) had Total Revenues during the fourth calendar quarter of 2001 in excess of $3,000, or (c) is currently conducting any business operations.
Inactive Entities. 46 Section 6.15
Inactive Entities. Each of (i) S.T.I. LLC, a California limited liability company, and (ii) R-Lastikko 1702 Oy, a Finnish company, shall not engage in any business activities other than the completion of dissolution proceedings.